River Meadow LLC recently broke ground on the next two phases of Tejon34, a townhome and condominium project in the heart of the Lower Highland neighborhood.
The project comes at a time when new homes are hard to find and home prices are rising in the northwest Denver neighborhood. The sale price of properties in the area rose 20.7 percent from June 2011 to June 2012, according to an analysis of Metrolist data. Inventory declined by 53.2 percent during the same period, and as of early August, there were only five newly constructed condos for sale in LoHi.
River Meadow has already sold four of the 13 new units, says Ray Kawano, managing partner of River Meadow.
“When we bought it, it was the biggest chunk of land available by far,” Kawano says. “The site has a special feeling.”
The two- and three-bedroom townhomes, known as the West Courtyard, will range in size from 2,177 to 2,659 square feet and be priced from $642,000 to $824,000.
The townhomes also will feature two-car attached garages, rooftop decks with city views, high-efficiency fireplaces, European kitchen design and open basements awaiting custom finishes.
The West Courtyard is slated for completion in the first quarter of 2013, and Tejon North will be finished during the second quarter.
The Tejon North condo project will include one-bedroom, one-bath units starting a $245,000 and three-bedroom, two-bath units for $515,000. The condos range from 710 square feet to 1,652 square feet and feature attached garages and a community rooftop deck that can be reserved for private gatherings.
Located at Tejon Street and 34th Avenue, Tejon34’s first phase included five three-bedroom townhomes that sold for between $772,918 and $885,000. All of the homes are Energy Star qualified, meeting the guidelines for energy efficiency set by the U.S. Environmental Protection Agency.
Energy Star-qualified homes are at least 20 percent more efficient than standard homes. Energy efficiency will continue to be a key characteristic of the second and third phases of the Tejon34 project, which ultimately will include 28 residences.
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