Denver developer McWhinney put shovels in the ground Monday at 38th and Blake streets in Denver’s River North Arts District starting a luxury apartment high-rise.
Dubbed FoundryLine, McWhinney's plans include 17 stories, 348 apartments, a 16th-floor rooftop pool, a dog run and a 282-car garage on the one-acre site. It’s got financial backing from PGIM Real Estate, the asset management business of Prudential Financial, Inc.
“As the first major luxury development in the River North area, FoundryLine will define a new standard for housing in this neighborhood,” McWhinney President and CEO Ray Pittman said in a statement. “Influenced by a legacy of craft and curation, FoundryLine bridges and celebrates the past, the present, and will become the trendsetter for its future.”
Apartments will run the gamut of types, from studios to three-bedroom and the top-floor penthouses. Thirty of the units will be “attainable homes offered to qualifying residents who meet the income requirements set by the City of Denver,” the release states.
Pittman’s former firm, CBRE, arranged the financing, with Brady O’Donnell and Jill Haug from the CBRE Capital Markets’ Debt & Structured Finance team.
Telling is the less-than-one per unit parking spaces. Because it’s adjacent to the Regional Transportation District’s 38th and Blake station, which includes a stop for the A Line light rail to Denver International Airport, planners are banking on car-less tenants.
“Its location at a literal crossroads for travel and convenience makes it both an anchor and placemaker for the surrounding neighborhoods of north Denver,” Pittman said. “As the city continues to burgeon, 38th and Blake will become a cornerstone of exceptional living and a desirable gathering experience for Denver.”
The ground floor will include 14,000 square feet of retail and restaurant space.
The general contractor is Hensel Phelps, with AvroKO, Craine Architecture Inc., and Dig Studio Office of Architecture. Denver’s Group 14 Engineering plans call for the building to earn Green Globes & National Green Building certifications.
“We are excited to see this project move forward and further transform the landscape of Denver's RiNo district,” CBRE’s Haug said in a statement. “Already home to more than 100 restaurants, shops, breweries, and art galleries, the neighborhood is continuing to grow and attract investor interest.”
The project is expected to be completed in 2023.