Denver Rents Are Soaring -- and So Is the Confluence Project
Looking downtown from West 28th Avenue at sunrise.
Back in the early '80s, before the bust, the crane was considered Denver's official bird. And now the cranes are back -- in a big way. From my LoHi kitchen window overlooking downtown (and yes, I-25), the sunrise glints off the windows of all the new buildings that have been added to the skyline in the last few years. And there, just beyond the historic REI building and to the right of DaVita's new home, is another crane, one that just went up at 15th Street and Little Raven, where the Confluence has broken ground. When it's completed, it will be the tallest apartment complex in Denver.
The future Confluence, Denver's tallest apartment complex.
The project is noteworthy enough that it rated a Wall Street Journal story this past weekend, titled "Mile High Rents Put Denver in Big Company." The article took note of the fact that Denver's rents have soared in recent years, up more than 10 percent in 2014 alone. Here's an excerpt from that piece:
The developers are aiming for an average rent of $2,800 on their 288 units in a city where the average apartment rents for $1,110 a month and the average home mortgage also is in that range, based on current rates. The units in the new building will range from $1,500-a-month studios to two 3,500-square-foot three-bedroom penthouses that will go for $12,000 a month.
"We're looking for people who want to live in a highly amenitized building with tremendous views, close to all the action and an ultraluxury lifestyle," says Roger Gregory, president of PMRG Investments, a unit of PM Realty Group.
The tower in the Central Platte Valley, right at the edge of Confluence Park, will feature 360-degree views of the mountains and the city, as well as a rooftop terrace with an infinity edge pool, cabanas, grills and fire pits. The ground floor will feature retail and restaurant space. The development partners include Houston-based PM Realty Group, National Real Estate Advisors and Ray Suppa, whose Palace Lofts in LoDo were so controversial when it was proposed almost two decades ago because it went a whopping eight stories.
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