DENVER — Crescent Communities has started development of NOVEL RiNo, a $181 million apartment project in Denver’s River North (RiNo) Art District and Cole neighborhood. Located at 1300 40th St., the community will feature 483 multifamily units, 15,800 square feet of retail space with a 2,702-square-foot rooftop cocktail lounge.
The property will feature a mix of studio, one- and two-bedroom floor plans, with a portion of the units designated as affordable housing. Community amenities will include a sixth-floor pool deck, three outdoor courtyards, a covered outdoor pavilion and a food truck reserved for resident use.
The project will embrace the artistic and industrial history of the neighborhood through art installations by local artists and industrial-inspired architecture, according to the developer.
Crescent and its equity partner, Dart Interests, acquired the development site in February from EXDO Development. Sumitomo Mitsui Banking Corp. is providing project financing.
“Denver is a place we identified years ago for its long-term potential, and we are excited to find an opportunity that matches our investment criteria,” says Jonathan Winson, senior vice president of investments for Dart.
The first residences are slated to open in spring 2023. JLL is managing the retail leasing, additional details of which will be announced at a later date.
Design partners for the project include Davis Partnership Architects, Kimley Horn, Vignette Interior Design, 505 Design and LandDesign. Milender White is serving as general contractor.
Charlotte, N.C.-based Crescent Communities is a real estate investor, developer and operator. Since 1963, the company’s development portfolio has included more than 63 multifamily communities, 21 million square feet of commercial space and 60 single-family communities. Its multifamily properties are branded as NOVEL.
Dallas-based Dart Interests is a real estate development and investment firm solely owned by the Dart family. It has a portfolio of $1 billion currently invested in projects across eight states.
— Kristin Hiller and Amy Works