Recently, East West Partner’s development of The Coloradan made the news, including segments on both Denver ABC-7 and Fox-31 Denver. People are taking notice because The Coloradan is the first opportunity Denver residents have had to purchase a home in the Union Station neighborhood in almost eight years. The Coloradan will also include affordable housing, making this property a promising buy for homeowners at both high-end and mid-range income levels.
Located at 1750 Wewatta Street, The Coloradan is slated to be completed in September 2018. This $200 million, 334-unit housing project will be the first condominium building in the Union Station neighborhood. It is also the first chance many homebuyers in this area will have to own a private residence in Union Station.
As part of Denver’s Inclusionary Housing Ordinance, The Coloradan will include 33 affordable housing units. These units will be priced less than $300,000. Potential homeowners will qualify for these condos if they earn less than roughly $56,000 (for one person) or less than roughly $64,000 for two-person home buyers.
In an interview with Denver ABC-7, East West Partner’s very own Brad Arnold, Vice President of Sales and Marketing for The Coloradan, highlighted the positive impact the development will have on young professionals looking for an affordable home in the Union Station neighborhood.
“[These units] affords us buyers of all different ages, demographics, employment types, etc. We feel it’s a great benefit to the city,” Arnold said. “[For someone] working in the service industry, or the young professional buying their first home, or the person that has done really well for themselves and they have the ability to live in a penthouse—we want all those folks to have the same experience and be part of the same community.”
At the end of September, East West Partners reached a major milestone on The Coloradan project: 50 percent of condominium units have already been sold, just three weeks into our regular sale period. These sales signal the high demand for mixed-income housing in the Union Station market.
“We knew there was great demand for new condominiums in the Union Station neighborhood, but to be more than 50 percent sold out in less than three weeks is well beyond our expectations,” said Brad Arnold in an interview with Mile High CRE. “Everything begins with the Union Station neighborhood, which provides unmatched access to Denver’s best sports, restaurants, arts and culture, shopping and transit so that owners can take full advantage of everything our wonderful city has to offer.”
Residences are currently being sold by a dedicated Slifer, Smith & Frampton – Denver sales team. The affordable housing units at The Coloradan will be available for sale to qualified buyers in 2018.
For more on the latest happenings at The Coloradan, click here.