Green Development has announced that ground has been broken and construction has begun on its mixed-use project Factory Flats. This project is located at 3198 Blake Street in Denver’s River North neighborhood (RiNo). Unlike most of the residential projects that are taking shape around Denver, this development is a for-sale condo project.
“Denver is an exciting place to be right now,” noted Melissa Baldridge, Co-Owner and Co-Founder, Green-Building Solutions Provider, GreenSpot Real Estate. “However, one of the downsides of the housing boom is the rising cost of rent, which is pricing many young professionals out of the market. Since the end of 2010, rental prices in Denver have grown at nearly twice the pace of hourly wages, according to data from the real estate firm Zillow and the U.S Labor Department. Baldridge added, “At Factory Flats, interested buyers will pay less than they would pay in rent for a similar property in the neighborhood, and they will be investing in a home and building equity.”
Factory Flats will feature 24 flats ranging in size between 1,188 sq. ft. to 1,456 square feet. Ground floor space for retail or office use has been incorporated into this development. Factory Flats is targeting LEED and ENERGY STAR certifications and each unit will be solar-powered.
Once commuter rail service begins in 2016 on RTD’s East Line, residents will be within walking distance of a station at 38th Avenue and Blake Street. The East Line will provide rail access to Denver International Airport. Commuter rail trains will reach a top speed of 79 miles per hour and will run every 15 minutes during peak hours.
Residential units will feature hardwood floors, quartz countertops and stainless steel appliances. Construction is expected to be completed in the middle of 2016. Pre-sale pricing for units ranges in the $400s. Units will be available in one and two bedroom options.
“Factory Flats is exactly the type of development that Denver needs right now,” said Tracye Herrington, Co-owner and founder, Employing Broker, GreenSpot Real Estate. “The city has very few new construction for-sale condo options, and as millennials and baby boomers continue to come in droves to Denver, they want to live in beautiful, green, community-focused places in vibrant, walkable neighborhoods like RiNo.”