Colorado Real Estate Journal -
A dozen years ago, Scott McFadden developed the first transit-oriented development in the Denver area, the Alexan City Center in Englewood. This week, he was scheduled to put the finishing touches on one of his latest development – Block 32 at RiNo, an apartment community in the up-andcoming River North, or RiNo, neighborhood. “Well, I certainly have learned a lot since I did Alexan,” said McFadden, now principal of his own company, Prospect Real Estate. During his career, McFadden has developed more than $1 billion in multifamily and mixeduse projects in the Denver area. He opened the first apartments in the 205-unit Block 32 community in November 2012. “You lease while you build,” McFadden said. “We expect the final delivery of our last units on April 15.” Units range in size from 507 square feet to 1,145 sf. Monthly rents range from $1,100 to $1,850. JG Johnson Architects designed the energy-efficient building. McFadden said leasing activity has been strong. “Leasing has gone very well,” McFadden said. “We have 80 leases signed over four months, which included over the holidays.” He said he has been surprised a bit by the mix of renters. “The tenancy is a little different than we expected,” he said. “We expected a lot of guys, and we do have a lot of single guys. We have been a bit surprised by the number of single women and couples we have drawn.” He is a big fan of RiNo. “This is an area that is really evolving,” McFadden said. “It has improved even more than I expected since we first became interested in this property 2½ years ago. I love what Kyle and Mickey Zeppelin have done with the (nearby) TAXI development. There were a lot of, for a lack of a better word, underutilized buildings. That is changing. It was inevitable that RiNo would be the next frontier with all of the industrial land so close to downtown.” RiNo, he said, provides an “opportunity to create a residential community different from other rental projects in central Denver. The eclectic atmosphere of the RiNo neighborhood is appealing to the ‘Generation Y’ renter. RiNo is Denver’s next great neighborhood transformation.” McFadden said the “eclectic atmosphere” of RiNo, combined with the “striking architecture” of Block 32, sets the community apart from other new rental products in central Denver. “The site allows for a unique building form with surface parking and the ability for residents to have a private garage,” McFadden said. “The large central courtyard area is unique to rental communities in central Denver and the building is configured to allow over 30 percent of the units to have mountain views.” Interior amenities include a clubhouse, fitness center with a yoga room, “ESPN Zone” video wall, an Internet café/ business center and a “Paw Spa” for those with dogs. There also is a guest suite available. Exterior amenities include a 15,000-sf courtyard with a pool spa, bar area, two grill areas, a grass “tanning lawn” and a gaming area with pingpong and Foosball. Block 32 will be certified by Xcel’s energy-efficient program. “That will allow lower operating costs for the residents and owners,” McFadden said. “Solar panels provide electricity for the common areas.” So why did he call it Block 32? “The address is 3200 Brighton Blvd. and we wanted a name that registers the unique character of the community.”