Colorado Real Estate Journal - July 15, 2015
Denver Mayor Michael B. Hancock and city officials recently participated in a groundbreaking event to celebrate The Wheatley, a new mixed-use development underway at 2460 Welton St. in Five Points. The development will feature 82 apartments (including 64 market-rate units and 18 affordable units), 14 townhomes and 3,800 square feet of retail space. The project has broken ground and begun framing. “This site has a rich history in Denver as it was once the home of the Wheatley YWCA which operated until 1964. It was named for Phillis Wheatley, a renowned African-American poet who lived between 1754 and 1784. We are honored to name our project after her, a freed slave who published poetry at the early age of 14,” stated Paul Books of Palisade Partners, the developer of the site. The Wheatley will be the first major mixed-use development to be completed along the Welton Corridor since The Point project in 2002. “We are thrilled to be part of the resurgence of developments along the Welton Street corridor, with the close proximity to downtown and a lightrail station for residents,” said Books. The Wheatley, pursuing a LEED Silver designation, will feature loft, one-bedroom and two-bedroom apartments within a five-story building, along with amenities such as a rooftop deck, underground parking, a community room, a fitness center for residents, and a light-rail station one-half block away. The three-story townhomes will face Welton Street and already 11 of the 14 townhomes are under contract with an expected completion date in spring 2016. Each unit features modern amenities such as quartz countertops, balconies, stainless steel appliances and in-unit laundry appliances. The project is located within the Five Points Historic Cultural District and before construction could begin, Palisade Partners worked with the neighborhood and the Landmark Preservation Commission to obtain approvals. Through the process, Palisade Partners also worked closely with the Denver Office of Economic Development and the Denver Urban Renewal Authority to receive financing to make the project possible. The Denver Office of Economic Development named The Wheatley as one of five Welton Design/Development Challenge awarded projects in 2014. The program provided predevelopment funds to help spur smart development of the Welton corridor with jobs, housing and retail. In addition, the OED provided $475,000 in financing to help support the development of 18 affordable units at The Wheatley to households earning up to 80 percent of the area median income. General contractor Confluence Builders currently is working on the first floor of the building. Craine Architecture is designing the project. Palisade Partners also is involved in three other projects in Five Points, including 2560 Welton, The Rossonian Redevelopment and The Brownstones at King Stroud Court. In total, all four projects total $130 million in development along Welton Street.
United Airlines selected Denver as the expansion city for its global flight training center operations. “The decision by United Airlines to locate their entire training facility here is a testament to the region’s standing as a hub of innovation and prosperity,” Mayor Michael B. Hancock said. “With this expansion, we will strengthen our global partnership with this major international carrier and sharpen DIA’s competitive edge in global aviation. With this expansion, we keep 400 residents employed and grow 225 more job opportunities. Denver is the one when it comes to a great quality of life in a city that is open for business, and I want to thank United as well as our partners for building on this collaborative relationship.” The company plans to make a significant capital investment totaling approximately $40 million at the Stapleton site. This investment will catapult development of the nearby Central Park Station transit-oriented development, activating a key location on the Corridor of Opportunity. This agreement is reflective of United’s commitment to DIA, Denver and the entire region. Last year, the city and county of Denver signed an agreement with United to extend the carrier’s lease through 2035 and retain the size of their operation, relative to their system.