Formativ's New Project Breaks Ground Amid Growth Pains
Formativ’s Sean Campbell is no stranger to building in Denver’s River North Art District. But his newest project, a mixed-use development on the district’s north side, is getting started during yet another time of transformation for the area.
“I refer to RiNo as a sophomore — it’s a teenager,” Campbell told Bisnow in an interview. “Sixteen years ago, it was just [the Taxi By Zeppelin development] and one or two buildings. Now here we are: RiNo’s looking to graduate, tour colleges and move on.”
Part of moving on is looking past growing pains and offering projects that serve the real needs of people in the area. Chief among those is affordable housing. This first phase of Formativ’s new project will include 310 residential units, 40% of which will be priced for people making 70% of the area median income or less.
“We've got plenty of $3K- and $4K-a-month apartments in Denver,” Campbell said. “Not everyone wants to pay that. Shoot, I mean, I certainly wouldn't. I'd rather have some more going-out money than giving it to the landlord.”
The entire five-year project spanning three parcels at 3800, 3850 and 3875 Blake St. near the 38th and Blake A-line station is expected to include more than 600 homes and 15K SF of retail. Only 3850 will include the affordable housing component, according to Formativ.
But Campbell and other developers in the city are contending with a challenging environment.
Between the city’s RiNo overlay design rules requiring the nonresidential “activation” of 70% of a large development’s ground-floor footprint, the Energize Denver ordinance pushing buildings toward full electrification, and broader permitting headaches, Campbell said development has become harder than ever.
“Energize Denver added $2M-plus to our bottom line,” Campbell said, citing the switch from traditional gas-powered boilers to electric ones as well as broader planning and design adjustments to support full electrification — moves that will also allow the project to attain LEED Platinum certification.
Formativ is planning what Campbell calls “highly programmed retail” that is hospitality-inspired. That means smaller, curated spaces that double as amenities via “strategic partnerships” that could include retailers, hospitality businesses or restaurateurs.
Further details, as well as the development’s official name, will be revealed this year, Campbell said.
Campbell, who lived on 27th and Blake streets for more than a decade and still has an office in the area, said RiNo is at a turning point. But he’s optimistic and acknowledges his bias in rooting for the district.
“I’m making the Kool-Aid and drinking it too,” Campbell said.
CORRECTION, JULY 14, 3:50 P.M. ET: This story was updated to clarify the footprint and affordable housing component of Formativ’s project.
