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Hines bought another parcel in Denver’s River North Arts District, acquiring 2.35 acres from Westfield in partnership with Cresset Real Estate Partners.
Part of Westfield’s 14-acre North Wynkoop master plan and adjacent to Mission Ballroom, Hines plans to develop a 10-story, 392-unit multifamily building with 32KSF of ground-floor retail. The team will co-develop the project with Westfield and has hired Arquitectonica, headquartered in Miami, to design the building.
“This acquisition represents one of the last available developable sites in RiNo, which is experiencing a transformation into an exciting live-work-play destination,” Hines Senior Managing Director for Colorado said in a news release.
This is not the first joint venture between Hines and Cresset. The duo is already teamed up on Mica RiNo, a multifamily project under construction on an adjacent block, which will bring 397 units when completed later this year. Hines is also under construction on T3, a 235K SF office building under construction across the tracks near the 38th and Blake Street RTD station.
This latest transaction, along with Stoltz’s recent acquisition of the former 30-acre home of PepsiCo on Brighton Boulevard shows investment interest in RiNo remains strong as remaining available developable land is built out. A July 6 tally by DenverInfill counted 13 tower cranes in the neighborhood.
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