RiNo Apartment Building Breaks Ground: The Denver Deal Sheet
Local real estate investment and development firm Formativ broke ground on Rowan, a 16-story multifamily development at 3875 Walnut St. The property, in Denver’s River North Art District, will offer studio, one- and two-bedroom units for rent, including penthouse homes. It will also feature a pool, spa, fitness center, outdoor zen garden, library, coworking lounge and theater.
Construction is expected to take 28 months, with residents moving into Rowan in fall 2028.
The apartment building is part of a mixed-use development project at the north intersection of 38th and Blake streets. The transit-oriented development will also include a 180-room hotel, more than 15K SF of retail space and a 310-unit workforce housing project for residents earning between 60% and 90% of the area median income.
PEOPLE
Saunders Construction promoted Justin Cooper to CEO. Cooper joined the 54-year-old construction company in 2016 as vice president of project development, according to his LinkedIn, and was named president in 2020. He will begin serving as Saunders’ CEO on July 1.
LEASES
Volley Automation, a software and robotics company that designs automated parking garages, relocated its headquarters from San Francisco to Denver, signing a lease at 5675 N. Pecos St. The company plans to open a 35K SF robotics research, testing and demonstration facility in the fall.
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Miniso signed a nearly 6,500 SF retail lease at Avenues at Northfield across from the movie theater. The retailer, known for its collaborations with brands like Disney, Minions, Care Bears, Barbie and Hello Kitty, will open on June 6.
FINANCING
The Downtown Development Authority will invest $2.7M in improvements at the Denver Pavilions. Work will include a new mural in addition to parking garage and roof repairs.
THIS AND THAT
Black Creek Group founders Jimmy Mulvihill and Evan Zucker launched a Denver-based vertically integrated real estate investment platform called Speed Bay Warehouse Solutions.
The company, which focuses on shallow-bay industrial properties ranging from 5K SF to 25K SF, has acquired or built more than 50M SF of warehouse space in Denver, Dallas-Fort Worth, Phoenix, Philadelphia, Tampa and Orlando, according to its website.
