Denver-based Trailbreak Partners is pushing ahead with its next hometown project: an 18-story apartment tower set to replace the former LowDown Brewery and Kitchen in Capitol Hill.
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Trailbreak has secured a $111.5M construction loan from Affinius Capital to develop Kaia Residences, the 18-story, 295-unit multifamily project at 800 and 808 N. Lincoln St.
A construction fence has gone up around the site, the Denver Business Journal reported, and Trailbreak expects to break ground by the end of April.
The firm acquired the 0.8-acre property in December 2022 for $12M, and the total project cost is expected to exceed $150M.
The project adds to Trailbreak’s growing multifamily footprint in the metro. The firm recently bought Kabin Apartments, a 194-unit complex at the Taxi development in the River North Art District, for $39.5M alongside Quannah Partners. It is also advancing a project in the Highland neighborhood and previously delivered a 281-unit multifamily development in Lakewood.
Trailbreak co-founder Doug Elenowitz recently told Bisnow he sees “turbulence” ahead in the multifamily market but believes local players are positioned better than national developers to make moves in the current environment.
“Over the past year, we’ve gained better visibility into the new normal of higher interest rates, have seen inflation moderate, and have started to see price discovery stabilize, giving local groups more confidence to step in,” Elenowitz said in November.
The Kaia mixed-use development will include 290 parking spaces and ground-floor retail. The building will also feature a wellness marketplace, fitness center, infinity pool and a two-story rooftop lounge with mountain views, according to Trailbreak and Affinius Capital.
Kaia will not include affordable or income-restricted units, as the site is exempt from Denver’s affordable housing requirements.
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