US-based building developer and engineering services provider Mortenson with joint venture (JV) partner Pinnacle Partners has broken ground on a multifamily development in Denver.
The Revival on Platte project in the Sun Valley neighbourhood will be developed, designed, fabricated, and built by Mortenson.
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Mortenson Denver general manager and vice-president Brian Fitzpatrick said: “We’re thrilled to partner with the Pinnacle team on this incredible opportunity, as both organisations share a commitment to development that addresses core community needs.
“We have a long history in Denver of bringing together our develop, design and build capabilities for our project partners.
“Fabrication is the final piece in this puzzle, and we can’t wait to show the market what our BLUVera team is capable of on this project.”
Located on a nine-acre site in an Opportunity Zone, the project is adjacent to the South Platte River.
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By GlobalDataThis 234,156ft² eight-storey development consists of 200 studios, as well as one-and two-bedroom apartment units and two parking levels.
Residents can also access a gym, business centre, and a rooftop amenity area with city views and mountains.
Pinnacle Partners managing partner Leo Backer said: “In these current challenging economic times, we are particularly excited to close on our construction financing and break ground on Revival on Platte with our development partner.
“This transformative development will bring much-needed housing to Denver’s rapidly growing Sun Valley neighbourhood.
“Revival on Platte serves as a shining example of the potential impact of Opportunity Zones on communities across the country.”
The development is close to several downtown attractions and public transit systems. Residents will also have direct access to around 90 miles of bike trails.
The project is scheduled to complete next year.
