With apartment buildings and co-working spaces popping up all over town, a Denver developer is rolling both concepts into a new project in the Speer neighborhood.
Developer Chris Fulenwider plans to open 46 apartments and a new office building at 66 S. Logan St. in a year.
Fulenwider, as part of ownership entity 66S, LLC, will renovate an existing building into a co-working space and add a new, three-story apartment complex next door.
The project, dubbed Red Owl, covers about 0.70 acres at the northeast corner of Logan Street and Bayaud Avenue. The property already houses a single building that was built in 1941, according to city records.
Fulenwider will keep the building, a former showroom for Kitchen Gallery, and turn it into a co-working space. Red Owl will house about 12,000 square feet of office space, according to plans approved by the city.
The neighboring apartment building will stand 3 stories tall, taking the place of Kitchen Gallery’s former parking lot. Project plans provide for 52 parking spaces.
Work has begun at the site, with the office portion slated to open in seven months and the apartments in about a year, according to a spokeswoman for the development team.
Fulenwider’s CF Studio is the architect for the development. Taylor Kohrs is the general contractor. TCF Bank is financing the project. Public records show 66S, LLC took out a loan with TCF in the principal amount of $9.9 million. The LLC also filed for a $5 million equity funding round, according to a Form D filed with the Securities and Exchange Commission in January.
The development group declined to disclose the total price of the project.
Fulenwider hasn’t finalized lease rates for apartments or the residential space, the spokeswoman said. The development team has started softly marketing the property on a Facebook page hosting renderings of the buildings and a series of videos on the development.
Red Owl will be at least the second apartment project Fulenwider has developed in Denver. He opened the 42-unit Emerson Lofts in Cap Hill in 2013. That building sold to an out-of-state investor for $11.5 million in 2015.