More than 100 condominiums will polish off Lowry’s last major development.
BuildMark Development will build about 110 new condos on four acres on either side of Lowry Boulevard. The Aileron, as the project is called, is one of the final developments given clearance for takeoff at Boulevard One – the last neighborhood to be developed at Lowry.
“We’ve been fortunate to be developing in Boulevard One on Lowry Boulevard,” said Matt Mahoney, BuildMark managing partner. “We were able to build a great relationship with the redevelopment authority and when this RFP came out for this mixed-use parcel, we pursued it as a condominium project.”
BuildMark can build up to 110 condominiums on the site, and Mahoney said plans call for 107 units between a pair of three-story buildings. BuildMark will buy about 3.7 acres from the Lowry Development Authority, master planner for Boulevard One.
Mahoney said the building will have a mix of one-, two- and three-bedroom apartments. Because of a lack of recent condominium development in Denver, Mahoney said there should be demand for several different sizes and types of condos.
BuildMark hopes to start selling this fall. Prices will range from $400,000 to more than $1 million.
“Our market study and our history in Boulevard One has influenced us to be targeting the empty nester and the ‘never nesters’ – the single professionals or married couple professionals with no kids,” Mahoney said.
Plans also call for a restaurant on the first floor of The Aileron’s south building. Mahoney said he’s talking to a Denver-based restaurateur to fill the retail space.
The project is still in the design phase. Mahoney hopes to begin construction in the first quarter of 2017. Move-ins should start around summer 2018.
4240 Architecture is designing The Aileron. Shaw Construction will be the general contractor. Mahoney said he’s yet to finalize a bank loan. He said the contractors he’s brought on for the project so far won the bid because The Aileron won’t be their first local condo project.
“One of the key drivers for us in building the team is deep condominium experience in Colorado,” he said. “Specifically for me in my development past, that has been a major driver in who we’re selecting to be a part of the team.”
BuildMark already is working at Boulevard One. The company has teamed up with East West Partners to build Buckley Row, a 36-townhome development that’s under construction.
BuildMark and Koelbel Urban Homes, which recently was selected for a 29-unit row home project, are the last two developers the Lowry Redevelopment Authority has chosen to build at Boulevard One.
There are at least seven other builders with homes already under construction at Boulevard One. Apartment and retail developments are also in the works. In total, the 70-acre neighborhood will have up to 450 apartments, 120 single-family homes, 225 townhomes and 200,000 square feet of commercial space.