Condos are coming to Wash Park.
Wrigley on Penn, a 29-unit condo project with 10,000 square feet of ground-floor retail on the northwest corner of Pennsylvania Street and Bayaud Avenue, is set to break ground this month.
Liz Richards and Deviree Vallejo of Kentwood City properties are listing the residential units on the development’s top two levels. Vallejo confirmed that construction on the property, currently a cluster of houses, is scheduled to begin by the end of April.
“We’re fulfilling somewhat of a niche because there’s so many people that want condominium living as opposed to townhomes,” Vallejo said. “It’s really hard to find condos in Wash Park.”
Nearby condos include Park Lane and 340 S. Lafayette St., both north of the park, which were built in 1971 and 2008, respectively.
Penn and Bayaud LLC, an entity managed by Otto Petty, owns the property. Petty is co-founder and principal of Endurance Real Estate Partners, according to his LinkedIn profile. The company declined to comment when reached by phone Monday.
Denver property records show the LLC purchased the site, a pair of adjacent properties, for $2.37 million in July 2016. Penn and Bayaud secured a $1.78 million loan from Bank SNB at the time of the sale.
Craine Architecture is designing the project. The builder is Martines Palmeiro Construction. Julie McBrearty and Sam Zaitz of Legend Partners are listing the retail space.
According to the Wrigley on Penn website, floor plans range from 500 to 1,300 square feet. Each unit includes a mezzanine or rooftop deck, a reserved parking space and a storage unit.
Studios listed for sale on the website start at $325,000, and go up to $685,000 for a unit with two bedrooms and two bathrooms. Buyers can purchase an additional parking spot for $25,000. Monthly condo fees are $0.15 per foot, Vallejo said.
A dozen condos are under contract to be sold, Vallejo said, though the homes will not be ready for move-ins until May 2018.
This block of Wash Park is already under construction. To the west, developer Chris Fulenwider is building an apartment and co-working space at 66 S. Logan St.
The developers of Wrigley on Penn are busy with other residential projects in Denver. Another Petty-owned LLC is redeveloping a rundown retail strip in Cap Hill into 30 apartments called The Jux, which will start leasing next month.