Wood Partners knows what it likes.
The Atlanta-based developer is digging into South Broadway for the third time. It purchased a parcel on the northwest corner of South Cherokee Street and Alameda Avenue for $3.4 million on May 2, city records show.
The site adjoins the 338-unit Alta Alameda Station development, which Wood completed in 2014. The project, Alta Sobo Station, is soon to break ground and will have 187 units.
Tim McEntee, partner with the firm overseeing Wood developments in the Rocky Mountains and the Midwest, said he started eyeing the corner in 2004. Wood purchased the land for Alta Alameda and, a few months after putting the final touches on that building, got the lot next door under a letter of intent.
“(Alta Alameda Station) did and is doing exceptionally well,” McEntee said. “South Broadway is a dynamic, ever-evolving part of Denver. It’s hit a nice critical mass of service and retail. And transit-oriented development access is fundamentally important to us.”
The 2 acres include parcels owned by the Vikki L. Gold Living Trust and Atlantis Community Foundation, a spot that includes a pair of garages and a small house, city records show. Atlantis is building a 60-unit complex intended for disabled and low-income tenants on the property immediately east.
McEntee said Wood plans to break ground on the five-story Alta Sobo within a few weeks. Move-ins are 21 months out.
The units will start at 688 square feet for one-bedroom apartments, he said, and go up to 1,200 square feet for the largest two-bedroom apartments. About 70 percent of the building will be one-bedroom units. McEntee said Wood is targeting rents between $1,500 and $2,300 a month.
The development, designed by the Dallas architecture firm Womack + Hampton, also will include a rooftop deck, pool, two-story fitness center, café and speakeasy bar hidden behind a wall.
Woods is the project’s general contractor, but has brought on Norris Design as its landscape architect and Harris Kocher Smith as its civil engineer.
Wood Partners has sold its other two projects on South Broadway. Alta Alameda went for $84 million in 2014 and Alta Cherry Hills in Englewood sold for $78 million last month.