The RiNo apartment stampede is kicking up more dust.
Camden Property Trust has started demolishing the former Denver Hardware Co. block at 32nd and Walnut streets to make way for a 230-unit project that the firm says will cost $70 million to build.
Camden rezoned the 2.4-acre property from industrial to mixed use last year, then bought the land from Denver Hardware owner Daniel Kaatz for $15 million in December, city records show. Todd Triggs, Camden’s vice president of real estate investments, said the firm chose RiNo because of its proximity to downtown.
“It’s a location that’s close to the central part of Denver,” he said.
Construction is scheduled to begin in the third or fourth quarter, Triggs said.
Site plans by Wallace Garcia Wilson Architects, which have been filed with the city but are not finalized, call for a tiered design with three stories facing Larimer Street and up to five stories toward the middle of the block.
Designs also show a courtyard overlooking Larimer, with leasing offices to one side and a fitness center behind it, toward the middle of the block. The complex also would include 360 spaces in a parking structure, according to the plans.
Triggs said 10 percent of units will be studios, 70 percent will be one-bedroom apartments, and 20 percent will be two-bedroom layouts. The developer has not finalized lease rates.
Texas-based Camden is a publicly traded REIT. The addition of Camden RiNo gives the company 2,862 units in the Denver market, according to its 2016 annual report. That tally includes Camden Lincoln Station, a 267-unit development in Lone Tree that started leasing in August 2016 and is set to finish construction at the end of June.
Future residents of Camden RiNo will peer out their windows at other new apartments in the neighborhood, including Mill Creek Residential’s Modera Blake Street going up between 28th and 29th streets.