A New York City-based developer has bought more land in a neighborhood behind Coors Field, where it plans to build what one magazine dubbed “upscale dorms for adults” via its X Social Communities concept.
Property Markets Group, acting as ENR Denver Investment 2.0 LLC, spent $3.19 million last month to buy a half-acre at 3000 N. Inca St., according to county records.
That works out to $140.25 per square foot.
The sale came six months after Property Markets purchased the adjacent 1.1-acre lot at 3100 N. Inca St. for $6.87 million, or about $150 per square foot.
Property Markets purchased both sites from Denver-based Westfield Co.
The company’s website lists a 220-unit complex dubbed X Denver coming here in summer 2020. A rendering shows a multilevel rooftop deck with two pools, amphitheater-type seating and fire pits.
Brian Koles, brand and experiences director for Property Markets, said that description applies only to the 1.1-acre site. He didn’t share company plans for the second buy.
Three other X Social Communities are planned — in Miami and Fort Lauderdale, Florida, and Chicago’s University Village. One already is open in Chicago’s Logan Square, according to Property Markets’ website.
The latter rents both by the unit and by the bedroom; the developer calls the latter “coliving.”
Last year, Fast Company dubbed Property Markets’ X developments “upscale dorms for adults.”
Property Markets’ website says its “PMGx” developments are “designed to help you get out of your own way so you can crash into each other,” with organized social activities, coworking space and large common areas.
“Most apartment dwellers have potential friends, lovers, professional contacts and helping hands living literally feet away, but their interactions are limited to awkward elevator small talk,” the website says. “That’s not our style.”