A residential giant’s plans for its first ground-up apartment development in Denver are coming into focus.
Virginia-based AvalonBay Communities, the nation’s third-largest owner of apartments, submitted a site-development plan to the city last month for the full city block it purchased on the edge of RiNo in January.
AvalonBay wants to build a three-story complex with 250 units on the block formed by Lawrence and Arapahoe streets, and 26th and 27th streets, the plans show. The project also would have about 1,500 square feet of space intended for a restaurant tenant.
The site is undeveloped.
The complex would have 255 parking spaces on one underground level, according to the plans, which were drawn up by architecture firm Studio PBA.
AvalonBay entered the Denver market in September 2017 with the purchase of a 252-unit complex in Lakewood. It since has purchased two more apartment complexes, in Littleton and Castle Rock.
The company bought the block for $15 million from Denver-based Westfield Co., which purchased the site from the Denver Housing Authority in 2015 along with an adjacent block, where the company has built a mixed-use development called S*Park.
Only Memphis-based Mid-America Apartment Communities and Chicago-based Equity Residential own more apartment units than AvalonBay, according to the National Multifamily Housing Council.