New Multifamily Development ‘3850 Blake’ Breaks Ground in Denver

News Summary

Construction has commenced on ‘3850 Blake’, a new multifamily residential project in Denver’s River North Art District. The 16-story building will feature 310 rental units, with a commitment to affordability for residents earning around 70% of the area median income. The project aims to enhance community living with ample amenities while meeting growing housing demands in the vibrant neighborhood.

New Multifamily Development “3850 Blake” Breaks Ground in Denver’s River North Art District

Construction has officially commenced on “3850 Blake,” a new 310-unit multifamily housing project in Denver’s vibrant River North Art District (RiNo). The groundbreaking took place in March 2025, with plans for the 16-story residential building to be completed by the third quarter of 2027.

Located at the intersection of Blake Street and 38th Street, the project will transform a currently vacant lot into a thriving community space. Designed to accommodate a variety of living needs, “3850 Blake” will feature a mixture of studio, one-bedroom, and two-bedroom apartments, boasting an average unit size of 563 square feet.

The financial backing for the project includes a significant investment of $65.5 million in construction financing, facilitated by JLL, a well-known real estate firm. The financing was a collaborative effort from their Debt Advisory team, highlighting the project’s potential within the rapidly evolving RiNo neighborhood which is experiencing high demand for luxury rental units.

Notably, nearly 40% of the residences will be designated as affordable, aimed at individuals earning up to 70% of the area median income (AMI). This emphasizes the commitment to creating attainable urban living spaces within the city. Furthermore, more than 70% of available units will target renters below 100% of the AMI, showcasing a focus on inclusivity and community building.

The amenities offered at “3850 Blake” will be substantial, totaling approximately 12,000 square feet of shared space. Key highlights include an elevated pool deck with mountain views, a modern clubhouse, coworking zones for professionals, and an indoor/outdoor fitness facility. These features are expected to enhance the living experience and attract a diverse range of residents.

The land parcel for this development was purchased by 3850 Blake Owner LLC for $9.6 million in April 2022. This investment aligns with the ongoing growth RiNo has witnessed, where around 26,000 new residents moved to the area between 2019 and 2020 alone. The neighborhood is well-known for its vibrant culture, with over 150 restaurants, bars, galleries, and entertainment options in close proximity to the new development.

FORMATIV, the firm behind “3850 Blake,” specializes in various types of developments, including multifamily housing, office spaces, hospitality venues, condominiums, and master-planned communities specifically within Denver. While the local multifamily market has faced challenges, including a significant 23% year-over-year drop in the construction pipeline, the firm sees this project as a timely addition to the urban landscape.

Despite previous oversupply in Denver’s multifamily scene, the current market is facing pressures due to high interest rates and rising construction costs. This has contributed to a 19% decline in proposed developments. Concurrently, it appears that suburban markets are experiencing a renaissance, attracting investor interest as resources shift towards suburban multifamily transactions.

However, as adjustments to work-from-home policies unfold, Denver’s urban multifamily market is poised for a potential rebound. This shift signifies a renewed interest in urban living spaces, which could spark demand for more developments like “3850 Blake.” Furthermore, the City’s Inclusionary Housing Ordinance, combined with various sustainability initiatives, continues to shape development prospects within the area.

As the construction progresses, the community eagerly anticipates the addition of this significant housing option, highlighting ongoing efforts to enhance living standards and accessibility within Denver’s innovative and artistic River North Art District.

Deeper Dive: News & Info About This Topic

Additional Resources

• Denver Post: New Multifamily Development “3850 Blake”
• Bisnow: State of Denver Multifamily Real Estate Market
• Mile High CRE: New Apartments Under Construction in Downtown Denver
• CoStar: As Construction Cools, Denver Multifamily Rents Poised to Rebound in 2025
• JPMorgan: Denver Multifamily Market Outlook
• Wikipedia: Multi-family Residential
• Google Search: Denver multifamily real estate
• Google Scholar: Denver multifamily housing
• Encyclopedia Britannica: Multifamily housing
• Google News: Denver housing market