News Summary
JLL Capital Markets has secured $65.5 million for a new multifamily development at 3850 Blake in the River North Art District. This 16-story building will feature 310 housing units, 40% of which will be affordable for residents earning 70% of the area median income. Set for completion in 2027, the project is positioned to enhance urban living with extensive amenities, transit accessibility, and a focus on community engagement.
New $65.5 Million Multifamily Development Coming to Denver’s River North Art District
Denver’s River North Art District (RiNo) is set to welcome a new multifamily development, known as 3850 Blake, thanks to a recent $65.5 million construction financing secured by JLL Capital Markets. The project aims to meet the growing demand for urban housing, featuring a total of 310 residential units.
Features of the Development
The 3850 Blake project will consist of 16 stories, offering a mix of studio, one-bedroom, and two-bedroom apartments. Average unit sizes will rest at around 563 square feet, catering to a range of living preferences and needs. The development has been classified as Class A multifamily housing.
Projected Completion and Affordability
Anticipation builds as the project is expected to reach completion by the third quarter of 2027. In an effort to make housing accessible to a wider audience, nearly 40% of the residences will be priced for individuals earning 70% of the area median income (AMI), while over 70% of the units will be available to those earning below 100% AMI.
Amenities and Living Experience
In addition to diverse housing options, the development aims to provide a highly amenitized living experience with more than 12,000 square feet devoted to shared amenities. Future residents can look forward to an elevated pool deck that offers stunning mountain views, a modern clubhouse, co-working spaces, an indoor/outdoor fitness center, and a lobby designed to foster community engagement.
Location and Transit Access
Convenience is another highlight of this new development. Situated at the intersection of Blake Street and 38th Street, 3850 Blake provides easy access to the 38th & Blake RTD light rail station, facilitating hassle-free travel to Union Station and Denver International Airport.
Background of the Project
The land for the new multifamily development was acquired by 3850 Blake Owner LLC for $9.6 million back in April 2022. The decision to invest in this area aligns with the broader trend in Denver, where new multifamily developments are increasingly focused on urban living. The growth rate in RiNo has been notable, with approximately 26,000 new residents moving to the area between 2019 and 2020.
Surrounding Attractions
The location of 3850 Blake is strategic, being surrounded by more than 150 restaurants, bars, galleries, and entertainment venues within a ten-block radius. This vibrant atmosphere is expected to add value to the resident experience, enhancing the appeal of urban living in this dynamic district.
Key Players in the Financing
JLL facilitated the financing arrangement representing the borrower, Formativ, with their Debt Advisory team including Director Rob Bova and Senior Analyst Ellie Savage. Their expertise contributed significantly to securing the necessary funding for what promises to be a landmark development in RiNo.
Conclusion
The 3850 Blake development presents a compelling opportunity for luxury rental housing in an area experiencing vibrancy and growth. As construction progresses, the project is poised to enrich the urban landscape of Denver, offering a blend of community spirit and modern living.
Deeper Dive: News & Info About This Topic
Additional Resources
- Denver Post: New $65.5 Million Multifamily Development Planned for Denver’s River North Art District
- Wikipedia: General Knowledge
- CoStar: Denver’s Multifamily Market
- Encyclopedia Britannica: General Knowledge
- Commercial Observer: Affinius Capital $112M Loan
- Google Search: Denver multifamily real estate
- Mile High CRE: New Apartments in Downtown Denver
- JPMorgan: Denver Multifamily Market Outlook
Author: Construction NY News
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at constructionnynews.com, your go-to source for actionable local news and information in New York and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the New York Build Expo, infrastructure breakthroughs, and cutting-edge construction technology showcases. Our coverage extends to key organizations like the Associated General Contractors of New York State and the Building Trades Employers' Association, plus leading businesses in construction and real estate that power the local economy such as Turner Construction Company and CMiC Global. As part of the broader network, including constructioncanews.com, constructiontxnews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.
