(DENVER) – Hines, the global real estate firm, along with investment partner Cresset Real Estate Partners, announced today the purchase of 2.35 acres of vacant land from Westfield, with plans to develop a 10-story, 392-unit multifamily building. The site was purchased from a joint venture controlled by Denver-based Westfield Company, Inc. This marks the second acquisition of land for Hines and Cresset Real Estate Partners in the North Wynkoop 14-acre master plan, located in the River North Arts District (RiNo) neighborhood of Denver. Mica RiNo, the partners’ other multifamily project, is currently under construction a block away and will feature 397 units, scheduled to deliver its first units at the end of the year. Additionally, Hines’ T3 office building is currently under construction in the neighborhood.
World-class architect, Arquitectonica, will design the project equipped with best-in-market amenities for residents and feature panoramic city and mountain views. The development will also contain 32,000 square feet of retail and is located adjacent to Mission Ballroom, where future residents will be able to enjoy the exciting music scene just steps from their front door.
“This acquisition represents one of the last available developable sites in RiNo, which is experiencing a transformation into an exciting live-work-play destination,” said Chris Crawford, senior managing director of Hines. “Hines and Cresset have a demonstrated longstanding partnership and we look forward to delivering another best-in-class multifamily product to this market in partnership with Westfield as a co-developer alongside Hines.”
“We are delighted to continue our partnership with Hines on another best-in-class project in the RiNo neighborhood, said Jason Ross, director of Cresset Real Estate Partners. The submarket has experienced tremendous growth and this project will be an integral part for many years to come.”
The development’s prime location will provide convenient access to RiNo’s popular restaurants, bars and entertainment centers, as well as the 38th and Blake RTD light rail station. Upon completion of the surrounding North Wynkoop mixed-use district, residents will enjoy even more dynamic retail, entertainment, dining, and creative office space, as well as a boutique hotel, all in the immediate vicinity.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. Hines oversees investment assets under management totaling approximately $90.3 billion¹. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit http://www.hines.com for more information.
¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2021.
About Cresset Real Estate Partners
Cresset Partners is a private investment firm focused on providing its investors with direct access to investment opportunities in private companies, real estate, and sponsor products. We focus on building outstanding, lasting partnerships by investing permanent capital, resources, and expertise to create sustainable value. We believe that long-term investing creates better alignment and reduces risk and inefficiencies, leading to better outcomes for all shareholders. Cresset Partners has more than $2.2 billion in commitments across real estate, private equity, private credit, and venture capital. Learn more at https://cressetpartners.com.&n...;
Cresset refers to Cresset Manager, LLC and all of its subsidiaries and affiliates. Cresset Asset Management, LLC provides investment advisory, family office, and other services to individuals, families, and institutional clients. Cresset Partners, LLC provides investment advisory services strictly to investment vehicles investing in private equity, real estate and other investment opportunities. Cresset Asset Management, LLC, and Cresset Partners, LLC are SEC registered investment advisors.
About Westfield Company Inc.
Over the past 30 years, Denver-based Westfield Company Inc. has evolved into one of the nation’s foremost developers of mixed-use projects located in and around Denver’s urban core. Utilizing innovative design and local talent, Westfield is committed to the responsible enhancement of the communities in which we work. This is accomplished by creating inspiring environments where commerce happens and people live. To learn more, visit www.westfield-co.com.