(DENVER) – Hines, the international real estate firm, along with investment partner Cresset-Diversified QOZ Fund, today announced the start of construction on Residences at RiNo, a luxury for-rent residential community at the entryway to Denver’s rapidly expanding River North Arts District (RiNo).
The midrise project, located within North Wynkoop’s innovative 1.25 million-square-foot mixed-use development, is the fourth joint venture between Hines and Cresset-Diversified, comprising over $600 million in Opportunity Zone developments around the country. Residences at RiNo is expected to achieve LEED Gold certification upon completion, demonstrating both Hines’ and Cresset-Diversified’s continued commitment to sustainability.
“We are excited to kick off construction on this exceptional residential offering in one of Denver’s most sought-after neighborhoods,” said Kevin Batchelor, senior managing director, Hines. “With its world-class architecture; balance of amenities and services; and proximity to RiNo’s renowned restaurants, breweries, art galleries and entertainment, Residences at RiNo will set a new standard for apartment living in Denver.”
Comprised of 397 luxury residences, the 11-story building will boast private balconies with mountain and city views in select units. Ranging between 542 and 1,715 square feet, floorplans will include studio, one-bedroom and two-bedroom offerings, in addition to a limited number of affordable units and live/work units. Each residence will feature modern kitchens with quartz countertops, designer tile backsplashes and stainless-steel appliances; in-unit washer and dryers; electric door locks; matte black fixtures and wood-style flooring throughout.
Future residents will have access to an array of outstanding amenities including a resort-style heated swimming pool with a terrace; large garden area with outdoor gaming, hammocks, yoga deck and fire pits; state-of-the-art gym with on-demand virtual fitness classes and Skier’s Edge training equipment; pet spa and dedicated dog park; bike shop and storage room; thoughtfully designed fourth-floor coworking space with private meeting rooms, complimentary coffee bar and ample natural light throughout; artist studio space with easels, tables and other creative necessities; and approximately 14,500 square-feet of ground floor retail. Residences at RiNo will also offer impressive entertaining spaces for residents to enjoy, including a sky lounge with unobstructed rocky mountain and city views; two outdoor kitchens with gas grills, dining areas and sofas; and lounge area overlooking the pool deck with a kitchen, game room and sitting areas overlooking Mission Ballroom with mountains in the background.
Residences at RiNo’s prime location will provide convenient access to River North District’s first-class restaurants, bars and entertainment centers. Popular destinations in the immediate vicinity include Improper City, Blue Moon Brewery, Globeville Landing Park and Dover Central Market. Known as the heart of the art community in Denver, the area is also home to over two hundred art galleries and boutiques. Upon completion of the surrounding North Wynkoop mixed-use development, residents will enjoy even more dynamic retail, entertainment, dining and creative office space, as well as a boutique hotel, all in the immediate vicinity. Currently, the development’s state-of-the-art music venue, Mission Ballroom, is open and operating, as is Wynkoop Alley, an outdoor plaza that hosts premier food trucks, custom-built bars and live music.
The property lies within close proximity to several major employment hubs, allowing employees to live at Residences at RiNo and be just steps away from their place of work. Over one million square feet of office space lies within the surrounding area and over two million square feet of future office development is planned.
Future residents can access the light rail station at 38th and Blake, which is just one transit stop away from Denver’s Central Business District, LoDo, Coors Field and a 30-minute ride from the Denver International Airport via Denver’s transit system. The property is also easily accessible from I-70, Brighton Boulevard and I-25 via automobile.
Hines has assembled a stellar design team for Residences at RiNo, including Zeigler Cooper Architects, design architect; Parisa O’Connell Interior Design, interior design of common areas; Design Workshop, landscape architect; and Modern Constructors, general contractor. Northwestern Mutual provided construction as well as permanent financing and equity for the project.
Residences at RiNo is slated for initial occupancy in the third quarter of 2022. Pre-leasing will begin three months prior to delivery.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion of assets under management, including $75.5 billion for which Hines serves as investment manager, including non-real estate assets, and $68.6 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,426 properties, totaling over 472 million square feet. The firm’s current property and asset management portfolio includes 576 properties, representing over 246 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
About the Cresset-Diversified QOZ Fund
Cresset Partners, led by private equity entrepreneurs Avy Stein and Eric Becker, united with Diversified Real Estate Capital, led by Larry Levy, to create a joint venture partnership focused on core real estate development investments in Qualified Opportunity Zones. The Cresset-Diversified partnership launched its first fund, Cresset-Diversified QOZ Fund I, in December 2018 and raised $465 million to invest in seven institutional-quality projects located in top-tier markets around the country. Cresset-Diversified recently announced the launch of their second fund, Cresset-Diversified QOZ Fund II, which will similarly target opportunity zone projects with the potential for substantial risk-adjusted, tax-advantaged returns. Fund II will invest in core urban markets across the country with a focus on multi-family, office, industrial and retail investments located in QOZs.*
*The contents hereof are not to be used as the basis for making any investment decision and are not a recommendation of, or solicitation for, the subscription, purchase, or sale of any security, including the fund mentioned herein.