(DENVER, CO) – Hines, the international real estate firm, along with investment partner Cresset Real Estate Partners, announced today that Mica RiNo has topped off. The new apartment community will bring 392 luxury for-rent residences to River North Arts District (RiNo), one of Denver’s prime and culturally vibrant neighborhoods. Overlooking Mission Ballroom, a top concert destination in the community, future residents will be able to enjoy the exciting music scene just steps from their front door.
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 the Cresset Diversified Qualified Opportunity Zone (QOZ) Fund I, comprising over $600 million in QOZ developments around the country. Mica RiNo is expected to achieve LEED Gold certification upon completion, demonstrating both Hines’ and Cresset’s continued commitment to sustainability.
“We are pleased to be one step closer to completing our next development project in Denver, especially one that combines a sought-after luxury lifestyle with the artistry and diversity of RiNo,” said Elliot Marks, Director in Denver. “It’s extremely satisfying to see Mica RiNo take shape in the surrounding development. Hines and Cresset have a demonstrated longstanding partnership and are both excited to continue to raise the bar for multifamily residences with the project opening later this year.”
Mica RiNo will include a mix of studio, one- and two-bedroom offerings, averaging 857 square feet, with select units boasting private balconies with mountain and city views. All residences will feature beautifully designed modern kitchens with quartz countertops, in-unit washer and dryers, electric door locks, matte black fixtures, and stainless-steel appliances. Additionally, Mica RiNo will be offering a limited number of affordable units.
The 11-story midrise project will feature excellent amenities for its future residents including a resort-style pool deck with yoga lawn, covered grotto and gas BBQ ranges; large garden area with outdoor games, ample seating and fire pits; eleventh-floor sky lounge with views of Downtown and the Rocky Mountains; thoughtfully designed coworking lounge space complete with meeting rooms, private work booths and coffee bar to accommodate the work-from-home lifestyle; and approximately 15,000 square feet of ground floor retail.
“We see great potential in the RiNo neighborhood, and we are pleased to be bringing jobs and high-quality multifamily development to this rapidly improving location,” said Mike Miller, Executive Managing Director at Cresset Real Estate Partners.
Mica RiNo’s prime location will provide convenient access to RiNo’s popular restaurants, bars and entertainment centers. 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.
A transit-oriented community, Mica RiNo offers nearby access to 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 Mica 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 and financing for the project.
Mica RiNo is slated for initial occupancy in the fourth 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 255 cities in 27 countries. Hines oversees investment assets under management totaling approximately $83.6 billion¹. In addition, Hines provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totaling over 492 million square feet. The firm currently has more than 171 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 www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2021.
About Cresset Real Estate Partners
Cresset Real Estate Partners leverages decades of relationships with industry-leading developers to secure off-market opportunities with advantageous structures. Our flexibility and speed allow us to capture desirable investments. Cresset Real Estate Partners currently oversees a portfolio of more than $3 billion. To learn more, visit www.cressetpartners.com.
Cresset refers to Cresset Capital Management 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.