Few developers were willing to bet on a dilapidated stretch of sites on the southern end of downtown Denver, but within a matter of years, one firm's gamble has helped reset the stage for the city's luxury multifamily market.
Since finishing construction on the high-end Citizen West 10 complex at 140 West 10th Ave., local development firm Quarterra's project is already more than 80% leased thanks to rising demand and Denver's increasingly affluent pool of renters. What's more, the 393-unit project has helped transform the city's Golden Triangle neighborhood from an economically obsolete wasteland into a place worthy of future investments, earning it a 2023 CoStar Impact Award, as judged by real estate professionals familiar with the market.
Quarterra's own investment took shape long before the pandemic triggered an unprecedented spike in rents, leasing and construction across the Denver metropolitan area. The firm spent $60 million acquiring and assembling six sites in 2018, one of which now houses the Citizen West 10 property and another where a new luxury multifamily complex with more than 220 units is now under construction.
The bet has more than paid off, with rents at Citizen West 10 commanding an average of about $2,520 a month, far beyond the regional average of roughly $1,800 a month, according to CoStar data.
With a roster of amenities such as a sky lounge, hot yoga room, 20-foot bouldering wall, sauna, dog run and concierge services, the Shears Adkins Rockmore-designed project was able to plant a stake in a neighborhood that now has more than 30,700 units under construction.
“It’s hard to imagine a more idyllic setting to take advantage of all the cultural, dining and entertainment opportunities in the walkable Golden Triangle, while still being reminded daily that the Rocky Mountains are right next door,” Scott Johnson, Quarterra's division president for the mountain states and southwest area, recently said of the project. “Yet, between features like the rooftop pool and spa, sky lounge with fireplace and the two-story climbing wall in the fitness center, Citizen will also be an enticing place to come home to.”
About the project: The 17-story luxury apartment tower near Denver's Union Station, its primary transportation hub, is surrounded by a concentrated mix of museums, stadiums, libraries, destination restaurants and the iconic 16th Street Mall. The complex's mix of amenities balances the indoor and outdoor living Colorado is known for, and tenants also have access to in-unit perks such as built-in mudrooms, smart home features and mountain views.
What the judges said: Citizen West 10 "could be a significant catalyst for redevelopment and new investment into the neighborhood," CoStar Impact Awards Judge Daniel Ryley, an executive director of the City of Arvada's Economic Development department said, with fellow judge Vivek Sah, a director at the University of Denver, adding that it "will kickstart the revitalization of the surrounding area."
They made it happen: Quaterra's Christopher Gillies, Amy Bui, Jill Harrison and Treanna Jemison have led development and lease-up efforts for the Golden Triangle property. Adam Hillhouse, a senior associate with architecture firm Shears Adkins Rockmore, and Trio's Chief Design Officer Christie zumBrunnen spearheaded its design. Nine Dot arts Chief Curator Molly Bird Casey, Harris Kocher Smith Civil Engineer Rachel Patton and The Weitz Co. Project Manager Taylor Kegley were also involved in the project's development.
