The Scarcity of Ownership in Riverfront Park

 

Union Station Denver Construction Update

Denver’s urban development over the past decade can be sampled throughout the city’s neighborhoods but perhaps the clearest depiction of Denver’s growth is in our neighborhood of Riverfront Park and the adjacent Union Station district. Fifteen years ago Riverfront Park was in its infancy and Union Station was nothing more than vacant lots punctuated by a few derelict buildings. Today, on my count, there are four tower cranes in Union Station (pictured above) and two tower cranes in Riverfront Park feverishly working to erect the final few buildings that will signify the completion of two neighborhoods which seemingly sprung up overnight.

As Riverfront Park matures it’s almost unfathomable to believe that it took so long for this plot of land to be utilized in such a divergent fashion from the rest of Denver. Here you have an enticing mix of expansive parks, winding trails, the confluence of two rivers and a variety of residential low-rise and high-rise accommodations situated conveniently next to critically-acclaimed dining establishments and cozy nightlife. Of further benefit, all of this is within walking distance of the corporate headquarters of significant national and international companies.

As a resident of Riverfront Park, this is simply a recap of why you elected to live in the neighborhood to begin with, but, the recent announcement of Holland & Partners proposed apartment dwellings in Riverfront Park has me thinking. The old adage, and famous movie quote, “if you build it, they will come” is no better exemplified than here in Riverfront Park. Take a look at this graphic below:

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The Flour Mill Lofts were completed in 1998 and denoted the beginning of the neighborhood’s rise to prominence. By 2018, twenty years after the commencement of the neighborhood, all of the projects that are under construction or currently proposed will be completed which will yield more than 6,000 residential units. For comparison, the coveted neighborhood of Hilltop has 1,750 single-family dwelling units and LoHi has 3,000.

Interestingly enough, apartment units will outnumber single-family dwellings 3.5 to 1 which is a noteworthy statistic for current homeowners. For those individuals who currently own property in Riverfront Park or are looking to invest, it’s clear that ownership opportunities will always be scarce and property values will be at a premium. So, while the neighborhood has increased significantly in value over that past 5 years in conjunction with the rest of the Denver housing market, I expect Riverfront Park to continue its ascent. Not to mention, the bullish sentiment will insure against minor dips in home values associated with the growth of the city.

If you are considering buying or selling real estate in Riverfront Park, or are curious to know more about the market and my future outlook for the neighborhood, feel free to contact me directly.

Adam Moore
Mile Hi Modern
LIV | Sotheby’s International Realty

Mobile: 303.956.8069
255 Clayton Street, Unit 100
Denver, CO 80206

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