Photo by: David Elowe

After years of discussion, developer David Elowe of Urban West will begin construction within 45 days on his 11-story apartment complex which will boast street-level retail space.

The project will cost an estimated $56 million and is scheduled to be completed by the spring of 2013. It will be located on the southeast corner of South University Boulevard and East Evans Avenue.

Elowe says that the residences that currently occupy the space will be demolished and immediately following that, construction on the high-rise building will begin.

In addition to the 25,000 square feet of retail space, Elowe says the building will differentiate itself from other apartment complexes through its unique parking space, which will include 103 reserved parking spots for retail and 254 spots for residents.

“There is heavy traffic in this area, which means heavy demand for parking and heavy demand for retail, and I feel this building meets both of those,” said Elowe.

While parking and retail space will set the building apart when it is erected, Elowe also announced that the building will be physically appealing with granite counter tops, wooden floors and wood cabinets inside each apartment.

In addition, there will be a deck on the fifth floor with a swimming pool and hot tub, common areas on each floor, and a work out center.

Elowe said that 75 percent of the units will be one bedroom, one bathroom and 25 percent of the units will be two bedroom, two bathrooms.

As for residents, Elowe said that he isn’t exactly sure what the mix will be. He said that it will not be an all student housing project.

“Students will live in the building, but this is a class A-type building with amenities that are more than what you have at other apartment complexes,” said Elowe. “We are building with flexibility, but we are still very uncertain what the mix of residents in the building will be like.”

As for the retail space below, Elowe says he has oversubscribed for what he has space-wise, so he and his consultants can figure out the right mix of stores and restaurants.

Though the project is on the fast track now, it wasn’t always this way, and it continues to receive a mixed reaction from local community groups.

Elowe bought up space around DU in the summer of 2007, a purchase that he says has evolved into the apartment project he is still working on today.

At the end of that year, Elowe closed on four properties, and then was advised to go after control of the corner area, where it wasassumed that he already had control.

Elowe didn’t have complete control of the corner until about six to eight months later, but once he had put his stake in the corner, he began talking to community groups who wanted a multi-purpose building.

“Once I talked to people around here I got a sense for how big of a demand there was for retail space,” Elowe said.

“The neighborhood hasn’t seen what we’re going to build. This isn’t going to be like what other student housing projects have provided to the market and the surrounding area.”

Although Elowe had figured out the demand of the community, his project was derailed in the later months of 2008 when the real estate industry was crippled through economic crisis.

Despite this roadblock, Elowe said he kept pushing the project forward, and sure enough in February of 2011, nearly three years since he had gained control of the corner, a deal was reached.

Elowe has been able to secure private equity and a conventional construction loan for the project as he awaits the demolition of residence homes, the next step in the process, and the first in getting the building constructed.

“I knew it would be a great project, it was just a matter of getting the finances,” said Elowe.

“It’s the right building for the right corner, and it all worked out and will satisfy what different users want from something like this.”

The building will not be as tall as originally planned due to negotiations from the developers and the community members.

Tom Gonnella, the president of the University Park Community Council, said there was trepidation amongst neighbors initially, but over three years of negotiations both sides have worked toward the best solution

“We wanted the building to feel special to the neighborhood, and we wanted it to keep the [architectural] integrity for our community “said Gonnella about the building’s integration into the University Park area. “We wanted to make sure the exterior of the building was integrated with the neighborhood.”

According to Gonnella, the main goal is to have the retail space, and the vendors who take over that space, work well with the neighborhood and not be detrimental to the community’s growth.

“We are cautiously optimistic that it will be a win for the neighborhood,” said Gonnella.

“There are always some people for it, and always some people against it, so all we can do is see how it goes in the next month or so.”

Both sides seemed to have found common ground regarding the new tower, which will enter the Denver skyline in the upcoming year. However, time will tell as the building is incorporated to the neighborhood.

Elowe is moving to Denver later this summer from Chicago. He currently commutes between the two cities.