The apartment complex currently under construction on East Evans Avenue and South University Boulevard, a $57 million project, will be available for pre-lease next month, according to David Elowe of Urban West Group, the developing company on the project.
The building, officially called One Observatory Park Apartment and Shops, is expected to be finished by next April; construction started last June.
“We’ve had people contacting us for years about leasing apartments,” said Elowe.
Elowe said the first move-ins would likely come in mid-April and expects to receive a certificate of occupancy within the first week of April. The units will be priced according to market; Elowe said a lot of information will be coming out within the next month.
“We’re in the final stages of website design,” said Elowe. “We have a 3-D model where you can see the amenities in the building, as well as photos.”
The business that will occupy the 25,000 square feet of street-level retail space has not yet been determined, but Elowe said he is in talks with several companies about the prospect.
“There’s no shortage of retailers that want to be on the ground floor,” said Elowe.
The 11-story apartment complex will offer 213 residential units, but Elowe emphasized that this is not specifically a building set aside for DU students.
“Comparing us to Asbury Green or Vista Lofts, we are not a student housing building,” said Elowe. “We’re a market-rate apartment building such that you’d find in downtown Denver.”
According to Elowe, the units will feature 10-foot ceilings, granite counters and 65 percent of the units will have 4-foot wide balconies. There will also be washers and dryers available in each apartment.
According to their website, http://opliving.com, it will also offer a Health and Fitness Hub, Industry Center, Rooftop Deck with Active Pool and Relaxation Spa and a Private Parking Garage. The building will also have 103 parking spots available for retail clients and 254 spots for residents. Retail parking will be in the basement, and resident parking will be on levels two, three and four.
Elowe thinks students might like the building because it is not exclusively student housing.
“We have what a typical A-class apartment would contain,” said Elowe. “We have a high level of finishes compared to those properties, a high level of quality.”
Elowe also believes the property will appeal to working adults as well.
“It will be multigenerational,” said Elowe. “There’s medical professionals that probably work at Porter Hospital, and they can live halfway between the Tech Center and downtown.”
Dean Phillips, manager of Pete’s University Café, located diagonally across the street from the apartment complex, said that he expects some business from the new residents.
“We hope that we see some people from it but it’s hard to tell until it’s open,” said Phillips.
He also said construction on the building hasn’t had too much of an impact on business.
“The worst is over, thank God,” Phillips said. “We have mostly foot traffic anyway.”
