DENVER RISING reuse properties in the pipeline are affordable because the tax credits often allow conversion to be feasible where a conventional property might not pencil .
Examples of adaptive reuse include :
• Pancratia Hall , the conversion of a 90-year-old former dorm and classroom building in the Loretto Heights redevelopment area into affordable housing .
• Caraway , an office building conversion in Adams County , by Maiker Housing Partners .
• Mount Calvary Senior Housing , the conversion of the sanctuary building at an old church by Boulder Housing Partners into an age-restricted , affordable apartment community .
Co-Living While co-living has historically been viewed as student rental product , The X Company has created its own trend in the urban core with 455 existing units at X Denver , another 410 units under construction at X Denver 2 , and an additional 344 units at the planned X Denver 3 , for a total of more than 1,200 units delivered over a three to five-year period .
These properties have introduced a unique rental product to the Denver market that focuses on the social aspects of rental living and provides more of what they term a “ Social Club Lifestyle .” The idea is to give residents a nice place to live at a reduced cost , while providing significantly enhanced amenities ( both in number and in scale ) for residents to enjoy outside of their units , creating an even larger sense of community . It also provides residents with the opportunity to rent furnished units , which are scarce in today ’ s apartment world . The initial focus was heavily on 4-bedroom , 4-bathroom apartments that are rented by the bedroom , but the unit mix has shifted more towards studios .
There is a significant focus on programming , including everything from innumerable in-person fitness classes , to concerts , comedy shows , and many other types of live events . This programming provides residents opportunities to meet others with similar interests in person in an increasingly digital world . Finally , there is a focus on co-working , which , while not uncommon at other new apartment properties , is taken to the next level in the number of options available to residents . In addition , the sheer size and volume of the amenities has also allowed developers to sell “ club memberships .” These memberships grant
non-residents access to the co-working spaces at a price-point lower than other co-working options , while also allowing access to the many other amenities , including restaurants , a huge fitness area , and on-site classes and events .
Erin Shumaker is Research Director at Apartment Appraisers & Consultants Inc .
XDENVER
Scott Rathbun is President at Apartment Appraisers & Consultants Inc . www . aamdhq . org OCTOBER 2022 TRENDS | 23