DENVER (May 13, 2015)—As the nation rebounds from The Great Recession, Denver is enjoying one of the country’s strongest local economies since the recovery began, and the Mile High City is fueling a red-hot housing market. With the announcement of Denver’s first sustainably focused condominium development since the recession, GreenSpot Real Estate says it is about to get even hotter.
Ground has been broken on Factory Flats, a new construction project at 3198 Blake St. in the RiNo (River North Art District) neighborhood of Denver. GreenSpot Real Estate represents the developer, a team of real estate developers, social entrepreneurs and financiers aimed at effecting positive change through real estate development.
Factory Flats features 24 oversized residential flats ranging in size from 1,188 sq. ft. to 1,456 sq. ft., plus street-access office and retail space for lease. Located just minutes from the heart of downtown Denver, the development will combine modern-day use with artistic flair of the neighborhood that hosts it—featuring hardwood floors, European cabinetry, stainless steel appliances and quartz counter tops in every flat. With sustainability a top priority, Factory Flats is targeting LEED platinum and ENERGY STAR certifications, and each unit will be solar-powered.
“Factory Flats is exactly the type of development that Denver needs right now,” said Tracye Herrington, Co-owner & Co-Founder, Employing Broker, GreenSpot Real Estate. “The city has very few new construction for-sale condo options, and as Millennials and Baby Boomers continue to come in droves to Denver, they want to live in beautiful, green, community-focused places in vibrant, walkable neighborhoods like RiNo.”
A recent study reports that as the jobs picture improves, Millennials are going to be returning to the housing market, with a prediction that new home sales will climb by 25 percent next year. Home sales growth in Denver is forecasted at 14 percent in 2015, the highest of any market. Additionally, studies have found that nearly a third of Baby Boomers say they plan to downsize on their next home purchase, and many are looking in urban, pedestrian-friendly areas. “RiNo is a hip, thriving community, home to a variety of art galleries, restaurants, bars, coffee shops and shopping areas—perfect for anyone from Millennials to Baby Boomers,” Herrington continued.
“Denver is an exciting place to be right now,” noted Melissa Baldridge, Co-Owner & Co-Founder, Green-Building Pro, GreenSpot Real Estate. However, one of the downsides of the housing boom is the rising cost of rent, which is pricing many young professionals out of the market. Since the end of 2010, rental prices in Denver have grown at nearly twice the pace of hourly wages, according to data from the real estate firm Zillow and the U.S. Labor Department. Baldridge added, “At Factory Flats, interested buyers will pay less than they would pay in rent for a similar property in the neighborhood, and they will be investing in a home and building equity.”
RiNo, for decades dominated by factories and warehouses, is becoming one of Denver’s trendiest cultural hotspots. While the area still retains some of its industrial character, creative businesses abound, including art galleries, architects, designers, illustrators, painters, sculptors and studio spaces. Located along the Platte River Bike Path just north of Coors Field and LoDo (Lower Downtown), the neighborhood owes its recent development to a group of artists and developers who are working to make RiNo one of the top destinations in Denver. And there is no doubt that RiNo is growing: land values there have risen from $6 per square foot to $50 in 12 years and the RTD light rail will soon be adding stations in the area, making it even more attractive for potential residents.
“North Denver is rising,” Baldridge said. “Like New York City’s Williamsburg and Los Angeles’ Silver Lake before it, neighborhoods like RiNo that were once industrial are in the midst of a huge transformation. This new development is the perfect way for homebuyers to invest in a fast-growing neighborhood with a brilliant future.”
For additional information or to schedule an interview with a GreenSpot Real Estate representative, please contact Shawna McGregor at 917-971-7852 or
About GreenSpot Real Estate
GreenSpot Real Estate is an industry leader in adding value to real estate through green-building certifications and energy efficiency. GreenSpot offers site acquisition and disposition services, green-building certifications like LEED and ENERGY STAR, and expert advice to developers, investors and homeowners. We simplify the complex process of building green and profiting from it in today’s competitive real estate market.
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(RiNo logo from AskMissa.com).