Denver, CO (February 2021) – Crescent Communities is pleased to announce the start of construction of a new mixed-use multifamily community in Denver’s River North (RiNo) Art District and Cole neighborhood. NOVEL RiNo by Crescent Communities, located at 1300 40th Street, will include 483 luxury residences and 15,800 square feet of retail space, with a total development cost of $181 million. A percentage of the residences will be designated for affordable housing.
“We look forward to beginning our work on NOVEL RiNo, a community that reflects the uniqueness and eclectic personality of this thriving area of Denver,” said Ben Krasnow, Managing Director, of the Mountain States for Crescent Communities.
“We are excited to be able to create a high-end residential and mixed-use development that will raise the bar for resident experience while preserving the spirit of the neighborhood,” said Jason Lotz, Development Director, Denver for Crescent Communities.
NOVEL RiNo will embrace the artistic and industrial history of the neighborhood, offering residents an exciting blend of luxury and urban energy. The community will feature a variety of studios, 1-bedrooms, and 2-bedrooms, with a selection of first floor units offering walkout access to the neighborhood. Crescent Communities and its equity partner, Dart Interests, purchased the property in February 2021. Financing for the project will be provided by Sumitomo Mitsui Banking Corporation. The community is scheduled to break ground immediately, with first residences available in spring 2023.
The RiNo Art District holds strong to its artistic roots and has become a very attractive area for renters. Crescent Communities was able to find and secure an equity partner and close on the debt during a pandemic due to the growing potential of this area.
“Denver is a place we identified years ago for its long-term potential, and we are excited to find an opportunity that matches our investment criteria,” said Jonathan Winson, Senior Vice President of Investments for Dart Interests. “We look forward to partnering again with the team at Crescent Communities, after our success working together on NOVEL South Capitol in Washington D.C. Crescent Communities’ proven ability to deliver, coupled with the notable scale and quality of this development within a high-growth submarket, makes the RiNo project a strong fit for Dart Interests.”
The design vision for this community pays homage to the history of RiNo Art District through modern industrial architecture and planned art installations commissioned by local Denver artists, which will allow RiNo’s artistic spirit to live on the exterior of the community. Design partners for this project include Davis Partnership Architects, Kimley Horn, Vignette Interior Design, 505 Design and LandDesign. Milender White is the General Contractor.
In addition, NOVEL RiNo’s retail offering, with retail leasing managed by JLL, will be programmed to bring the adventurous, bohemian energy to the ground floor and invite the neighboring community to engage with the project. Within the 15,800 square feet of planned retail, 2,702 square feet of that will include a rooftop cocktail lounge with stunning views of the city and mountains. Residents will be able to enjoy a sixth-floor pool deck with an oversized hot tub, three expansive outdoor residential courtyards, a covered outdoor pavilion, and a customized food truck reserved for resident use. Residents will also have access to nearby businesses like co-working space, Industry RiNo, over 25 restaurants and bars, and the 39th Avenue Greenway.
“The EXDO Development team couldn't be more excited to welcome Crescent Communities into the RiNo Art District and Cole Neighborhood,” said Andrew Feinstein, CEO and Managing Partner of EXDO Development, the land seller on this deal. “Crescent Communities’ NOVEL RiNo project will further advance our longstanding vision of converting low-density and vacant industrial property into a true mixed-use, high-density project that will provide housing for many levels of income as well as catalytic retail space open to all. Moreover, NOVEL RiNo cements that the 38th and Blake Zoning Overlay— adopted nearly three years ago—is working as envisioned and intended.”
Crescent Communities has been actively investing in the Denver market, and recently relocated its local office to Lower Downtown. With more than 1,000 units in the pipeline and a growing local team, the Denver market continues to be a top priority for Crescent Communities’ expansion in the West.
Additional details surrounding the community and its retail partners will be announced at a later date. A rendering is available here. Forthcoming imagery and logos of NOVEL RiNo are available upon request.
About Crescent Communities
Crescent Communities is a nationally recognized, market-leading real estate investor, developer and operator of mixed-use communities. We create high-quality, differentiated multifamily and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 63 multifamily communities, 21 million square feet of commercial space and 60 single family master-planned communities. Headquartered in Charlotte, Crescent Communities has regional offices in Washington, DC, Atlanta, Orlando, Nashville, Dallas, Denver, Phoenix and Salt Lake City. Our multifamily communities are branded NOVEL by Crescent Communities.
About Dart Interests
Dart Interests is a U.S. real estate development and investment firm solely owned by the Dart Family. Dart Interests has a growing portfolio of more than $1 billion currently invested in real estate projects across eight states. With an emphasis on long term value creation, our structure enables the firm to be flexible as well as purposeful in developing leading-edge properties in both urban and resort settings. Our combination of available capital and industry expertise gives the organization the freedom to take calculated risks and produce meaningful results. Based in Dallas, Dart Interests also has regional offices in Orlando, Charlotte and Houston. For more information, visit: dartinterests.com.