Denver, CO (July 27, 2021) – Crescent Communities proudly announces the groundbreaking of the mixed-use, multifamily community NOVEL RiNo 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. A percentage of the residences will be designated for affordable housing. The groundbreaking ceremony took place on Tuesday, July 20.
NOVEL RiNo is one of two active investments by Crescent Communities in the Denver area. Crescent Communities and partner Dart Interests purchased the land in February 2021. Financing for the project is provided by Sumitomo Mitsui Banking Corporation (SMBC). Upon completion, 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. First unit delivery is slated for late 2022.
“We look forward to breaking ground on NOVEL RiNo, a high-end residential community that will reflect the unique personality and spirit of this thriving neighborhood in Denver,” said Ben Krasnow, Managing Director for Crescent Communities. “Our goal is to raise the bar for the residential experience in Denver and add value to this high-growth market.”
NOVEL RiNo will embrace the artistic and industrial history of the neighborhood, offering residents an exciting blend of luxury and urban energy. 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.
“We identified the Denver area as a priority market years ago due to its long-term potential and as an opportunity to grow our footprint,” said Jonathan Winson, Senior Vice President of Investments for Dart Interests. “We are excited to be partnering again with Crescent Communities for NOVEL RiNo and look forward to breaking ground on the community.”
NOVEL RiNo’s retail offering, with retail leasing managed by JLL, will be programmed to bring the area’s 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 will be dedicated to 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.
Design and construction partners for this project include Davis Partnership Architects, Kimley Horn, Vignette Interior Design, 505 Design, LandDesign and Milender White.
Crescent Communities has been actively investing in the Denver market, with notable milestones including the commencement of work on NOVEL White Fence Farm as well as the recent relocation of Crescent Communities’ Denver office to Lower Downtown. With additional community plans in the pipeline and a growing local team, the Denver market continues to be a top priority for Crescent Communities’ expansion in the Mountain States and beyond.
In addition, Crescent Communities continues to experience significant growth by investing and developing over $7.1 billion of multifamily and commercial developments and expanding across 14 markets and nine offices. The multifamily portfolio includes over 21,500 units and over 470,000 square feet of retail completed or under construction, representing a total investment of $4.7 billion. The commercial portfolio includes 21 million square feet of office, industrial, and retail completed or under construction, representing a total investment of $2.4 billion. With a focus on sustainable development practices, the company pursues LEED certification for commercial spaces and NGBS certification for multifamily residences.
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 residential and commercial communities in many of the fastest growing markets in the United States. Since 1963, our development portfolio has included more than 68 multifamily communities, 21 million square feet of commercial space and 60 single family master-planned communities. Crescent Communities has offices in Charlotte, 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.