A project that will see the construction of a 16-story apartment building in the always-popular River North Art District has cleared an important hurdle.
Members of the Denver City Council have given their approval to a re-zoning request for the project, which is slated to go up at 3225 Denargo Street.
That site was once a part of the larger and historic Denargo Market, offering trucked-in produce and foods from area farms.
In recent years, the area has undergone a transformation with the construction of new and upper end mixed-use apartment complexes.
Now, Cypress Real Estate Advisors, which is based in Austin, wants to build 325 apartments at the site.
The project, expected to cost around $20 million to complete, will also include 49 affordable housing units, the result of an agreement Cypress earlier fashioned with Denver’s Department of Housing Stability.
Work on the new complex could begin next year.
Cypress has emerged as an energetic developer of mixed-use properties across the country, with a focus on Colorado, North Carolina, Tennessee, and Texas.
By Garry Boulard
