OK heres another article from Colorado Real Estate Journal paid edition from August 6, 2014. This one is about Eviva in Golden Triangle.
Tower Mixes Luxury, Sustainability
John Rebchook
An Atlanta-based developer with a decade-long history in Denver will start construction this September on one of the tallest apartment towers in Denver. The Atlanta-based Integral Group and Denver-based Charter Realty Group LLC plan develop the 18-story, 274-unit, energy-efficient Eviva Cherokee tower in the heart of the Golden Triangle at 1250 Cherokee St. The tower, two stories taller than a competing 16-story apartment building under construction a few blocks away at 1000 Speer Blvd., will be completed in about 18 months.
Eviva is a brand of ultramodern, highly energy-efficient properties. Eviva Cherokee will be a Gold LEED-certified building when completed. “First and foremost, we are generally seeing a trend nationally of these tall, higher-density infill developments doing better and commanding higher rates than low-rise and midrise buildings,” said Christopher Martorella, president of Integral Investment Management.
“And in many respects, this part of Denver lends itself well to this kind of very high-end building filled with first-class amenities,” he said. The Golden Triangle is the perfect setting for the tower, he said. “We think the Golden Triangle is just a great neighborhood with its proximity to downtown and the Denver Art Museum, the library, and an increasing number of businesses and restaurants opening in the neighborhood.”
Former Denver developer Bruce Berger, who kicked off some of the first loft projects in the Golden Triangle in the mid- 1990s, contended that ultimately the Golden Triangle will have more cachet than places such as LoDo because of its proximity to the Denver Art Museum. In New York, Chicago, San Francisco and other major cities, housing near museums, libraries and other cultural attractions prosper more than real estate near sporting venues, such as the Pepsi Center and Coors Field, Berger argued. “I would agree with him,” Martorella said. “I think a very diverse, eclectic and interesting type of person is drawn to the Golden Triangle.
Our main objective as a developer is to connect the diverse facets of the communities where we build; this is no exception,” Martorella said. He expects the high-rise living to attract a broad base of residents. “Eviva Cherokee is designed to attract renters of all ages, from Gen Y to baby boomers looking for a new standard in luxury living within a thriving neighborhood,” Martorella said. Everything about Eviva Cherokee will be top-of-the-line, he said. The full-height, floor-to-ceiling windows and private balconies will maximize the breathtaking views from the units, he said. “We put a lot of thought into these big windows that will provide our residents with unbelievable, unobstructed views of the mountains and downtown,” Martorella said.
Financing is in place for the tower, although he declined to name of the lender at this time. Records show that the 37,600-square-foot parcel, a parking lot, on Cherokee Street sold for $4.6 million, or $122.80 per sf. For comparison, Trammell Crow Residential recently paid $11.85 million, or $60.69 per sf, for a parcel at the community under way at the former St. Anthony Hospital campus across from Sloan’s Lake. TCR’s purchase included an existing 709-unit parking garage. Integral paid the equivalent of $16,806 per unit, which is “quite reasonable,” said John Winslow, principal of Win- Comps LLC. Trammell Crow Residential paid the equivalent of $32,027 per unit, although since that deal included a parking garage, it is difficult to make a direct comparison.
In any case, “They work for both developments,” said Winslow, who was not involved in either transaction, but is a longtime observer of the market. “It is a functionality of the price per buildable unit and the price per buildable sf that determines the validity of the purchase price,” Winslow said. Eviva Cherokee will have a variety of studio, one- and two-bedroom units, as well as towhome-style units wrapped around a courtyard. Units will range in size from about 550 square feet to 1,150 sf, with an average size of about 850 sf.
Martorella declined to discuss the anticipated rents at this point, “But we are targeting the very top of the market. We have found in other parts of the country that people will pay a premium for buildings that will have the best locations and the highest levels of amenities.” The units are described as having “industrial-chic” aesthetic of exposed concrete columns and ceilings that provide a backdrop to the more refined, ultra-modern fixtures and finishes. Skip Ahern of Charter Management introduced Martorella to the site. “Skip is a great guy and a very strong advocate for the Golden Triangle,” Martorella said. “The Golden Triangle is such an amazing neighborhood and vibrant living space that our new project will fit in perfectly and add to the contextual fabric of this wonderful urban environment,” Ahern said.
“With world-class museums and new ones being added concurrently with our project, we will bring new life and vibrancy to the neighborhood,” Ahern said. “Eviva Cherokee will add a level of sophistication and urban charm to help the Golden Triangle fulfill its potential,” he said. The main amenity level will feature a fitness center that includes aerobics/yoga studios and a locker room/workout facility. Eviva Cherokee also will feature a conference center and business lounge complete with professional prep kitchen and private wine room. The elevated amenity deck will sport a resort-style swimming pool and a sunning deck that is surrounded by private cabanas, community barbecue grills, fire pits and a poolside bar. Nestled against the pool will be an outdoor amphitheater with raised landscaped beds. The interior hospitality amenities include a high-end sports bar with ample seating and semiprivate dining areas for entertaining friends and guests.
Eviva Cherokee is one of several Eviva-brand offerings that will begin to appear in key markets across the United States, including Atlanta, Dallas and San Francisco. Eviva Cherokee is collabora collaboration between Integral and The Beck Group, a design-build project delivery firm with offices in Dallas, Fort Worth and Austin, Texas; Tampa, Fla.; and Mexico City. “We partnered with Integral to create a unique residential experience that combines hospitality amenities and resortstyle living and also responds to the elevated expectations of this culturally sophisticated neighborhood,” said David Morris, design principal with the Beck Group. “The goal was to create an authentically modern design response that both celebrates and respects the cultural and creative spirit of the arts/ museum district in which it is located,” Morris said.
In addition to the design, aesthetics and amenities, Martorella said he thinks residents will appreciate that it will be a Gold LEED-certified building. “First and foremost, sustainability is part of our platform and is an issue we take very seriously and is part of all of our projects,” Martorella said. “It’s not only important to us personally, but we think it will be important to our residents,” he said. “They will appreciate that it is good for the environment and the world, but also will save them money on their utility bills,” Martorella said.
Also, Integral plans to be a long-term owner and building a green building makes sense both in terms of quality and long-term savings, he said. “Yes, getting a Gold certification adds a few percentage points to the construction costs, but long term it will more than pay for itself, both as far as energy savings and in helping to attract residents,” he said. As an exit strategy, he has no plans to convert Eviva Cherokee into condos. “Never say never, but that is not part of our strategy,” Martorella said. “That said, one of the things that we really liked about the Golden Triangle is that it is a neighborhood that predominately has owner-occupants, and the housing is mostly high-end,” Martorella said. “It wouldn’t be shocking if someone approached us at some point who wants to buy it to convert it into condos,” he said.
Martorella said that he remains bullish on Denver because of its strong economy and its attractiveness to young professionals, and despite unprecedented construction activity in and around downtown. “We monitor the supply very carefully and take it very seriously,” Martorella said. “Most of the construction is taking place around Union Station and LoHi, so another appeal of the Golden Triangle to us is that it's not quite that busy as far as new product coming on line,” he said.
Eviva Cherokee won’t be Integral’s last project in Denver.
“We will be making other announcements in the coming months,” Martorella said.
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Thanks again for posting. Love it. So this Eviva Cherokee project may indeed be real. Even though we hadn't read much about it I wondered if it might be. I wondered if they might have their financing already lined up. Hmm, September is only days away at this point.
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