Denver, CO

New condo project underway in Denver’s Art District on Santa Fe

Margaret Jackson

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Condos at POP Denver will range in price from the low $200,000s to more than $1 million.(Courtesy of TreeHouse Real Estate)

By Margaret Jackson / NewsBreak Denver

(Denver, Colo.) In a housing market that’s been short on condos and seen escalating sale prices, a Denver-based developer is betting that when it opens POP Denver in the heart of the Art District on Santa Fe in the spring of 2023, the units will be in high demand.

Located at 625 Santa Fe Blvd., POP Denver will have a mix of studio, one- and two-bedroom condos that range in price from the high $200,000s to the high $700,000s. All 123 units, except for a few of the studios, will have balconies. The building's amenities will include a south-facing, U-shaped courtyard with a gym overlooking it.

The project also will include two penthouses with rooftop decks and downtown views priced at more than $1 million.

“Our project is going to be offered at attainable pricing,” said Clem Rinehart, owner/broker of TreeHouse Real Estate, which is marketing the project. “The neighborhood is very low rise around us, so there will be incredible views from almost all of the units no matter what floor they’re on.

“The location is what is the most compelling. We’re not the Coloradan, we’re not the Spire — we’re not some of these developments that are selling a neighborhood from the standpoint of a walk score. The connectivity offered by our location is something that’s very compelling in the market today — you can get to all neighborhoods of Denver and the mountains very easily from our location.”

Art for the Art District

Developed by First Stone Development, originally out of New York City, the project will feature a four-story, 52-foot by 58-foot brightly colored mural that will play into the branding of the building. Rinehart said the well-known artist who will create the south-facing mural, visible to northbound traffic in Santa Fe Boulevard, will be announced in the coming weeks.

“We were very passionate about building a building in the arts district that embraced the reality of the neighborhood,” he said. “It was important to include this art element in the building.”

The condos were supposed to be on the market last spring, but the coronavirus pandemic delayed the start of construction.

“Many lenders that didn’t have a project already under construction froze the financing,” Rinehart said.

Banks are also more interested in financing apartment projects than in providing loans for condo projects.

While banks may not be as interested in financing condo projects as they are in apartment projects, the demand for that type of product remains high, and inventory is low. As of November, there were 2,248 homes listed for sale, down 33.41% from the previous month.

The Denver Metro Association of Realtors has noted that if 2021 continues on the previous year’s trends, inventory heading into 2022 could be drastically lower than last year and result in one of the most competitive years yet.

Despite the competition, more houses were purchased in metro Denver in 2021 than in the previous five years. Median sales prices also set records. The median closing price for a home was $543,000, up 1.5% from the previous month.

To join the interest list, visit popdenver.com. To be kept up to date on the building’s progress, visit the project’s Instagram page at liveatpopdenver.

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I'm a Denver-based business writer with expertise in commercial and residential real estate as well as general business news.

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