By Gabriel Circiog, Associate Editor
Four years have passed since the opening of The Gardens on Havana and the shopping district is finally seeing a plan emerge for a residential development. The Aurora Sentinel reports Post Investment Group, a Los Angeles developer, is working on plans for the eagerly awaited segment of the project.
Details surfaced during a meeting of the Havana Business Improvement District. Alex Condos, president of the development division at Post, announced the project would include between 220 and 230 units. Although the zoning rules in the area permit a higher density, the company prefers the smaller figure due to the design concept.
John Loss, executive vice president of Miller Real Estate Investments—the owner and developer of The Gardens—has stated the company is optimistic the transaction will pull through.
Although the initial plan was to adopt the residential-over-retail concept, this idea was dropped due to the economy. The apartments are to be built east of Joliet Street, on the vacant lot south of East Arkansas Drive. Condos stated the all-time low apartment vacancy rates and the rising rents, combined with the Gardens location, make the project a good fit.
In other news, the Denver Business Journal reports the sale of a 316-unit apartment community in Lone Tree for $46.5 million. TIAA-CREF sold the Lodge at Willow Creek Apartments located at 9005 Yosemite St. to Holland Residential.
The brokers of the deal were Dave Martin and Pam Koster, from the Mountain States Division of Chicago-based Moran & Co. They said the proximity to the Lincoln light rail station, Park Meadows mall and Interstate 25, coupled with the attractiveness of low density developments, generated a lot of interest.