Modo latest condo neighbors former medical center
Rebchook on Real Estate Insights gleaned from John Rebchook's 24 years of reporting on Denver's residential and commercial real estate.
Rocky Mountain News
Modo latest condo neighbors former medical center
Monday, December 10 at 12:48 PM
Modo Real Estate's newest development, Concept Condos, is a 24-unit former apartment building two blocks from Shea Homes' planned massive redevelopment of the University of Colorado Denver's heath science center site at East 9th Avenue and South Colorado Boulevard.Units in the Concept Condos at 1285 Albion St., are priced the $150,000s to the high $200,000s and range in size from 556 square feet to 1,200 square feet."We can take reservations, but not closings, until about January," David Ness, a director of Modo told me last week. " We will start the first closings in early to mid-February."Modo specializes in buying ugly apartment buildings, completely renovating them in an energy saving and sustainable fashion, and dressing them up with art and modern features to appeal to young, first-time home buyers.Their latest building, constructed in the 1950s, was purchased about six months ago by Modo Developers, Modo Real Estate's sister company."It was totally renovated, down to the studs," Ness said. "This building uses a lot of sustainable material and it is going to be powered by wind energy, which is something we've always done," he said. "The flooring is bamboo, a very fast-growing and sustainable material. And the windows are all low-e, double paned. And the carpets are made out of recycled material." The building includes 24 underground spaces and units will have granite countertops and large balconies.He is excited about Shea Homes' redevelopment of the center into a mixed-use development that will include housing, retail, offices and even a movie theater. The UC Denver campus (formerly known as the University of Colorado at Denver and Health Sciences Center) is moving to the Anschutz Medical Campus in Aurora. The new campus is on the Fitzsimons site, formely an Army hospital."That's a massive redevelopment, as you know," Ness said. "It is going to take up about five blocks. That area already is pretty niched – they've got a Starubucks and an Einstein Bagles, and Smiling Moose," not to mention Annie's Café."The only thing is really lacking is more of a pedestrian friendly environment, and that is something Shea is going to provide. They're going to create an absolutely amazing property."Most of the people he's talked to about their condo project were unaware of Shea's plans, he said.But that's OK, because when Modo bought the building, they also were unaware of Shea's plans."Shame on us," Ness said. "We should have known, but we didn't. We just looked at that corridor and thought it was already a fun area. It is close to downtown and Cherry Creek and Mayfair, another up and coming neighborhood. We liked all of the cool things in the area and it's proximity to the health care center."Of course, now it is unlikely they will not be selling many units, if any, to people who worked at UC Denver, but now will be working a few miles to the east in Aurora."It's true that we're going to lose that market segment, but the trade is certainly worth it and is very exciting."In fact, he said it is possible that Modo and Shea will do some joint marketing to promote their respective projects.For more information: www.conceptdenver.com
posted by Skye Condos at 5:10 AM
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