Rossonian Hotel team plans 26 brownstone units in Denver’s Five Points
Prospective redevelopers of the historic Rossonian Hotel in Five Points are proposing a nearby 26-unit townhouse complex.
The brownstone-style homes at 2400 Washington St. are planned as three-story, two-bedroom units ranging from 1,300 to 1,700 square feet. Prices are pegged at the high $300,000s to the high $400,000s.
The development team is Clear Creek Homes, Palisade Partners and Civil Technology. Those firms or their affiliates are behind an effort to redevelop the vacant Rossonian at 2642 Welton St. into a complex with 120 hotel rooms, 35-40 condos and ground-floor restaurant and retail space.
Civil Technology project development director Martin Willie said the brownstones will be “a strong contributing project to the revitalization of the Five Points neighborhood. The design is respectful of the history of the neighborhood as well as the contemporary aspects of the market.”
After decades of effort to revive Five Points, Denver’s first predominantly African-American neighborhood has experienced a recent resurgence.
Commercial and residential projects valued at an estimated $150 million are either underway or in advanced planning in the neighborhood.
Laura Wnorowski, a broker with Clear Creek Real Estate, said the townhome project’s proximity to downtown and light rail should help it attract interest.
“We feel that Five Points is really turning the corner and becoming desirable,” she said. “The inventory of for-sale properties is virtually nonexistent.”
The brownstones should be ready for occupancy by the end of 2015.
The development of condominiums has been inhibited in Colorado because some developers and contractors fear litigation under the state’s construction-defects law.
Townhome construction is somewhat less susceptible than condos to legal claims, said Tony Di Simone, principal with Confluence Cos. and subsidiary Clear Creek Homes.
For the brownstone project, Clear Creek is using an owner-controlled insurance program, or OCIP, which provides coverage during construction and makes it easier for subcontractors to bid on the project.
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