As seen at Mile High CRE
On December 7, Confluent Development, Pinkard Construction and OZ Architecture, in partnership with Narrate Companies, celebrated the groundbreaking for the project partners’ first multifamily project, Carraway on Penn. The project is located just two blocks from the Louisiana/Pearl light rail station in Denver’s desirable Platt Park neighborhood.
“Carraway on Penn represents a unique project for Confluent Development in the Platt Park neighborhood, one that will accommodate the increasing demand among residents for high-end, sophisticated apartment living in this community but at more attainable price points,” said Santiago Escobedo, development director at Confluent Development. “The project will incorporate features that adapt to today’s changing workplace, such as shared workspaces and boutique, upscale finishes, and will appeal to those seeking an active, yet simplistic lifestyle with convenient access to mass transit, parks and recreation and nearby shopping and dining.”
Th groundbreaking marks the official start of construction that is anticipated to continue into October 2022. The project consists of a .3-acre site to be developed into a new 42-unit, approximately 34,619-square-foot multifamily residential property, with a focus on small unit sizes with lower monthly gross rents.
“As we celebrate the important milestone of breaking ground on our first project with our partners at Pinkard Construction, OZ Architecture and Narrate Companies, we look forward to expanding our multifamily asset class and our continued collaboration with these best-in-class teams, all of whom bring impressive, proven track records in the industry,” said Bill Wells, construction manager with Confluent Development.
According to the U.S. Census figures by The Brookings Institute, Colorado has become known as one of the most popular states for 25 to 39-year-olds to relocate to since 2015. Carraway on Penn plans to accommodate the housing demands of this incoming demographic boom in Denver among millennials looking for high-end, sophisticated apartment living in this market. Located just minutes from the South Pearl Street Historic Shopping District, Platt Park and Washington Park, the multifamily project is designed specifically for an active, yet simplistic lifestyle.
“We couldn’t be more excited to partner with Confluent Development on this project in an extremely supply-constrained submarket in Denver. Working in partnership with OZ Architecture and Pinkard Construction, we have a first-class team and look forward to bringing this project to fruition,” said Adam Fenton of Narrate Companies.
“The complex site geometry, a triangle, inspired our team pay special attention to key corners and show restraint along the street edges. Sensitivity to the building entries and window openings led to a unique asset that will provide much-needed housing in the heart of South Pearl district,” said Matt Chiodini, associate principal at OZ Architecture. “Our goal with Carraway on Penn was to complement the historical components of the neighborhood while providing a thoughtful, modern living experience that will deliver lasting value.”
Tony Burke, president and COO of Pinkard, says the project is a natural fit for Pinkard’s teams who have extensive experience building multifamily projects across Colorado. “Confluent Development is doing tremendous work bringing new and innovative multifamily spaces to Denver and we’re very excited to be a part of the Carraway project.”
To date, Pinkard has completed more than 150 senior living, multifamily and affordable housing projects, with a combined value of $1.8 billion.