$50M senior residential development lays foundation near Tech Center

Burl Rolett August 18, 2016 0

Developers plan a. (Burl Rolett)

Developers plan a six-story, $51 million senior living facility for the site on Niagara Street. (Burl Rolett)

An eight-figure senior living building is about to come out of the ground near the Tech Center.

MGL Partners will break ground in the coming weeks on a new $51 million senior living facility north of Belleview Avenue along Niagara Street.

Principal Mike Gerber said the spot made for a great senior living location for its proximity to places where younger, more independent family members can work and live near an aging relative.

“We really liked the visibility and the proximity to the job base at the Tech Center,” he said. “We look for an installed job base, and liked everything that’s happening near that corner at Belleview.”

MGL bought 2.1 acres of land for the project earlier this week from Westfield for about $4.8 million. The site is a surface parking lot, immediately north of the planned One DTC West office building at Belleview and Niagara streets.

Plans call for a six-story building with 163 total units and one story of underground parking. The building will measure about 173,000 square feet, according to plans already approved by the city.

Of the 163 senior housing apartments, 24 will be specifically for memory care and 139 will be independent and assisted living units. The memory care apartments will be on the building’s first floor, according to the approved site plan, with the remaining units between the second and sixth floors.

Gerber said the facility will also include a full-service restaurant, fitness center, spa, demonstration kitchen, library and a rooftop deck facing the mountains. He said the location near mixed-use complexes Belleview Station and the Landmark will also be a major selling point for the building.

Gerber is also betting potential renters will pick the building for its apartments alone.

“The units themselves will be no different from new class-A apartments with quartz countertops, stainless steel appliances and washers and dryers in every unit,” he said.

MGL will break ground in the next couple of weeks, and Gerber anticipates construction will take about 20 months. Parikh Stevens is the architect on the project and Milender White is the general contractor for the DTC project.

Senior living facility operator Leisure Care will manage day-to-day operations, and will also have an equity share in the property. Leisure Care also manages MGL’s Carillon at Boulder Creek complex, which Gerber said averages 98 percent occupancy rates.

MGL is a Denver-based firm with more than $400 million of development either in the ground or moving through the pipeline. Their work also includes the Amaranth apartment building near the Denver Botanic Gardens and a portfolio of affordable housing facilities in Denver, Aurora and the western slope.

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