1190 S Pennsylvania Street

Today we visit the Platt Park neighborhood where this triangle parcel will soon welcome a 42 unit apartment building. Just a few years ago, the site was occupied by Wash Park Car Wash which appeared to be in serious need of repairs and updating. On 01/10/19 the site sold for $875,000. Then, after building plans were approved and the site was prepped for development, the site sold again on 08/27/21 for $1,260,000. The site makes a good choice for multifamily development considering it has frontage along the three streets of Pennsylvania Street, Buchtel Blvd and E Arizona Ave.

The project is a joint venture between the power duo Confluent Development and Narrate. Confluent Development has over 25 years of development experience in Colorado and also lead over 100 projects across the US, while Narrate is a Denver-based firm specializing in the investment and development of urban-infill multifamily and mixed-use assets in major metropolitan markets throughout the Western US.

According to building plans, the project will be a 34,619 square foot, 3-story, 42 unit building consisting of twelve(12) studios ranging from 376sf-410sf, twenty-six(26) urban 1-bedroom units ranging from 480sf-710sf and four(4) 1-bedroom units ranging from 640sf-739sf.

With the focus on smaller units, It appears the developers are going after a younger professional demographic who haven't started families yet. This demographic makes sense considering the site is approximately 0.2 miles from the Louisiana/Pearl Light rail station. Even though the site is close to public transportation, the building will feature an underground parking garage to accommodate 18 vehicles along with a bike storage room.

Construction is expected to start next month with an expected completion date in August 2022. We'll check back in a few months to see how progress is shaping up and for any projected asking rents.