RXR and Korman Communities Break Ground on 301-Unit AVE Station House in RiNo

1485 40th Street | AVE Station House

A 13-story, 301-unit luxury residential community is officially under construction at the northern edge of the RiNo Arts District. AVE Station House, a joint venture between NYC-based RXR, Philadelphia-based Korman Communities, Denver's Invent Development Partners, and Halpern Real Estate Ventures, broke ground Thursday on the site at 40th and Walnut.

As we previously reported when new renderings were revealed earlier this year, the project sits on a triangular 53,029-square-foot site bounded by Walnut Street, 40th Street, and the adjacent rail corridor.

The building will deliver approximately 502,496 square feet of residential space across a mix of studio, one-bedroom, and two-bedroom units, with 11,181 square feet of ground-floor retail concentrated along Walnut Street. Structured parking provides 82 vehicle spaces, well below the 269 otherwise required, alongside dedicated bike storage, reflecting the project's transit-oriented positioning steps from the 38th and Blake RTD station. The site is zoned I-MX-12, includes EV charging infrastructure, and is targeting a late 2028 delivery.

Amenities include a fitness center, resident lounge, coworking areas, and a landscaped central courtyard, with curated programming and high-touch service as part of the AVE brand's positioning. OZ Architecture, the Denver-based firm that relocated its headquarters to RiNo in 2011 and has designed more than 15 projects in the district, is the architect of record. Brinkmann Constructors, which previously delivered the Cambria Hotel RiNo on Brighton Boulevard, is the general contractor.

AVE Station House is the brand's first entry into the Denver market. The AVE line is a partnership between Korman Communities, a family-owned company led in this venture by Lea Anne Welsh as President of AVE and COO of Korman Communities, and RXR, which manages approximately $18 billion in assets nationally and has grown its multifamily portfolio to roughly 9,400 units. The brand now spans 13 properties with approximately $2 billion in capitalization.

Local partner Invent Development Partners, founded in 2014 by Jon Dwight and headquartered at INDUSTRY RiNo Station, has developed residential and mixed-use projects across Denver and resort markets including Telluride.

Denver Mayor Mike Johnston attended the groundbreaking alongside Brad Buchanan, Executive Director of Community Planning and Development, underscoring the project's alignment with the city's housing agenda. Johnston has set a goal of delivering 2,500 designated affordable units in 2026 and pushing 5,000 more into the permitting pipeline, backed by the city's 2025 Partnership for Middle Income Housing Pilot Program, which offers tax exemptions to developments that deed-restrict units below area median income.

The project joins a rapidly densifying corridor around the 38th and Blake station. FORMATIV CO broke ground last summer on a 310-unit community at 3850 Blake Street with a broader mixed-use vision encompassing more than 600 units, retail, and a hotel. Approximately 500 apartments are also moving forward at 3300 Blake, a site we've tracked since Carmel Partners first filed plans in 2022. AVE Station House, with its national brand backing, prominent triangular corner site, and reduced parking footprint, adds a significant new layer to what is becoming one of Denver's most active transit-adjacent development corridors.