4000-4003 Walnut Street
A long planned mixed use development in RiNo is beginning to show renewed momentum after years of delays tied to economic volatility and rising construction costs.
The multi phase project was first announced in 2019 after Denver based Invent Development Partners and New York based Halpern Real Estate Ventures paid $20 million for two adjacent sites near Walnut Street and 40th Avenue. Early concepts called for a dense mix of residential office hotel retail and entertainment uses near the 38th and Blake station. Those original designs were prepared by Davis Partnership Architects.
While the initial vision never moved forward as proposed, recent activity suggests the development is advancing under a revised approach. Last week construction crews were seen clearing the eastern site at 1335 40th Street(4000 Walnut) following the issuance of a demolition permit last month. This site originally called for a 12-story, 448 unit building over ground floor retail.
No updated or revised development plans have been submitted for that parcel but new filings would not be surprising given the recent activity.
More tangible progress is underway next door at 1485 40th Street (4003 Walnut). A formal site development plan for that site was approved earlier this year and revised plans were submitted by OZ Architecture. According to the project narrative the changes were made to reduce overall building volume in response to market and financial conditions without increasing density or zoning entitlements.
The revised plan removes four floors and reduces floor to floor heights resulting in a 13 story multifamily building with 301 units down from the previously approved 17 story 403 unit concept. The update also includes revised unit layouts reduced parking ground floor retail and minor landscape and circulation adjustments while maintaining previously approved variances.
The site sits adjacent to One River North and Novel RiNo and helps bridge recent development in RiNo with the future Rock Drill redevelopment planned to the east.
While no construction timeline has been announced the combination of approved plans, revised designs and on site activity points to a long delayed project that may finally be moving toward its next phase.
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