New Apartment Complex Proposed for Denver's LoHi Amid Market Changes

A New Wave of Developments in LoHi

In the heart of Lake Highlands in Denver, significant changes are underway as Greenwood Village-based Infinity Properties proposes a new nine-story, 132-unit apartment building on a 0.43-acre site at 2534 18th St. This decision marks a notable shift from previous plans for a hotel and highlights the growing demand for residential properties in the area.

From Hotel to Homes: A Shift in Vision

Originally, a hotel was envisioned for this prime location, with a partnership involving local developer Mike Mathieson and San Francisco-based Sonder. However, after purchasing the site for $5.3 million in May, Infinity Properties has reassessed and opted for residential units instead. Executive Regan Schmergel has indicated that while the plans are still in preliminary stages, there’s an intent to break ground by November 2026.

The Housing Market: Current Trends and Insights

The proposal coincides with an intriguing moment for Denver’s apartment sector. According to the latest report from the Apartment Association of Metro Denver, citywide vacancy rates have climbed to 7%, reflecting a 1% increase from last year. Amid these shifts, rental prices are dropping, with average rates for one-bedroom apartments now at $1,659 per month, reaching lows not seen in three years. This scenario raises pivotal questions about the future dynamics of housing in Denver, especially in sought-after neighborhoods like LoHi.

Competing Projects in a Booming Market

The proposed project is not an isolated case; multiple apartment developments are surfacing in LoHi. Kairoi has pitched a significant five-story, 465-unit complex on 4 acres at 2777 N. Zuni St., while Carmel Partners has plans for 189 apartments across two buildings at 2800 Speer Blvd. Additionally, a proposal by Pagewest for a 293-unit complex is making waves just a block away. The growing competition signifies a robust demand for living spaces in this vibrant district.

Local Perspectives: Community Impact

The evolving landscape in LoHi elicits various reactions from long-standing residents as well. Marcia Mueller, a notable local, had ambitions to construct a modest four-story, 35-unit apartment building at Umatilla Street and 29th Avenue but has recently opted to list her property for sale. The interests of both developers and residents will need to find equilibrium as many look forward to potential revitalization while others may fear the loss of the neighborhood’s character.

What's Next for Denver's Residential Landscape?

As Infinity Properties navigates through the complexities of planning and execution, the outcome of their apartment initiative could influence future decisions in Denver's housing marketplace. Additionally, as vacancy rates and rental prices trend downwards, the potential for a more affordable housing option may arise, addressing some concerns of local families, singles, and homeowners alike.

Conclusion: Engaging in the Future of LoHi

The developments in LoHi signal an exciting yet challenging chapter for community members. With various proposals on the table, local stakeholders must engage in conversations about the potential impacts these changes will bring. It will be essential for everyone—from developers to residents—to weigh in on how the neighborhood evolves.