Hines has topped off its 11-story luxury community in Denver that it is developing alongside joint venture partner Cresset Real Estate Partners. The 397-unit community in Denver’s River North Arts District is the fourth joint venture between the two companies.
Hines, along with Cresset, started construction on Mica RiNo back in October 2020. Now that the project is topped off, the developer is expecting to see initial occupancy of the community in the fourth quarter of 2022, with preleasing slated for three months prior to delivery. Hines tapped Ziegler Cooper Architects as the project’s design architect, Parisa O’Connell Interior Design for interior design of the common areas, Design Workshop as the landscape architect, and Modern Constructors as the general contractor. Hines also secured construction financing from Northwestern Mutual for the residential project.
When completed, Mica RiNo will offer studio, one- and two-bed units that average 857 square feet, with some units being set aside as affordable. Hines is planning to build the units with electric door locks and in-unit washers and dryers, while some units will get private balconies. Mica RiNo will also include a pool, covered grotto, garden area, sky lounge on the 11th floor, coworking lounge space, gas BBQ ranges and approximately 15,000 square feet of ground floor retail. The community is expected to hit LEED Gold certification.
Mica RiNo is located near the 38th & Blake light rail station that puts residents one stop away from Denver’s central business district. The community will also be a part of the nearly 1.3 million-square-foot North Wynkoop development that’s being developed by Westfield Co. The first phase of the mixed-use development includes the 4,000-person music venue Mission Ballroom, a 240-car garage and a 90,000-square-foot office and retail building. North Wynkoop’s second phase will include a hotel, restaurant and more office and retail space.
FOURTH TIME WORKING TOGETHER
Prior to Mica RiNo, Hines had worked with the Cresset Diversified Qualified Opportunity Zone Fund I on three other developments across the U.S. Most recently, the joint venture broke ground on a 1.1 million-square-foot industrial project in Whiteland, Ind., which was Hines’ first logistics property in the Indianapolis area.
Hines and Cresset also broke ground on The Mercantile, a 375-unit community with 42,000 square feet of ground-floor retail in downtown Omaha, Neb., in February 2020. The joint venture’s first project together dates back to April 2019, when the two companies started construction on Block 42, a 46-story luxury tower that’s one of Houston’s tallest residential communities. Outside its joint ventures with Cresset, Hines also recently broke ground on a master-planned community in Thornton, Colo., that will total 3,000 homes.