Developer Hopes New Complex Will Offer Attainable Options For Millennials
DENVER (CBS4)- Home prices in Denver are through the roof and it has many young buyers feeling like they will never be able to own in the city. A local developer is hoping to change that.
"We're targeted toward the buyer who wants to live in Denver, but can't afford the $800,000 to million condo," Shawn Bookout, co-founder of Dublin Development, said.
Dublin Development is constructing Observatory Flats, a 53-unit condominium complex, across the street from the University of Denver. The five-story building will have one and two bedroom units, ranging from 600 sq. ft. to 1,000 sq. ft., available at a price developers call "attainable."
"You can buy here in this building for $300 to 500,000," Jae Edwards, co-founder of Dublin Development, told CBS4's Kelly Werthmann.
Edwards explained the Denver market is saturated with pricey apartments for rent and expensive homes for sale. Entry-level buyers have all but given up on the idea of owning in a popular and trendy neighborhood. He said the prices and location of the brand new Observatory Flats will change that.
"I think we'll naturally see millennials as our buyers because we're situated centrally in Denver between two major work hubs in downtown and the Denver Tech Center," Edwards said.
The Observatory Flats already have potential buyers calling in, despite being months away from completion. Those calls aren't from millennials – rather their moms and dads interested in making an offer.
"We're also going to see some parents that are buying for their students at DU," Edwards said. "We've seen some of that already."
Still, developers believe the new condominium complex will help entry-level buyers – millennials and otherwise – become homeowners.
"We saw a real need for this price point and are doing everything we can to meet that," Edwards said.
The Observatory Flats are expected to be completed in February 2019, but reservations are being accepted now.