$8.7M Creative Office
Development of a 5-story, Creative Office Building, 32,734 SQFT
Parkview Financial has provided an $8.7 million construction loan to 2926 Umatilla, LLC, an entity of Generation Development, for a speculative office building located at 2926 Umatilla Street in Denver, CO. The planned five-story property is situated in the submarket known as LoHi (Lower Highland) on a small infill lot formerly used for parking. The building will total 32,734 square feet (sf) and will include underground parking for 30 cars via a stacked mechanical parking system. Generation Development acquired the site in late 2018 and construction on the project will begin shortly with completion by Q4 2022.
“Prior to the pandemic, the greater Denver office market experienced strong leasing activity and rent growth,” said Paul Rahimian CEO and Founder of Parkview Financial. “Despite Covid, market values have continued to improve to all-time highs and increasing rents are now approaching pre-pandemic levels. This project is poised for success as there is minimal product and a high user demand in the LoHi submarket.”
He added that the project will be attractive to small professional office users seeking a 2,000 to 5,000 sf space requirement and looking to be close to downtown Denver. They will also have the opportunity to secure full-floor or half-floor identity with this small footprint building.
The greater neighborhood, generally referred to as Northside, is adjacent to the site and northwest of the downtown Denver central business district. Northside has many vintage brick buildings and appealing streetscapes. This surrounding area is undergoing redevelopment with older residential properties being renovated; available lots being developed with residential and commercial buildings; and existing older commercial buildings being transformed into creative office and retail spaces.