By Jan Nelsen, Broker/ Owner of Kentwood City
Properies

Jan Nelsen was one of the original on-site brokers at Riverfront Park. 
Now she is a broker and part owner at Kentwood City Properties.  These are
her recent comments on what is going on at Riverfront Park:

Riverfront Park seems to be blossoming.  The first tower of the Glass
House is shaping up and looking like a big-city high-rise.  They sold out
the first building in a couple of weeks, opening sales for the second building
and now have around 20 – 30 units left.  One bedrooms starting around
$290,000 and the two bedrooms starting at around $540,000.  The building
will be great for the young, professional, party-loving people.  There will
be a 6,000 square foot athletic club facility that will be open to anyone who
lives at Riverfront Park – surely there will be a monthly fee.  Also, a
swimming pool will be for residents only.  They limited investors in the
building to 60 unit’s total.

Also, another building ONE is coming out of the ground.  It’s right next
to Park Place Lofts (Zengo’s building).  It should have really cool
finishes and nice views.  Attached to that building will be around 10
townhomes (on the Park).  There pretty pricey – around $1,500,000.

Some of the Brownstones that were built a couple of years ago still stand
un-sold in the $2,500,000 range.  They are beautiful, but it’s tough to
sell super high-end product near the skate park.

I’d say they are doing a top-notch job over there at Riverfront Park.  I
like the feel and variety and quality of product.

Resales are coming along in the first three buildings.  Definitely
picking up over the past two months.  Lofts on the railroad tracks are a
bear to re-sell….no appreciation there.

Also, next to the Promenade Lofts and Riverfront Tower, it looks as though
utilities have been marked on the streets and another building is being prepared
to go up.  Those are the lots just to the West of Prom and RFTower. 
They are allowed to build up to 7 stories and, I imagine, will impact many of
the existing owner’s views.

Riverfront new product seems to be bringing in top dollar…..$450-$650 a
foot!  Re-sales in the Delgany and Creekside are tough because they paid
relatively high prices.  And, we all know that it is very hard to compete
against new product.  Buyers will choose new every time if they can afford
it.

McLaughlin’s Bar and Grill is a wonderful addition to the retail at
Riverfront.  They have really great food – a fantastic Cobb Salad and great
Burger & Fries.  It’s nice to have an alternative to Zengo as that can
be expensive.

I’ve also heard the folks are complaining about parking at Riverfront
Park.  Because of all the construction, there’s NOWHERE to park.  It’s
brutal.  Tom Terwilliger of the Athletic Club at Riverfront Park sent an
email to all of their clients imploring them to write to Mark Smith and Amy
Fuller (East West Partners) about their frustration with parking.  He seems
pretty perturbed and it seems to be hurting his business.  I hope they
solve the big parking issue down there.  How can the retail survive if you
can’t park? 

For information you can contact Jan Nelsen at 303.785.3521 or visit her
on-line at www.realtor.com/denver/jannelsen.

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