RTKL and Post unite for Uptown Denver project The Dallas office of Atlanta-based Post Properties Inc. and Baltimore-based RTKL Associates Inc. have joined forces for Uptown Denver, a $100 million project that will convert Denver's historic St. Luke's Hospital into a mixed-use development.
The project will turn the Art Deco-style hospital into 67 lofts and will add three apartment buildings (approximately 930 units) and 25,000 sq. ft. of retail space to the 10-acre site. The project is expected to be a catalyst for growth in the immediate area.
The project is split into three phases. Phase I, including 454 residential units and 250,000 sq. ft. of retail GLA, is underway and should be completed in February 2000. Phases II and III will create approximately residential 500 units. The first part of Phase II is slated for a September 2000 completion. The second part of Phase II and Phase III are still in planning stages.
AFP closes mortgage for California property Bethesda, Md.-based American Property Financing (APF) closed a $24 million Fannie Mae MBS DUS mortgage for the Lands End Apartments in Pacifica, Calif., 12 miles south of San Francisco. The garden-style apartment community received a 7.1% fixed-rate mortgage with a 10-year term and 30-year amortization. Underwriting was based on 1.30 debt service and 75% LTV.
The property was built in 1974, but has undergone $2 million in capital improvements since 1995 and is 95% occupied. Amenities include a recreation building and a gazebo set on a cliff overlooking the Pacific Ocean.
Swig Burris begins Wall Street conversion project New York-based Swig Burris Equities LLC, has begun conversion of 48 Wall Street into The Residences at 48 Wall Street, a luxury residential tower. Formerly occupied by The Bank of New York, the project is scheduled for completion in May 2000.
The property, located one block from the New York Stock Exchange, will contain 279 units (169 furnished, 108 traditional), approximately 27,000 sq. ft. of rentable retail space and parking for 56 cars. Amenities will include a 24-hour valet and concierge and a 2,600 sq. ft. conference center.
and 10-ft. ceilings. The furnished apartments will receive laundry service and housekeeping.
Uptown Denver will have an architectural style reminiscent of mansions and townhomes near the state capitol and feature exteriors of brick, Colorado sandstone and cast stone. Within the loft apartments, original brick walls, concrete columns, wall-mounted oak cabinets, porcelain sinks and brass hardware will be preserved to retain the character of the structure. Each loft will feature a dramatic view of the Denver skyline.