DENVER – Hines, the global real estate firm, together with investment partner Cresset-Diversified QOZ Fund, has begun construction on Residences at RiNo, a 397-unit apartment community located at the gateway to Denver’s fast-growing River North Arts District (RiNo).
RiNo, often promoted as “where art is made,” is known for its contemporary art galleries, food halls and lively concert venues housed in renovated industrial buildings, making it one of Denver’s most dynamic neighborhoods.
“With its world-class architecture, a thoughtful mix of amenities and services, and close proximity to RiNo’s acclaimed restaurants, breweries, art galleries and entertainment, Residences at RiNo will be an outstanding place for renters to live,” said Kevin Batchelor, senior managing director at Hines.
The 11-story Residences at RiNo was designed by Ziegler Cooper Architects, a Houston-based firm led by Scott Ziegler. Ziegler Cooper’s Urban Residential group has an extensive portfolio of residential towers, including Hines Aris Market Square in downtown Houston, the 56-story Austonian in Austin, Borlenghi’s Villa de Este, Midway’s Buffalo Heights and an 80-story tower in Tel Aviv.
Other key participants in the Denver development include Parisa O’Connell Interior Design, responsible for the design of common interiors; Design Workshop as landscape architect; and Modern Constructors serving as general contractor. Northwestern Mutual provided both construction and permanent financing, as well as equity for the project.
In Houston, Hines and Cresset-Diversified are also developing The Preston, a 46-story residential tower rising on the former Houston Chronicle garage site at the corner of Preston and Milam. That site is located in a federal Opportunity Zone, part of a program intended to encourage urban investment and revitalization.
The RiNo project represents the fourth joint venture between Hines and Cresset-Diversified and is part of more than $600 million in Opportunity Zone developments the partners have undertaken nationwide.
Cresset Partners, led by private equity entrepreneurs Avy Stein and Eric Becker, joined forces with Diversified Real Estate Capital, led by Larry Levy, to form a joint venture focused on core real estate development investments in Qualified Opportunity Zones.
Hines, headquartered in Houston, recently launched Willowick Residential, a multifamily property management company created to support Hines’ expanding multifamily portfolio. Willowick will manage a growing roster of 63 projects across 38 U.S. cities, spanning luxury towers, urban mid-rises and garden-style apartment communities.
“Rooted in the expertise of our regional offices, our expanding and successful multifamily division has grown for-rent apartment development activity across the United States,” said Jeff Hines, president and CEO of Hines. “Willowick Residential aims to deliver superior resident service, retention rates above the industry average, cost-effective building management, and exceptional engineering and maintenance of the physical asset.”
Oct. 13, 2020 Realty News Report Copyright 2020
Caption: Rendering of Residences at RiNo. Design: Ziegler Cooper Architects
File: Hines Starts RiNo Project
File: Multifamily. Denver. Cresset-Diversified QOZ Fund. Ziegler Cooper. Willowick Residential. Hines Starts RiNo Project