A football field’s length from center stage at Fiddler’s Green in Greenwood Village, a Portland-based developer is seeing the first move-ins for 337 luxury apartments it completed earlier this summer, just across the street from the amphitheater.

The developer describes the Avant as the “ultimate live-work-play experience … blending urban convenience with suburban comfort.” It offers starting prices from $1,800 for a one-bedroom, one-bath plan that ranges in size from 558 to 745 square feet.

But numbers of those units are luxury-sized 2-bedroom/2-bath plans from $3,400, and 3-bedroom/3-bath plans, just under 1,700 square feet, from $5,000 monthly.

Largest amphitheater

Fiddler’s Green, the project’s prominent landmark, is by far the largest outdoor amphitheater in the metro Denver area, seating some 17,000-to-18,000 concert goers, almost twice the capacity of the City of Denver’s Red Rocks Amphitheater, which seats 9,525. (Empower Field at Mile High and Coors Field can each seat much larger concert crowds.) 

But just as important to the project’s success is the very close access to large employment-base offices at Denver Tech Center locations in the broader Greenwood Plaza corporate area that has grown around Fiddler’s, including Fidelity Investments. In that area, west of I-25 between Orchard Road and Arapahoe Road, the city limit between Centennial and Greenwood Village meanders between individual properties.

Some campuses, like Fiddler’s itself, lie in Greenwood Village (Plaza Tower One and Fiddlers Green Center), while others like Avant itself are just across the line into the city of Centennial.

Joint-venturing the Avant project with Schnitzer West is Mitsui Fudosan America, Inc., a subsidiary of Japan’s largest real estate company, Mitsui Fudosan Co., Ltd. — described as a publicly-traded company with approximately $65.2 billion in assets.

The Avant project fits the description of a “transit-oriented development,” lying a relatively short walk from the Regional Transportation District’s Arapahoe Light Rail Station on the E and F Lines to downtown. TOD development has been a priority of the city of Denver and RTD for two decades, as a means for meeting increased housing demand while keeping down vehicle congestion.

Although the developer declined to provide specific numbers on the lease-up of the five-story apartment, another source familiar with commercial real estate in DTC told The Denver Gazette that less than 20% of units had been leased as of this week.

Interest in larger floorplans

“Leasing activity has been strong since opening earlier this year,” Schnitzer’s Luke Schroeder, senior investment and development manager, replied in a written statement to The Denver Gazette, following requests for information on sales.

“We’re seeing steady demand across floor plans, with particular interest in larger homes and those offering mountain or city views. Overall, leasing is tracking right in line with our expectations.”

Promotional copy on behalf of Schnitzer describes Avant’s location across from the amphitheater as ideally situated.

“Residents are just a short walk from the growing Arapahoe Entertainment District, home to dining, shopping and entertainment destinations such as Comedy Works South, Shanahan’s Steakhouse and Pindustry.”

Shanahan’s Steakhouse on East Belleview Avenue at Interstate 25 is actually two miles from the site and Comedy Club is a mile-and-a-half. But Pindustry, a popular rooftop entertainment venue that offers food, cocktails, music and other entertainment, shows as a 15-minute walk. It has emerged as a prominent offering in what is being branded as the Greenwood Entertainment District, with burgeoning dining and other attractions along Arapahoe Road that are walkable from the new apartments.

The economic development group Denver South said that the surrounding corridor along south I-25 has an outsized presence in the state’s economy. At a recent conference, Denver South President & CEO David Worley told attendees that the corridor houses 5% of Colorado’s population but offers 8.3% of its jobs and 11% of the state’s gross regional product.

Avoid barriers to ownership

Asked why the Avant was developed for luxury rentals rather than for-sale condos, Schnitzer’s Schroeder replied “we saw a real opportunity to create something special in the rental market.

“Denver continues to show strong demand from professionals who want flexibility, great design, and a walkable, connected lifestyle without facing the high barriers of entry currently associated with ownership,” he added.

“The pricing reflects the quality of the design, the finishes, and the overall experience we’ve created here,” Schroeder said.

He noted that in addition to the location, renters are provided a rooftop pool and lounge, a fitness and wellness center, wine lockers, and “comfortable gathering spaces that highlight the building’s city and mountain views.”

Listening patio

Residents are also provided an outdoor listening patio where they can listen in on the live music drifting over from Fiddler’s, Schroeder noted.

“Leasing across Denver’s Southeast market has been resilient despite recent elevated supply, especially for well-located properties that offer a great living experience,” Schroeder told The Denver Gazette.

“We’ve seen new communities open around the city, but The Avant’s positioning really stands out,” he added. His reply also cited the location’s access to Cherry Creek Schools as an attraction for the project.

Meanwhile, Schroeder said that Schnitzer West has plans for two complementary projects, each similarly close to Fiddler’s, both in the predevelopment phase.

Westray would be a “hospitality-inspired office project designed to encourage collaboration and connection.” The Rider would be an eight-story mixed-use project that would add another 368 residential units along with ground-floor retail.

Ongoing investment

“Together, they represent Schnitzer West’s ongoing investment in the future of this corridor,” Schroeder said.

In its promotional materials, Schnitzer West LLC describes itself as a leading real estate investment, development and property management company in the Seattle and Denver markets.

It cites a development history of over 12.5 million square feet of office, flex, industrial and bio-tech space, and 1,250 units of luxury multifamily residential in Seattle, Portland, and Denver. It also includes an Asset Operations group and has a portfolio of office holdings around Fiddler’s Green.