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268-unit multifamily community proposed near Denver airport

Wednesday, June 2, 2021

James Rodriguez, Reporter for the Denver Business Journal, has a story regarding Continental Properties proposal for 268 acres near Denver International Airport. Below is an exerpt.

National apartment developer Continental Properties is planning a 268-unit multifamily community on nearly 14 acres of vacant land at Peña Station Next, according to a site development plan that was recently submitted to the City of Denver. The project, referred to in plans as Springs at Peña Station, appears to be part of Continental's "Springs" brand of gated apartment communities, which are located across the United States.

Peña Station Next, which was co- developed by L.C. Fulenwider Inc. and Denver International Airport's real estate division, is home to Panasonic CityNow, a "smart city" program that incorporates clean energy, smart technology and autonomous shuttles, among other initiatives. The 220-acre transit-oriented development is anchored by Regional Transportation District's 61st & Peña station. The proposed apartment community from Continental would include 11 residential buildings, a clubhouse, "pet playgrounds" and attached and detached garages throughout the site, according to a description of the plans. Continental Properties plans to purchase 13.87 acres along 64th Avenue from Rail Stop LLC, the development company behind the first phase of Peña Station Next.

The plans have not yet been approved by the City, and could still change. A representative of Continental Properties did not immediately respond to a request for comment on Monday afternoon.

Continental Properties, which is based out of Menomonee Falls, Wisconsin, has developed more than 25,000 homes in 19 states, according to the company's website. Its "Springs" line of apartment communities features townhome-style, private-entrance homes with high-quality exterior finishes, according to the website.

Continental owns six Springs properties in Colorado, according to its website, including three in the Denver area. Those properties are located in Aurora, Castle Rock and Longmont. Dallas-based KDC, a developer of build-to-suit corporate offices and campuses, has signed on to build office space at Peña Station Next as well as the adjacent Peña Station North, a 270-acre business park, the company announced last year. Bill Guthrey, senior vice president of land development for KDC, said the company can build anywhere between 400,000 and 600,000 square feet between 60th and 61st Avenues at Peña Station Next, at the eastern end of Aviation Place, the community's "Main Street' of shopping and dining options. Other sites will be spread throughout the development.

Guthrey said that KDC "could easily" build more than 1 million square feet at Peña Station North. He said the partnership with Fulenwider will allow KDC to move quickly when the right tenants come along.