Clayton Woullard | YourHub
Centennial is hoping its first transit-oriented development increases ridership at the nearby Arapahoe Station light rail stop and offers an expanded variety of housing for its residents.
A new apartment complex at 7700 E Peakview Ave. — about a five to seven minute walk from Arapahoe Station — is currently under construction by developer Forestar.
The first apartments will be open to occupants this fall, with the full 304 apartments built out and occupied by 2015, according to Tom Etheredge, executive vice president of multifamily operations for Forestar. The site plan for the apartments was approved in 2011.
The entire project is expected to include an office and retail component , but that parcel of land has not been bought yet, said Kristopher Barnes, vice president of real estate at Resolute, the master developer who bought the original property in 2007. The original transit-oriented development was approved by the city in 2008.
Forestar purchased one parcel of the land, about four acres, for about $50 million in 2012 and began apartment construction then, according to Etheredge.
The master plan for the entire property includes 500,000 square feet of office space and ground floor retail with a half-acre park.
“There’s a lot of competition for office sites for this corridor,” Barnes said. “We would like to have a tenant say ours is the one based on unobstructed views to the west.”
He said Resolute is looking for an office developer. That parcel could also involve more high-density residential but would probably be a restaurant to serve the nearby office workers, or a fitness club. He said it would probably be 10,000-15,000 square feet of retail at most. Read more