DENVER – (RNR) – Hines, the international real estate firm, along with investment partner Cresset-Diversified QOZ Fund, have started of construction on Residences at RiNo, a 397-unit apartment community at the entryway to Denver’s rapidly expanding River North Arts District or RiNo.
RiNO — often touted with the slogan “where art is made” — features contemporary art galleries, food halls and hip concert venues in revamped industrial buildings.
“With its world-class architecture; balance of amenities and services; and proximity to RiNo’s renowned 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, a Houston based company.
The 11-story Residences at RiNo was designed by Ziegler Cooper Architects, a Houston-based firm led by Scott Ziegler. The “Urban Residential” group at Ziegler Cooper has designed a multitude of residential towers including the 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, Israel.
Other participants in the new Denver tower include: Parisa O’Connell Interior Design, interior design of common areas; Design Workshop, landscape architect; and Modern Constructors, general contractor. Northwestern Mutual provided construction as well as permanent financing and equity for the project.
In Houston, Hines and Cresset-Diversified are developing The Preston, a 46-story residential tower under construction of the site of the former Houston Chronicle garage at corner of Preston and Milam. The site is in an Opportunity Zone, a federal tax program designed to enhance urban development.
The Denver RiNO project is the fourth joint venture between Hines and Cresset-Diversified, comprising over $600 million in Opportunity Zone developments around the country.
Cresset Partners, led by private equity entrepreneurs Avy Stein and Eric Becker, united with Diversified Real Estate Capital, led by Larry Levy, to create a joint venture partnership focused on core real estate development investments in Qualified Opportunity Zones.
Houston-based Hines, recently announced the creation of Willowick Residential, a multifamily property management firm to work with Hines’ rapidly growing multifamily portfolio of 63 projects across 38 U.S. cities, including luxury towers, urban mid-rises and traditional garden-style apartments.
“Rooted in the expertise of our regional offices, our growing and successful multifamily division has expanded for-rent apartment development activity throughout the United States,” said Jeff Hines, president and CEO of Hines. “Willowick Residential seeks to deliver a superior level of resident service, above-industry retention rates, cost-effective building management and superior 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
Filee: (2). Multifamily. Denver. Cresset-Diversified QOZ Fund. Ziegler Cooper. Willowick Residential. Hines Starts RiNo Project