DALLAS, May 7 /PRNewswire/ -- Behringer Harvard announced today its investment in Alexan Prospect, a 400-unit multifamily community slated for construction in the Central Platte Valley, a 120-acre area immediately west of the Denver central business district (CBD). Trammell Crow Residential will serve as developer of the project. Current plans include the development of an estimated 367,433 square feet of rentable space.
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"Exemplary downtown renewal initiatives were cited as the reason Denver was the only non-coastal city ranked in the top tier of cities to watch during 2008, in a study published by The Urban Land Institute and PricewaterhouseCoopers LLC," said Mark Alfieri, senior vice president of Behringer Harvard. "The Denver metro's economy also has remained stable in spite of the challenges we are experiencing on a national level. We believe this development will allow us to create value for our investors by expanding our multifamily portfolio into Denver's reinvigorated core to provide upscale housing that will be attractive to those who appreciate a sophisticated urban lifestyle."
The Alexan Prospect development site, situated near the intersection of Inca Street and 20th Street, provides convenient access to nearby Interstate 25. It is within walking distance of the historic Union Station, a strategically located terminal now being redeveloped to serve as a multimodal, regional transit hub where light rail, commuter rail and buses will converge.
Future residents of Alexan Prospect also will enjoy convenient access to a wealth of downtown amenities including Coors Field, the 76-acre ballpark that's home to the Colorado Rockies baseball team; the Lower Downtown (LoDo) and Prospect Park neighborhoods, with their eclectic selection of shopping, dining and entertainment venues; Commons Park, an extensive biking trail network and the Highlands shopping district.
Previously an industrial area occupied by rail yards and warehouses, the Central Platte Valley area surrounding Alexan Prospect is being transformed into an exciting, mixed-use urban neighborhood with a variety of residential housing options; more than 90 acres of parks along the South Platte River; and 3 million square feet of offices, shops, restaurants and hotels.
About Behringer Harvard
Behringer Harvard is a commercial real estate company investing in assets domestically and internationally. The company creates and manages strategic real estate fund opportunities across a wide spectrum of investment styles for retail investors, as well as domestic and international institutions, through its real estate investment trusts, partnerships, joint ventures, and proprietary program structures. For more information, call toll-free 866.655.3600 or visit http://www.behringerharvard.com/.
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