The final unit at The Coloradan — Union Station’s only for-sale condominium tower — closed this week.
And the last one was a big one.
A penthouse on the top floor of the 19-story condo building closed Tuesday, Feb. 18, for $2.77 million to a San Diego-based buyer, according to public records. The deal for the 2,546-square-foot, two-bed, three-bath penthouse, which includes Sub-Zero and Wolf appliances, hardwood floors and an expansive balcony works out to just under $1,089 per square foot.
The most expensive penthouse at the development — a 3,225 square-foot, a three-bedroom, four-bath unit — sold for $3.35 million in May, according to public records. The second most expensive was another 19th story penthouse measuring in at 3,076 square feet that closed for $3.30 million in March 2019. That unit actually went under contract in June 2018.
Tuesday’s deal marks the last of the 334 units to sell at the luxury condo building developed by East West Partners, in partnership with Denver private equity firm Ascentris. The firms pre-sold a majority of the units before receiving a certificate of occupancy in March 2019.
The development showed Denver’s demand not just for luxury residences. Three affordable units at the development closed at prices between $230,000 and $285,000. Six units closed between $300,000 and $500,000; and seven units close between $500,000 and $600,000.
Sales volume of the development totaled $242 million. Excluding the 33 affordable units in the development, the average unit sale price was $770,000, according to REColorado data.
The deal also shows Denver’s demand for more condo developments. The Coloradan was one of the first big towers to go up following 2017 builder defect legislation that gave developers more confidence to pursue condo projects. Before Gov. John Hickenlooper signed that legislation into law, condos only made up 3% of new housing product. They had once made up 20% of the new housing market.
That progress, however, is now under threat from newly proposed legislation that would extend the number of years homeowners could file lawsuits based on alleged construction defects in new construction. Colorado Sen. Robert Rodriguez’s legislation passed a Senate committee last week.
By extending the statute by four years, homeowners would have more time to wait for defects to pop up, according to the proposed bill, putting more risk on developers pursuing projects like condominium towers in the city.
Legal experts who focus on the construction industry have said the legislation would “effectively eliminate any prospect of affordable housing in Colorado.”
Investing in The Coloradan
The Coloradan also proved to be a great investment for early buyers, some of whom essentially closed and then put back on the market, making six-figure returns on their purchase in the process.
According to REColorado, there is one active listing at the Coloradan today — a three-bed, two-bath 1,582-square-foot unit on the 14th floor that’s listed for $1.34 million. The seller purchased the property in April 2019 for $1.06 million.
There are eight other units currently pending at The Coloradan, including a 535-square-foot studio that’s under contract for $407,000.
More photos from the final penthouse (Listed by SLIFER SMITH & FRAMPTON DENVER):