Published by Denver Business Journal on Tue, April, 4, 2017
In her first project since stepping down as executive director of the Colorado Office of Economic Development and International Trade, Fiona Arnold is doing something that is rare in metro Denver right now: Developing condos with prices starting below $300,000.
Condos in her company’s new development — a three-story project called The Orpheus located at 2835 W. 24th Ave. in Denver — will range in size from 633 to 871 square feet and prices will start at $259,000 for the smallest units. Larger units are priced as high as $369,900 to start.
The Orpheus is a 26-unit condo project in Denver’s Jefferson Park neighborhood with prices starting at $259,000.
Developers and city officials have said for years that the state’s construction-defects laws make condos that are affordably priced for the average buyer nearly impossible to build because of the risk of lawsuits that builders face, but Arnold found a way to do it with Orpheus.
Most of the units in the project are priced above $300,000, according to the development’s website, which is higher than the average condo price of $297,000 as of February, according to the Denver Metro Association of Realtors.
But they are still priced well below many of the other condos that have been built in recent years, aimed at higher-end buyers who can afford luxury product.
Arnold’s company, Mainspring Developers, has its own in-house general contractor that will perform the construction, she said, which saves 10 percent of the cost right away.
Mainspring also purchased a wrap-up insurance policy to protect the project in case of a defect, but said that the construction process is where real costs are added.
The company will bring in third-party inspectors at every stage of development, which takes more time and money, Arnold said.
“The return is smaller than what can be done on townhomes,” Arnold said. “But the city needs condos.”
Pre-sales for the 26 units at Orpheus units begin this month.
“The Orpheus presents a much needed real estate ownership option into the Denver market. We designed this building as a nod to Denver’s longstanding tradition of iconic condominium buildings in areas like Capitol Hill, Governor’s Park and City Park,” Arnold said.
Development of this kind is only going to get harder to do, Arnold said, as the city continues to grow.
“It’s not easy. Finding the right site and land at a price that works is a needle in a haystack,” she said.
Published by The Orpheus on Thu, March, 23, 2017
The Orpheus, Luxury One Bedroom Condo Living in Jefferson Park, Will Launch Sales in April 2017
DENVER – March 21, 2017 – Denver-based Mainspring Developers, creators of Backyard on Blake in RiNo, announce the launch of The Orpheus, luxury one-bedroom condominiums in the heart of Jefferson Park. Located at 2835 W. 24th Ave (24th and Decatur), The Orpheus offers residents luxury condominium living designed for the modern lifestyle in an iconic Denver location, complete with retro-inspired finishes.
Launching sales in April 2017, The Orpheus is made up of 26 one-bedroom luxury units ranging from 633 to 871 square feet in size and priced starting at $259,000. Buyers can choose from three color style finish packages: white, yellow or green. Located just one block from the Jefferson Park village center, residents will have access to local gathering spots, shopping, cafes, bars and restaurants. The area has posted high scores on “walkability” and “bike-ability,” making bicycle commutes a breeze with flat roads and great bike lanes.
“Mainspring Developers is thrilled to be introducing a luxury condominium project to Jefferson Park. The Orpheus presents a much needed real estate ownership option into the Denver market. We designed this building as a nod to Denver’s longstanding tradition of iconic condominium buildings in areas like Capitol Hill and City Park,” said Fiona Arnold, president of Mainspring Developers. “The Orpheus does just that and makes luxury condo living attainable by offering smaller footprints.”
The Jefferson Park neighborhood is characterized as a blend of young professionals and long-time residents, giving the community a fresh upbeat atmosphere while feeling like you have not left home. The area is bustling with businesses, and residents are a short commute to downtown, Mile High Stadium, Elitch Gardens, Downtown Aquarium, Children’s Museum of Denver and REI. Downtown Denver is a brief walk over the 23rd Street overpass, and The Orpheus residents will have easy access to the light rail system.
For more information on The Orpheus or Mainspring Developers, please contact Sarah Rogers at email@example.com, visit theorpheus.info, or 720-480-5578. Stay up-to-date on updates of The Orpheus through Facebook and Instagram.
Mainspring Developers core mission is centered on people, place and community. By focusing on the community and its residents, Mainspring identifies and invests in projects that enhance the existing framework of urban living.
Media contact: Jens Werner, 970-471-3738 or firstname.lastname@example.org