Legacy Partners is constructing a $75 million, 300-unit apartment community in Westminster that will include a dozen live-work, townhome-style units, the Dallas-based company announced today.
The Legacy on the Promenade will be completed in the fall of 2018.
Diamond Realty Investments Inc., a wholly owned subsidiary of Mitsubishi Corp., is Legacy’s partner in the development.
Legacy on the Promenade is part of the Westminster Promenade development off U.S. 36 and north of West 104th Avenue.
The Westminster Promenade’s anchors include the Butterfly Pavilions, a 24-screen AMC movie theater, the Westin Westminster hotel, a triple sheet ice rink and a number of restaurants, including Dave & Buster’s.
“The Westminster Promenade is the ideal location for a luxury apartment catering to residents who both work in and enjoy the vibrant area of downtown Westminster for its restaurant, retail and entertainment offerings,” said Spencer Stuart, senior managing director of Legacy Partners. “Legacy on the Promenade’s proximity to both public transportation and the social hubs of Westminster make it perfect for people looking for a healthy work-life balance.”
Twenty four of the rental units will be 3-story townhome-style. Twelve of those will be live-work units.
The live-work units will range in size from 1,800 square feet to 1,850 sf, while the traditional residential townhomes will range in size from 1,400 sf to 1,450 sf, Stuart said.
“We wanted to have a retail-type element, with a residential blend,” Stuart said. “So someone could live upstairs and have an office or an art studio, or whatever, on the ground floor,” he said. He said he believes these will be the first work-live units in Westminster.
Overall, the average size of all of the units is 923 sf. Rents are expected to average about $2 per sf.
“That compares with $2.40 to $2.60 and even $3 for the new product in Denver,” Stuart said.