You’ve most likely heard the rule: Save for a 20-percent down payment before you buy a home. The logic behind saving 20 percent is solid, as it shows that you have the financial discipline and
Exploring Denvers New River Mile Neighborhood
Denver’s hottest new downtown neighborhood hasn’t even been built yet, but it’s already generating a lot of buzz. River Mile is the heart and soul of a 25-year real-estate development project that aims to bring a downtown Denver neighborhood feel to the edge of the South Platte River. Groundbreaking on the massive project is slated for 18 months from now.
As ground hasn’t broken yet on the project, artist renderings of River Mile show a modern neighborhood with narrow roadways, bike lanes, wider sidewalks, limited parking and the South Platte River as the focal point. Revesco Properties, developers of the project, describe River Mile as an urban district that unlocks the waterfront and opens up the river to high rise condos, restaurants, retail, schools, and entertainment space.
According to a recent Denver Post article, the area will incorporate what’s called a parking maximum when it comes to commercial and residential development, which is a relatively new concept for Denver. For example, in a new residential tower, every condo unit would not be guaranteed a space since parking spaces are capped.
Additionally, the developer has agreed to set aside 15% of the new housing as “affordable” units at a mix of income levels.”
Revesco says the long-term plan is to relocate Elitch Gardens to make room for new phases when they’re ready to be built. They also noted that demolition and relocation of the amusement park are still likely years down the road.
The population in metro Denver is expected to grow by 1.4 million by 2040 according to Denver’s Reginal Council of Governments. Revesco Properties predicts River Mile will bring roughly 13,000 people to the area.
The first phase of River Mile isn’t scheduled to start until sometime in late spring/early summer 2021, so if you’re on the hunt for a house in a more move-in ready Denver neighborhood, there are lots to choose from. Give Metrowest a shout today - we’d love to show you around!
Tucker has taken his passion for the city of Denver and helping people achieve their goals and applied them to the vibrant real estate market in the Denver metro area. Attending the University of ....
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