Park Hill Redevelopment Slated for Summer 2017

Ben Maxwell has been dreaming of redeveloping the 2800 block of Fairfax Street for over 10 years. This Denver developer lived in Park Hill for over 11 years, and identified the two-acre block between 28th and 29th as a possible site for redevelopment long ago.

After developing a few rental properties in the neighborhood, Maxwell assumed someone would pick up the block he now owns. When no one came along to revamp the area, Maxwell decided to pursue his dream of bringing more housing, community, and business to the area.

Park Hill Commons, the mixed-use neighborhood Maxwell is planning, is slated to begin construction in summer of 2017 through Maxwell’s development firm, HM Capital Group.

Maxwell’s vision is to create an all-in-one neighborhood in Park Hill. The small neighborhood will surround the town square, with a park, restaurants, residential, and commercial property. Offices can be rented out by a number of small companies as shared workspaces, or a couple larger companies could rent out the entire space.

According to the current plans, Park Hill Commons will consist of 21 townhouse and 22 apartments, in addition to spaces for retail, restaurants, and offices. Maxwell estimates it will cost approximately $30 million to create the mixed-use complex on Fairfax Street.

Residential rentals in Park Hill Commons will range in size and price, from small micro-apartments to 1,400 and 2,000 square feet townhomes.

The vision for Park Hill Commons is to create a mixed-use neighborhood that fosters community, is pedestrian-friendly, and offers more options to the residents of Park Hill. Maxwell envisions restaurants overlooking the park where kids can play while parents dine, possibly a grocery store, and more in this all-in-one neighborhood.

Sources: Business DenGreater Park HillHM Capital Group

Madison Year-End Report 2015

Madison & Company president, Justin Knoll, recaps 2015 for our End of Year Report

2015 will go down as one of the best ever for Denver Metro area sellers who reaped the rewards of being in the nation’s hottest market, realizing an average of 14% increase in value from just one year ago. On the flip side, buyers felt the pressure of shrinking inventory and rising prices, while the silver lining of historically low interest rates gave buyers a fighting chance to find their new home. 

With over 55,500 homes selling for over $20.16 billion in closed sales volume, 2015 was a record year which can be attributed to Denver’s economic and population growth over the past few years. In that time, 65,872 new listings came on the market, up 6% year over year, while Days on Market were at 31, down 18%.

To finish the year, the average home price was $363,143, up 12%, and the median home price was $314,000, up 14% from this time last year. This includes detached and attached single family homes. Towards the end of the year, we experienced a bit more balance in some segments of the market as inventory snuck up in some areas and prices began to flatten out after the summer months. However, these were modest changes that could be attributed to seasonal slowing and typical trends.

justin knollThe local job market recovery continues as we have added over 200,000 jobs since 2008, which leads us to a healthy economic outlook into 2016. Looking forward, high demand will likely continue as more than 100,000 people moved to Colorado over the past 12 months, making it the second fastest population gain in the Nation.  Adding to a feverish market are the 83% of renters that say they want to own a home according to a recent National Association of REALTORS® survey.

Overall, we anticipate the next 12 months to bring more buyer demand, similar inventory shortages, growing affordability concerns and possible interest rate hikes, all of which will make 2016 a year to remember.

– Justin Knoll, President

Madison & Company Properties