CREJ - Journal

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50 / BUILDING DIALOGUE / MARCH 2015
Y oung professionals, married couples and
empty nesters – among many others – ar-
en’t the only ones calling Denver’s brand-
new apartment developments home. Unique and
traditional retail and restaurant concepts are being
welcomed into many of these impressive projects,
bringing an added level of service and amenities
to their residents and the surrounding community.
As apartment development flourishes through-
out the Denver metro area, many apartment de-
velopers have realized opportunities to fill their
ground-floor space with retail concepts that will en-
hance their apartment building’s appeal, while serv-
ing the neighborhood around them. While down-
town has seen the majority of such first-floor retail
in apartment buildings (including the most recent
plans for King Soopers at 20th Street and Chestnut
Place, as well as Whole Foods at Union Station at the
base of 17W), first-floor retailers will become an im-
portant component to high-density suburban proj-
ects, such as the Belleview Station apartment devel-
opment in the Denver Tech Center.
The reason for this infusion of retailers and restau-
rants into apartment building space is clear: market
demand. People want to be able to stop in for cof-
fee, drop off dry cleaning, sit down and dine, or pick
up a quick dinner without having to go to extremes.
And as Denver continues to grow, easily accessible
shopping destinations will only grow in popularity.
The key to success will be in researching and identi-
fying the services and amenities that are in greatest
demand, floor by floor (in the apartment buildings
themselves) and block by block (in the surrounding
neighborhood).
With market demand a driving force, retail and
restaurant owners have opportunity knocking at
their door. Yet, even the most established brands as
wells as fledgling entrepreneurs need to take care in
identifying the best location for their new business
venture. Likewise, apartment developers must find
the right “retail mix” for the overall vision of their
new residential communities.
Location is still the critical factor. Both the retailer
and developer must understand that the population
of the apartment complex (even large complexes)
provides a captive audience with increased frequency
of visits; however, the complex alone may not result
in adequate sales volume for the long term. Success
is beckoning for these distinct business interests, as
long as the right combination of building amenity
and broader community support can be found.
Some of the ways that retailers and apartment de-
velopers can discover a profitable partnership, and
give people what they want, include:
• Developers correctly determining the amenities
that are best suited for the residents in their building
Blake Larson
Broker,
Legend
Retail Group
TRENDS in Retail Development
Whole Foods will locate downtown at the base of 17W.