DENVER — Denver is a city where luxury condo prices can be as high as $1 million.
But for those looking for a spot on the lower end of the market, there’s another option in town: the high-end.
That’s where Alpha Conde is coming into its own, becoming the first new condo development in Denver in 20 years.
The complex is located in the heart of Denver’s upscale West Village neighborhood, which has seen an explosion in luxury housing in recent years.
At $1.3 million, Alpha is the highest-priced apartment in Denver, according to real estate analytics firm Trulia.
The average price of a home in the neighborhood is more than $2 million.
“It’s the new high-rise,” said Jim Johnson, executive director of the Denver-based Trulia Foundation.
“There’s not a lot of that out there in Denver right now.”
Johnson said he expects the new development to have the same impact on condo prices as the current development, the first of which opened in 2010.
He says the new building will be more of a “mix” of both luxury and lower-cost units.
“What we’re doing with Alpha is trying to create a mix that will appeal to everybody,” Johnson said.
“That includes people that might not be willing to spend that much, but we want to create that kind of mix.”
Alpha is located on the third floor of a two-story building at the corner of West Main and South Main streets, just off the University of Colorado’s campus.
It’s designed to be a mixed-use project with a mix of apartments, single-family homes and townhouses.
Alpha Condes will have 4,000 square feet of retail space, 1,000 apartments and 100 townhomes.
The units will be on the upper floor of the building, but the company will not confirm the price.
The company will rent the building out to developers for an average of $2.4 million a year, according the city of Denver.
But Johnson said Alpha plans to add more than 20 apartments per year in the future, and is targeting that to be the number of units that make up a project.
“We are trying to make this into a community,” Johnson told the Denver Post.
“It’s an apartment complex, it’s not just a condominium complex.
It has all of the amenities, but also it’s a great mix of different types of people that will be able to live there.”
Alpha Conde’s high floor, which will house 4,200 square feet, has a view of the West Village and University of Denver campus.
The apartment complex also includes a 2,000-square-foot retail space that will include upscale boutiques, coffee shops and restaurants.
The development is set to open in 2020.
For some, the low-end condos at Alpha Condé aren’t cheap.
Trulia estimates that one of Alpha’s units will run about $1,400 per month.
The other $500-$600 a month will come from the city and the Colorado Tax Increment Financing Authority, which is supposed to help pay for the construction.
Johnson said the average condo price in Denver is now about $300,000, up from $270,000 in 2011.
That’s a number that Johnson believes is a function of the fact that the average person can afford to live in a Denver condo.
“The market is definitely going up, but it’s going to be even more expensive in the next 20 years,” he said.
Johnson expects the average price in the area of $1m to continue rising, as demand for condos continues to outpace supply.
He said there is some good news: In 2016, the average monthly condo rental cost was $1.,818.
Johnson says that number will continue to rise in the coming years.
“The fact that we’re seeing that kind, and that kind is a very healthy sign that the condo market is finally starting to stabilize,” Johnson added.
“People are really excited about it.”