Denver's River North area used to be populated with aging warehouses and low-slung industrial sites, but thanks to developers such as Hines, the neighborhood has transformed into one of Colorado's hippest and most expensive areas in the state.
The Houston-based firm's Mica RiNo apartment complex, which kicked off construction shortly after the pandemic's 2020 outbreak, now commands some of the highest rents in the city thanks to its proximity to the burst of restaurants, transit options and entertainment venues that have landed in the region since Hines' groundbreaking. The 397-unit luxury complex has helped reset the stage for RiNo as one of Denver's most popular neighborhoods, a role that helped earn it a 2024 CoStar Impact Award for multifamily development of the year, as judged by real estate professionals familiar with the market.
Since making its debut in July, residents at Mica have access to a slew of amenities both in the complex and around it. There's the garden lounge with outdoor games and hammocks; an option to choose from the outdoor yoga deck or fitness center that offers on-demand virtual classes; coworking, artist studio and bike shop spaces; as well as high-end finishes in each unit for when tenants return home for the day.
Mica is one piece in a long pipeline of multifamily and office developments that have or are soon to land and further transform the greater downtown Denver area. The complex at 4290 Brighton Blvd. will soon be surrounded by as much as 3 million square feet of existing and future office space, a popular draw for tenants who want to shorten their commute times to just a few blocks worth of walking.
What's more, the complex has helped boost average rents in the area as renters prove willing to pay top dollar for some of the newest and nicest properties. A typical unit at Mica commands more than $2,300 per month, according to CoStar data, substantially higher than the roughly $1,835 monthly average reported across the greater Denver area.
About the Project: The luxury complex along Brighton Boulevard took about two and a half years to complete construction and, in addition to the list of resident amenities, includes 14,500 square feet of ground-floor retail. About 6,100 square feet of that will soon be occupied by TRVE Brewing Co. and Full Metal Burgers, tenants that should help boost activity both at the property and for the surrounding neighborhood.
What the Judges Said: Mica RiNo is "architecturally pleasing and provides tenants with entertainment, easy access to public transportation and employment areas," CoStar Impact Award judge Randy Danielson, the senior director of real estate development for the Opus Group, said of the multifamily project.
They Made It Happen: A team of Hines executives including Senior Analyst Jessica Matthews, Director Elliot Marks, Senior Construction Manager Chris Kalmbach and Jennifer Hallinan, an asset manager, helped spearhead Mica's construction. Willowick Residential Community Manager Haley Calhoun and Director Tom Loughridge help to manage the property.
CoStar Market Manager Kathryn Binns contributed to this report.