Canadian developer Amacon names Denver condo project Upton Residences

Canadian developer Amacon has given its mixed-use condo project along Broadway at 18th Street and Glenarm Place in downtown Denver a name — Upton Residences.

Previously called Block 176 for city planning purposes, two towers are rising on the site of a former parking lot and building that housed the Shelby’s Bar & Grill restaurant close to Holy Ghost Catholic Church.

Upton Residences, with 461 condos, will be Denver’s second-largest condo project once completed, trailing only the 42-story, 496-unit Spire building at 891 14th St. that hit the market in late 2009.

Developers have largely avoided building condos in Colorado, citing persistent construction defects lawsuits they say have left construction insurance either unavailable or at such high premiums that coverage is untenable. Condos, which once accounted for one in five new homes built in Colorado, are down to fewer than one in 20, depending on the year.

Amacon has constructed thousands of condos over the past 55 years and remains confident it can avoid the legal headaches other builders have faced. The developer, based in Vancouver, B.C., also expects strong demand from those looking to own rather than rent in central Denver.

“While downtown Denver has no shortage of rental units, Upton Residences is opening up new doors for homeownership in the heart of the city,” Stephanie Babineau, vice president of marketing and sales at Amacon, said in a release.

The project will consist of a 38-story tower and a 32-story tower, along with 12,000 square feet of ground-floor retail and more than 500 parking spaces.

Residences will range from suites to “opulent” Penthouse collections. All the units will have premium finishes and floor-to-ceiling windows and most suites will have a private exterior balcony or patio, Amacon said.