Edgy enclave: Golden Triangle is a melting pot for developers.

• Author: Titus, Stephen
• Position: Who owns Colorado

The Denver area has its share of diverse neighborhoods with a mix of residential offerings, retail and other commercial properties, but none quite like the Golden Triangle.

Bordered buy Colfax Avenue, Lincoln Street and Speer Boulevard, this tiny enclave on the edge of Downtown is home to the newest civic expansion--The Denver County Justice Center and the Daniel Libeskind-designed art museum expansion--and a mix of residential property ranging from ultra-exclusive penthouses to apartments for the homeless.

The flagship project is The Denver Art Museum's expansion with its huge titanium-skinned prow jutting over the street below. The museum's new parking tower is artfully wrapped in some of the most cutting-edge residential property available in Denver and the residences are expected to sell for $400 per square foot and up. Just blocks away is the 100-unit Forum SRO Apartments. Built two years ago in a former University of Denver office building, it is a living oxymoron of a high-end address for homeless men and women. What's most amazing is that this goulash of uses has worked in the Golden Triangle, and the neighborhood is thriving with nearly 500 new residential units planned or underway.

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Buildings like the Prado, Beauvallon and Belvedere set a high standard for residential development in the area and even affordable projects like the 1135 Apartments are keeping pace with quality buildings financed with tax credits. Developer Parvez Malik, who also owns 10 restaurants at Denver International Airport, said he is taking a long view of the area by building a relatively low-risk project in a neighborhood lacking either affordable or market-rate rentals.

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"With all the work the city is doing, it really is a good area for residences. It's a community by itself and it's so close to Downtown without being in Downtown," said Malik, principal in the development group behind 1135 Apartments. "These are apartments for households making $35,000 to $40,000 per year who are just starting out, and we want to give them a break."

He said rents would be about 25 percent below market, based on a city-designated formula for those at or below 65 percent of the median income. Along with 1135 Apartments' 96 units, Malik is planning a second affordable project with 63 units that he hopes to have underway in about six months. Both developments will have ground-floor retail and on-site parking.

Still, for-sale...