Luxury condo tower 80% sold

One Lincoln Park's first residents set to move in Sept. 22

By John Rebchook, Rocky Mountain News (Contact)

Published September 5, 2008 at 9:05 p.m.

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Photo by Photos By Judy DeHaas / The Rocky

Workers on a 25th-floor balcony at One Lincoln Park at East 20th Avenue and Lincoln Street have a great view of downtown Denver.

Radio personality Tom Manoogian, who is a small investor in One Lincoln Park and bought a unit there, gives a tour.His company, Major League Marketing, also is marketing the project.

On Sept. 22, the first residents will begin moving into the 32-story, $140 million One Lincoln Park, the first luxury condo tower built in Denver's central business district in more than 25 years.

So far, 144 of the 180 units have been sold in the building at Lincoln Street and East 20th Avenue, across from the Welton light-rail station.

The remaining units range in size from 882 square feet to 4,330 square feet and are priced from $375,000 to $2.574 million. Monthly homeowner association fees range from $288 to $1,414.

"We think it is the best-selling condo project in Denver, in a very challenging environment," said Tony Mallardi.

He and his wife, Sacha, bought a unit on the 11th floor for about $485,000 and spent $26,000 for a second parking space and about $80,000 on upgrades - including a custom-made glass bar and fancy tile - for a total of $591,000.

It has since appraised for $610,000, Mallardi said.

"I believe it is going to be an excellent investment," Mallardi said.

Legal problems from the original developer, Erik Osborn, haven't scared buyers, said Ed Cerkovnik of Breckenridge Holding Co., which heads the development group for the tower. Cerkovnik replaced Osborn.

Osborn is facing charges of felony theft of $255,000, including diverting $147,000 from One Lincoln Park. Osborn has said repeatedly that he did nothing wrong.

"Erik's legal problems really haven't had any impact," Cerkovnik said. "The project itself is such a signature building," he added. "People are interested in the building because of the architecture, the quality, the amenities and the location."

The building was designed by the Buchanan Yonushewski Group and was built by Swinerton Inc. Construction began in the spring of 2006.

The main investor is car dealer Doug Moreland, known as "Dealing Doug."

A smaller investor is radio personality Tom Manoogian, known as "Lou from Littleton." His company, Major League Marketing, also is marketing the project. Moreland and Manoogian both have bought units at One Lincoln Park.

rebchookj@RockyMountainNews.com or 303-954-5207

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