Canadian developer Amacon is calling the condo project Upton Residences in Denver

Canadian developer Amacon has named its mixed-use apartment project along Broadway at 18th Street and Glenarm Place in downtown Denver: Upton Residences.

Formerly called Block 176 for city planning purposes, two towers will rise on the site of a former parking lot and building that housed the Shelby's Bar & Grill restaurant, near Holy Ghost Catholic Church.

Upton Residences, with 461 apartments, will be Denver's second-largest apartment project when completed, behind the 42-story, 496-unit Spire building at 891 14th St. that hit the market in late 2009.

Developers have largely avoided building apartments in Colorado, citing ongoing lawsuits over construction defects they say construction insurance is unavailable or at such high premiums that coverage is unsustainable. Condos, which once accounted for one in five new homes built in Colorado, have fallen to less than one in 20, depending on the year.

Amacon has built thousands of apartments over the past 55 years and remains confident it can avoid the legal problems faced by other builders. The developer, based in Vancouver, BC, also expects strong demand from people looking to buy rather than rent in downtown Denver.

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

The homes range from suites to 'opulent' penthouse collections. All units will feature high-end finishes and floor-to-ceiling windows, and most suites will have a private outdoor balcony or patio, Amacon said.