 |
| |
South of the Creek in Miller Park and Polo Club 12 sales had
the highest average price/SF at $535 Here the sold homes range in size
from 3,500 SF to 10,100 SF. Finally the Cherry Creek North
residential area is dominated by townhomes, but has a growing presence
of detached homes, mostly on corner sites. Seven sales of detached
homes here ranged up to $3.2 million and averaged $504/SF. A couple of
developers are converting older non-residential buildings to high-end
homes, which will complement the condos being developed in the
business district. Russ McCahan of Fort Collins is redeveloping the
former church and artist studio at 5th and Josephine into a
condominium complex. And Paul Kobey, perhaps the top builder in the
area has decided not to demolish the former Harman Town Hall at 4th
and St. Paul and is converting it into a very high-end residence with
another to be built on adjacent parking lot.
Land prices in the Cherry Creek area have also risen
dramatically. Over the past couple of years Cherry Creek North
builders and investors have paid from $635,000 to $775,000 for
conventional 2-lot sites with 6,250 SF of land. This range is
equivalent to $102/SF to $124/SF with demolition costs of the older
homes on top of that! And one larger 4-lot parcel recently sold at
$150/SF apparently because of the larger scale development possible.
South of the Creek in the Miller Park and Washington Park area,
land is lower priced because of the lower density there with more
detached dwellings and larger parcels. Sold parcels here range in size
from ˝ acre to 2.7 acres and prices range from $20/SF to $30/SF for
older sales up to $60/SF to $70/SF for more recent sales.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~
The Fillmore Plaza Working Group met again to consider two possible
plans for the plaza prepared by CommArts for the Business Improvement
District. The working group favored a plan that has a minimum of
structures on the plaza in an effort to maximize retailer exposure and
flexibility, and a maximum of flexibility of use of the plaza for
events. After integrating the comments received CommArts will present
the plan(s) at a public meeting to be scheduled by Council Member
Jeanne Robb and then to the Board of Directors of the BID. The BID
hopes to have a bond election this fall to fund improvements to the
Plaza as a part of streetscape improvements to the entire BID. Marc
Schtul, President of the BID says the total bond issue could be as
high as $15 million with perhaps some $3 million going to Fillmore
Plaza improvements.
Speaking of plazas, Nordstrom presented a revised redevelopment plan
to the Cherry Creek Steering Committee for the former Lord & Taylor
store at the Cherry Creek Shopping Center. The plan replaces the
parking in front of the store with a pedestrian plaza leaving the only
parking at that location in front of the Urban Outfitters store. The
Steering Committee reacted favorably with a few minor suggested
changes and the plan will be presented again at the next Steering
Committee meeting.
The Denver City Council voted to approve a $2.4 million loan to aid
the redevelopment of the historic Lowenstein Theater. The
developer, St. Charles Town Co., plans to redevelop the property along
East Colfax into an entertainment and cultural center hosting a
Tattered Cover Book store, Twist & Shout Records, and a cinema and
cafe. Construction is underway.
The Mayan Theater was sold as part of the sale for the block at First
Avenue and Broadway. Purchased by Northwestern Engineering for $6.8
million, the 124,000 square foot block includes 59,000 square feet of
buildings. No redevelopment plans have been announced for the block,
and the new owner has said that no future plans for the site will
include demolition of the theater.
Four projects in the Denver metro area are among 21 finalists for the
2006 Awards of Excellence by the Urban Land Institute. Considered to
be the Academy Awards of real estate, the award recognizes
developments on such criteria as aesthetics, creativity, their
economics and environmental issues. Colorado is second only to
California for the most nominations, receiving nominations for the
Belmar in Lakewood, the Colorado Convention Center, the first phase at
Stapleton, and Clayton Lane in Cherry Creek. The Urban Land
Institute will select as many as 12 winners next month.
A 33-unit affordable condo project broke ground across from City Park.
Being built by Mercy Housing, the Legacy at City Park South
development will provide units priced from about $130,000 to $195,000
for those who make no more than 95.0% of the area median income. The
development will occupy a portion of the site of the former Mercy
Hospital at St. Paul Street between East 16th and East 17th avenues
and will complement the nearby luxury Pinnacle at City Park South
development, which is currently under construction by Opus
Northwest.
The Denver City Council voted on Monday to approve new zoning for the
East Colfax area. To be effective for the area bounded by Sherman on
the west, Albion on the east, 14th Avenue on the south and 16th Avenue
on the north, the zoning, called Main Street, will encourage
pedestrian-oriented development that will focus larger, denser
developments near major intersections and more modest developments
near low-rise residential neighborhoods.
Daniels and Associates signed a lease for 20,000 square feet at
3200 Cherry Creek South Drive in Denver. Monaco Square Holdings LLC
paid Prime Investment Properties $5.5 million, or $52,381/unit, for
the 105-unit Monaco Square apartment complex at 2361 South
Monaco Parkway in Denver.
Lincoln Property Co. purchased the 63,000 square foot Annex Building
at the Colorado Center at 2000 South Colorado in Denver for an
undisclosed amount. The purchase completes the acquisition of the
entire Colorado Center by the buyer, which previously had purchased
the office towers and entertainment complex for $93 million.
Groundbreaking for the 35-unit University Lofts development
occurred recently. Located at South University Boulevard and East
Evans Avenue, the development is to host 14 two-bedroom, two-bath
units and 16 four-bedroom, two-bath units. 8,800 square feet of retail
is also to be on the ground floor, with leases currently signed to a
bank and a neighborhood restaurant. Opening of the development is
anticipated in a year.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~
|
|
|
