 |
| |
As the Tattered Cover moves there, redevelopment of the Lowenstein
Theater along Colfax Avenue and Elizabeth advanced with the
addition of the Denver Folklore Center and Udi’s Handcrafted Foods to
the tenant mix. The location is to be the second for the Denver
Folklore Center, while it will be the third for Udi’s restaurant. The
new theater will also have a new 24,000 square foot building to house
the Twist & Shout music store, which is to run parallel and to the
west of the Tattered Cover book store along Josephine Street, and is
to house Neighborhood Flix cinema along its south end.
The Colorado Housing and Finance Authority has awarded low-income tax
credits to 3 apartment communities in Denver so that they can create
or preserve affordable housing. The Reserve at Gates, 16th Avenue &
Colorado Boulevard, 28th & Clay Residences were among 5 in the
state chosen to receive the credits, amounting to a total of 283
units.
A new record for price-per-square-foot for retail space was recently
set in Denver with the acquisition of the retail portion of Clayton
Lane in Cherry Creek North by AmCap Inc. Sold by Randy Nichols,
AmCap paid $97 million for the 182,802 square foot property, amounting
to $531/SF, far surpassing the previous square foot record of $400 set
last year in the same area. The purchase includes space occupied by
Whole Foods and Crate & Barrel.
At Lowry, 2 residential projects and 6 commercial buildings are
underway. The Fullerton Company and High Street Residential are
building the 41-unit Siena, a Tuscan-style condominium project. Set
for the location of 65 Rampart Way, the development will feature two-
and three-bedroom units priced in the $500,000s to $800,000, with
square footage to range from 1,567 to 2,247. Perlmutter and Sons Co.
is building a 120-unit loft style project called the Hangar Lofts. The
development will feature one- and two-bedroom units ranging in price
from $223,900 to $575,000 and have square footage ranging between 813
and 1,875.
Hibernia Holdings has broken ground at Lowry on the 3-building
Promenade Place, medical office condominium project with units from
the mid $200,000s and a 7,000 SF bank building. Hibernia also plans a
26,000 SF professional office building to go under construction this
fall. The Lowry Professional Building, another 14,000 SF medical
office condo building also broke ground this spring with 58% of the
units pre-sold. And finally, Stanisz Development has announced Spruce
Street Place, its 22,000 SF retail/medical office building to begin
construction this fall providing the only retail alternative to Lowry
Towne Center.
At Stapleton, developer Forest City Stapleton is building a
22-unit live/work development on South Central Park Boulevard. Called
The Workplace Lofts, the development will feature two- and three-
bedroom units ranging in size from 1,600 to 2,900 square feet and
running in price from the low $500,000s to mid-$700,000s. All are to
be ready for move-in in 2007.
The first project to be approved under Denver’s new Main Street zoning
has broken ground at Colfax/Madison. Blueprint will be 39
condominiums over retail space with condo prices in the $150,000 to
$400,000 range.
Matrix Capital Bank has broken ground on its new branch at
3rd/Josephine on the former Western Radio site. John Fiedler will be
Regional President.
The former Mervyn’s store in Glendale will be the new home of
Petsmart, joined by Sports Authority. No plans were
announced for the former PetSmart store on Colorado Boulevard. Sports
Authority merged with Gart Sports in 2003 and is reportedly now the
largest sports retailer in the country with over 400 stores.
The land and buildings behind the Original Hamburger Stand at
the SEC of Colorado Boulevard/Virgina Street in Glendale sold
recently. While the site is larger, after reduction for flood hazard
area in Cherry Creek, the site is about 3.4 acres making the
$6,500,000 price equivalent to $44/SF. Redevelopment plans are not
known.
Two apartment buildings at 5th/Garfield sold in May for
$3,300,000. With 33 units built in 1947 the sale is equivalent to
$100,000/unit. The buyer has announced no plans for changes from the
current apartment rental.
The Capri Apartments at 13th/Colorado Boulevard sold in May for
$1,950,000 or $54,000/unit for the 36 units built in 1954.
|
|
|
