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According to the Denver Post, Fairfield Residential is developing
another 240-unit apartment rental project at Harrison/Dakota, but no
other information is available yet. 150 Madison is a condo project
under construction in the 100 block of South Madison Street. As shown
at
http://www.150 madison.com/ the 29 units will range in size from
1,200 to 2,700 SF and are priced from the high $400,000’s.
After a long and difficult financing and development planning process
the Lowenstein Theatre finally sold in February for $1.8 million. The
price is equivalent to $49/SF for the 37,000 SF building and $27/SF
for the 66,000 SF site. St. Charles Town Company is renovating the
building and adding a parking structure at a cost of $14 million to
serve new tenants/owners including the Tattered Cover Bookstore moving
from Cherry Creek North in June, Twist & Shout music store and the
Denver Film Society.
The residence at 100 Jackson Street, most recently used as an office
by several tenants was purchased in April for $635,000 or $102/SF for
the 6,350 SF site. The building has been removed and the buyer’s
intentions are not known.
The Regatta Square shopping center at 727 Colorado Boulevard sold in
April for $2.4 million or $401/SF for the 5,983 SF fully occupied
building.
The 152-room Ramada Inn at Colfax/Downing sold in April for $7,500,000
or $49,300/room. The older facility includes a pool, restaurant/lounge
and banquet rooms, and the buyer’s intentions are not known.
The church at Leetsdale/Colorado Boulevard was purchased in March at a
price of $1,150,000. This is equivalent to $50/SF for the 23,000 SF
building and $25/SF for the 46,000 SF site. The buyer, affiliated with
Lincoln Property Company has a short-term church tenant and is
consulting with neighbors about redevelopment before likely applying
for a rezone.
Community Banks of Colorado purchased the former Vince’s Texaco
property and the office building to the north at the NWC of East 1st
Avenue/Cook Street in February in separate transactions that total $3
million. The bank reportedly intends to remove the existing buildings
and build a 19,000 SF branch with a drive-up. The prices are
equivalent to $160/SF of land.
Dr. Brian Willoughby purchased the 2-story office building at 48
Steele Street in February and intends to renovate it and partially
occupy it with his cosmetic surgery office. At $1,050,000 the price is
equivalent to $198/SF for the 5,300 SF building.
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