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  June 2008

 

 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 

Welcome to Cherry Creek Perspective. If it was forwarded to you, and you would like to continue to receive this monthly email newsletter, subscribe free by clicking on Subscribe If you are not sure if you have already subscribed, feel free to subscribe again. You will be sent only one copy.

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It's not too early to begin thinking about the election this fall. Much more will be on the ballot than the race for US President. Cherry Creek Perspective invites you to consider Bill James for Director of RTD District A - essentially southeast Denver and Glendale. As RTD is challenged by increasing costs and economic uncertainties, it needs board members with transportation management experience to maintain its position as one of the best run transit agencies in the country. Go to www.billjames4rt d.com to find out more information. And reply to this email with your suggestions for RTD and the campaign, or just your permission to put a yard sign on your property.

Denver Botanic Gardens is moving forward with its plans to build a parking structure and other facilities and amenities. Phase I of an $80 million plan will be funded by $18.6 million in bonds approved by voters last fall and include a visitor center, a new greenhouse and upgrade of irrigation system. Phase II will include the parking structure, a pedestrian bridge to the main Gardens entrance, a Children's Garden and a member access gate from Cheeseman Park. Phase II will be funded by private donations and $15 million in Certificates of Participation provided with the assistance of the City of Denver. The parking structure will have two levels underground with access from York Street and the pedestrian bridge will be from the second above-ground level of the structure which will also house some ticketing. The entire redevelopment is intended to make Denver Botanic Gardens one of the most "ecologically friendly" in the country. Incidentally, Denver Public Works is also looking at straightening the S-curve on southbound York Street, just south of the Botanic Gardens and will likely coordinate with the DBG redevelopment plan.

The Denver City Council advanced the redevelopment of the Denver Union Station into a multimodal transportation hub for the FasTracks public transportation system this week with the approval of the creation of the Denver Union Station Project Authority. The authority will act as a vehicle for financing and governance of the project. It will be allowed to pursue tax-increment financing for the project as well as generate additional revenue for the project, which could go as high as $60 million.

Colorado Free University is moving its headquarters from its long time location at Colfax/York Streets to its auxiliary location in the former fire station at the Lowry Redevelopment. Some classes will remain at Colfax/York.

Recently the Cherry Creek North Neighborhood Association reported to its members that Representative Diana DeGette called a meeting to assess progress in finding a new location for the Cherry Creek North Post Office which is due to be closed by September. The meeting included various representatives of the post office, Denver Council Member Jeanne Robb and members of the CCNNA Board. According to the report, a post office has to meet various requirements with respect to dedicated employee and customer parking, loading dock, large vehicle access, etc. Given the relatively small size of the business district, the number of locations meeting these criteria is limited. And the people in charge of the relocation process at the Post Office "don't seem to be trying very hard." And it will likely take 2 years before a new post office is operational. Rep. DeGette reportedly made several helpful suggestions and explained to the post office people that not finding a new site in Cherry Creek was not an option (her words).

 

   
 
 
 
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  Transportation Solutions, the transportation management association based in Cherry Creek North has a new Executive Director. The Board of Directors recently approved Monica Strobel, long time Associate Director as replacement for Allison Billings. Allison is returning to North Carolina with her expanding family (twin girls) and husband Steve who recently completed a PhD at the University of Colorado. Allie has been a tremendous asset to rational transportation planning and implementation in southeast Denver/Glendale and the metro area as a whole. She will be missed. Monica and Rebecca Cales, Community Relations Specialist will certainly continue to fulfill the TS mission to enhance mobility without a hitch.

The Cherry Creek North Business Improvement District continues to design the proposed redevelopment of public improvements in the District as numerous private developments proceed. A mission statement for the project has been written which briefly expresses the intention to enhance the outdoor environment integrating commercial and community activities to enhance commerce. Objectives of the redevelopment fall into the areas of streetscape, lighting, environmental graphics, circulation (pedestrian, auto, transit, etc), parking, events facilities and infrastructure. More when the design is presented to the community.

The Denver Pavilions shopping center in downtown Denver has been purchased by Gart Properties, based in Cherry Creek North, for $94.5 million, or $272/SF. Purchased jointly with ING Clarion Partners LLC, the property houses retailers United Artist Theatres, Niketown, Barnes & Noble, and Virgin Records. The new owners plan to make improvements to the center that include escalators and high-tech video signs.

The Church in the City at the NEC Colfax/York Street is moving in 2009 to the former synagogue at 16th/Gaylord. Charley Wooley, redeveloper of the Lowenstein Theatre into the Tattered Cover complex practically across the street, plans to redevelop the former Safeway store site and will meet with neighbors this week to accept questions and comments about the mixed use project.

The Oxford Arms apartments totaling 63 units at 756- 758 Colorado Boulevard sold recently for $2.6 million, or $41,270/unit. BWAB Property Holdings purchased the property for the purpose of redeveloping the site into a Marriott Residence Inn extended stay hotel together with the site of the building formerly occupied by Annie's Café and a video store. Annie's Café has moved to the former Goodfriend's Restaurant building at Colfax/Steele Streets.

The 130,700 square foot Citadel office tower at Cherry Creek Drive South/Alameda was sold for $31.75 million, or $243/SF. Located at 3200 Cherry Creek South Drive, tenants include Daniels and Associates, Deutsche Bank and New York Life Insurance and the buyer is KBS Realty Advisors in Newport Beach, California.

Crescent Real Estate Equities LP has sold two buildings in Cherry Creek to Schnitzer Northwest LLC of Seattle for an undisclosed amount. The properties include 55 Madison Street (8 stories, 137,200 SF) and 44 Cook (10 stories, 124,200 SF) have a combined area of 261,400 square feet.

Fifteen new jobs were added to the local economy with the conversion of a Wild Oats store at 11th/Ogden on Capitol Hill to a Whole Foods Market.

Ground has been broken on a new pediatric hospital at 1719 East 19th Avenue. To total 100,000 square feet upon completion in 2010, the new Rocky Mountain Hospital for Children is to provide an 84- bed neonatal intensive care unit, a 22-bed emergency department, and include a new 4-story building that will provide an ambulatory surgery center as well as office space. The project is to be constructed at a cost of $113 million.

Bush Development has purchased the retail/office building at the SWC East 3rd Avenue/Clayton Street for $3.15 million equivalent to $362/SF for the 8,700 SF building for it's current income and its long term development potential. The price is including the building is equivalent to $420/SF of the 7,500 SF site. Current tenants include David Ellis Jewelers and Great Harvest Bread Co. Bush Development is also assembling three office properties at the SEC East 1st Avenue/Steele Street for redevelopment into the mixed use Steele Creek project.

Once again you can benefit a great cause and play golf in the 12th Annual Cherry Creek Rotary Golf Tournament at Arrowhead Golf Course on July 31. Register on line at www.eg olftourney.com/rotarygolf and learn more about Denver Cherry Creek Rotary at www.cherrycre ekrotary.org. The $175.00 entry fee includes lunch at noon, driving range, cart, and dinner. Help fund many worthy causes ($50,000 in grants this year) including dental missions to South and Central America (13 years), Rotary's worldwide efforts to eradicate polio, local causes such as, Greenlee Elementary School, and Boys and Girls Clubs.
 
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  If your organization would like to consider sponsorship of Cherry Creek Perspective, please contact Bill James at bjames@jres.com or 303-316- 6768.


 

 
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James Real Estate Services, Inc. | 90 Madison St. Suite 300 | Denver | CO | 80206