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  May 2008

 

 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 

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Hotel Gold Crown Champa LLC President Ranko Mocevic has announced plans to build a 17-story hotel in downtown Denver at 15th and Stout streets. To be on the same block as the Spire development at 891 14th Street, the 264-room development will also provide 12 condominiums on its upper floors and could open in 2010. The site was purchased for $6.25 million and had formerly served as the location of some restaurants.

Xcel Energy secured construction of a new office high- rise in the downtown Denver area with the lease of 350,000 SF in the property. To be located at 1800 Larimer Street, the 496,000 SF building will total 22 stories and be the first high-rise office building in Denver to have LEED CS Platinum designation of "green" buildings when it opens in 2010.

Great Gulf Group Ltd. has announced that it will not construct the condo development it had proposed for 1401 Lawrence St. The 51-story, 145-unit development was to have been the tallest condo tower in the metro Denver area, but preliminary sales for the project fell short of the number required to begin construction.

US Premier Office Equities LLC purchased the Denver Financial Center office complex in downtown Denver for $84 million, or $193/SF. The 2-building property is located at 1775 Sherman Street and totals 436,000 square feet. Massachusetts Mutual Life Insurance Co. was the seller.

The homeowners association for the Beauvallon condos at East 10th Avenue and Lincoln has filed suit against Craig Nassi, the developer, as well as BCN Development, Swinerton Builders, Darlene Sandoval and Big Horn Plastering. The suit, which alleges that damage has occurred to units in the property as a result of construction defects, has stifled sales of units in the building, since lenders are unwilling to loan on properties in which a lawsuit is occurring between the developer and the HOA.

Denver Mayor John Hickenlooper dedicated a major renovation of the Gates Tennis Center at Cherry Creek Drive North/Bayaud recently, including the new Joan Birkland Pavilion The Mayor and Ms. Birkland played a short match with junior tennis players. The renovation was the first since the tennis center was built some 30 years ago after donation by the late Charles C. Gates and includes second floor offices for the Colorado Tennis Association.

A study conducted by the Genesis Group of the residential market in the Lowry neighborhood of Denver found the area to have a higher appreciation rate than comparable neighborhoods and of Denver County as a whole. According to the study, the Lowry market recorded an annual appreciation rate of 8.0% for single family homes and 6.7% for condos in the period of 2000 to 2007. The similar neighborhoods of Cherry Creek, Hilltop, Stapleton and Washington Park recorded respective rates in the period of 7.2% and 4.6% and the average rates for the City and County of Denver were found to be 3.5% and 3.4%. Additionally, the median selling price of $612,475 for single-family homes and $281,811 for condos in the Lowry neighborhood in 2007 stood above the respective measures of $478,500 and $255,000 recorded for the Stapleton market and $225,000 $188,250 recorded for the City and County of Denver. The study was done on behalf of the Lowry Development Authority

 

   
 
 
 
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  Governor Bill Ritter approved the construction of a new judicial complex and a new Colorado History Museum with the stroke of a pen recently. To be built on the current site of the Colorado History Museum, which is surrounded by Broadway, Lincoln, 13th and 14th Avenues, the new 615,000 square foot judicial complex will be built at a cost of $295 million and is to open in 2014. The new Colorado History Museum, which will be built one block to the south, will total 200,000 SF upon its opening in 2011, and is projected to cost $113 million.

Join Transportation Solutions and The Cherry Creek Bike Rack on Wednesday morning, June 25 from 6:30 until 10:00 AM for the annual Bike to Work Day Breakfast Station Block Party. Detroit Street will be closed between 1st and 2nd Avenues to celebrate cycling in Denver. Stop by to enjoy free breakfast, coffee, cycling prizes and much more! June is also Colorado Bike Month. For a list of Colorado Bike Month events, www.bicyclecolo.org /. Allison Billings, TS Executive Director, is leaving as her newly expanded family relocates to North Carolina. Monica Strobel, Associate Director will serve as Acting Director while a permanent ED is selected.

According to the Lowry website, the Lowry Redevelopment Authority submitted the final Buckley Annex redevelopment plan at the end of the February, giving the U.S. Department of Housing and Urban Development (HUD) and the Air Force a review deadline of the middle of May. However, the LRA anticipates that HUD will need additional time. The Air Force has informed the LRA that it will not comment on the plan until HUD completes its review. Last month, the LRA received additional funding from the Office of Economic Adjustment (OEA). The LRA is now moving forward with the developer agreement between the LRA and the Air Force. The LRA will host a community meeting about the developer agreement this summer. Although there have been discussions with the city in regard to a General Development Plan at Buckley Annex, it has not been determined if one will be done prior to the selection of a developer.

The Colorado Golf Association (CGA) and the Colorado Women's Golf Association (CWGA) announced the new name of the association-owned golf course at Lowry - CommonGround Golf Course. The 7,200-yard, par 71 layout is a complete redesign of the previous course called Mira Vista and the work of world renowned architect Tom Doak and his Renaissance Golf Design group. The new facility will include an 18-hole championship course, an enhanced practice facility and two short courses devoted to junior golf. scheduled to open in spring 2009. The affordability of the course is an extension of the joint CGA and CWGA mission to promote the game of golf in Colorado.

The Lowry Vista owner is still working on a General Development Plan (GDP) to submit to the City and County of Denver. Lowry Vista must go through the City of Denver to receive land approvals, entitlements and zoning. However, Lowry Vista is subject to the Lowry Design Guidelines and the development team must submit plans to the Lowry Design Review Committee (LDRC) for approvals. The team is forming an Open Space Committee for the development.

Evan Makovsky, owner of the site at the NEC 1st Avenue/Steele Street that encompass the Conoco station and an office building to the north, presented a development idea for discussion and feedback from the Cherry Creek Steering Committee. The proposed development for the total 25,000 SF of land was a possible Hyatt suite concept hotel that would have approximately 250 rooms on 5 to 6 floors. The hotel would not provide services, such as a restaurant or meeting rooms, and may need to be constructed above several floors of parking with a vehicle entrance off Steele Street. Since no detailed plans were presented, the committee deferred any reaction until the project can be more clearly defined Mr. Makovsky was invited back when more specific project plans are available.

The owner of the building that houses the Cherry Creek North Post Office at 245 Columbine Street is not renewing the post office's lease after September 30, 2008. The Postal Service has occupied the building since October of 1963. Contrary to some rumors, the building has not been sold in for many years, and is not under contract for sale. Some post office boxes and services may need to be relocated to the Glendale post office.

Denver City Council Member Jeanne Robb has contacted the post office, Congresswoman Diana DeGette, neighborhood representatives, and the property owner in an effort to preserve a CCN postal service location. The post office does not need or use all of the present space in its current location and can contract with another business to provide specified services.

According to Ruben Rojo, Retail Manager, the Postal Service is seeking to form a business partnership with a retailer that is interested in providing Postal Service products and services to the community. Criteria for partnership include: approximately 250 SF available within a business location, the business cannot offer private mailbox service or competitive products and services, and handicap access - parking and ramp access nearby are important. The preferred location is in the Cherry Creek North area bounded by University, Colorado, 1st Avenue and 6th Avenue. If you are interested in this opportunity, contact Ruben Rojo, USPS Manager, Retail, 303-853-6722.

Send 'Em Packing at 283 Columbine, located next door to the post office, is reportedly expanding hours and adding more post office boxes. Greg Diamond, Congresswoman Diana DeGette's Chief of Staff is also receiving comments at Greg.Diamond@mail.house.gov.

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