James Real Estate Services, Inc.
  April 2009
Kenney Architechts
 
Cherry Creek North
 
Cherry Creek Chamber of Commerce
Cherry Creek Rotary
Glendale Chamber of Commerce
Cherry Creek Steering Commitee
Clayton Lane
Transportation Solutions
Cherry Creek Arts Festival
United Western Bank
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The firms of Semple Brown Design and Anderson Mason Dale Architects have been chosen by the developer of Denver Union Station, the Union Station Neighborhood Co. to design the first two buildings for the redevelopment of the Union Station property in downtown Denver. The total cost of the redevelopment is estimated at $500 million.

Plans to develop the site of 1822 Market in downtown Denver into a 514,000 SF residential project are currently up in the air due to the announcement by BlackRock Realty of San Francisco, the financier of the project,, that it is intending to foreclose on the property. To be known as 1800 Market, CORUM Real Estate, the developer, has stated that the current economic environment has delayed their efforts to construct the property, which was to total 300 apartments units in 13 stories.

Forever 21 has agreed to expand its lease space at the Denver Pavilions in downtown Denver from 7,600 SF to 32,000, a move that will make the retailer a dominant store at the site.  Gart Properties, owner of Pavilions recently announced a proposed $25 million renovation.

The Renaissance Riverfront Lofts celebrated its opening recently. Dedicated to serve the chronically homeless and low-income families, the 100-unit facility near Park Avenue West/I-25/ West 38th Avenue was built with tax credits that allowed the project to write off all but $1 million in debt and also facilitated the implementation of energy-efficient features in the building.

The former Circuit City building at 1505 South Colorado Boulevard has been purchased by KP Properties of Colorado for $7.5 million, or $176/SF.  Buyer intentions are not known.

Century Invesco Group LLC has purchased the Big Bear Ice Arena from Ice Bear LLC for $3.42 million or $34/SF. Located in the Lowry neighborhood of Denver at 8580 Lowry Boulevard, the 100,700 SF, 8-acre property had been on the market for 4 years and had an original asking price of $4.9 million.   The buyers reportedly have family who play hockey and intend to spend some $2 million on renovation of the former hangar built in 1957 including an athletic training facility, a restaurant, spectator seating and locker rooms.  The facility will continue to be used for youth hockey by the Colorado Thunderbirds and the Front Range Amateur Hockey Association.

Denver City Council Member Jeanne Robb reports that car sharing is now available in Denver like more than 40 U.S. cities with 2 companies operating locally.  Car sharing is an alternative to personal car ownership that provides members hourly rental of vehicles-without the costs of insurance, maintenance, or even gas.  Car sharing (notcarpooling) has existed for more than 20 years worldwide, providing a supplement to transit, cycling, and walking.

eGo Care Share, a local nonprofit with more than eight years experience as a successful car share organization in Boulder, is expanding to provide service in the Metro Denver area.  Members pay a small fee to join, must have good driving records and reserve cars on-line at $4/hour. The fleet of new, fuel-efficient vehicles is parked in convenient, locations and accessed with a special key "fob."  Transportation Solutions based in Cherry Creek has been working with eGo Carshare to identify potential locations for cars in Denver; the first cars should be available in Denver in the next month.  More at www.carshare.org.

Occasional Car has placed 2 new Honda Civic Hybrids in the Capitol Hill neighborhood. One is based at the Whole Foods Market near the corner of 11th Avenue/Ogden St. and the other car will be located at the Logan Parking Lot at 19th Avenue/Pennsylvania.  The firm plans to add 1 to 2 new cars per month over the next several months in various Denver neighborhoods.  Occasional Car charges a one-time application fee and three different rate plans include gas and insurance for personal and business memberships.  More at http://www.occasionalcar.com/rates.html,

The Cherry Creek Steering Committee was presented an update of the retail/office/residential redevelopment project of the 1st Avenue/St. Paul/Steele site by Leslie Mitchell of 1stBank and Paul Powers of Powers Corp. the developer.  In response to neighborhood input the development has commissioned a transportation demand management (TDM) study by Transportation Solutions and UrbanTrans consultants, which will analyze existing and projected land uses, and ways to reduce vehicle trips and miles travelled.  1stBank and Powers Corp. plan to submit a PUD for approval by the City of Denver toward the end of May. They plan no a hotel in the initial PUD but may revisit that option at a later date.  One of the buildings is proposed to be 156 feet high.

The Steering Committee also received an update of the 36 Steele Street Hotel Project from John Greenman representing Corporex, the developer and Chris Shears of Concept Design, the architect.  The plan for a 178-room boutique hotel is reportedly still viable and legal issues encumbering the site are being resolved. The current plan is to seek RMU-30 zoning for the site. The building is proposed to be 140 feet high excluding a mechanical penthouse and 16 to 18 feet of sidewalk in front.  Corporex plans to respond to traffic issues and neighborhood concerns with a traffic study as well. The Cherry Creek East Neighborhood Association has formed a working group to consult with Corporex and Bush Development which plans to develop the balance of the block.

The City and County of Denver is working with the Colfax Business Improvement District, the Greektown Local Maintenance District and RTD to improve the streetscape along Colfax Avenue between Grant and Columbine Streets.  Some $4 million in bond funds was made available for such a project in 2007.  RTD is working to help the city and the districts improve pedestrian access by developing bus rapid transit (BRT) in the area.  BRT is reconfiguration of traffic lanes and traffic signals to allow buses to move more efficiently.   East Colfax Avenue is one of the most heavily used transit corridors in the metro area.  Construction is planned for perhaps as early as late this year.

Andrison Morton has announced that its women's store is closing.  The former Auer's store at 2nd/St. Paul was purchased a several years ago by the owner of the men's store at 3rd/St Paul.  The store had been renovated in 2007 but sales reportedly declined and the bridal portion of the women's line was closed earlier this year.

The City and County of Denver nearing completion of a strategic plan for recreation centers and in 2007 some $11 million was authorized to develop a recreation center in central Denver.  Council District 10, essentially close-in southeast Denver has no recreation facility.  As the plan nears completion, no site has been selected yet for a new recreation center in District 10.

The Church in the City has moved from the former Safeway store at Colfax/Josephine to the former synagogue at 16th/Gaylord Streets.  St. Charles Town Company proposes to redevelop the "Esplanade" residential/retail project on the former church site and purchased the synagogue to relocate the church.  St. Charles also bought the Sun Mart gas station/convenience store at Colfax/Josephine to accommodate the project.  St. Charles intends to build some 250 apartments and 15,000 SF of retail space with a total budget of some $70 million.  But financing conditions today make the development questionable.  The church has purchased land around the synagogue for parking.

CommonGround, the new golf course on the former Mira Vista site will open on May 23rd.  The public course at Alameda/Havana on the former Lowry Air Force base is being developed by the Colorado Golf Association and the Colorado Women's Gold Association.  The all new par-71 design is by noted golf course architect Tom Doak who donated much of his fee.  The design is reportedly also cost effective bringing the total cost down to $4.8 million.


 
 
 
 
 
 
 
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