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Stonebridge
Cos. has announced that they will begin redevelopment of
the Colorado National Bank building in downtown Denver
in late August. To be reborn as the 230-room
Renaissance City Center full-service hotel by Marriott
in the 4th quarter of 2012, the $50 million
redevelopment will transform the building with the
addition of 2 stories to the 6-story building, a new
lobby with a full-service restaurant and café and a
1,000 SF fitness center and hot tub area. Tax increment
financing was provided through the Denver Urban Renewal
Authority, registration on the National Register of
Historic Places is proposed and LEED certification is
planned The property is located at the corner of 17th
and Champa streets.
The Courtyard Denver Downtown hotel was recently
exchanged between buyer DiamondRock Hospitality and
seller Urban Heritage Denver Hotel LLC. Totaling 177
rooms at 934 16th Street, the property was purchased for
$46 million, or $260,000/unit.
The opening of a new light-rail platform at Union
Station was celebrated this month. Costing $37 million
to build, the opening allowed the resuming of service on
the Central Platte Valley rail line by the Regional
Transportation District and the free shuttle bus for the
16th Street mall was extended to serve the
new platform. Denver Mayor Michael Hancock proclaimed
his desire to have voters approve a sales tax increase
for the completion of the FasTracks expansion. Denver
Union Station is also the focus of a commuter rail
facility to be built at its west doors for $113 million,
to provide commuter train service to Denver
International Airport in 2016 following the completion
of the $1.1 billion East Corridor line.
Mutual fund company Invesco Ltd. lost its naming rights
to Broncos stadium in a recent agreement made by
Englewood sporting goods retailer Sports Authority.
Purchased for $32 million for 10 years, the stadium was
renamed Sports Authority Field at Mile High.
Sembler Co. announced that it will complete and open the
redeveloped University of Colorado site in May 2014.
Located at East 9th Avenue and Colorado
Boulevard, the company intends to place 500 residences
and 350,000 SF of retail on the site that could possibly
include a theater, restaurants, health club and shops.
The company anticipates the redevelopment of the 28-acre
site to cost $180 million.
National Jewish Health has proposed rezone of the former
Gove School site at East 14th Avenue/Colorado
Boulevard to allow hospital use. The site was purchased
from Denver Public Schools contingent on the rezone.
The site zoning currently allows multifamily use and NJH
also proposes a similar rezone of its main campus at the
NWC of the intersection.
D.H. Friedman Properties has announced it will submit
plans to the city for the 4.15-acre site at the
northeast corner of I-25 and East Hampden Avenue. If
approved, the company will develop the site this fall
with as much as 20,000 SF of shopping space among 3
buildings, a restaurant with a rooftop patio, and a
bank. Completion of the project is anticipated for next
spring. An apartment project totaling 350 units is also
anticipated on the north side of the site.
A 50-unit residential development is to be placed near
the Evans light-rail station on the Southwest Line. To
be built by Medici Communities in partnership with the
Urban Land Conservancy, the development will provide
those earning 30.0% to 60.0% of the median income of the
area with loft-style residences, as well as retail and
commercial space. The Urban Land Conservancy purchased
the site for the development, which totals 0.96-acres at
2140 South Delaware Street, for $1,197,000 04 $29/SF.
The 238,000 SF Cherry Creek Corporate Center 12-story
office building in Glendale and the neighboring 356,000
SF Campus at Cherry Creek 2 and 5-story buildings
garnered $49.05 million and $13 million respectively or
$104/SF in a recent purchase by Real Estate Opportunity
Capital Fund and DPC Development Co. from SITQ of
Quebec. The 24-acre property includes four buildings at
4300 and 4500 Cherry Creek Drive South and 700 and 710
South Ash Street. The 12-story building was formerly
occupied by Charles Schwab and the campus is now
occupied the Colorado Department of Public Health and
Environment. The buyer plans to seek rezone from office
to multifamily allowing development to complement the
Glendale Riverwalk development proposed nearby along
Cherry Creek.
East West Partners and Starwood Capital Group have
entered into a joint venture focused on the continued
revitalization of downtown Denver and potentially other
urban development. The joint venture anticipates
initially focusing its activities in the emerging LoDo
area of Denver where the partnership has control of
several important sites targeted to multifamily, office
and hotel use. East West Partners has contributed
select assets it owns in Denver including a number of
undeveloped sites in the Union Station neighborhood.
Union Station will become Denver's new transit hub with
almost $500 million of public investment in light rail,
heavy rail and bus infrastructure. To see a video of
the proposed Union Station area redevelopment go to
http://unionstationdenver.com/
The operations of Union Station Neighborhood Company, a
joint venture of Continuum Partners and East West
Partners, will continue as they have since Union Station
Neighborhood Company was selected in 2006 as the master
developer for the redevelopment of the 20-acre Union
Station project. Starwood Capital Group is a private,
U.S.-based investment firm with a focus on global real
estate. Since the group's inception in 1991, the firm,
through its various funds, has invested over $9 billion
of equity capital, representing nearly $28 billion in
assets.
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