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At James Real Estate Services we developed our email
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real estate community and the general community,
while fostering increased awareness of our company. In
addition to sharing information about Denver area real
estate and the economy, with the growth of
transportation oriented development in response to RTD's
growing FasTracks transit system, we strive to share as
much as possible about the effect of these developments
on the community as well.
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considering contribution to these community resources.
Bill James
303-316-6768
bjames@jres.com
A partnership of Lowe Enterprises Investors, Allstate
Insurance Co. and The Guardian Life Insurance Company of
America made its first purchase in the LoDo market of
Denver recently with the acquisition of the
Alamo
Plaza office building at 1401 17th
Street. Sold on behalf of Behringer Harvard via Mary
Sullivan and John Jugl of Jones Lang LaSalle, the
16-story, 191,150 SF property was sold for an estimated
price of $290-$300/SF, or roughly $55 to $57 million.
Behringer purchased the property in 2005 for $41.85
million.
A 1.58-acre site in Prospect Park in Denver was recently
purchased by apartment developer Edwards Cos. via ARA
principals Steve Odell and Chris Cowan. Located at
2901 Huron Street, A.B. Hirschfeld and
Sons CEO Barry Hirschfeld sold the property for $6.25
million, or $91/SF.
A retail building in Denver was recently exchanged for
$2.25 million, or $107/SF. Located next to the Colorado
History Center and the Denver Art Museum at
1147
Broadway, an undisclosed buyer purchased
the property from Windish Commercial Investments LLC.
Agency for Windish was provided via Tim Finholm and Sam
Leger of Unique Properties LLC-TCN Worldwide
The City and County of Denver is currently completing
the approval process for a new apartment complex in the
Ballpark district near Lower Downtown Denver by Legacy
Partners. Known as
Legacy
22nd, the 6-story, 212-unit property is anticipated to
break ground in late 2012 or early 2013 along the half
block of Lawrence between 21st and 22nd streets.
The Ballpark district of downtown Denver has been
selected by Simpson Housing as the location for its
newest apartment projects. Set for the northwest side
of Walnut Street between 27th and 28th streets, the
5-story
Walnut
Flats apartments are to offer 169 units
in sizes of 612 to 1225 SF. To break ground in late
2012 or early 2013, the development is to also offer 224
structured parking spaces.
Vacancy in the
Cherry
Creek North retail area has improved
significantly from 2009, according to data released by
the Cherry Creek North Business Improvement District.
The District reports the market as gaining 37 new
businesses this year to affect a vacancy rate decline
from the 2009 high of almost 14.0% to less than 7.0% in
2012. As well, the market has improved in retail sales
tax collections to near prerecession levels, with the
measure climbing 22.0% since 2009.
A liquor license application submitted by
Trader
Joes was approved recently by the Excise
and Licenses Department of the City of Denver. To be
physically separated from the grocery store, the
application was met with no resistance by area
residents.
The small retail building at
745
Colorado Boulevard was recently traded
in an off-market deal to 745 Colorado Blvd LLC for $1.37
million, or $330/SF. Sold by The Diag Partnership via
Kevin Matthews of Sperry Van Ness, the Chipotle-anchored
building totals 4,150 SF and is located near the planned
site of a Trader Joes grocery store.
A sale price of $2.73 million ($112/SF) was garnered by
Triton Properties for the 24,260 SF retail building at
1028-1080 East Colfax Avenue. Sold via
Marc Lippitt, Scott Shwayder and John Sheflin of Unique
Properties LLC-TCN Worldwide, the property was purchased
by E/L Properties LLC.
A southeast Denver
Kmart
store is now liquidating its stock so that it can close
in January. Located at 2150 South Monaco Street, the
move follows earlier closures made by parent company
Sears in Longmont, Westminster, Glenwood Springs, and
Broomfield.
A price of $28 million was paid by Coughlin and Co. for
the
Lakes at
Monaco Pointe apartment complex at 6165
East Iliff Avenue in southeast Denver. Totaling 426
units, the property was sold on behalf of Jackson Square
Properties via Terrance Hunt, Shane Ozment, Doug
Andrews, and Jeff Hawks of ARA. The sale price equates
to $65,728/unit.
Denver City Council Member Jeanne Robb reports that
Secretary of the Interior Ken Salazar designated
Denver
Civic Center as a National Historic
Landmark, marking it as the City and County of Denver's
first NHL and one of two Civic Centers in the country to
achieve this prestigious recognition. Historic Denver,
Inc., submitted the nomination.
The National Park Service, which administers the NHL
program, defines National Historic Landmarks as
"nationally significant historic places designated by
the Secretary of the Interior because they possess
exceptional value or quality in illustrating or
interpreting the heritage of the United States."
Presently, NHLs comprise less than 3 percent of all
properties listed in the National Register of Historic
Places. San Francisco's Civic Center is the only other
location of this type currently recognized as an NHL.
The NHL designation extends from the State Capitol on
the east side of Broadway to the Denver City and County
Building on the west side of Bannock. State properties
included within the boundary are: the State Capitol and
its grounds; the State Office Building (northeast corner
of Colfax and Sherman); the "Colorado State Museum"
building (southeast corner of East 14th Avenue and
Sherman Street, which is now used as an office and
meeting annex for the capitol); Lincoln Park and
Veterans Park. City properties included are: Civic
Center Park, the McNichols Building (Carnegie Library),
the Greek Amphitheater, Voorhies Memorial, the Pioneer
Monument, and the City and County Building (14th and
Bannock).
Civic Center joins a list of some of the most iconic,
treasured and historically significant spaces in the
United States. NHL designation places Civic Center
alongside such sites as the Empire State Building, the
Alamo and the Library of Congress.
Wondering about the construction along Peña Boulevard on
the way to DIA? Find out in the FasTracks Commuter Rail
Project Newsletter. The Regional Transportation District
(RTD) and its contractor, Denver Transit Partners (DTP),
are in full construction on the East Rail Line, Gold
Line, Northwest Rail Westminster Segment and the
Commuter Rail Maintenance Facility as a part of the
Eagle P3 Public-Private Project. More
at:
http://www.rtd-fastracks.com/ep3_59
World Finance, a prominent financial magazine based in
the United Kingdom, has recognized the
Eagle P3
Project as the Best Transport
Public-Private Partnership Project in North America in
2012. The award is for excellence and innovation of a
key infrastructure deal. It was considered by the
judges as an "exemplar of good practice". In
considering projects, the evaluation panel considers: 1)
Does the project exhibit creativity and innovation; 2)
Does the project enable socio-economic value; 3) Can the
framework of knowledge be used elsewhere. The Eagle
Project is the first transit P3 in the U.S.
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