Click Here to Subscribe Free
 

 

First a couple of promotions, then a HUGE amount of development to report, transportation and otherwise.

 

The Transit Alliance Citizens' Academy, 7 week program is the best way in Denver to become familiar with the ways that our evolving transportation infrastructure is transforming the community.  We hear testimonials like: "I cannot recommend it more highly to anyone interested in public transit and the urban environment." and "I completed this academy...and made not only connections but friends." and "The Academy was the first time that I really felt like a stakeholder."  Applications are due by 5pm on March 13.

 

http://www.transitalliance.org/

 

And here's another upcoming opportunity learn about real estate and transportation.  The Road Ahead is Transportation Solutions' ongoing series of seminars to bring to the dialogue cutting-edge and practical topics and research in transportation options that balance economic, environmental and health considerations to meet today's and future needs.

 

THE ROAD AHEAD - The Parking Conundrum - Dynamic Strategies for an Evolving World

April 2nd, 2015 at the Infinity Park Event Center, 4400 E Kentucky Ave - half day morning event

 

http://www.transolutions.org/roadahead/

 

The keynote speaker at The Road Ahead for 2015 will be Jay Primus Manager of SFpark in San Francisco, one of the most innovative municipal parking programs in the country:

 

http://sfpark.org/

 

At JRES in our real estate and transportation consulting work, we have found that parking is one of the greatest challenges to the development of transportation oriented communities.  In mixed use developments with participation by private developers, municipalities and transit agencies:

 

• How much parking is enough, but not too much?
• Should parking be surface or structured?
• Who should pay for the construction of parking?
• Who should pay for the rental of parking spaces?
• Who should manage the parking facility?
• How do you adapt parking to changes in parking requirements as transit is used more?

 

In addition to a leading edge update on parking, The Road Ahead is an opportunity for exposure to some of the most progressive community leaders and real estate professionals in Colorado.  Bill James is one of the founding members of the TS Board of Directors. We are a public-private partnership that promotes efficient use of public and private resources through transportation demand management (TDM).  Public and private organization members of Transportation Solutions are at:

 

http://www.transolutions.org/members/

 

We have found that TDM can be an important ingredient to successful transportation oriented development or TOD.  Some like to call them transit oriented communities (TOC) or even pedestrian oriented communities (POC).  Of course, TOC with mixed uses and higher density has become one of the most attractive and successful types of real estate development today.  The 2014 grand opening of the Union Station transit hub together with renovation of the historic Union Station building to become the Crawford Hotel have brought nationwide attention to Denver metro and RTD as leaders of innovative real estate development integrated with cost effective mass transit.

 

At Transportation Solutions our most visible recent project is a study that examined the demand for improved transit service between the new Union Station and Glendale, including the Cherry Creek area.  Alongside that study by an RTD contractor, TS is developing community partner financial support and technical innovations for the most feasible transit options to serve the area.  And as the Cherry Creek North business district is developed with dramatically increased density, and streets like Colorado Boulevard become increasingly congested, TDM has become an important part of the conversation as a potential solution.

 

Mark your calendar to attend, and please consider sponsorship of The Road Ahead event and perhaps even membership in Transportation Solutions.  Call Bill James at 303-316-6768 with any questions.

 

As we transition from 2014 to 2015 a recap of major accomplishments in real estate and transportation.

 

Under the leadership of APTA's chair, Phillip Washington, general manager and chief executive officer of the Regional Transportation District in Denver, the American Public Transportation Association has designated a national day of advocacy called "Stand Up for Transportation."   On April 9, APTA is asking every public transit system and every public transit business in the nation to take the lead with their local transportation partners in a common purpose and with one

message. It's time for Congress to act in the best interests of our country to build, repair and strengthen our transportation infrastructure, and to grow our communities-and our nation. You will hear more about this event in the coming months, and we hope you will participate. May 31st-when current federal transportation funding called MAP-21 expires-is only 130 days away. APTA and its members have worked tirelessly for a long-term bill. But the fact is, all we've been given is extension after extension. But the political will to take action on a long-term solution could be finally present.

 

The Colorado Department of Transportation announced further expansion of its statewide bus service. In April CDOT coaches will run from Loveland and Fort Collins to the bus hub at Denver Union Station. Other CDOT routes will run west from Denver to Glenwood Springs and south to Colorado Springs with stops in between. The service has been branded as Bustang and will provide six round trips between the hub at Denver Union Station and Colorado Springs. By the spring of 2015 CDOT expects to operate 13 buses on its expanding statewide bus service linking outlying communities to Denver.

 

The Denver Bike Hub will open at Denver Union Station in late 2015. The facility will be include a public plaza, a B-Cycle station, a bicycle repair center, showers and changing rooms and indoor space for up to 160 bicycles. The 2,800 square foot building and plaza is a venture of the City and County of Denver, Bike Denver and the Union Station Neighborhood Company.

 

Officials revealed plans for redeveloping the National Western complex into a mixed-use entertainment, research and educational center. The 109 year-old center on Brighton Boulevard in north Denver is best known for the annual Stock Show and Rodeo held each January. The plans call for a new arena and facilities for the stock show, an events pavilions, equestrian center, exhibition hall and a Colorado Commons retail and gathering plaza. The project will likely be developed in phases using a mixture of public and private funds. The financing plan is scheduled to be revealed in February of 2015.  More below.

 

An affiliate of the non-profit Urban Land Conservancy is seeking a $1.5 million loan from the City and County of Denver to assist in the acquisition of land for future affordable apartment development. The 6.1 acre site is located in the Elyria Swansea neighborhood of north Denver at 4800 Race Street and 4800 Vine Street. The site is currently occupied by an industrial building. ULC plans to ultimately develop about 100 affordable rental or for-sale units on the site, which is two blocks east of the future RTD commuter rail station at the National Western Complex. The project is designed to offer housing to some of the residents who will be displaced by a future reconstruction of I-70 in the neighborhood. 

 

The City of Aurora began the process for redeveloping the Regatta Plaza shopping center on 21.5 acres at the northeast corner of South Parker Road and South Peoria Street near RTD's Nine Mile bus and light rail station. The City declared the shopping center to be blighted and desires to see it rebuilt as a mixed-use transit-oriented project to take advantage of the proximity of the RTD station.  The Aurora Urban Renewal Authority sent requests for qualifications to potential developers. The authority then narrowed to three the number of developers who were asked to submit formal development proposals. Aurora's general development concept is for a mixture of uses including high density residential to take advantage of the proximity of the RTD station.  Responders to the request included Catalyst Urban Development and Cambridge Holdings, Koelbel and Company and Mile High Development and McWhinney.  One of the developers, McWhinney withdrew from the process leaving Mile High Development and Catalyst Urban Development along with a replacement for McWhinney, Nine Mile Village TOD Partners. The three companies will submit concepts to the City with a finalist selected by April.

 

TOD Index finds home values and rent prices near rail stations outperforms national market, yet are more affordable for residents.  A new report from the TOD Index reveals three important findings for the national real estate industry and housing market:

 

1. The financial performance of for-sale and rental housing in thousands of neighborhoods near rail stations across the United States significantly out-performs the national housing market.  Furthermore, among all station typologies, Transit Oriented Developments (TODs) are the leading performer.

 

2. Despite the impressive financial performance of TODs, households that live in TODs spend the lowest percentage of their income on housing and transportation costs, thus have $10,000 more in disposable income, per year, compared to the average American.

 

3. Households in TODs demonstrate the lowest vehicle ownership rates and highest rates of transit, walk, bike commuting, which has important implications for environmental sustainability.

 

Dr. John L. Renne, the creator of the TOD Index, stated, "TODs are performing so well in the market because they provide households with options.  These options include travel choices, choices of where to eat and shop, and the option to live a lifestyle with lower impacts to the natural environment."

 

The report finds that the average American spends one-third of their income on housing.  Residents of TODs spend only 24% of their income on housing.  Moreover,  TOD residents only spend 13% of their income on transportation compared to 18% for the average American.

 

Other key findings from the TOD Index include:

 

The average home value in a TOD was $518 per sq. ft. compared to the Zillow Home Value Index of $149 per sq. ft. for the average home in the United States. Rental rates in TODs was $2.28 per sq. ft. compared to the Zillow Rent Index value of $0.89 per sq. ft. for the average rental in the U.S.  Since the start of the economic recovery, in January 2012, TOD home values grew by 37% as compared to a 20% growth for the average American home Since January 2012, rental rates grew by 18% in TODs compared to 8% growth nationally.

 

Renne notes, "Even though TOD homes cost more on a per square foot basis, they are smaller so the overall cost is attainable. Moreover, 72% of households in TODs are renters as compared to 33% for the nation.  The barriers to rent housing is much lower than to purchase housing, so that's another dimension of housing affordability present in TODs." 

 

However, Renne cautions, "We are not building enough new housing near transit to keep up with the pace of growing demand, especially among the Millennials, so it will likely become less and less affordable in the near future." 

 

The TOD Index methodology found that two-thirds of all rail stations across the United States are not TODs because they are not dense enough and/or not considered walkable. 

 

Renne stated, "It should be a no brainer to promote policy to increase housing supply and promote walkability around underutilized rail stations because the government investment in the transit system has already been made. The market is speaking and Americans increasingly want to live in TODs."

 

http://todindex.com/

 

And here's an update of the FasTracks program that is the catalyst for all of this development.

 

RTD's FasTracks program continues to make progress across the metro area. We celebrated many milestones in 2014 including the opening of the Union Station Transit Center and the debut of the Free MetroRide, and we're moving forward with a very productive year in 2015. The East Rail Line to DIA will begin testing trains in the spring; the Gold and Northwest lines connecting Arvada and Westminster to Union Station are in the final stages of construction and the alignment is ready for track installation; the I-225 Rail Line will continue construction; and the US 36 express lanes will open to RTD buses and shortly after, the Bus Rapid Transit vehicles will arrive. And there's a lot more to come when all these projects open in 2016. Headlined by the opening of the Union Station Transit Center the top 10 RTD accomplishments in 2014 are:

 

RTD Transforms Downtown Commuter Travel - RTD opened the 22-bay bus concourse at Denver's Union Station and transitioned bus service from the Market Street Station; launched the Free MetroRide along 18th and 19th streets; and completed downtown light rail ramp replacements.

 

Ground Broken on North Metro Rail Line - Using innovative financing through Certificates of Participation to finance the construction of the North Metro Rail Line, RTD broke ground on the North Metro Line in March. Once completed, the line will run from Union Station to 124th through north Denver, Commerce City, Thornton, Northglenn and northern Adams County.

 

Commuter Rail Rolls in to Denver - A brand new type of train service is coming to Denver in 2016 called commuter rail. This year, RTD completed the commuter rail maintenance facility and received delivery of the first commuter rail vehicles from Philadelphia. Commuter rail cars will be used on the East, Gold, Northwest and North Metro Rail lines. The cars are bigger and faster than light rail vehicles and have level boarding and storage space for luggage and bikes.

 

Mobility Studies Determine Best Alternatives - This year, RTD conducted two mobility studies to look at alternative approaches to transportation and achieve regional consensus on the best ways to move forward. The Northwest Area Mobility Study was a collaborative effort with northwest area governments and transportation partners to look at near-term mobility improvements to the northwest area. The Central Rail Extension Mobility Study identified the most feasible transit route and operating plan to provide a direct connection between downtown Denver and the 38th*Blake Station on the East Rail Line.

 

Southeast Light Rail Line Extension Approved - The RTD Board authorized a $207 million extension of the existing Southeast Light Rail Line farther south into Lone Tree. Stakeholders have committed to contributing $35 million to $40 million in cash, right-of-way and other items to get the light rail extension completed. A Request for Qualifications was released and qualified design-build contractors will be shortlisted for the project.

 

RTD Completes Art Installations on W Line - As a part of RTD's Art-n-Transit program, art installations on the W Line were completed for eight separate commissions as well as 34 relay houses wrapped with artist designs. The Art-n-Transit program is based on RTD's belief that public art helps provide a stronger connection between neighborhoods and transit. Installing artwork at transit facilities creates a sense of community and provides opportunities to celebrate the diverse cultural, ethnic and historical richness of the many communities RTD serves.

 

Transit-Oriented Communities Pilot Projects Move Forward - RTD is a partner in the development of several transit-oriented communities (TOC) around our transit stations. In 2014, the Olde Town Arvada Transit Hub and the final stage of the Alameda Station project celebrated groundbreakings. These TOCs will help create a pedestrian-oriented environment that allows people to live, work, shop and play in places accessible by transit.

 

Safety and Efficiency Improvements Made to Existing and Future Rail Service - RTD successfully implemented the new Automatic Train Stop (ATS) system that will stop a train in the event of a major incident on the tracks or if a red signal is bypassed. RTD also completed the Supervisory Control and Data Acquisition (SCADA) fiber optic system to assure on-time connection with the expansion of new light rail service.

 

Workforce Initiative Now Program Recognized Nationally - In 2014, the Workforce Initiative Now (WIN) program was recognized nationally and used as a model for other transit agencies. Currently, WIN serves 450 participants. The WIN program is a collaborative partnership between RTD, Community College of Denver, Denver Transit Partners and the Urban League of Metropolitan Denver and helps create career opportunities in the transportation and construction industries.

 

RTD Continues to Support Small Business - RTD's Small Business Office achieved zero Disadvantaged Business Enterprise (DBE) findings during the Federal Transit Administration triennial review and met or exceeded all Small Business Enterprise (SBE) and DBE goals on RTD contracts.

 

During 2015 RTD plans to:

 

• Continue to make safety a top priority for passengers and employees in RTD's current operations, and educate the public about safety around construction projects and future rail lines.
• Complete the Fare Study and prepare for implementation of a new fare structure and smart card fare payment program in 2016.
• Keep FasTracks projects on time and on budget as we prepare for the opening of five new projects in 2016.
• Begin testing commuter rail trains on the lines opening in 2016.
• Continue to seek out creative financing approaches to further the remaining FasTracks projects.

 

www.rtd-denver.com

 

A major contributing factor to RTD's success has been its use of public private partnerships to develop transportation infrastructure in the Denver Metro Area perhaps best described in Progressive Railroading magazine at:

 

http://www.progressiverailroading.com/passenger_rail/article/Denver-RTD-makes-the-case-for-a-publicprivate-funding-approach--43150

 

One of the most overlooked and cost effective transit services available from the Regional Transportation District (RTD) is the SkyRide bus service to and from the Denver International Airport (DIA) - a reliable and convenient way to begin and end any trip without the typical traveling hassles.  SkyRide is an easy alternative with pickup locations at Park-n-Rides and bus stops throughout the Denver metro area. SkyRide buses operate seven days a week, 365 days a year, with buses departing from SkyRide stops at least once an hour.

 

http://www.rtd-denver.com/skyride.shtml

 

One-way SkyRide fares are just $9, $11 or $13 depending on your boarding location with parking available at 16 Park-n-Rides throughout the metro area. Daily parking fees may apply at some Park-n-Rides. If the car is registered at an address within the RTD district, parking is free for the first 24 hours and $2/day for every day after. For patrons with vehicles registered outside of the district, parking is $4/day every day.

 

http://www.rtd-denver.com/HowToPark.shtml

 

And here's an update on RTD's progress toward implementing Real Time Passenger Information.  RTPI will provide RTD passengers with predictive arrival times for their next bus. IT and Marketing are working toward providing predictive arrival times for busses via three primary delivery systems:  General Transit Feed Specification for Real Time (GTFS-RT) which will provide the information to Google Maps and some third-party application developers, Passenger Information Display (PID) signs and the RTD website. The GTFS-RT data will be made available in Q4 2015 and will allow application developers from outside of RTD to access real time information, incorporate this data into existing and new apps, and make them available to the public. The delivery of real-time data to PIDs and the website are expected to be ready between Q4 2015 and Q2 2016. The majority of effort in making RTPI available lies in gathering existing information from various sources, converting this information into a common format that in turn can feed multiple end-user sources including mobile devices and more.

 

And here are some details about two of the RTD projects under construction. 

 

At the Aurora Line/I-225 Rail project construction is almost 50 percent complete.  "The most visible and impactful to the public will be work in the Aurora Metro Center Area-the heart of Aurora's City Center," said Chuck Culig, RTD's project manager for the line. In the next few months, the City of Aurora will construct the Iliff Station parking garage and surrounding infrastructure. The 600-space parking garage will be completed in late 2015.  The 10.5-mile Aurora Line/I-225 Rail will extend light rail service from the current Nine Mile Station near I-225 and Parker Road, travel through major activity centers in Aurora like the Aurora City Center and Anschutz/Fitzsimons Medical Center, Children's Hospital and the new VA Hospital, and end at the Peoria Station. There, riders will be able to connect to the East Rail Line commuter rail train to Denver International Airport or Denver Union Station. The Aurora Line/I-225 Rail will open in 2016.

 

http://www.rtd-fastracks.com/i225_1

 

At the North Metro Line construction will start this spring on the first bridge on the project - 120th Avenue.  One of North Metro Rail Line's bridges will be the longest in the state of Colorado at 9,533 feet, the Skyway Bridge. The bridge will cross (from south to north) the Burlington Northern and Santa Fe railroad tracks, Brighton Boulevard, a Union Pacific railroad spur track, the Farmers Reservoir & Irrigation Company (FRICO) ditch, the Suncor Energy site, Sand Creek and Highway 270. RTD was able to save money and preserve private property to the greatest extent possible by going over instead of through these areas.  Design for the Skyway Bridge is 90% complete and construction is scheduled to begin in May of this year.

 

Along the North Metro Line will be the National Western Stock Show Station.  The North Denver Cornerstone Collaborative (NDCC) was founded in 2013 as a major planning and redevelopment initiative by Denver Mayor Hancock and includes three future RTD rail stations. The National Western Center (NWC), which includes the National Western Complex and the Denver Coliseum, lies in the middle of this plan that includes the Elyria, Globeville and Swansea neighborhoods, River North (RiNo), Brighton Boulevard, and I-70 east. The plan also includes the North Metro Line's Stock Show station, East Rail Line's 38th and Blake station and the Gold Line's 41st and Fox station. The master plan partners for the NWC also include Colorado State University, the Denver Museum of Nature & Science, and History Colorado.  Beginning  in 2006 with the North Metro environmental and planning process, RTD and the City and County of Denver (CCD) worked together to determine the best station location near the Stock Show. From there, CCD completed a Transit Oriented Development (TOD) Strategic Plan for the area around the National Western Stock Show (NWSS) Station.

 

RTD is responsible for designing and track alignment, station platforms, parking lots, and direct station access. Local jurisdictions and city staff along with community members work to determine the best use of the areas around new rail stations. While RTD is involved in the process, they do not offer input outside of the station area.  Through this planning effort CCD determined goals and potential concepts that include the half-mile area that surrounds the future sight of the NWSS Station. These concepts include future neighborhood and station access through different modes of transportation such as bike and pedestrian, neighborhood connectivity and TOD opportunities.  In late 2014 the NDCC released the NWC draft master plan for review and public comment.

 

http://www.denvergov.org/mayor/MayorsOffice/ProgramsInitiatives/NorthDenverCornerstoneCollaborative/tabid/444350/Default.aspx

 

Design of the North Metro Line is near the 90% mark and construction will begin shortly.  Construction of a Suncor pipeline along the North Metro Rail Line property at 95% complete. A total of nine new rail bridges are planned along the North Metro Line from south to north:

 

1. South Platte 1 -parallel to Denargo Street and over the Union Pacific railroad tracks and the South Platte River 

2. South Platte 2- over the South Platte River and Washington Street

3. 46th Avenue - over 46th Avenue near Brighton Boulevard

4. Marion Street- over Marion Street near the National Western Complex

5. Race Street - over Race Street north of the National Western Complex

6. Skyway bridge - see story above

7. 88th Avenue - over 88th Avenue near Welby Road

8. 104th Avenue - "twin" bridges over 104th Avenue near Colorado Boulevard

9. 120th Avenue - over 120th Avenue near Claude Court

 

http://www.rtd-fastracks.com/nm_2

 

Denver City Council Member Jeanne Robb reports that the City and County of Denver's continuing drainage Improvements in the Cherry Creek area are designed to upgrade the storm sewer and inlet capacity in the area to relieve the periodic flooding that has occurred historically during storm events. Many Cherry Creek merchants and residents alike have experienced flood damage to their properties and many streets become impassable during these events. While the improvements will not eliminate the risk, they will dramatically improve the capacity of the system to handle storm water. The project cost will be paid for with Denver Waste Water Capital Project funds and represents another major investment and upgrade in the City's infrastructure for the neighborhood.  The Denver Public Works Department has awarded the contract for construction of these continuing improvements to Concrete Works of Colorado. The project is broken into 4 segments of construction each lasting approximately 4 weeks.

 

The first segment began mid January from the Whole Foods parking lot entrance on 2nd Avenue and move east to Columbine Street. The second segment will go north on Columbine to 3rd Avenue and turn the corner onto 3rd Avenue going east to near Clayton Street. The third segment continues east on 3rd Avenue to Detroit and turns north on Detroit to the northern edge of the CCN BID with some work on Clayton Street north of 3rd.  The final segment is outside the CCN BID area, continuing north on Detroit to 4th Avenue.  The overall project is planned to be completed by early May, weather permitting.  In conjunction with the Storm Drainage Improvements, Xcel Energy is replacing or re-routing a section of the natural gas pipeline that serves the businesses and residents in the neighborhood. Xcel's work by Q3 Contracting is planned to be wrapped up by the end of January.  Several planning sessions with the City, Cherry Creek North BID board, staff and constituents resulted in a number of changes which mitigate the potential impacts of the construction.

 

Sears Holding Corporation announced that it will close its Sears store at 2375 East 1st Avenue in Cherry Creek North. The closure was not unexpected as the owner of the property, AmCap, Inc., has been studying redevelopment options, which could include an expanded Whole Foods supermarket and several office or residential towers. The Sears store, including an underground auto service facility, contains about 153,000 square feet. It was an early part of the commercial development of Cherry Creek North, opening in 1954. 

 

A private equity fund based in Dallas bought Trinity Place, a 195,753 square foot office building at 1801 Broadway in downtown Denver. Velocis paid an affiliate of the Broe Group $37 million, or about $189 per square foot. Broe Group bought the 17-story building in 2006. It was constructed in 1981.

 

East-West Partners plans to develop The Coloradan, a 19-story condominium building at 17th and Wewatta streets adjacent to Denver Union Station. The building will include ground floor retail space on the 17th Street side of the property. Construction is due to begin in 2015 with scheduled for 2017. The number of units planned in the building was not revealed.

 

White Lodging plans to begin work by mid-2015 on a dual-brand hotel at 15th and California Streets in downtown Denver. The 20-story, 480 room hotel will be divided between a Le meridien and an AC operation. It will contain about 12,500 square feet of meeting space. The hotel will be located about a block from the Colorado Convention Center.

 

Focus Property Group plans to develop a 200 room Hilton Garden Inn at 20th Street and Chestnut Place near Denver Union Station. The twelve-story building would be located at the west corner of the intersection and would include the long-derelict Denver Hose Company Number One fire station. That building, constructed in 1883 and used by Denver Fire Department until the early 1920s, would house the hotel's restaurant. Construction is scheduled to begin in mid-2015. Focus Property Group owns most of the rest of the block bounded by 19th and 20th streets, Chestnut Place and the railroad tracks. It plans future developments on the block, possibly including an office building and another hotel

 

With the completion of an $11 million renovation the annex to the Brown Palace Hotel will be rebranded as a Holiday Inn Express. The 231-room annex was built in 1959 across Tremont Place from the Brown Palace. The Holiday Inn Express concept will replace the current Comfort Inn designation.

 

Killin Properties bought 1576 Sherman Street, a 30,644 square foot office building a block north of the Colorado State Capitol in downtown Denver. The property was acquired from an unidentified seller for $4.9 million, or about $160 per square foot. David Leuthold and Tony Leuthold of Leuthold Group represented the seller while the agent for the buyer was Jim Rhye of Kentwood Real Estate. The 59 year old building is primarily leased to Tetra Tech, an engineering firm.

 

BLVD Builders in developing a 28-unit townhouse project in the Curtis Park neighborhood north of downtown Denver. The project is named Larimer Row and will occupy a site at 34th and Larimer streets, about four blocks from the future RTD commuter rail station and 38th and Blake streets.

 

An 11-story hotel is being planned for the southwest corner of St. Paul Street and East 2nd Avenue in Cherry Creek North. The building, which would contain about 160 rooms, would be north of, and perpendicular to, the American National Bank Building. Construction would involve the demolition of part of the ANB garage and retail space. The design concept has been presented to several neighborhood and business groups by the developer's representative, Open Studio Architecture. Specific plans may be submitted to City and County of Denver planners by February.

 

Inland American Communities bought Asbury Green, a 171-unit apartment building oriented to University of Denver students. The Dallas-based investment company paid almost $41 million for the property at 2400 East Asbury Avenue east of the DU campus, or about $239,000 per unit. The seller was not identified. Inland American has renamed the building University House.

 

An investment group called SMP 4275 Forest LLC bought a 31,428 square foot industrial building at 4275 Forest Street in northeast Denver. The seller was AVEJEN LLC, which received $3.3 million for the building, or about $105 per square foot. The seller was represented by Jeff Kummar of Altitude Commercial Realty while Ty Hubbard of Starbuck Realty Group was agent for the buyer.

 

Metropolitan Homes plans to develop a 120-unit apartment building for senior residents at 195 South Monaco Parkway in east Denver. Pending approval of a rezoning request by Denver City Council, the four-story building would replace a church on the site adjacent to Crestmoor Park.