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James Real Estate Services, Inc.
 
March-April 2015   

 

Nearly 400 people turned out on April 9th to join the Regional Transportation District (RTD) and its many partners for a unity parade and rally as a part of "Stand Up 4 Transportation Day"-a national day of advocacy on April 9 to create awareness and support for long-term, sustainable transportation funding. At Union Station, the crowd gathered for a rally to encourage Congress to pass long-term transportation funding. Denver Mayor Michael Hancock got the crowd pumped up with a catchy chant: "Pass the bill. Pass the damn bill." Congresswoman Diana DeGette attended the rally to hear the call from the people first-hand. "I call on Speaker Boehner to do his job and bring the bill to the floor for a vote."

The Stand Up 4 Transportation effort is being led by the American Public Transportation Association (APTA) to push the U.S. Congress to pass a long-term transportation spending bill. The current funding bill, Moving Ahead for Progress in the 21st Century (MAP 21), expires May 31. Former RTD General Manager and CEO Phillip Washington initiated the idea in his role as this year's chair of APTA.  Along with RTD, more than 350 transportation partners from across the nation marked the day with a variety of activities in many other cities including Los Angeles, San Francisco, San Diego, Dallas, Atlanta, New Jersey, Phoenix, Charlotte, Boston, Salt Lake City and others.  An online petition to Congress as well as information on how to contact members of Congress voicing support for transportation funding is available online at:

 

www.standup4transportation.org

 

Phil Washington, who has been at the helm of the Regional Transportation District for the past six years, was recently selected by the Los Angeles County Metropolitan Transit Authority as the agency's next CEO. Phil has been an executive at RTD for 15 years-the last six as GM and CEO and nine before that as an assistant general manager. Prior to coming to RTD, Phil had just retired as a Command Sergeant Major from the US Army after 24 years of service.  From implementation of the FasTracks transit expansion program, to creation of new funding strategies through public-private partnerships, to development of career pathways through the WIN program, Phil has transformed RTD and the metro area. We thank him and wish him well in this new endeavor. RTD's board of directors is actively seeking a new general manager, and has appointed Dave Genova, Assistant General Manager of Safety, Security and Facilities as interim general manager until a permanent replacement is hired.  The Board has appointed a General Manager Executive Search Committee (GMESC).  The GMESC process is designed to take into consideration RTD's current position as the nation's

vanguard transit agency. RTD has begun a comprehensive outreach effort to keep employees, stakeholders and community informed.

 

In response to Stand Up 4 Transportation Day, Congressman Ed Perlmutter read the following into the Congressional Record:

 

Mr. Speaker, I rise today to recognize and applaud Denver's Regional Transportation District (RTD) and the many cities around the country that participated in Stand Up 4 Transportation Day this past April 9th.

 

In Denver, nearly 400 people came out to support the many forms of public transportation around Colorado, ranging from buses, shuttles, vans, bicycles, cabs, car services, pedicabs, light rail and rail.  More than 350 organizations in U.S. cities and towns participated in the event.  Stand Up 4 Transportation Day succeeded in raising awareness about the importance of public transportation and a long-term, sustainable transportation authorization bill.

 

Stand up 4 Transportation Day was a brainchild of former General Manager and CEO of RTD, Phil Washington. During his time with RTD, he always pushed for surface transportation reauthorization for the future. In Phil's own words, "It's time to do some nation building. But the funding is key to more access to transit, new buses and trains, more reliable service, less gridlock. We can't meet the demands of our growing population and economy without a long-term commitment from Washington."

 

I applaud Phil and Denver's RTD for their efforts in the Denver metro area. Our communities are more connected and our quality of life is better for it.

 

Thank you

 

Exciting things are happening with RTD's FasTracks program. Construction crews are hard at work preparing for the opening of the US 36 rapid transit bus service and four rail lines in 2016. RTD's new bus rapid transit service, the Flatiron Flyer, will connect commuters to Denver, Westminster, Broomfield, and Boulder.  Road construction on the US 36 express lanes is 93 percent complete with 10 of the 18 miles opening in mid-summer. We see test trains on the East Rail Line tracks between downtown and the airport. The Gold Line to Arvada, and the Northwest Line to Westminster are nearly 75 percent complete, and construction on the I-225 Line has reached the halfway mark.  More at:

 

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

 

RTD is making good progress with the agency's ongoing Fare Study. The purpose of the Fare Study is to simplify RTD's existing fare structure in a manner that is cost-effective, equitable and better serves the District's needs going forward.  RTD conducted 16 public hearings to present the Fare Study Task Force's recommendations to riders, stakeholders and the general public. The task force is gathering as much public input as possible before taking a final recommendation to the Board for approval.  The public can also watch an explanatory video at:

 

www.rtd-denver.com/farestudy

 

The Board is expected to take a final vote on the proposed fare changes in May.  RTD will implement any approved fare policy changes in early 2016, before the opening of five new transit lines.  In the near future, RTD also plans to expand and build upon its existing smart card system.  The Fare Study's next phase will include a comprehensive evaluation aimed at streamlining RTD's pass programs including the Nonprofit Agency Reduced Fare Program, which currently enables more than 200 nonprofits and social service agencies to provide free or reduced-cost fares to low-income passengers.

 

Denver City Council Member Jeanne Robb reports that the East Colfax Transit Alternatives Analysis of the best transit option for East Colfax Avenue resulted in a recommendation for bus rapid transit or BRT. The City of Denver could request permission to enter into the initial phase of the Small Starts federal transit funding program at anytime. However, the Federal Transit Authority has told us that we will be more competitive if we finalize our NEPA (environmental protection) phase and begin some design work before entering. The current schedule contemplates completing NEPA this fall. Denver Public Works has requested funds from the Budget Office in the coming year(s) to help pay for some design work to help further refine the project so that we are competitive for funding.  Based on this, the earliest submittal for Small Start funding would be the fall of 2016.

 

The Central Denver Recreation Center contractor plans to break ground in August 2015.  

 

The contractor working on the City's Storm Drainage Improvements Project in the Cherry Creek North area has completed the majority of the work up to the 4th Avenue and Detroit intersection ahead of schedule. The storm drainage outfall pipes, new inlets, utility relocations, water line and gas line upgrades and street repaving have mostly been completed. The completion of Columbine Street repaving between 2nd and 3rd Avenues has not been completed due to upcoming site and utility work by the developers of the 245 and 250 Columbine projects.  The project involves a new storm drain line in 4th Avenue east to the alley east of St. Paul Street. Some additional inlet construction will also be completed to add capacity at Clayton Street and 4th Avenue to relieve historic flooding conditions in the 200 block of Clayton Street.  For additional information and project contacts visit:

 

www.denverstorm.com

 

Also the City proposes a "bundle" of zoning Proposed Text Amendments in response to feedback from permit customers, neighborhood organizations, and Denver residents and will help meet the changing needs of our community.  Some of the proposed changes include:

 

  • Earlier neighborhood notifications on rezoning proposals.
  • Adjusted bicycle parking standards for churches, recreation centers and hotels.
  • New requirements to activate the ground-story of buildings in main-street and mixed-use districts for an improved pedestrian experience.
  • New regulations for where commercial marijuana extraction may take place.

 

More at:

 http://www.denvergov.org/cpd/CommunityPlanningandDevelopment/Zoning/TextAmendments/tabid/438089/Default.aspx

 

At I-25 and Broadway Station planners will soon invite area residents, property owners and business owners to participate in shaping the future of the I-25 and Broadway station area. This station area is one of Denver's greatest transit-oriented development (TOD) opportunities outside of Denver Union Station.  When complete, the plan will provide a framework, vision elements, strategies, transformative projects, and implementation strategies for the future evolution of the station area. It will also identify needs and make recommendations for infrastructure, mobility, parking, land use, open space, economic development, housing, partnerships and other cultural and community investments. 

 

  • Saturday, May 9
  • 9 a.m. - noon
  • Denver Design District - 595 South Broadway
  • Meet by the "Articulated Wall" -- tall yellow sculpture

 

www.DenverGov.org/i25broadway

 

Denver City Council Member Mary Beth Susman reports that the pedestrian/bike crossing on the High Line Canal Trail at Parker and Mississippi is scary at best. In 2014 a massive study was conducted of all the crossings along the length of the trail. The crossings were then ranked to find those most urgently in need of modification, and not surprisingly, the Parker and Mississippi crossing topped the list. DRCOG (Denver Regional Council of Governments) has agreed the situation needs to be fixed, and has earmarked matching funds from their Transportation Improvement Program to underground the crossing. When completed, pedestrians and bikes will be able to cross below Parker Road without worrying about car traffic.

 

Gather your family and friends for the Save Our Sundial Independence Day Family Fun Festival in Cranmer Park on Thursday evening, July 2, 2015. Activities will begin at 5:30 pm, with a variety of entertainments for the young and not-so-young! Wear your red, white and blue patriotic clothing and come have some fun! The Independence Day Family Fun Festival will conclude with Glendale's fabulous annual fireworks presentation at about 9 pm.

 

Free musical entertainment will be provided throughout the evening. Activities for the kids will require a nominal donation to benefit Save Our Sundial. There will be a number of food trucks on site to provide tasty treats for your family's dining experience, or you can pack your own picnic. Bring blankets and chairs if you'd like. We'll be sharing the park with a kickball tournament and maybe a few soccer games. There's plenty of room for everyone - feel free to bring your frisbees! Well behaved, leashed dogs are welcome to join their families, too.

 

Save Our Sundial, a project of The Park People, continues its efforts to raise sufficient funds to restore the Sundial and Sundial plaza to its original glory, with a keen eye toward historic preservation and a plan for responsible maintenance going forward. Donations to the Save Our Sundial Fund will be encouraged and accepted at the event. If you'd prefer to make a donation online, you may do so anytime at www.SaveOurSundial.com, or by mailing a check to The Park People/Save Our Sundial Fund, 1510 South Grant Street, Denver, CO  80210. All donations are fully tax deductible as The Park People is a recognized 501 (c) (3) organization with a 46 year history of advocating for Denver's parks.

 

Civic Center Station has served as one of RTD's regional bus transit centers and has been a part of the downtown landscape for more than three decades. Now, it is time for this important transit hub to get a much-needed facelift, with two projects that will transform Civic Center Station for the future. Civic Center Station serves as one of RTD's busiest regional bus transit centers with 18 routes and it provides a turnaround point for the 16th Street MallRide. It is also the location of the Civic Center Plaza.  The new design proposes a complete renovation of the site including:

 

  • Nine bus bays
  • Glass-enclosed terminal building
  • Bus concourse rebuild
  • Bus ramp extension connecting Broadway to Lincoln
  • Open view from 16th Street Mall to the State Capitol

 

RTD and downtown partners are sponsoring the Civic Center Transit District Plan (CCTDP) to establish a long-term vision and identify near-term implementation options for the future of the station area as a revitalized urban transit hub and new downtown anchor.  The CCTDP will establish a vision for transit operations, multi-modal mobility and connectivity, public realm planning and economic development opportunities within the transit district area.   The CCTDP kicked-off in January 2015 and is expected to last about one year.  The effort also involves analysis of short, medium and long-term implementation strategies for a 20,000-square-foot developable parcel along the north side of Colfax Avenue between Broadway and Lincoln Street. Once complete, the Civic Center Transit District will be a model of how multiple transit services can organize within a very active, yet constrained, urban area while maintaining high-quality connectivity for bicycles, pedestrians and vehicles.        Streetscape and wayfinding elements will create a unique district identity and economic development opportunities within the transit district will be examined to build upon synergies between transportation and development.  Public input is important to the success of the Civic Center Transit District Plan and the team is doing targeted outreach to stakeholders, commuters and the community to get their suggestions and ideas for how the area can be transformed for the future.

 

The Colorado Department of Transportation set July 13 as the date it will implement its regional bus service. The system will feature routes that terminate at Denver Union Station and radiate to Colorado Springs, Fort Collins and Glenwood Springs, with intermediate stops. The 13 buses will be branded as Bustangs.

 

The food court at the Republic Plaza building in downtown Denver will be replaced with an 8,000 square foot co-working space and a 7,000 square foot fitness center. Republic Plaza is located at 370 17th Street. At 56 floors it is the city's tallest building. 

 

Zayo Group opened a 19,000 square foot data center at 1500 Champa Street in downtown Denver. The center is designed to help Zayo's customers connect with the company's fiber optic network. Zayo, which is based in Boulder, has similar data centers in Centennial and Inverness. 

 

Shorenstein Properties plans to begin construction by the end of 2015 on 1709 Chestnut Place, a 510-unit apartment project in the Central Platte Valley near Denver Union Station. The San Francisco-based developer is proposing two buildings, one of 24 stories and the other of 12 floors. About 16,000 square feet of retail space would be located on the ground floors.

 

AMLI Residential plans to develop another apartment building in the Riverfront Park neighborhood of downtown Denver. The 305-unit AMLI Riverfront Green would be located on a site along the south side of Little Raven Street between 18th and 19th streets. Construction on the seven-story building is scheduled to begin in late 2015. 

 

Japanese clothing retailer Uniqlo leased 22,000 square feet in the Denver Pavilions retail center on the 16th Street Mall in downtown Denver. The company has 39 stores in the US and about 1,500 worldwide, mainly in Europe and Asia. In addition to the new Denver store Uniqlo plans stores in suburban Washington (DC) and Seattle, all of which will open in 2016.

 

Comcast Corporation moved into 22,000 square feet of office space at 1899 Wynkoop Street in downtown Denver. The telecommunications company is relocating about 200 jobs to the new office from Centennial.  The new office will be occupied by employees of Comcast Wholesale, a division for content distribution and media management. 

 

Construction started at Union Tower West, a $92 million office and hotel project at 1801 Wewatta Street near Denver Union Station in downtown Denver. The development will include a 180-room Hotel Indigo, 100,000 square feet of office space and 10,000 square feet of retail space. Union Tower West is being developed by Portman Holdings and InterContinental Hotels Group. Construction is expected to be completed by late 2016 or early 2017. 

 

Holland Partner Group began construction on 17W, a 640 unit apartment building in downtown Denver near Denver Union Station. When completed in late 2016 the project will be one of the largest apartment communities in metro Denver. The 13-story, U-shaped building will have retail space on the ground floor, including a Whole Foods supermarket. 17W will occupy the block bounded by 17th, 18th and and Wewatta streets and Chestnut Place. 

 

The expansion of a Walgreen's pharmacy at 16th and Stout Streets will also result in the creation of about 18,000 square feet of office space above the store. Walgreen's is in the process of expanding into space formerly occupied by a Dress Barn store. As part of the expansion the building owner, a group of four Denver families, decided to renovate the space on the second floor which had been vacant and unusable for 15 years. Newmark Grubb Knight Frank is handling leasing of the office space,  

 

Construction started on Z Block, a mixed-use development in LoDo. The project will occupy much of the block bounded by 18th, 19th, Blake and Wazee streets will will contain about 200,000 square feet of office space, a 172-room hotel and 30,000 square feet of retail and restaurant space in new and restored buildings. The project is being developed by a partnership of McWhinney, Great American and Sage Hospitality. Construction is scheduled for completion in September of 2016.  Industrial developer ProLogis will move its operational headquarters to Z Block. The company's corporate headquarters will remain in San Francisco but its operational offices will occupy about a third of the office space component of Z Block.  

 

The Colorado Athletic Club leased about 38,000 square feet of space at 1601 Wewatta Street, a 300,000 square foot office building being developed by Hines and Jordan Permutter and Company in LoDo. The LoDo location will be the eighth for Colorado Athletic Club, including two others in downtown Denver. 

 

The Saint Francis Center proposes to build a 50-unit apartment building for residents transitioning from homelessness. The building would occupy a site at East 14th Avenue and Washington Street in Capitol Hill owned by Saint John's Episcopal Cathedral and leased to the non-profit sponsor on a 99-year term. Development may begin in early 2016 if the Saint Francis Center can obtain low income housing tax credits to help fund the project.

 

RedPeak Properties began site work for 707 Sherman Street. The eight-story building at the northwest corner of East 7th Avenue and Sherman Street in Capitol Hill will contain 105 units. Completion is set for late 2016.

Zipcode: 80203

 

City Office REIT bought the Logan Tower, a 69,968 square foot office building at 1580 Logan Street in downtown Denver. The Vancouver-based company paid DPC Development Company $10.5 million, or about $150 per square foot. The ten-story building was constructed in 1983.

 

The Wizard's Chest is moving from its long-time location in Cherry Creek North to larger quarters at 451 Broadway near downtown. The toy and costume shop will expand from 8,000 square feet at 230 Fillmore Street at over 12,000 square feet at its new location. The retailer has been located in Cherry Creek North for 33 years but needs additional space. 

 

White Cap Construction Supply leased 107,000 square feet of warehouse space at 701 Osage Street in the Denver Urban Business Center, south of downtown Denver. The company distributes tools and construction materials. The former Sears distribution center is now owned by Arc Capital Partners, which is converting the building to multi-tenant industrial use.

 

Metro State University is planning to construct a 142,000 square foot aerospace and engineering sciences buildingon the Auraria campus. The $70 million classroom facility will be located on the southeast corner of Auraria Parkway and 7th Street. MSU expects construction to begin later this year with completion in 2017.

 

The Welton Street corridor north of downtown Denver continues to be a popular locale for proposed apartment projects. The latest is 2560 Welton, a 130-unit building to be developed by a partnership of Confluence Companies and Palisade Partners. The eight-story building will also include ground-floor retail space and 15,400 square feet of second floor office space.

 

The Thrive Workspace co-working operator expanded its downtown space, leasing 24,000 square feet at 1415 Park Avenue West in the Ballpark neighborhood. The office will replace smaller quarters at 18th and Blake streets and will be able to accommodate up to 70 tenants. Thrive has plans for a future co-working operation on the 16th Street Mall of about the same size as the Park Avenue West space. .

 

The Denver City Council tentatively approved the master plan for improvements to the Denver Zoo. The plan cover a 15 to 20 year period and calls for 32 new structures and exhibits, although some of those would replace existing structures. The 80-acre Denver Zoo is located on the north side of City Park, west of Colorado Boulevard in east Denver. .

 

Treehouse Brokerage and Development of Denver filed a rezoning request with Denver planners to allow the development of Sustainability Park, a residential community in the Curtis Park neighborhood north of downtown Denver. The company plans to buy the property, which is bounded by 25th, 27th, Arapahoe and Lawrence streets, from the Denver Housing Authority. The concept calls for 160 to 190 for-sale multi-family units. The rezoning application will be considered by the Denver Planning Board and the Denver City Council.

 

Construction started on the conversion of a north Denver warehouse into Stride, a co-working facility for health care technology firms. The project is being developer by Wink, Inc. at 3825 Lafayette Street near the future RTD commuter rail station at Blake Street and 38th Street. Concept plans are currently being developed for a second phase of Stride.

 

Stonebridge Companies is planning to develop a hotel replacing the Rollnick Building at the northeast corner of East 2nd Avenue and Milwaukee Street in Cherry Creek North. Details have not been finalized for the hotel, which will have about 200 rooms. The company bought an existing office building and parking lot on the site in late 2014. 

 

Rite Aid will close its store in Cherry Creek and move to a new facility at Leetsdale Drive and South Cherry Street. The new store will have 14,600 square feet and is being developed by Kentro Group. Rite Aid shares a 52,500 square foot building with a Safeway supermarket adjacent to the Cherry Creek shopping center at the southwest corner of Steele Street and East 1st Avenue.  Safeway is negotiating with Taubman Company, owner of the Cherry Creek Shopping Center for extension of its lease at the center.

 

The Pauls Corporation filed a zone change application that would permit construction of a twelve story condominium building in the Cherry Creek North neighborhood of east central Denver. The project would be the second phase of the100 St Paul mixed-use development on East 1st Avenue between Steele and St. Paul streets. The Pauls Corporation is currently completing work on the first phase, an eight-story office building to be anchored by First Bank. If the rezoning is approved by Denver City Council the second phase at 149 Steele Street would contain 56 condominium units.

 

A large indoor and outdoor tennis facility may be built near South High School. The project, sponsored by Denver Public Schools, the University of Denver and Denver Tennis Park, would be located near All City Stadium, The concept is for seven indoor and eight outdoor courts neat I-25 and Franklin Street. The complex would be open to the public along with students from DU and local schools. The concept is being discussed with neighboring residents and Denver planners.  

 

The Urban Land Conservancy bought a six acre parcel of land with an office warehouse in the Elyria-Swansea neighborhood of north Denver. The property is located at East 48th Avenue and Race Street near the site of the proposed redevelopment of the National Western Complex and an RTD commuter rail station. The non-profit organization paid $5.5 million for the property. It will now begin to consider transit-oriented development options.

 

Menalto LLC reveled plans for a five-acre mixed-use development in the RiNo district of north Denver. The project at 1910 38th Street will contain 108,000 square feet of retail space and  ultimately up to 400,000 square feet of office space. The retail space will be anchored by a Blue Moon Brewing Company brewpub, which will occupy a renovated 28,685 square foot former warehouse. The project's site is one block west of Brighton Boulevard and several blocks from RTD's future commuter rail station at 38th and Blake Street.

 

Lynd Real Estate plans to develop a 277 unit apartment building at 3001 Brighton Boulevard in the RiNo neighborhood of north Denver. The six-story building would be part of the mixed-use Industry complex being developed on the site. Construction is scheduled to being in late 2015.

 

The Brighton Boulevard corridor may get another apartment community. Mill Creek Residential Trust submitted plans to City and County of Denver planners for Modera River North, a 360-unit project at Brighton Boulevard and 28th Street, just north of the Broadway underpass. Construction on the six-story building may start in late 2015.

 

The Denver City Council unanimously approved the redevelopment plan for the National Western Stock Show property and adjacent neighborhoods. The plan will likely cost about $856 million to implement over the next ten years. Much of the funding will come from an extension of an existing Denver tax on lodging and rental cars, pending approval by Denver voters, probably in a November referendum. The National Western Stock Show Association committed to invest $125 million in the project, which will occupy about 275 acres of land on Brighton Boulevard at I-70.  Pending final approval by the Colorado legislature, the State of Colorado may contribute up to $250 million for Colorado State University's role in the National Western Center. The concept is for the State to engage in lease-purchase agreements on parts of the redeveloped National Western Center on Brighton Boulevard that would be used by Colorado State University. The university intendeds to expand educational programs at the National Western Center and to operate an equine sports medicine clinic, veterinary clinic and research center. The City and County of Denver is seeking state tourism funds for the center and will likely ask Denver voters to approved the extension of existing taxes on lodging and rental cars in a November ballot. 

 

Streech Properties bought 500 West 53rd Place, a 112,653 square foot warehouse in north Denver. A private investor sold the 44-year old building for almost $5.2 million, or approximately $46 per square foot. The seller was represented by Fuller Real Estate brokers Jeff LaForte and Robert Pipkin while DTZ agents Alec Rhodes, Tyler Smith and Aaron Valdez represented Streech Properties.

 

The former Penn Garage at 1300 Ogden Street in Capitol Hill may be redeveloped with a five-story condominium building. Generation Development is planning to incorporate the historic garage into the building, which may include about 30 units. The Penn Garage was built in 1926 and is typical of other such garages constructed in central Denver neighborhoods for residents who did not have their own garages as auto ownership became more prevalent. Pending planning approval construction may begin by late 2015.

 

The newly established Colfax Mayfair Business Improvement District retained the Design Workshop architectural firm to plan streetscape improvements on East Colfax Avenue. The work will include plans for improved sidewalks, street lighting, landscaping and bicycle facilities in the corridor between Eudora Street and Monaco Parkway and around the Mayfair Town Center at East 14th Avenue and Krameria Street. The project is being funded by the City and County of Denver and will coordinate with plans for improved transit on East Colfax Avenue. . 

 

Demolition began at the site of the former University of Colorado medical center at Colorado Boulevard and East 9th Avenue in east Denver. Continuum Partners acquired the property from CU and will develop a $419 million mixed-use project on the site, including the adaptive reuse of several existing buildings. Demolition is expected to take about sixteen months although work on the first phase of development may begin by late 2015.

 

Construction will begin shortly on Garden Court at Yale Station, a 66-unit apartment building oriented to moderate income residents. The four-story building is located near the RTD southeast light rail line station at East Yale Avenue and I-25. Mile High Development and Koelbel and Company are developers of Garden Court at Yale Station. 

 

Stream Realty Partners bought Centerra, an 18-story office building at 1873 South Bellaire Street in south Denver. The 186,129 square foot building was acquired from AEW Capital Management LP/Public Employee Retirement System of Idaho for $26,680,000, or about $142 per square foot. The building is several blocks north of the RTD Colorado Center light rail station. The seller was represented by Chad Flynn, Tim Richey and Mike Winn of CBRE.

 

California investment firms 29th Street Capital and Kayne Anderson Capital Advisors bought three apartment properties in southeast Denver. The companies acquires the three buildings, which contain a total of 664 units, from Heller Stone Properties for $70 million, or about $105,000 per unit. The communities in the transaction are Asbury Plaza at 5100 East Asbury Avenue, Brittania Heights at 1251 South Bellaire Street and The Blake and Allison at 1240 South Birch Street. ARA was the brokerage firm that handled the transaction. 

 

Construction started on residential units in the first phase of Boulevard One, the latest section of the former Lowry Air Force Base in east Denver to be redeveloped. Boulevard One occupies the 70 acre site of a former military finance center south of East 1st Avenue between Quebec Street and Monaco Parkway. Infinity Home Collection and Wonderland Homes are the first builders starting single family homes in the neighborhood, with units expected to sell in a range of $400,000 to over a million dollars. Seven other builders have been chosen by the Lowry Redevelopment Authority to construct units in Boulevard One.

 

The Lowry Redevelopment Authority filed a rezoning request with the City and County of Denver for the mixed-use section of Boulevard One, the site of the former US Air Force Finance and Accounting Center at Quebec Street and East 1st Avenue. The 18-acre site is planned for 450 apartment units, 120 single family houses, 230 row houses and about 200,000 square feet of office and retail space. The apartment units would be located above the first-floor commercial uses in multi-story buildings fronting on Quebec Street and East 1st Avenue. The rezoning from O-1 to C-MX5 corresponds to the master plan for the redevelopment of the former Lowry Air Force Base.

 

An undisclosed individual investor purchased Hilltop Center, a 35,686 square foot retail property in east Denver. The 14-year old center is located at 5075 Leetsdale Drive and was acquired for $7,050,000, or about $198 per square foot. The buyer was represented by Nezar Aweida of REMAX Leaders while Sperry Van Ness CRE Advisors agents Kevin Matthews and Troy Meyer were agents for the seller.

 

The City of Glendale announced plans for Glendale 180, a retail and entertainment venue on the south side of East Virginia Avenue between South Colorado Boulevard and South Cherry Street. The project is designed to contain about 194,000 square feet of retail space and 109,000 square feet oriented to entertainment uses. The City of Glendale intends for construction to begin in the fall of 2015 with completion in two years.

 

A partnership of Central Development and DMI Real Estate purchased 1660 South Albion Street in south Denver. The 111,786 square foot office building was acquired for $9,880,000, or approximately $88 per square foot, from Sperry Equities. The seller was represented by Unique Properties LLC-TCN Worldwide broker Kurt Holzkamp. The building is located several blocks north of the Colorado Center RTD light rail station. RTD and the City and County of Denver recently constructed a pedestrian and bicycle bridge over I-25 to improve access to the station from the north.

 

Finally, great descriptions of nearly all of the major developments in Cherry Creek North, and of The Source redevelopment of the old Colorado Iron Works foundry building at 3350 Brighton Boulevard are in Colorado Construction and design magazine at:

 

http://goldenbellpress.com/index.php/ccd-2014-issue-2015-winter

 

 
 

 

 

 


 

 
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