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Northstar Commercial Partners Acquires Former Aurora Medical Pavilion

16 Apr 2014, 5:03 pm

By Gabriel Circiog, Associate Editor

Northstar Commercial Partners recently announced the acquisition of a four-story building, formerly known as the Aurora Medical Pavilion.

Located at 830 North Potomac Circle, the 113,568-square-foot building sits on 5.34 acres with interstate frontage on I-225 between 6th Avenue and Colfax Avenue. Northstar Commercial Partners plans to revamp the property for medical office use or to convert it to a patient/family housing facility dedicated to those people receiving medical care at nearby facilities.

“Aurora is a major center of medical services for our state, region and country,” says Brian Watson, founder and president of Northstar Commercial Partners. “We want to create a premier housing/care facility so that patients and families can stay in comfort while receiving world-class medical care nearby.”

According to Watson, the redeveloped facility could provide lodging for up to 200 people. The Colorado-based company is willing to develop the project and lease it to firms in the medical industry or related sectors. The major advantages of the property are the prime location, lower cost and immediate availability to serve the major medical facilities in the area.

The building was acquired for $3.4 million from NCWP – Aurora Medical Pavilion LLC by 830 Potomac LLC, an ownership entity created by Northstar Commercial Partners. Situated close to the University of Colorado Anschutz Medical Campus, the property is adjoined to the south by The Medical Center of Aurora, to the north is the Spalding Rehabilitation Hospital and the Ronald McDonald House. According to estimates from the Aurora Economic Development Council over $4 billion has been invested in new and existing medical facilities in the area.



Marriott Hotels Expands in Colorado with 215-Room Denver Marriott Westminster

11 Apr 2014, 8:39 pm

By Gabriel Circiog, Associate Editor

Etkin Johnson Real Estate Partners and White Lodging Services recently announced the opening of the full-service Denver Marriott Westminster hotel and Tiller’s Kitchen & Bar restaurant in Westminster, Colo.

The 215-room hotel broke ground in August 2012 and has become the first newly constructed, full service hotel in the Denver/Boulder corridor to open in over ten years. The six-floor Denver Marriott Westminster features 12,000 square feet of event, ballroom and meeting space and a new guestroom design.

Tiller’s Kitchen & Bar features a distinctly American menu character which celebrates the bounty of craft producers, local farms, Colorado Ranches and sustainable food sources.

“I am excited for the hotel opening and to represent the Marriott brand here in Colorado,” says Dave Kennedy, General Manager at Denver Marriott Westminster. “We are looking forward to welcoming guests and providing a quality experience for both visitors and those that live in the local community.”

Kennedy, in the past, was the general manager at the Renaissance Flatiron Hotel in Broomfield, Colo. and has joined White Lodging in 2002 as a regional director of training and recruiting. In 2003 he was promoted to general manager of the Boulder Marriott Hotel. Stasia Patience, with over 33 years of experience working for Marriott branded hotels, will join the Denver Marriott Westminster team as director of sales and marketing.

The Denver Marriott West also recently announced it has undertaken a $1 million renovation which aims to bring the beauty of its surroundings indoors. The renovation will cover all public spaces and the Copper Creek bar and restaurant, the casual American eatery undergoing a complete transformation.

Located at 1717 Denver West Boulevard, The Denver Marriott West, features 303 rooms and two suites. The hotel also features 15 meeting rooms with 10,300 square feet of flexible event space, two concierge levels, Starbucks, indoor and seasonal outdoor pools and a fitness center.

Rendering Courtesy of: www.marriott.com



KTGY Group Inc. Announces Phase III of the Vallagio at Inverness

3 Apr 2014, 6:06 pm

By Gabriel Circiog, Associate Editor

KTGY Group Inc., Architecture + Planning, recently announced that construction has started on Phase III of the Vallagio at Inverness. The transit-oriented master-planned development is located in southeast metropolitan Denver. Vallagio III, situated on the southeast corner of I-25 and Dry Creek Road, will add a total of 364 new homes to the project.

Developed by Englewood-based Metropolitan Homes Inc., Vallagio features a retail center, dedicated light rail station with a covered pedestrian bridge, open spaces and public art. Upon build-out Vallagio will include an estimated 1,000 residences.

Vallagio is situated just minutes from South Denver and Downtown, with easy access to the nearby light rail stop and I-25. Centennial Airport is less than ten minutes away and residents are close to numerous world-class resort amenities available at the Inverness Hotel, Conference Center and Golf Course.

On Lot 1 of the development, along the world-class Inverness Golf Course in The Resort Collection neighborhood, 36 for-sale single-story attached villas are under construction. Dubbed Taliesin Pointe, the lot features Ranch-style golf villas that vary in size from 2,800 to 4,700 square feet. After analyzing the previously designed footprints of Woodley Architectural Group Inc., the original architect, KTGY developed new plans for 30 of the units in order to meet the preferences of today’s buyers.

KTGY provided updates to the original design, provided by Kephart Architects, of Amberley Heights, a 96-unit luxury apartment community on Lot 2. The community features two four-story 48-unit mid-rise apartment buildings with one-, two-, and three-bedroom units averaging 1,600 square feet.

Over on Lot 3, KTGY designed Waller Commons, a 232-unit apartment community that features one- and two-bedroom units ranging in size from 800 to 1,350 square feet. The community will include a 4,500-square-foot clubhouse with a pool, fitness center, spa and community room.

“Residences at Vallagio are highlighted by classic exteriors, meticulously designed to mix seamlessly in a beautiful, park-like setting complete with landscaped gardens, public art, and a unique pedestrian orientation,” says Michael Ohara, AIA and principal at KTGY. “The homes offer low maintenance living; the lock and leave lifestyle that is desired by the diverse target market.”

Photo Courtesy of: www.vallagio.com



RingCentral Inc. Expands Denver Office

27 Mar 2014, 11:57 pm

By Gabriel Circiog, Associate Editor

San Mateo-headquartered RingCentral Inc. recently announced that the company is expanding its Denver office. The company provides cloud business communications solutions and had opened the Denver office in 2011 to increase sales, technical and customer support personnel as the company expanded nationally. Denver was chosen for its proximity to customers and access to a rich local pool of tech-savvy talent. In less than three years, the Denver office grew to over 100 employees. Over the next 12 to 18 months, RingCentral plans to nearly double its Denver area workforce.

Regional Vice President of Sales and General Manager of RingCentral’s Denver office, Dave DeMink, said in a statement: “The company is experiencing rapid growth and we are investing heavily in our most important asset, our people, as we innovate and scale. We expect the enterprise market to drive the next era in RingCentral’s success, and the Denver organization is a competitive differentiator for the company as we focus on growing local implementations and supporting our expanding up-market customer base.”

In other local news, the University of Denver recently announced that Denver philanthropists Anna and John Sie have donated $17 million to the University of Denver’s Josef Korbel School of International Studies. The donation is the largest single private gift in the 50-year history of the Josef Korbel School and will fund the construction of a 43,000-square-foot building for the school.

The new construction will adjoin the school’s existing Cherrington Hall and the Sié Chéou-Kang Center and will form the Anna and John J. Sie International Relations Complex. University Architect Mark Rodgers and architectural firm Anderson Mason Dale are collaborating on the final design and groundbreaking is scheduled to take place in late summer of 2014. The construction is planned to be completed by December 2015.

Logo Courtesy of: www.ringcentral.com



New African Cultural and Business Center, Afrikmall, Set to Open This Summer

24 Mar 2014, 5:19 am

By Gabriel Circiog, Associate Editor

An ownership entity created by Colorado-based Northstar Commercial Partners, 10180 E. Colfax LLC, has acquired a building in Aurora, Colorado and has provided a long-term lease to Afrikmall.

Afrikmall plans to create a Denver metro hub for the African community and will open its doors to Coloradans who want to experience African culture, food and entertainment.

“Our value proposition includes helping our tenants develop entrepreneurial skills and business experience through collaboration with other entrepreneurs across cultures, while enriching shoppers’ mall experience by enabling them to enjoy diverse African cultures,” says Cobina Lartson, founder and CEO of Afrikmall. “We invite the entire African Diaspora community and shoppers looking for an African experience to shop Afrikmall for a new taste of Africa right here in Colorado.”

Located at 10180 East Colfax Avenue, within the Aurora Cultural Arts District on the Colfax corridor, the property is at the center of a three-mile radius that includes the Stapleton and Lowry developments, and the University of Colorado Anschutz Medical Campus. A groundbreaking is scheduled to take place soon, with the grand opening of Afrikmall to take place this summer.

“The Afrikmall project pursues three objectives that we found compelling,” says Brian Watson, founder and president of Northstar. “It gives a home to small businesses serving their community, it creates a unique cultural experience that will draw many thousands of visitors, and it puts into productivity a vacant building in a prime area of Aurora. We are honored to help launch Afrikmall.”

Around two dozen businesses, including a variety of retailers and restaurants, are expected to locate within the 56,281-square-foot mall. At the moment the countries of origins represented by those business owners include Ehtiopia, Ghana, Ivory Coast, Liberia, Nigeria and Senegal, with others from Congo, Gambia, Kenya and other countries expected to follow.

“Afrikmall offers a truly unique business model for African entrepreneurs,” said Aurora Mayor, Steve Hogan. “I look forward to the rich cultural diversity Afrikmall will bring to Aurora, and I wish them tremendous success.”

Logo Courtesy of: www.afrikmall.com



Crow Holdings Capital Partners Acquires the Historic Brown Palace Hotel Portfolio

24 Mar 2014, 5:10 am

By Gabriel Circiog, Associate Editor

Crow Holdings Capital Partners recently announced that its Crow Holdings Fund VI has completed the purchase of Brown Palace.

The transaction includes the Brown Palace Hotel & Spa, as well as the adjacent Comfort Inn Downtown Denver, with a total of 472 guest rooms, 22,100 square feet of meeting space and five food and beverage venues.

Located at 321 17th Street in downtown Denver, the historic Brown Palace Hotel and Spa was built in 1892. It is the only downtown Denver hotel to receive the Forbes Four-Star and AAA Four-Diamond awards for over 30 consecutive years. The hotel features numerous amenities including a bar/lounge, restaurant, fitness center and business center.

The hotel will continue to be managed by an affiliate of Quorum Hotel Advisors, the property manager since 1987.

Talking about the acquisition, Diane Parmerlee, Crow Holdings Capital’s director of hotel investments, says: “We are pleased to add this landmark establishment to our Fund VI portfolio. The Brown Palace Hotel is well-aligned with Crow Holdings Capital’s hotel investment strategy, which is focused on upscale assets with strong underlying fundamentals.”

The Dallas-based asset fund manager, since 1998, has managed six private equity real estate funds with equity capital from these funds totaling approximately $4.1 billion. Fund VI is the largest fund, closing with capital commitments of $1.067 billion in August 2013. As of December 31, 2013 the real estate funds have acquired or developed over $12 billion in assets.

Image Courtesy of: www.brownpalace.com



Five Welton Street Projects Win $475,000 in Planning Grants Through the Welton Design / Development Challenge

7 Mar 2014, 1:15 am

By Gabriel Circiog, Associate Editor

Denver Mayor Michael B. Hancock and the Denver Office of Economic Development recently announced the winners of the very first Welton Design / Development Challenge, a new grant-making approach which aims to provide momentum to revitalize one of Denver’s most historic neighborhoods. The Challenge provides an opportunity to receive predevelopment funds for planning and design of commercial and mixed-use residential projects along the primary corridor of the Five Points business district.

In August 2013, Paul Washington, executive director of the Denver Office of Economic Development, said: “This challenge is a creative predevelopment strategy that will work to demonstrate the possibilities of the Welton Corridor to the larger development, investment and retail community. Through this approach, we will honor this historical neighborhood while igniting some real momentum into jobs, housing, and retail for Five Points. With its proximity to downtown, excellent transit, and historical cache, there is no reason that this important corridor can’t be the next retail and housing hot spot.”

Ten proposals were received in January and Denver’s Office of Economic Development community-based selection committee decided to fund the top five. Overall the ten applicant projects together represent $88 million of development activity which would create close to 500 jobs. The proposals feature 77,000 square feet of retail space, 63,000 square feet of office space and 277 new housing units.

The project winners were:

  • The Rossonian Development, located at 2600 block of Welton: The historic hotel will be renovated, restored and complemented by new, mixed-use construction. The 192,225-square-foot project will include 64 new residential units, office space, shopping, dining and venue options. Project award: $150,000.
  • Palisade Partners, located at 2460 Welton Street: Two adjacent vacant parcels will be developed into 82 apartments, 14 townhomes and over 3,000 square feet of ground-floor retail. Project award: $100,000.
  • Saint Bernard Properties, located at 2950 Welton Street: A 3,115-square-foot vacant lot will be transformed into a three-story, mixed-use building which will include four apartment units. Project award: $75,000.
  • The Arcade & Rosenberg’s Bagels, located at 2714 Welton Street: The historic Arcade Building will be renovated and transformed into 2,400 square feet of retail space and equal residential space on the upper floor to provide between two and four residential units. Project Award: $75,000.
  • nuROOT Innovative Office Space, located at 2942-2944 Welton Street: The project will feature 4,710 square feet of office space and 2,310 square feet for a new eating/drinking establishment. Project award: $75,000.

Logo Courtesy of Denver Office of Economic Development via Facebook.



Joint Venture Between Zocalo Community Development and Principal Real Estate Completes Sale of Residential Development at Union Station

26 Feb 2014, 4:28 pm

By Alex Girda, Associate Editor

Denver’s multifamily market recently recorded an important acquisition as an institutional client of Invesco Real Estate bought a residential complex from the partnership between Zocalo Community Development and Principal Real Estate Investors. The recently-completed apartment community is located in the city’s growing neighborhood of Union Station.

Cadence Union Station is a 219-unit residential is the first project of its kind to be opened in the area. The impact of the development became immediately apparent as the property quickly reached 20 percent occupancy in just one month since its opening. The interest generated by the property this close to its debut led to the current sale, and is indicative of the resurgence of Union Station. The Principal of Zocalo Community Development, David Zucker, recently said in a press statement that the company “had a distinct advantage by being the first to build in the Union Station neighborhood, acquiring what’s arguably the best location and building an asset that we believe will show itself to be one of enduring value.”

Developed at the core of the Union Station redevelopment which will eventually add a 22-bay underground bus terminal, an eight-track commuter rail station, as well as the renovation of the landmark that is Union Station this summer, Cadence will lead the way for the area in terms of residential appeal. The location also offers great proximity to two Light Rail stations, as well as the Denver International Rail line.

The community is LEED Gold certified by the U.S. Green Building Council, making it Zocalo’s fourth project in the Denver area to be awarded a LEED certificate. Cadence is the joint venture’s second of three development projects, with the first one, Solera, proving to be a resounding success when it was sold in 2011.  Equity for the project was provided by Principal Real Estate Investors’ Green Property Fund, a division that focuses on developing green certified multifamily projects.   

Image courtesy of cadenceunionstation.com



Longmont Local Authorities Opening up Debate for Redevelopment District, Former Site of Butterball Factory

26 Feb 2014, 3:50 pm

By Alex Girda, Associate Editor

After a crucial rezone measure was taken by local authorities, it is time for locals and investors to start coming up with ideas for a redevelopment site in the city of Longmont, Colo. The plan is to get inspiration for the development projects that would eventually replace the defunct Butterball factory occupying a large chunk of land. The Longmont Downtown Development Authority has now put the redevelopment of that area at the top of its to-do list. Local authorities have already changed zoning regulations for the area, from mixed industrial to mixed use.

The downtown district has been broken into four sub-divisions that include the Times-Call building, as well as other properties on Fourth Ave. and Terry St., all of which are currently for sale. Another area includes the Boulder County-owned, facility that was once used by the Longmont Christian School, located at Sixth and Coffman. The remaining two subdivisions of the district are the Main Street corridor and the seven-parcel, 27-acre site that houses the former Butterball facility. The possibility of a transportation hub serving the district is also up for discussion.

The Downtown Development Authority has opened the issue to the locals, calling residents to come up with their visions for the district. The endgame is to redevelop the site and build retail space, housing units and potentially office space, the Denver Post writes. According to that same source, the development authority will aim to use its vision and, through incentives, try to shape the future of the Butterball site with the help of the investors that will acquire the parcels.

 



Pathfinder Partners Acquires M-U Development in Denver

24 Jan 2014, 8:33 pm

By Gabriel Circiog, Associate Editor

San Diego-based Pathfinder Partners LLC has purchased the newly constructed King Lofts, marking the company’s 10th Colorado acquisition. Pathfinder partnered with Denver-based The Craft Companies LLC on the acquisition.

Located at 3451 West 38th Avenue in Denver’s West Highland neighborhood, King Lofts is a three-story condominium building featuring 18 units above 2,700 square feet of ground-floor retail space. Developed in 2008 as a condominium project, King Lofts underwent a foreclosure sale in 2012 before any units were sold. Currently fully leased, the project was purchased by Pathfinder from the successor owner for $4.25 million.

The property features six one-bedroom, 10 two-bedroom and two loft units ranging in size from 863 to 1,330 square feet. The property also contains a ground level parking garage. The retail space is fully leased to two tenants – a salon and a Pilates studio.

King Lofts will continue to be operated as a rental community by Pathfinder for the near future. The company plans to rebrand and rename the property and also intends to improve several common area elements, including adding a rooftop sky-deck.

“We like Denver’s diversified economy and significant population and employment growth as well as King Lofts’ ideal center-city location and proximity to shops and restaurants,” says Lorne Polger, senior managing director of Pathfinder Partners. “The project also provides dual exit strategies – in the future, we can sell individual condominiums or market the property as a stabilized rental community. The property’s creative, contemporary architectural elements and condominium-level interior finishes make it a unique and appealing rental option for the neighborhood.”

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