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Buckingham Companies To Handle Ralston Creek North Development Project In Arvada

31 Jul 2014, 4:26 am

By Ioana Neamt, Associate Editor

The Arvada Urban Renewal Authority has chosen Indianapolis-based Buckingham Companies to handle the development of Ralston Creek North, a 14-acre site formerly known as ‘the Arvada Triangle’. The shortlist for the project also included Loftus Developments LLC.

“It was a hard decision for the Board as both finalists – Loftus Development and the Buckingham Companies team – put together terrific proposals,” says AURA Director Maureen Phair. “In the end, the Board chose to work with the Buckingham Companies team because of their project vision, integrated team approach, and overall business philosophy: they develop, own and manage their projects for the long term.”

The Buckingham Companies team consists of Buckingham Cos., the Urban Investment Group and Larimer Associates.

The development site is located within the Ralston Creek District in south central Arvada, a once popular retail and entertainment destination for community members. Over the years, the site has become run down, with many retailers shutting down their businesses. Formerly known as ‘the Triangle’, the Ralston Creek District is comprised of three major shopping centers built in the 1960s.

According to the Arvada Urban Renewal Authority, the Ralston Creek North redevelopment project is meant to transform the northern center into a vibrant mixed-use destination for the Arvada community. The area is conveniently located between two new RTD commuter rail stations, Olde Town Station and Kipling Ridge Station, set to open in 2016. Additionally, a new 138,000-square-foot Walmart store is scheduled to open in the area in 2015, according to the City of Arvada.

Ralston Creek North is expected to become a highly popular destination for the citizens of Arvada, comprising both commercial and residential space. According to the Citizens for a Livable Ralston Community, the Buckingham Companies project proposal includes apartment buildings with underground parking, retail and entertainment facilities, as well as bike and pedestrian paths. The redevelopment site is in close proximity to the 20-acre Ralston Creek Park and the 133-acre Lutz/Stenger Sports Complex.

 Image courtesy of the Arvada Urban Renewal Authority

New Class AA Spec Building Coming To Denver’s Belleview Station

24 Jul 2014, 7:06 am

by Ioana Neamt, Associate Editor

One Belleview Station, a Class AA, LEED Gold office building is coming to Denver’s downtown district. The transit-oriented, 16-story building will feature 310,000 square feet of office space and is a rare speculative development in the Denver area.

Denver-based real estate firm Prime West purchased the land in 2013 and will co-own the building with New York-based real estate investment firm Goldman & Sachs. Front Range Land and Development is the master developer, while famed architecture firm Gensler will handle the rendering and design work.

One Belleview Station is conveniently located at the intersection of I-25 and Belleview Avenue and is surrounded by the Denver Technological Center. In addition, the structure is in close proximity to various Denver cultural and leisure destinations, including the Curtis Arts and Humanities Center, the Denver Art Museum, the Denver Zoo and the Denver Athletic Center. According to the official Belleview Station website, premier surrounding residential neighborhoods have an average household income of over $100,000. The LEED Gold building is expected to become a popular attraction for career-driven professionals in the Tech Center area. Steve Clarke, Prime West CEO, told the Denver Business Journal that speculative development is possible in the Belleview area due to the proximity to public transportation and surrounding amenities. One Belleview is within walking distance from the Technological Center, premier residential neighborhoods and school districts, as well as multiple dining and retail attractions.

The Class AA building will include four levels of parking space, immediate access to public transportation, fitness center, outdoor plaza areas and retail and restaurant space on the ground level. Construction on the $90 million office building is set to begin in January 2015. According to the Belleview Station website, the mixed-use development will include 2.200,000 square feet of office space, one or two hotels, 1,800 residential units, and 250,000 square feet of retail space.

Rendering courtesy of Prime West 

Hines to Build New 40-Story Office Tower in Denver

25 Jun 2014, 11:36 pm

By Gabriel Circiog, Associate Editor

Hines recently announced plans to build a new 40-story office tower in Denver. The new construction will become the first office building of this height built in nearly three decades and, upon completion, will be one of the tallest office buildings in Denver.

Located at 1144 Fifteenth, between Arapahoe and Lawrence Streets, the 640,000-square-foot, Class A office building will feature numerous in-building amenities including a state-of-the-art, 5,000-square-foot fitness facility; an auto detailing service in the parking garage; and ground floor retail. The premier high-rise office building will be situated in the heart of Denver’s amenity-rich LoDo area, adjacent to the Four Seasons hotel and condominiums, just one block away from Larimer Square.

“We are very excited about introducing this new icon to the Denver skyline. 1144 Fifteenth will set a new standard for Denver’s high-rise office space and enhance our city’s urban experience. It has been nearly three decades since Denver has received an office tower of this size and scale. We strongly believe that the quality and location of this building will be appealing to a wide range of tenants and ultimately, once finished, we feel this will be the premier asset in all of the Rocky Mountain west,” stated Hines Managing Director, Jay Despard.

Designed by Pickard Chilton, the building will feature 25,000-square-foot floor plates, 10-foot ceilings on typical floors, floor-to-ceiling glass and the best parking ratio of any high-rise Class A office building downtown.

“With all of our equity funding now in place, we are building this project on a purely speculative basis, which is a testament to the strength of the Denver market and our confidence in its future growth. We plan to own this building for a long time, and will be delivering the high level of quality expected from a new Hines office tower. Pickard Chilton and Hines have an exceptionally successful track record of developing best-in-class office projects in North America, and we are pleased to be delivering the next landmark office tower in Denver,” said Hines Senior Managing Director, Charles Elder.

Construction will begin in May 2015 and will be completed in December 2017. The lead broker of the project is Peter Schippits with JLL.

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The Curtis, Denver’s Pop Culture Hotel, Completes Renovation

18 Jun 2014, 6:25 pm

By Gabriel Circiog, Associate Editor

The Curtis – a Doubletree by Hilton has recently completed an extensive $7 million property renovation that included upgrades to all guest rooms and a lobby expansion.

Located at 1405 Curtis Street, the 336-room property is Denver’s only pop culture hotel. The downtown Denver hotel now features “hyper themed” suites on each of its 13 themed guest floors. The suites include custom art by Colorado artists, unique flooring and decorations. For example: on the 8th “Sci-Fi” floor there is a Star Trek Enterprise room featuring out-of-this-world futuristic flooring, Lucite furniture and cast photos; on the 13th “Dun Dun Dunnnnn!” floor is located the Ghostbusters room which includes lime green “Slimer” floor tiles and a ghostly 3-d art illusion; on the 15th Floor “Mad About Music” the Jimmy Buffett room features ocean blue floor tiles and giant Margaritaville mural highlighting top hits like “Five O’clock Somewhere”; and on the 16th floor “Pedal to the Medal” – “Shake & Bake!” the Talladega Nights suite features custom movie wall art and over-the-top NASCAR trinkets.

The Curtis has also added two new one-bedroom suites to complement its existing Rolling Stone Suite – the KISS Suite and the Spice Girls Suite. Each suite is 800 square feet and features a separate living room and master bedroom. The newly renovated and expanded lobby now features complimentary coffee service for guests daily until 10 a.m. and a business center.

“We really wanted to let the hotel’s funky personality shine through even brighter with this renovation,” said JoAnn Elston. “Our new lobby features a lot more seating and is a much more relaxing place for guests to gather.”

The Curtis opened in 2007 and is managed by Denver’s Sage Hospitality. The hotel features over 28,000 square feet of event space and a large fitness center.

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Image Courtesy of: www.thecurtis.com

ViaWest Opens New $208 Million Data Center

12 Jun 2014, 3:31 pm

By Gabriel Circiog, Associate Editor

ViaWest has recently opened its latest Denver-area data center in order to meet the growing demand from companies for cloud computing.

The Denver Business Journal reports the new $208 million data center has become the company’s fifth in the Denver area. ViaWest’s 210,000-square-foot Compark Center is located just east of Centennial Airport and features 140,000 square feet of raised floor with space for future growth. The company has invested around $208 million in the construction of the center and estimates that the total investment could reach $316 million over the next seven years.

Plans to build the Compark Center were announced in October 2013 and at the time, Nancy Phillips, president and CEO of ViaWest, said: “As a Denver-based company for more than fourteen years, we are proud to expand our presence in this region to further serve our existing customers and meet the strong demand we’re seeing nationwide. Our dedication to delivering high-touch customer service and a growth path of IT capabilities continues to uniquely position us in the market. We are eager to grow our footprint with the addition of another industry-leading data center facility.”

ViaWest currently owns and manages 27 data centers in the Rocky Mountain west, Texas, Oregon and Minnesota.

“ViaWest is a key part of the Colorado technology ecosystem,” says Kristin Russell, CIO for the State of Colorado. “We are so pleased to see ViaWest continue to grow and strengthen its much-appreciated commitment to the IT community in Colorado. Their continued expansion is a strong indicator of the growth within Colorado’s technology sector.”

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Image Courtesy of: www.viawest.com

SpringHill Suites Denver Downtown Becomes First LEED Gold Certified Hotel in Denver

5 Jun 2014, 12:58 am

By Gabriel Circiog, Associate Editor

The SpringHill Suites Denver Downtown at MSU Denver recently announced it has received LEED Gold certification for New Construction from the U.S. Green Building Council.

The $45 million SpringHill Suites Denver Downtown hotel is owned by the Metropolitan State University of Denver and managed by Sage Hospitality. The hotel has become the first metro Denver hotel to receive LEED Gold certification and the second in the SpringHill Suites by Marriott brand portfolio.

The 150-suite hotel opened, alongside the 28,000-square-foot state-of-the-art Hotel and Hospitality Learning Center, in 2012. The public-private partnership between MSU Denver and Sage Hospitality created a dynamic environment for education and on-the-job training for students. The learning center is the first of its kind in the Rocky Mountain region and one of only 11 in the whole country.

“Sage Hospitality is dedicated to operating eco-friendly hotels, so we are extremely proud to receive Denver’s first LEED® Gold certification,” says Walter Isenberg, president & CEO of Sage Hospitality. “This property gives both business and leisure guests an amazing green lodging option in the heart of downtown Denver and we are using it as a model of sustainability for all future development projects.”

The hotel and learning center earned a total of 62 LEED points and their green features include: the use of high efficiency plumbing fixtures and low VOC paints and flooring; secure bicycle storage with lockers and changing rooms to encourage employees and students to use alternative transportation. Close to 20 percent of the building was constructed using recycled materials and more than 78 percent of material waste from the construction was recycled. Ninety percent of regularly occupied areas offer natural day lighting.

The downtown Denver hotel also features numerous amenities including a market, a fitness center, complimentary area shuttle service and complimentary hot breakfast. The SpringHill Suites Denver Downtown also offers 5,000 square feet of meeting and event space.

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Image Courtesy of: www.springhillsuitesdenver.com

City Office REIT Inc. to Acquire 197,000-Square-Foot Plaza 25 in Denver

28 May 2014, 10:01 pm

By Gabriel Circiog, Associate Editor

City Office REIT Inc. recently announced it has entered into an agreement to acquire Plaza 25 in Denver for a purchase price of $25.1 million. As major conditions to the acquisition have been satisfied, the transaction is expected to close in early June 2014.

Located in the Greenwood Plaza submarket of Denver, Plaza 25 is an office park featuring two three-story office buildings and one four-story office building. The combined structures offer 197,000 rentable square feet.

“We believe Plaza 25 represents an ideal first acquisition for City Office REIT. It is located in Greenwood Village, one of Denver’s top submarkets with proximity to executive housing, a strong educated employee base and an abundance of transportation networks including a light-rail station,” says James Farrar, CEO of City Office REIT.

Built in 1981, Plaza 25 was completely renovated in 2006. The property is flanked by the city’s Southeast Light Rail line and is within walking distance of the Arapahoe Station. Plaza 25 is currently 93 percent occupied and, based on the purchase price, is expected to generate an initial full-year cash net operating income yield of around 8.1 percent.

“The property is situated with Interstate 25 frontage and benefits from Greenwood Village’s numerous amenities,” Farrar says. “With its below market in-place rents and stable tenant base, we believe that Plaza 25 will continue to benefit from Denver’s strengthening leasing conditions and deliver our investors increasing cash flow. City Office REIT continues to review a strong pipeline of acquisition opportunities within our target markets and we remain focused on growing our portfolio and enhancing stockholder value.”

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Logo Courtesy of: www.cityofficereit.com

Brookfield Office Properties Inc. Sells 50 Percent Stake in Denver’s Tallest Building to MetLife

21 May 2014, 10:16 pm

By Gabriel Circiog, Associate Editor

Brookfield Office Properties Inc. recently announced it has sold a 50 percent stake in the Republic Plaza office building and entered into a 50/50 joint venture partnership with MetLife on the office tower in a transaction valuing the property at $480 million. Net proceeds to Brookfield are around $98 million. Brookfield will retain management and leasing responsibilities at the property.

“Brookfield looks forward to its continued ownership and operation of Republic Plaza and our newly formed joint venture with MetLife,” says Mark Brown, global chief investment officer of Brookfield Office Properties. “Our investments in the thriving Denver central business district continue to perform extremely well.”

At 56 stories in height, Republic Plaza is the tallest building in Denver. Built in 1984 and designed by Skidmore, Owings & Merrill, the skyscraper features 1,279,000 square feet of office space, 48,000 square feet of retail space and 511 parking spaces. The building is currently 95.2 percent leased with a weighted average remaining lease term of six years in place. The two largest tenants in the building located at 370 17th Street in Denver are Encana Gas & Oil and DCP Midstream. The two companies occupy just under 50 percent of the tower’s office space, with leases that expire only in 2019 and 2023, respectively.

“Republic Plaza is a trophy office tower in a core real estate market,” says Robert Merck, senior managing director and global head of real estate for MetLife. “Brookfield is an experienced and successful owner and operator of office properties and we are looking forward to expanding our partnership with them.”

Brookfield also owns and operates Denver’s second tallest building, 1801 California Street. The company recently completed a $50 million renovation program of the tower which included a new entrance plaza, interior lobby and restaurant.

Photo Courtesy of: www.brookfieldofficeproperties.com

United Properties Acquires 24 Acres and Expands EBC Development in Stapleton

14 May 2014, 3:20 pm

By Gabriel Circiog, Associate Editor

United Properties recently announced that it will expand its industrial development Enterprise Business Center. The Minneapolis-based developer and investor has acquired an additional 24 acres east of its EBC development from Forest City Stapleton Inc., the master developer for the redevelopment of Stapleton.

“We’ve had a tremendous amount of activity at EBC, which spurred our acquisition of additional land for more industrial development,” says Kevin Kelley, vice president, United Properties.

Situated near the southwest corner of Interstate 70 and Havana Street in Denver, the second phase of the EBC development is planned to feature a 467,000-square-foot bulk cross-dock industrial building.

The first phase of the Class A industrial development is currently under construction and upon completion will feature four buildings with 700,000 square feet of space. Around 600,000 square feet of that space is already leased or is pending final lease.

United Properties broke ground on the first two buildings in 2013 and Swire Coca-Cola USA has taken up all 257,000 square feet of one industrial building. Approximately 55 percent of the other 231,000-square-foot building is leased to Tire Rack and United Properties is in final negotiations with another tenant for 50,000 square feet of the remaining space. Tire Rack and Swire Coca-Cola USA are scheduled to move into the first two building in the summer of 2014.

United Properties recently started construction on the second set of industrial buildings at EBC, featuring a total of 100,000 square feet each. Two leases have been signed and one tenant will occupy an entire building while the other building is 44 percent pre-leased. The two tenants will move into the two new buildings in November 2014.

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Photo Courtesy of: www.uproperties.com

Griffis Residential Acquires 288-unit Apartment Community in Aurora for $40.8 Million

7 May 2014, 8:47 pm

By Gabriel Circiog, Associate Editor

Denver-based Griffis Residential recently announced the acquisition of the City Lights apartments. Located in Aurora, Colo. near the Fitzsimons Medical Campus, the Class-A community features 288 units and was purchased for $40.8 million.

The City Lights transaction was completed in a joint venture with PCCP LLC, becoming the fifth transaction for the partnership.

The City Lights acquisition is the second of the year for the company, taking the total tally of Class-A multifamily units that Griffis Residential owns and manages to 5,718. In January the company acquired The Wellington apartments, a 332-unit community in Las Vegas.

“City Lights apartments presents a compelling opportunity to apply our time-tested multifamily property investment strategy,” says Griffis Residential CEO David Birnbaum. “We see a bright future for City Lights due to its proximity to the strong labor market within the Fitzsimons Medical Campus and easy access to DIA and downtown Denver via the expanding public transit system adjacent to the property. Bolstered by a waiting list at City Lights for premium apartment units, we also have a ripe opportunity to implement our targeted capital improvement program, which is one of the cornerstones of our overall investment strategy.”

The company also announced that the newly acquired property will be renamed Griffis Fitzsimons South. Built in 2008, the community is located adjacent to the future 2nd and Abilene Street light rail station and just 2.5 miles from the Fitzsimons Medical Campus. The garden-style property offers six floor plans from one- to three-bedrooms, ranging in size from 637 to 1,439 square feet. Griffis Fitzsimons South features numerous high-end amenities including direct access garages and car ports, a clubhouse, fitness center, business center, heated pool and spas and a conference room.

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Photo Courtesy of: www.griffisfitzsimonssouth.com

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