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Transportation Solutions has begun installing its
Designed-to-Ride enhancements at some 50 bus stops in southeast
Denver. Bus-stop signs are being improved with colorful die-cut signs
include vibrant artwork, easy-to-read schedules, route maps and
departure times. The goal is to increase ridership by 30%.
The Cherry Creek North Business Improvement District continues
to plan its "Garden District" redevelopment. With some $200 million of
private construction underway on both sides of Fillmore Plaza, after
authorization of some $18 million in bonds to finance improvements,
and appointment of Julie Bender as the new CEO of the District, the
BID has formed a board committee to plan a district-wide redevelopment
that will include Fillmore Plaza. Bender and BID board members met
with the Cherry Creek Steering Committee to coordinate neighborhood
input. Among other suggestions, the Steering Committee encouraged
pedestrian enhancements along 1st Avenue. Incidentally, timed
crosswalk signals were installed recently by the city at a couple of
locations along the street. Also incidentally, as the NorthCreek Phase
I building nears completion off Fillmore Plaza, the 29 condominium
units on the upper levels are nearly sold out at over $750/SF.
Creekside Communities is applying for a rezone of the site at the
SWC Speer/Washington to allow development of 45 condominium units
averaging 1,400 SF and 78 parking spaces in a building no higher than
55 feet. The rezone will be from B-1 and P- 1, to R-3 and OD-8. The
developer expects the rezone process to take as much as 9 months.
Landon Enterprises has begun land development work for a 19,000 SF
retail project at the NWC 40th/Colorado Boulevard. The site is
in front of a multifamily residential project being developed by
Delwest Properties and will start vertical construction later this
year. The Denver Business Journal reports that Landon has signed a
lease for a Starbucks Coffee shop. Dick Landon redeveloped the Mayan
Theatre many years ago and since then has developed the former Bell
Plumbing property at 6th/Broadway into Car Toys and several
restaurants and the former Red Cross site in Cherry Creek North into
the retail building that includes the Cherry Creek Grille.
Firstbank has started construction on a new branch on the site of the
former Furniture Galleries at Park Avenue/East Colfax Avenue.
Eckerd Drug had purchased the site before its parent company; JC
Penney sold the company to CVS Drug, which decided to terminate Eckerd
operations in Colorado. Mountain States bank with its headquarters
next door considered buying the site, but Firstbank purchased it in
2004 for $1,175,000 or $42/SF for the 28,200 SF site. Firstbank
changed the design of the building as requested by Denver Community
Planning and Development to conform to the new Main Street-3 zoning
along East Colfax. This makes the project the first one along Colfax
under the new zoning. The new design features more pedestrian friendly
expanded street frontage of the building with parking at the rear.
The Iris and Michael Smith Medical & Research Center has been
completed and dedicated at National Jewish Hospital. The 6-story
94,000 SF facility includes research laboratory and patient service
spaces. The Smith's, a federal grant and a number of smaller doners
funded the $23 million project.
Grayson Place townhomes have begun construction on the former
Veldkamp's Florist site at 3rd/Harrison in Cherry Creek North. The six
townhomes will range from 3,900 to 4,300 SF and are priced from $1.75
to $1.89 million. More at
Grays on Place. The developer, 88th Street Properties also has
under construction three townhomes at 6th/Monroe.
The University of Colorado Health Sciences Center has moved to
the Anschutz Medical Campus at the former Fitzsimons Army Hospital
site and Shea Properties continues to plan for its redevelopment of
the 32-acre site at 9th/Colorado Boulevard. Shea has agreed to buy the
site a portion at a time for $32 million or $25/SF. The development
approval process at the City of Denver is hardly started, but Shea
hopes to build some 1,500 residential units, perhaps including as many
as two high rise towers and maybe a hotel and theatre complex.
Preliminary plans include preservation of some historic buildings and
neighbors hope that parking problems experienced in the past will be
minimized. More at
Sheaneighbors.com.
Starwood Hotels and Resorts Worldwide Inc. recently sold the 210-room
Four Points by Sheraton hotel in Glendale to Stonebridge Cos.
for an undisclosed amount. The former Cherry Creek Inn is located at
600 South Colorado Boulevard. Public records don't show the sale as
yet, but the Denver Business Journal reports that, "Denver hotel
sources understand the hotel sold for roughly $12 million, or $57,143
per room."
According to public records, the turn of the century bungalow at
3225 East 2nd Avenue in Cherry Creek North sold for $740,000. The
1,600 SF house certainly contributes little to the property. Just
outside the CCN Business District the B-1 zoned site is 4,200 SF so
the sale price is equivalent to $176/SF of land.
According to public records the former gas station at the NWC
6th/Clarkson sold recently for $675,000. The vacant building
certainly contributes little to the property and the site is 9,600 SF.
So the sale price is equivalent to $70/SF of land.
The CompUSA Building at I-25/Mexico sold recently for
$6,750,000 equivalent to $308/SF for the 21,900 SF building.
The Conoco Station at 6th/York Street sold to its tenant
recently for $630,000. The triangular site has streets on all sides
and is 8,000 SF so the price is equivalent to $79/SF of land.
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