You may unsubscribe if you no longer wish to receive our emails.
$Account.OrganizationName
  January 2008

 

 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 

Welcome to Cherry Creek Perspective. If it was forwarded to you, and you would like to continue to receive this monthly email newsletter, subscribe free by clicking on Subscribe If you are not sure if you have already subscribed, feel free to subscribe again. You will be sent only one copy.

Click on the logos on the left to go to sponsor websites.

 

Please forward this email to friends and business associates and encourage them to subscribe free at Subscribe.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Transportation Solutions once again held its Road Ahead seminar at the JW Marriott Hotel in January. This time the topic was "Unlocking the Parking Puzzle" and the primary speaker was Scott Bernstein of the Center for Neighborhood Technology, a leader in the evolution toward transportation oriented development. Many public officials attend this each year and it's only a couple of hours, so if you weren't able to be there, plan to attend next January.

MacKenzie House LLC has scheduled the coming spring for the groundbreaking of a new assisted living center. To be located at East Third Avenue and Logan Street, the 89,000 square foot MorningStar Assisted Living at Cherry Creek center is to provide 89 units for those with assisted-living and memory-care needs.

RREEF America Partners LP purchased the 300-unit Mezzo Apartment complex at 901 Sherman Street in Denver for $33.5 million, or $111,667/unit. The seller was Fairfield Residential LLC.

The owners of the Argonaut Wine & Liquor store in Capitol Hill have announced that a new building is being constructed for the store that is scheduled to open in late 2008. Located at 700 East Colfax Avenue, the new 40,000 square foot store will be almost twice the size of the current store.

The Denver Botanic Gardens officially launched their new capital improvements program. Spurred by the approval of bond funds totaling $18.6 million, the Botanic Gardens is campaigning to raise an additional $14.6 million in private donations, of which $3.3 million has already been met. The Gardens intends to use the bond funds to make improvements such as a new greenhouse complex, irrigation system, and improvements to 1005 York Street to improve safety and accessibility. The funds gained from private donations will fund a new children's garden named after the Mordecai Family, expand the Japanese Garden, construct a new parking structure as well as fund other capital improvements.

A 100 unit senior independent living apartment building is proposed for the site at 11th Avenue/Gaylord/Vine Street. Leisure Care, a Seattle based operator will operate the 7-story building after the developer consults with neighbors about the design of the project.

The Monroe Pointe condominium project in Cherry Creek is on track to welcome buyers in mid-February, according to Monroe Street Development LLC, which is led by Bruce and Stuart Rifkin. Totaling 69 units at 333 South Monroe Street, the units range in size from 895 to 5,380 square feet and in price from the mid- $300,000s to $1.7 million.

Trammell Crow Residential purchased a 5.3-acre site in the Gates Rubber Co. redevelopment on South Broadway from Cherokee Denver LLC for $6 million or $26/SF. The buyer has slated the site for development with apartments.

The Broadway Marketplace at the southeast corner of Alameda/Broadway has begun what appears to be a long process of redevelopment that could result in much higher density and transit oriented development on some 60 acres. The Washington Park Profile reports that the property is under the same ownership as the Denver Design Center to the south, which is working with the City of Denver on a General Development Plan. The plan could increase density significantly in the area with as much as 10 million SF of new construction. The redevelopment could include some 4,000 new residential units, office, retail and hotel uses. The West Washington Park Neighborhood Association has expressed concern about the increased traffic that could result. The approval and development process could take decades.

 

   
 
 
 
-
-
  Infinity Park, the new rugby "pitch" in Glendale has been selected as the location for the 2008 Senior Men's Club Championships by USA Rugby. Teams from all over the US will converge on the stadium at the end of May.

Construction of the Spire condo project in downtown Denver has been resumed following the garnering of new financing for the project. Located at 891 14th Street, construction of the 503-unit, 42-story development came to a halt in August 2007 after Hypo Real Estate Capital Corp. revoked on its agreement to provide financing, leading the developer, Randy Nichols, to file two lawsuits against the company. New funding for the project was secured from Corus Bank, Colonnade Properties LLC, Madison Capital Co., and Fisher Capital. Randy Nichols also developed Clayton Lane in Cherry Creek.

One property in the area is being considered for Denver Landmark Designation and another potential historic property has requested demolition. Epiphany Episcopal Church at 100 Colorado Boulevard has a hearing for Landmark Designation on February 19th. And the Florence Kountze Best Mansion at 3125 East Exposition Avenue has applied for demolition, but the City's Landmark staff feels that the structure has potential historic significance. The time limit to apply for historic designation at the property is February 25th.

The former Church in the City site at Colfax/ Avenue/York Street/16th Avenue is being redeveloped by St. Charles Town Company, the developer of the former Lowenstein Theatre across the street into the Tattered Cover complex. The developer plans 260 "luxury" apartments in a 4 and 5-story building with retail space on the ground floor. The Church in the City plans to move from the former Safeway store it has occupied for many years to the former BMH synagogue at 16th/Gaylord Street.

According to the Lowry Redevelopment website, the Buckley Annex Redevelopment Plan was presented to the Lowry Redevelopment Authority (LRA) Board of Directors on Jan. 29. The board voted unanimously to move the plan in its current state to the Air Force and to the U.S. Department of Housing and Urban Development for approval. The Air Force now will have up to 90 days to review the plan document. In the meantime, the LRA and the Air Force will begin work on a developer agreement that will be included in Air Force's public sale process of the property to potential developers. The development plan calls for 800 residential units and 175,000 SF of retail and office space.

Western Development Group purchased the Liberty Savings Bank building at 234 Columbine Street for $4,130,747 equivalent to $167/SF for the 24,800 SF 3- story building built in 1965. Western Development is owned by Phil Anschutz , the owner of the former Mel's Building on Fillmore Street now occupied by Iron Mountain Winery, and the developer of North Creek. The 315 unit Mezzo Apartments at 901 Sherman Street sold recently for $33,500,000 equivalent to $106,000/unit for the 14-story building built in 1953. The buyer is REEF America LLC.

An engineer with the Public Works department in Denver is working on a FEMA grant application related to drainage in Cherry Creek North. He is looking for any information from business owners and residents such as flood dates, photos, damage reports and articles in newsletters, etc. The City hopes to obtain a grant that would expedite drainage improvements in the Cherry Creek North area. Contact:

Thomas E. Blackman, P.E., CFM
Senior Engineer
Wastewater Capital Projects Management
2000 W. 3rd Ave.
Denver CO 80223
303-446-3610
thomas.blackman@denvergov.org

The church and office complex at 4th/Garfield/Jackson in Cherry Creek North has been sold and the buyer reportedly intends to redevelop with townhomes. The two sites total some 43,700 SF and they sold for $4.9 million or $112/SF of land. The sites now have some 43,000 SF of buildings on them, which will be removed in favor of perhaps 14 residential units.

Denver Council Member Jeanne Robb reported to the Cherry Creek Steering Committee that she will be attending an EPA / Smart Growth Conference in Washington, DC in February to receive the latest update on the EPA Grant for a Study on the Speer / First Avenue / Leetsdale Travel Shed. Fundraising has begun for the $350,000 - $500,000 needed to conduct the planning study, which will be in addition to the EPA transportation grant funds. A series of City and public meetings will be held to obtain feedback and suggestions on the travel shed and any related transportation issues. She also confirmed with City Public Works that the City funds for the planned crosswalk improvements to the Fillmore Crossing at First Avenue are available, and work should begin in March.

David Steel of Western Development informed the Steering Committee that Phase I of NorthCreek on Detroit Street is now occupied with residents and 82% of the units are under contract. Phase II on 2nd Avenue will receive its certificate of occupancy on February 15th, and two of the eight units are under contract. Construction of Phase III on Fillmore Plaza is underway with a majority of its retail space leased or in negotiation. Julie Bender of the Cherry Creek North BID announced that a design firm will likely be hired for Fillmore Plaza by the end of February.
 
-
 
-
 
-
-
  If your organization would like to consider sponsorship of Cherry Creek Perspective, please contact Bill James at bjames@jres.com or 303-316- 6768.


 

 
-
 
-

 

 


 

Forward email

 
This email was sent to bzuerchr@jres.com, by bjames@jres.com


James Real Estate Services, Inc. | 90 Madison St. Suite 300 | Denver | CO | 80206