First, I want to express my appreciation for the
support I received in the campaign for election to
the Board of Directors of RTD. Particularly this
year, the campaign was an extraordinary opportunity
to participate a bit more than usual in the greatest
political system in the world. I hope I am able to
take full advantage of the opportunity to enhance
mobility in southeast Denver/Glendale and ensure
that RTD continues to be the best-run organization
of its type in the country.
Bill James
Do you have an unused bike in your garage?
Contribute it to the Share a Cycle program operated
in part by Transportation Solutions and Campus
Cycles, operator of the Bike Rack in Cherry Creek.
Bikes can be dropped off through December 6 at the
Bike Rack at 171 Detroit Street or Campus Cycles at
2102 South Washington Street. Bikes are refurbished
for youth served by Denver Kids, Inc. More at
http://www.transolutions.org/shareacycle2008
The 189-room Hotel Monaco in downtown Denver has
been sold to Cornerstone Real Estate Advisors LLC
for $61.8 million, or $327,131/room. The property
was part of a 3-hotel package sold by PRISA Hotel
LLC.
General Hardware, a fixture along Broadway for
nearly 100 years has closed - another mom and pop
store victim of the economies of scale available to
big boxes. According to Julie Hutchinson's article
in the Rocky, the store has been at a 23,000 SF
facility at 660 South Broadway since 1984 and was
first a True Value Hardware store in 1965. The
owner attributed a major part of the problem to the
cost of health insurance.
Walgreen's has opened in the former PetsMart store
at Alameda/Colorado Boulevard and PetsMart has moved
into the north end of the former Mervyn's store
north of Target.
In October, the Cherry Creek North Business
Improvement District sold approximately half of the
bonds previously authorized for reconstruction of
infrastructure in the Cherry Creek North business
district. The District was able to move from a
deficit budget to the black allowing improved bond
ratings. This will be the first time the District
has been refinanced and renovated since creation
some 20 years ago. Design work for the streetscape
improvements has been underway for some time.
DPC Development Co. paid $12.5 million, or $94/SF,
to Archon Group for the 132,313 square foot Parkway
Center office building at 1391 Speer Boulevard.
The Writer Square office building at 1512 Larimer
Street was sold for $58.4 million, or $326/SF, to
GDA Real Estate Services.
Boutique Apartments has completed its $3.8 million
renovation of the 12-story former HUD subsidized
apartment building at 1011 Colorado Boulevard, now
called the Metropolis Apartments. The 71-unit
building now has a different city theme on each
floor and rents from $900-$1,000/month. Citywide
Banks financed the renovation.
The City of Glendale has purchase the 3 apartment
buildings on the south side of East Tennessee Avenue
between Birch and Cherry Streets. The city is
removing asbestos from the buildings and will remove
them to redevelop the 2.2-acre site into a park, in
part using Arapahoe County Open Space funds. The
park will connect the Infinity Park Rugby Pitch with
another park to be developed on 4.8 acres acquired
from Theatine Fathers, an order of the Catholic
Church. Since the apartment land was in Denver
County, an annexation exchange was arranged between
Denver and Glendale allowing the whole project to
move forward. The Theatine land will be improved
with a secondary rugby pitch.
Greyhound Lines Inc. has announced that it will not
be a part of the planned Union Station terminal for
FasTracks. The company had planned to relocate to
Union Station from its existing site at 1055 19th
Street, but determined that it was too
cost-prohibitive.
Elevation Group has purchased the 52,512 square foot
office building at 1515 Wazee Street in Denver for
$15 million, or $287/SF. Known as The Hardware
Block, the property was sold by St. Charles Town Co.
Western Development has purchased the former Conoco
gas station/car wash at the NEC East 1st Avnue/Steele
Street and plans to build residential units over
retail space with construction to begin in 2009.
Trademark CM Corp. is nearly complete with its
construction of the Colorado Commons apartments at
1601 Colorado Boulevard. Craig Nassi's BCN
Development previously proposed the site for
construction of a similar project. The building
will contain 112-units and cost some $12 million.
The City of Denver has agreed to purchase RTD's
Market Street Station at 16th and Market streets for
$11.4 million. To occur in 2009, pending agreement
by the RTD to maintain a lease on the property, the
purchase will allow Union Station Neighborhood Co.,
immediate access to funds necessary to advance
redevelopment of Union Station.
Landon Enterprises has completed its 19,000 SF Park
Hill Village retail complex at East 40th
Avenue/Colorado Boulevard. Tenants include
Starbuck's, KT's Real Good BBQ and a Carl's Jr.
quick-serve restaurant.
RedPeak Properties has begun construction of a new
tower at the Seasons of Cherry Creek apartment
complex. The property was purchased by the company
3 years ago for $75 million and is located at 3329
East Bayaud Avenue. To total 148 units upon its
opening in 2010, the 14-story building will provide
units as large as 1,800 square feet and rents as
high as $4,000/month.
The former Colorado Private Reserve event center
building at 351 South Jackson Street sold recently
from an affiliate of Wembley, its developer and
former occupant, to an affiliate of Merrill Lynch.
For the 19,662 SF building on 55,626 SF of land, the
$3 million price is equivalent to $153/SF of
building or $54/SF of land. The property has land
excess to the needs of the event center if a parking
structure is built and its B-4 zoning permits
commercial and residential uses. The building was
originally built in 1999 as a social club with
access to off-track betting. Wembley owns Arapahoe
Park horse racing track in Arapahoe County and
several greyhound dog-racing tracks in Colorado
including Mile High Park in Commerce City.
Construction of the CommonGround Golf Course on the
site of the former Mira Vista at the Lowry
Redevelopment is well underway and opening is
scheduled for next spring. The Colorado Golf
Association and the Colorado Women's Golf
Association were able to obtain the services of
world-renowned course designer, Tom Doak at a
substantial discount resulting in lower green fees.
And the United States Golf Association provided a
grant, which funded a 9-hole children's course in
addition to the 7,200-yard par 71 layout. Green
fees will be $40 for CGA and CWGA members and $50
for non-members.
