James Real Estate Services - Cherry Creek Perspective
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James Real Estate Services, Inc.
  May 2010     
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The 55-unit La Corriente apartment complex in Glendale has been sold for $2.3 million, or $41,818/unit.  Located at 4701 East Mississippi, the property was purchased by a syndicate of individual investors known as EL-1 LLC who plan to substantially renovate the property.
The 10-story Vistaloft student apartments near the University of Denver at 1920 South University Boulevard sold recently out of foreclosure for $11,150,000 or $131,000/unit for the 85 units.  The property was built in 2008 and reportedly missed the student rental season then and was substantially vacant when it sold.
 
A major portion of RTD's FasTracks project - the East Line to DIA and the Gold Line to Arvada will be designed, financed, built, operated and maintained by a private partner consortium.  After literally years of developing proposals in collaboration with RTD staff, two such international groups have submitted proposals to the RTD Board of Directors and will make presentations to the Board at the Paramount Theatre on Tuesday afternoon, May 18th from 1:00 to 5:00 PM.  The public is invited to view the presentations and hear Board questions. This innovative methodology of contracting for development of a transit project is unique in the United States and rare in the world.  The budgeted construction cost of this portion of FasTracks is approximately $1 billion and the successful bidder will be selected in June.  More at
 
 
A new apartment complex is currently under construction in the Five Points neighborhood.  Under development by Fourth Quarter Partners, which is led by William Matthews and Claudie Minor Jr., the 36-unit Fourth Quarter apartments at 3150 Downing Street is to set aside 28 of the units for homeless veterans.
 
Renovation of the Dahlia Street Apartments into affordable housing units has recently been advanced by the garnering of $15 million in credit by the Urban Land Conservancy and Enterprise Community Partners Inc.  The 36-unit property is located at 3301-3395 Dahlia Street and nearby, the former Holly Square Shopping Center will finally get some work done after a gang related fire some 2 year ago.  The Urban Land Conservancy also has purchased a portion of the center and plans to install a basketball court and mural after obtaining community input.
 
Mark your calendar! Denver Cherry Creek Rotary Club's annual Golf Tournament will be returning to Bear Dance Golf Club in Larkspur on Thursday, July 29.  Jeff Maen of the club says, "We know times are tough for almost every business and family, your donation goes to many worthy causes. If you have played in our tournament, you already know how much fun it is." More at:
 
 
According to Denver City Council Member Jeanne Robb, discussions about the future of Fillmore Plaza in Cherry Creek North continue, and she continues to listen.  The Board of the Cherry Creek North Business Improvement District voted to move forward with the hybrid street/plaza concept on April 14.  Robb says, "That means they will begin to get the various approvals necessary from city departments and eventually City Council will vote on either an Inter-governmental Agreement or a street vacation." The Cherry Creek North Neighborhood Association membership voted overwhelmingly against the hybrid concept proposed by the Cherry Creek North BID.  See the results of the vote at
 
 
The Capitol Hill United Neighborhoods Zoning Committee held a presentation and discussion on the plaza May 5.  The Cherry Creek East Neighborhood Association will be holding a forum and discussion on Thursday, May 20.  Life on Capitol Hill reports that the CCNNA conducted an informal survey of the businesses in the CCN BID and over 90% favored retention of the plaza.  The newspaper also reports that the Denver Fire Department requires a 25 foot wide paved lane in the plaza for fire truck access.
 
Council Member Robb also reports that Colfax is now a safer place part thanks to the installation of 'Halo' security cameras along Upper Colfax (Grant to Josephine). This comes as a result of the new relationship between the Colfax Business Improvement District (CBID) and the Denver Police Department.  On April 20th, CBID Board members gave a check for $180,000 to Councilwoman Robb and Denver Police Lt. Martinez to finance the installation of the security cameras.
 
A public meeting for the 1st Avenue Improvement Study (Steele Street to Colorado Boulevard) took place at the beginning of April. Updated concept drawings are available and narrative will be posted when completed at:
 
 
Robb says there is certainly additional work to do.  It is clear that there are differing philosophical opinions about the future of 1st Avenue to balance the needs of pedestrians, drivers, transit users, cyclists, businesses and residents. 
 
The recently completed Colfax Streetcar Feasibility study found that transit ridership on Colfax would increase and the operational/maintenance costs of a streetcar would be more economical than local bus service in the long run.  The study recommends doing an Alternatives Analysis which would look to the actual building of a streetcar line from the Auraria Campus to the Denver-Aurora border.  Such an analysis would cost nearly $500,000 - not likely to come soon from the city.  Robb intends to continue to seek community advocates and support.  More at:
 
 
Funding options, range from sales and/or property taxes, parking meters, special districts, and perhaps even DMV fees. Robb says, "While our present transit system on Colfax - the 15 & 15L - serves an awful lot of riders, the anticipated growth on the corridor in years to come make a compelling case for a better way to travel.  Only then could we achieve the stated goals of:
·         enhance mobility in the corridor
·         improve sustainable transportation options
·         Enhance and promote economic development in the corridor."
 
The Denver Bike Sharing program was launched on April 22nd. Pick up a bike at any of the conveniently located bike-sharing stations and drop it off when you're done.  It's affordable, clean and simple.  The bike-sharing stations in Denver's downtown and nearby neighborhoods including Cherry Creek and DU campus provide some 500 shared bikes.  Depending on the success of the first year, Denver Bike Sharing plans to launch an additional 400 bikes with added stations in 2011.  More at:
 
 
and pick up a free copy of the 2010 Denver Bike Map at locations listed at  
 
 
And Pedal to Properties LLC plans to start a bicycle based residential real estate brokerage in Denver.  The Boulder based company has just begun offering franchises and the Denver Business Journal reports they have interest from a "successful downtown Realtor."  The company offers the option of showing homes on Electra Cruiser bicycles rather than by automobile.
 
A total of nine irrigation projects are currently under construction in Denver parks, nearly one third of the 37 irrigation projects being funded by the Better Denver Bond Program. This will complement the 16 already completed by Denver Parks and Recreation. Another 12 are in the design phase and 6 of those will begin construction this summer. The $17 million project to improve irrigation in the parks is estimated to save up to 247 acre feet of water and up to $192,000 annually based on the current water rates. The goal is to reduce water usage to 15-18 gallons of water per square foot. In parks with the most outdated infrastructure, this represents a savings of 27 percent in addition to reduced labor and repair costs. Parks affected in southeast Denver include Alamo Placita, Cheesman, Speer Blvd and Congress Park.
 
As another part of the Better Denver Bond program, renovations of the Ross- Cherry Creek Branch Library are complete.  Join in the celebration of the reopening of the Ross-Cherry Creek branch Library at 305 Milwaukee Street on May 19 from 5:30pm-7pm.  More at:
 
 
Over the next several years, Xcel Energy is replacing 600 miles of gas pipe line throughout Colorado and nearly 100 miles are in the Denver metro area. Local southeast Denver projects include:
 
  • Humboldt Street from East 14th Avenue to East Colfax 
  • Humboldt Street from East 12th Avenue to East 13th Avenue
  • East 11th Avenue from Lafayette Street to Humboldt Street.
  • East Colfax Avenue from Grant Street to Pennsylvania Street.
  •  Sherman Street, Grant Street, Logan Street and Washington Street from approximately East 4th Avenue to East Center Avenue
  •  East 7th Avenue and East 5th Avenue from Sherman Street to Downing Street
  •  Logan Street and Washington Street from East 8th Avenue to East 2nd Avenue.
 
Denver Council Member Carla Madison announces completion of improvements at City Park and several events from May 31 to June 4.  The new green restrooms at City Park and its playground, and improvements to Duck Lake, are made possible by the Better Denver Bond Program.  More about City Park Week and the improvements at:
 
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