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Breckenridge Gets Its First New Hotel in Decades

27 Aug 2015, 1:42 pm

By Ioana Neamt, Associate Editor

Residence Inn by Marriott - 600 S Ridge St, Breckenridge, Colo.

Residence Inn by Marriott – 600 S Ridge St, Breckenridge, Colo.

Breckenridge, Colo. is getting its first newly built hotel in more than 20 years.

Two companies from Bethesda, Md. are betting big on the area’s hospitality potential. Urgo Hotels & Resorts, together with Triumph Development LLC, recently broke ground on a 129-suite, custom-designed Residence Inn by Marriott right in the heart of the city. The hotel, scheduled to open in the fall of 2016, will be the first Marriott-branded hotel in Breckenridge, and is expected to become a popular hotspot for skiers and lovers of the outdoors.

According to Michael O’Connor, principal & COO of Triumph Development, Breckenridge constantly ranks as one of the two most visited ski destinations in the U.S. “With Vail Resort’s recent significant improvements to the ski area, the Town of Breckenridge’s continued local marketing efforts, and the strength in the Colorado economy, the market is poised for continued expansion,” explained O’Connor.

The new Residence Inn by Marriott will be erected on a 2.6-acre parcel at 600 S. Ridge St., in the heart of Breckenridge’s retail and social district. The three-story hotel will be operated by Urgo and will showcase the surrounding mountains, featuring two-story, floor-to-ceiling windows and an outdoor terrace with views of the Tenmile Mountain Range.

Guests at the new hotel will have access to a year-round, outdoor heated pool, 1,700 square feet of meeting space, ski lockers and ski valet service, as well as kitchenettes and sitting areas in each suite.

Image courtesy of Urgo Hotels & Resorts

 



Luxury Apartments Up For Grabs in Downtown Denver

26 Aug 2015, 6:59 pm

By Ioana Neamt, Associate Editor

Alta City House - 1801 Chestnut St

Alta City House – 1801 Chestnut St

Developers keep adding to Denver’s multifamily presence.

Wood Partners LLC is now leasing all 280 luxury units at Alta City House—a five-story mid-rise apartment community in the city’s Union Station/Riverfront Park neighborhood. The $62 million luxury development at 1801 Chestnut St. is already 78 percent leased.

“Alta City House is a high-profile project just west of Union Station, at the hub of the Denver metro area’s light rail system,” Tim McEntee, director of Wood Partners’ Rocky Mountains region, said in a prepared statement. “Overall, we’re very pleased with how well it has been received.”

The LEED Gold certified building was developed by Wood Partners together with USAA Real Estate Co. and East West Partners—the developer of Riverfront Park and the Union Station redevelopment. The Alta City House team also includes architect Paul T. Bergner Associates, civil engineer Harris Kocher Smith, as well as landscape architect and land planner Norris Design. Wood Residential Services is the property manager.

Alta City House, Wood Partners’ third Denver-area project, features one-, two- and three-bedroom floorplans, a two-story fitness center, two-story club room, rooftop deck, and two outdoor courtyards, among other amenities. The developer’s second Denver project—Alta Aspen Grove—was the first stick-frame market-rate apartment building to be certified by LEED for Homes in Colorado.

Image courtesy of Wood Partners LLC



CIG Consolidates Mile-High City Presence

25 Aug 2015, 2:09 pm

By Ioana Neamt, Associate Editor

A local investor is taking advantage of Denver’s booming multifamily market.

Consolidated Investment Group (CIG) of Englewood, Colo. has recently expanded its portfolio to include Route 40, a three-story residential building at Colfax and Downing streets in Denver. The company has also purchased an adjacent parcel of land, with plans to turn the site into a vibrant mixed-use project called Route 40 Flats.

According to Yardi Matrix, the development at 1475 Downing St. will consist of 168 apartments and 15,000 square feet of ground floor retail, set to break ground in the summer of 2016. The community will include studio- and one-bedroom units, fitness center, clubhouse, laundry facilities, as well as grade-level parking.

CIG also owns Parkway Apartments in Denver, a 466-unit community at Colfax and Speer Blvd., as well as the Eastpark 70 Industrial Park in Aurora.

“Our team focuses on maximizing the value of our existing real estate portfolio while strategically acquiring new real estate assets in select high-growth markets, like Denver, including Dallas, Houston, Austin and Phoenix,” said Tim Bertoch, vice president of real estate at CIG.

An adaptive reuse project, Route 40 is a former retail building completed in 1932 that was redeveloped in 2014 into a three-story, 28-unit apartment community, Yardi Matrix reports.

 



Northstar Seals Industrial Deal in Colorado

21 Aug 2015, 2:14 pm

By Ioana Neamt, Associate Editor

800 Hoyt St, Broomfield, Colo.

800 Hoyt St, Broomfield, Colo.

Northstar Commercial Partners is expanding its industrial portfolio. The Denver-based real estate investment company recently acquired a vacant, 120,000-square-foot industrial warehouse building in Broomfield, Colo.

Northstar plans to upgrade the neglected site and develop two new state-of-the-art industrial buildings totaling roughly 350,000 square feet of space. Located at 800 Hoyt St. in the heart of the main Denver/Boulder corridor, the 20-acre property is expected to attract businesses to the area, create jobs for local residents, and make a positive contribution to the community.

“800 Hoyt is an exciting purchase for so many reasons,” said Brian Watson, founder & CEO of Northstar Commercial Partners in a statement. “With this piece of property in Broomfield, we are able to come alongside the City of Broomfield and be utilized as a resource to initiate positive change.”

Image courtesy of IRG Investors LLC



Encore Enterprises Seals Deal in Mile-High City

18 Aug 2015, 2:58 pm

By Ioana Neamt, Associate Editor

An out-of-state investor is making a commitment to the Denver multifamily scene.

Encore Multi-Family LLC, a subsidiary of Dallas-based Encore Enterprises Inc., has recently unveiled plans for a 226-unit apartment community in Denver’s South Broadway neighborhood. The company purchased a 5.83-acre site that will be the home of a new three-story, Class A community dubbed Encore Evans Station. Construction on the project is expected to begin in early 2016, with completion scheduled for mid-2017.

“This is Encore’s second of several planned multi-family communities in the Denver metro area,” said Brad Miller, president of Encore Multi-Family in a prepared statement. “The lower-density urban/suburban design will differentiate the community from other high density properties in the sub-market and will include many interesting amenities including the largest pet park in the sub-market,” Miller added.

The new garden-style community will be located within a half-mile from the Evans light rail station, and will include an attached clubhouse. The light rail line offers access to downtown Denver and the Denver Tech Center corridor.

The undisclosed seller of the land was represented by ARA Newmark Managing Directors Chris Cowan and Steve O’Dell.

 







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