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Grand American, McWhinney Break Ground on Mixed-Use Development in Downtown Denver

19 May 2015, 6:46 pm

By Ioana Neamt, Associate Editor

Z Block

Grand American Inc. and Loveland-based McWhinney Real Estate Services recently broke ground on Z Block, a new mixed-use development in Denver’s popular LoDo neighborhood. A groundbreaking ceremony was attended by Mayor Michael Hancock and other city officials on May 11th at 1800 Wazee St., the Denver Business Journal reported.

Located in the city’s historic Windsor Dairy Block between 18th and 19th streets, Z Block will incorporate about 200,000 square feet of office space, 20,000 square feet of retail, a 394-space underground parking garage, as well as a 172-key hotel managed by Sage Hospitality. Shears Adkins & Rockmore Architects handled the design work on the project, which is scheduled for completion in the fall of 2016. San Francisco-based Prologis is the first tenant to sign up and will occupy the top two floors of the six-story building, according to the Denver Business Journal.

The upscale Z Block development will offer tenants easy access to mass transit – including the Downtown Denver Free Metro Ride -, Coors Field and the newly renovated Union Station. The project will incorporate flexible floor plates, full-height glass, outdoor terraces on each floor, rooftop terrace with mountain views, fitness center, and state-of-the-art conference facilities. Upon completion, Z Block is expected to earn LEED Gold certification from the U.S. Green Building Council.

Rendering courtesy of McWhinney and Shears Adkins & Rockmore Architects

KTGY Relocates to Larger Space in Downtown Denver Office Building

12 May 2015, 2:37 pm

By Ioana Neamt, Associate Editor

820 16th St

National architecture firm KTGY Group Inc. is expanding its Denver office presence, relocating to Suite 500 in the same building at 820 16th St. in the city’s downtown neighborhood. According to a news release, the company is moving to a larger space that can provide the capacity for a growing team.

“We outgrew our space and needed more room to accommodate our expanded services,” said KTGY Studio Director Nathan Sciarra, AIA. “We decided to stay in the same building because the location is so ideal and provides for a strong community interface and accessibility to our clients.”

KTGY’s Denver office has more than 6,000 multifamily units currently in the design or construction phase. The firm has multiple projects underway in the area, including Pearl, a 408-unit apartment community in the Denver Tech Center; Carmel Partners’ Westend development at 3500 Rockmont Dr. in Denver, as well as a 465-unit multifamily community in Thornton. KTGY is also responsible for designing the Aster Conservatory Green located in Stapleton.

The Symes Building, located at 820 16th St. in the Downtown Denver Historic District was completed in 1906 and comprises 90,000 square feet of space in eight floors, according to the Denver Business Journal. The building is one of Denver’s first-ever steel-framed buildings and used to house a Woolworth’s department store on the ground floor.

The Denver office of KTGY is also working on its first project in Hawaii – Kapolei Lofts – a 500-unit apartment community with 10,000 square feet of retail developed by Forest City Hawaii.

Image courtesy of loopnet.com 

InvenTrust Properties Pays $57M for Open-Air Shopping Center in Colorado

1 May 2015, 9:09 pm

By Ioana Neamt, Associate Editor

The Shops at Walnut Creek

InvenTrust Properties Corp. has acquired The Shops at Walnut Creek, an open-air shopping center in Westminster, Colo. The company paid $57.1 million for the 216,325-square-foot center, according to a news release.

“Walnut Creek is a core retail asset in a high barrier-to-entry market that enhances our current portfolio population density, income statistics and calculated average base rent,” said Michael Podboy, executive vice president and Chief Investment Officer at InvenTrust. “The premier location combined with its synergy with a nearby promenade will drive a steady flow of traffic to the center.”

Located at the corner of 104th Ave. and U.S. Hwy. 36, The Shops at Walnut Creek first opened in 2006 and was renovated in 2009. The shopping center is anchored by tenants such as T.J. Maxx/HomeGoods, Petsmart, Dollar Tree and Michaels, and is currently 93 percent leased. The center is conveniently situated just off Hwy. 36, a high-traffic artery linking Denver to Boulder, and offers 14,524 square feet of available space, as well as a potential 5,000-square-foot outparcel.

InvenTrust, formerly Inland American Real Estate Trust Inc., also owns and manages Cheyenne Meadows in Colorado Springs, Centerplace at Greeley in Greeley, and Quebec Square Shopping Center in Denver.

Image courtesy of InvenTrust Properties Corp.

Bell Partners Shells out $250M for Apartment Property in Metro Denver

24 Apr 2015, 9:56 pm

By Ioana Neamt, Associate Editor

Bell Flatirons

Bell Partners Inc. of Greensboro, N.C. has acquired a 1,206-unit apartment community in the metro Denver area in of the largest multifamily transactions in Colorado history. The company purchased Horizons at Rock Creek garden-style community from Simpson Housing LLP for approximately $250 million, according to a news release.

Rebranded Bell Flatirons, the 80-acre property is one of the largest multifamily communities in the Denver area, completed in multiple phases between 1997 and 1999. Located to the southeast of U.S. Route 36 that connects Denver to Boulder, the community incorporates 1,206 apartment units and townhomes; a 24,000-square-foot luxury clubhouse; indoor basketball court, two tennis courts and two racquetball courts; a movie theater with stadium-style seating; four swimming pools; business center; and 24-hour fitness center. Apartment amenities include private garages, washer and dryer, private patios or balconies, walk-in closets, and stainless steel appliances.

“This acquisition […] is consistent with our strategy to expand our footprint into high-growth, liquid and institutionally desirable markets that have compelling economic and apartment growth fundamentals,” said John Bell, president of Bell Partners in the news release. “Denver is one of the strongest apartment markets in the country, and the purchase of Bell Flatirons provides us with an excellent opportunity to continue our strategic expansion beyond our current East Coast and Southwest markets.”

Bell Partners is currently the 11th largest apartment operator in the U.S., with nearly 70,000 units under management. Following the purchase of Bell Flatirons, the company has completed over $355 million in multifamily transactions in 2015.

Image courtesy of Bell Partners Inc.

Southern Land Co. Starts Work on Two Metro Denver Apartment Communities

17 Apr 2015, 7:29 pm

By Ioana Neamt, Associate Editor

2505 18th St, Denver

Southern Land Co. of Franklin, Tenn. has begun construction work on two major multifamily developments in metro Denver, the Denver Business Journal reports. The company has picked the perfect moment to invest in the area, as Denver’s booming economy is driving rent growth and apartment demand, according to a 2015 outlook by Marcus & Millichap.

Southern Land purchased the property at 2505 18th St. in Denver’s Lower Highlands (LoHi) neighborhood in 2013 and is currently developing a two-building mixed-use community at the site. Formerly the home of Mile High United Way, the property will offer 302 apartments, 9,300 square feet of ground retail space, 332 below-grade parking spaces, as well as 20 surface parking spaces and bicycle storage. Scheduled for completion in 2016, the complex is located in close proximity to Mile High Stadium, Pepsi Center and Coors Field and will offer unobstructed views of the Denver skyline, Commons Park and the Platte River.

The company is also working on a mixed-use community located next to Google’s future campus in Boulder. The community, situated at 30th and Pearl streets, is scheduled for completion in 2017. It is Southern Land’s first project in Boulder. The complex will incorporate 246 apartments, 25,000 square feet of retail and 120,000 square feet of office space.

Image courtesy of Southern Land Company 

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