Wells Fargo (Access5) LDEN
January 8, 2015

Mixed-Use Development for Arapahoe Square

With the reopening of Union Station and other developments last year, Denver's urban core came of age. But it's only the beginning, Loft Brothers principal Amin Suliaman tells us.

Amin is partnering with real estate investor Kenneth Ware to redevelop the 10k SF Melbourne International Hostel & Hotel at 2209 Welton St into mixed-use commercial. The property's first floor will include offices, a wine bar and a restaurant. The second floor will be converted into nine lofts.

The property will be one of the first newly developed mixed-use buildings in the up-and-coming Arapahoe Square neighborhood. “The creation of small centers that aid in the formation of self-supporting neighborhoods is the key to continued growth,” Amin says. “They create life and energy where there previously wasn't much, along with added jobs and a stronger revenue base for the entire neighborhood."

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Bisnow (RawSpace-Crowd) REC
Swinerton (CommunityContractors-2) DEN
Wells Fargo (Access5) DEN

Multifamily Investors Look to Colorado Springs

Investor interest in Colorado multifamily reaches beyond Denver. In one of the first multifamily deals of the new year, a syndicate advised by American Capital Realty Partners acquired the 122-unit Citadel Village at 913 N Chelton in Colorado Springs for $9.5M. According to ARA Colorado's Kevin McKenna, who repped the seller along with colleague Saul Levy, the location of the property near Academy Boulevard--and its 1M SF of retail--is hard to replicate. During '14, he adds, Colorado Springs had one of the tightest apartment markets in the state, with vacancy at about 4.8%.

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Xceligent (Director) DEN

Institutional Capital on the Hunt in Denver

Cushman & Wakefield's Denver office is gearing up for a busier year, tapping Aaron Johnson (pictured) and Jon Hendrickson as new senior directors of capital markets and investment sales. Investor interest in the Denver market will continue to reach beyond historical norms in 2015, Aaron tells us. Fueling the competitive environment is new institutional and private capital wanting a presence in Denver, Jon adds. Previously, Aaron was with Etkin Johnson Real Estate Partners; Jon was with Marcus & Millichap Institutional Property Advisors.


Construction Defect Law the Problem with Condos?

The out-of-whack construction defect law promises to be an issue the Colorado legislature will deal with in its new session—to what conclusion, it's impossible to say, since it was supposed to do that last session. The Denver Business Journal reports that a lack of demand--not problems with the law--is keeping local condo development practically at nil. At least, that's according to a new report by Boulder-based Pacey Economics for a local coalition of homeowners called Build Our Homes Right. That's at odds with the widespread opinion about the law among Colorado developers, as noted at our Denver State of the Market last year.

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Bisnow (Niche-White)
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Any of those resolutions last the first week of 2015? Send ideas and suggestions to dees.stribling@bisnow.com