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Zocalo Community Development's latest project, 2020 Lawrence, just locked in a $1.2M loan from the Colorado Energy Office to install energy efficient components in the 231-unit apartment building near 20th and Lawrence streets. That’s on top of the $45.5M HUD-insured Wells Fargo construction-to-permanent financing it secured with its partner, Berkshire Income Realty.
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“We secured our first lease this week after just starting our official leasing efforts,” says Zocalo director of real estate Susan Maxwell. The project, now more than two-thirds complete, will deliver in December along with 9,100 SF of street-level retail. ("Retail in December? It'll never work!" said nobody.) “We’re close to a letter of intent for one retailer and one restaurant,” Susan tells us. And like the area, Zocalo will target 28- to 35-year-old professionals earning between $75k and $100k/year.
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The developer will pursue LEED Gold (typical for Zocalo) at 2020 Lawrence. Its Solera project hit LEED Gold and not only commanded among the highest rental rates in Denver, but the October 2011 sale of the 120-unit project shattered the multifamily sale price record in the entire state of Colorado when it fetched $308k/unit. Next for Zocalo? It’s under way on Cadence, Union Station—a 219-unit, 13-story high-rise in the Union Station neighborhood—in a JV with Principal Real Estate Investors. “We’re also targeting Cherry Creek and Stapleton” for future projects, she says.