$60M Theater Renovation Gets Green Light: The Denver Deal Sheet
A major renovation of the May Bonfils Stanton Theatre on Denver’s Loretto Heights campus is moving forward, with $60M in combined funding from the city’s Rise Denver Go bond package and Denver Arts & Venues.
The effort is part of a plan to transform the 72-acre campus in Harvey Park South into a cultural hub. The Denver Business Journal reported the renovation, citing public records.
Originally built in 1963 and shuttered since the campus closed in 2017, the 52K SF theater will undergo major accessibility and infrastructure upgrades. Site development plans submitted to the city call for new seating, HVAC and lighting updates, accessibility improvements, and a redesigned lobby and reception area. Capacity will be reduced from 960 to 800 seats.
The design work is led by Pfeiffer, a studio within Perkins Eastman. A 55-space parking lot and upgraded landscaping for outdoor programming are also planned. Phase 2 of the cultural hub could include updates to the campus library.
Denver bought the land at 3200 W. Cornell Drive for $3.5M in 2023.
SALES
Dream US Industrial Fund has acquired Enterprise Business Center Building 7 for $25.5M. The 158K SF Class-A industrial property is located in Denver at 9420 E. 40th Ave. near I-70 and Central Park Boulevard. It was sold by United Properties, which developed the building in 2017 as the anchor of its EBC campus. Newmark’s Mike Wafer, Tim Richey, Michael Wafer Jr., Mike Viehmann, Jack Richey and Sean Fitzgerald represented the seller.
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Scottsdale-based Canopy Real Estate Partners, in collaboration with Denver’s CentrePoint Properties, has acquired the 59K SF Gold’s Marketplace at 2625 Kipling St. in Wheat Ridge for $15.8M. The retail center is 83% leased to tenants including Illegal Pete’s and Esters Neighborhood Pub. The seller faced a maturing bridge loan. CentrePoint plans to raise rents by up to 25% and reposition underused space, targeting initial rates of return of 18% to 20%.
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An 11K SF, eight-unit retail strip center at 5730 E. Otero Ave. in Centennial sold for $1.8M. The property was about 50% vacant at the time of sale and included an atypical layout with a nontraditional office component. Kyle Moyer, Cody Stambaugh and Elizabeth Morgan of Pinnacle Real Estate Advisors represented both buyer KGN Investments and seller M&M Holdings. The team also secured a new 1,420 SF lease with Scalp Therapy and converted it to triple net, part of a stabilization effort.
CONSTRUCTION AND DEVELOPMENT
The city and county of Denver and the Denver Housing Authority have launched a pilot program to incentivize middle-income rental housing. The Partnership for Middle Income Housing Pilot Program will offer property tax relief to up to five new multifamily projects in 2025. In exchange, developers must deed-restrict units for 30 years for households earning less than 100% of AMI.
Eligible projects must be new construction and prove they are financially infeasible without the incentives. DHA will join the ownership structure as a limited partner to access exemptions, and the city's Department of Housing Stability will underwrite the terms. Letters of intent open July 15.
THIS AND THAT
Number Thirty Eight has opened a redesigned outdoor bar dubbed the Wild Possibilities Bar, expanding service on what it says is Denver’s largest patio. The restaurant is in the River North Art District. The refresh is aimed at speeding up service during live music events, sports watch parties and Volo volleyball league nights. The bar is also available for private rentals and group buyouts.
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Compass acquired locally founded PorchLight Real Estate Group, one of the state’s top residential brokerages. PorchLight closed more than $922M in sales volume last year, ranking in the top 350 nationally, according to RealTrends. Terms of the deal weren't disclosed. PorchLight agents will operate under the Compass brand once the merger is complete.
