This Week's Denver Deal Sheet: $800M National Western Center Plan Gallops Ahead
Denver is moving ahead with the next phase of the National Western Center’s transformation, part of a long-term plan that will invest more than $800M into the site over the next 35 years.
Mayor Mike Johnston and the National Western Center announced plans for a 4,500-seat equestrian center, a 160-room hotel, income-restricted workforce housing and a parking garage. The new development was approved by the City Council and will mark the final major piece of the 2015 master plan approved by voters.
Construction is expected to begin in fall 2025.
A recent Common Sense Institute study commissioned by the National Western Center estimates that the broader center and co-located Colorado State University Spur campus contributes nearly $3B to Colorado’s gross domestic product and will support more than 11,000 jobs over five years.
Funding for the expansion comes primarily from the voter-approved revenue stream tied to the original master plan.
PEOPLE
Johnston appointed Brad Buchanan as interim executive director of Denver’s Community Planning and Development department. Buchanan, currently CEO of the National Western Center Authority, will take on both roles starting June 10 following the departure of current CPD head Manish Kumar. Buchanan previously led CPD from 2014 to 2018 and will oversee the department during the search for a permanent replacement.
SALES
Marcus & Millichap brokered the $7.75M sale of 1955 S. Quince St., a 42K SF industrial property in Denver. The single-tenant building is occupied by a cannabis cultivation operator and offers access to Interstates 25 and 225. Alyssa Tomback and Thimy Moraitis represented the buyer and seller, and Adam Abushagur helped procure the buyer. Dean Giannakopoulos of Marcus & Millichap Capital Corp. arranged financing.
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Pinnacle Real Estate Advisors brokered the sale of South Boulder Road Liquors, a 4K SF liquor store at 545 W. South Boulder Road in Lafayette. Levi Saxen and Jack Eberwein represented both the buyer and seller. The longtime owners are retiring after more than 20 years in business.
CONSTRUCTION AND DEVELOPMENT
Finale Development Partnership has broken ground on Independence Townhomes, a 16-unit project in downtown Breckenridge, with seven units already under contract. Townhomes are priced from $4.125M to more than $6M. At the same time, the developer launched sales for Victory Ridge, a 14-lot slopeside community at Breckenridge’s Peak 8, with homesites priced from $5.25M to $8.9M. The Imperial homesite, the priciest lot at $8.9M, is located near the future Imperial Hotel, part of the broader Finale master plan.
THIS AND THAT
Denver’s for-sale housing inventory just hit its highest level since 2011, with active listings up 48% year-over-year, according to the June Denver Metro Association of Realtors report. More choices mean move-in-ready homes are selling fast, but others are lingering an average of 45 days.
Luxury buyers are cautious but still active, with pending $1M-plus sales up 20% month-over-month. Median prices were down less than 1% at $600K, signaling a more selective — but not a collapsing — market. About 4,000 home sales closed in May, down nearly 3%, month-over-month. Total sales volume was down 2% to $2.9B.
