CU Receives DDA Funds To Build Innovation Hub: The Denver Deal Sheet
The University of Colorado, Denver will receive at least $4.5M from Denver’s Downtown Development Authority to build a 300K SF “regional innovation and entrepreneurship hub” at Independence Plaza.
CU Denver is under contract to purchase the building at 1050 17th St. for $29.7M. The deal was expected to close on June 26, Denverite reported.
The building last sold for $144.5M in 2007, public records show.
Independence Plaza is a 25-story, 567K SF office tower that spans a full city block in Denver’s Central Business District. The university plans to occupy a portion of the building and lease the remaining space to other tenants, according to the Denver Business Journal.
CU Denver could receive more money from the DDA for this building, too.
The board indicated support to grant up to an additional $8.5M. This funding, if granted, would go toward tenant improvements for a food and beverage company to occupy the first floor of the building, upgrades to the building’s outdoor plaza that faces 16th Street, and incentives to attract “job-creators” to the new hub, DDA said in a statement.
The hub will be a partnership between CU Denver and Denver Economic Development & Opportunity.
PEOPLE
The National Western Center appointed Kate Girotti as CEO. Throughout her career, Girotti has served in leadership roles in the entertainment, hospitality and live sports sectors. She will start with the NWC on July 6, replacing Brad Buchanan, who left the NWC last year to become the city of Denver’s community planning and development director.
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Real estate investor and developer Realberry named Casey Gebhard as president. Gebhard has more than 25 years of experience in real estate, private equity and family offices, previously working at McWhinney’s Family Office and Golden-based Ninth Street Capital.
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Florida-based FirstService Residential, a property management company, appointed Amy Bazinet as senior vice president. Bazinet will lead the company’s expansion into Colorado.
LEASES
Junction Food & Drink has reached full occupancy for the first time since it opened in 2020. Cafe Crepe and Shawarma Max joined the 11-vendor food hall at 2000 S. Colorado Blvd. this month.
CONSTRUCTION AND DEVELOPMENT
Modular housing units were placed and assembled at 817 W. Eighth Ave. as part of the residential development Blue Room House One. The development will serve those earning between 30% and 80% of the area median income. Residents are expected to move into the space in December or January. The project is being developed by Denver-based Blue Room Housing and manufactured by Minnesota-based Rise Modular.
FINANCING
The team behind Kalaco, a 280-unit apartment building that delivered last August at 1010 W. Colfax Ave., refinanced the property. Opus Development Co. and an Ares Real Estate fund secured a $67M, three-year construction loan from a “national balance sheet lender,” according to JLL. JLL Capital Markets led refinancing efforts on behalf of the borrowers.
THIS AND THAT
Tempo Nine Mile Station, a 255-unit apartment complex in Aurora, has reached stabilization. The property was developed by Chicago-based real estate firm Draper and Kramer, Koelbel and Co., Mile High Development and Urban Roots Development, with tenants moving in early last year. Draper and Kramer also announced it took over property management for Tempo Nine Mile Station and The Wright, a 203-unit multifamily property in Centennial.
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Denver nonprofit Urban Land Conservancy rebranded an affordable apartment complex that primarily serves families at 1316 26th St. Now called Justina at Five Points, the new name honors the legacy of Dr. Justina Ford, who was Colorado’s first Black female doctor. ULC purchased the property in 2025.
