This Week’s Denver Deal Sheet
Gorman & Co., in partnership with the town of Silverthorne, will break ground on a 135-unit apartment complex known as Smith Ranch on April 11.
At least 70 of the units will be reserved for workers earning between 80% and 120% of the area’s median income, or between $58K and nearly $88K annually. Another 65 units will be reserved for people earning between 30% and 60% AMI, or up to about $52K per year.
“With these workforce housing units available for rent to a wide variety of income ranges, we can provide much-needed housing and security to the local workers that keep our community operating and make it such a special place to call home,” Silverthorne Mayor Ann-Marie Sandquist said in a press release.
PEOPLE
Lamar Group, a property management company with offices in Denver and Chicago, announced plans to lay off 76 people from its Denver workforce, which represents about 75% of the company’s local staff. Amy Pagett, the company’s vice president of human resources, told the Denver Business Journal the move allows Lamar Group to adjust its focus on investment and asset management as the company winds down its property management operations.
SALES
A multifamily property at 1411 North Clayton St. in Denver sold for more than $1.3M on March 31, NorthPeak Commercial Advisors announced. Austin Bengford, Greg Johnson and Conner Piretti of NorthPeak represented the seller in the transaction. The property was purchased by the Russ-Gregory Family Trust.
LEASES
Novus Home Mortgage agreed to lease a 1,300 SF office space at 512 North Wilcox St. in Castle Rock for the next three years. Jordan Burgess of NavPoint Real Estate Group represented the landlord.
FINANCING
Continuum Partners, a commercial real estate developer in Denver, refinanced a 600K SF mixed-use project known as A Block and secured $23M. The Class-A property includes more than 450K SF of office space, 12.5K SF of retail and more than 200 hotel rooms in lower downtown.
THIS AND THAT
Denver-based Industrial Constructors/Managers Inc., a general contractor, was selected as the third-place winner in the Association of General Contractors’ 2022 AGC-WTW Construction Safety Excellence Awards. The award recognized the company for having one of the nation’s top health and safety programs.
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A state-backed collection of conservation groups called Keep It Colorado launched a bid to protect more than 3.3 million acres of Colorado land from development over the next 10 years. The coalition is made up of land trusts, nonprofit organizations, Colorado Springs Utilities, the Ute Mountain Ute Tribe and the Colorado Youth Corps Association, according to a report by the Denver Post.
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Denver’s Westside Investment Partners submitted a more than $102M bid for the Banyan Cay Resort and Golf Club, a 250-acre resort and golf course in West Palm Beach, Florida. The resort’s developer filed for bankruptcy in February after two lenders sought to recoup more than $100M, according to The Real Deal.
