This Week's Denver Deal Sheet
Construction has finished at 1900 Lawrence St. in Denver. The project adds 720K SF of office space to the city’s Central Business District.
Chicago-based real estate firm Riverside is the developer behind the 30-story office tower. Riverside partnered with Convexity Properties and Dallas-based Canyon Partners Real Estate to develop the property beginning in 2022.
Through its affiliate 1900 Lawrence Titleholder LLC, Riverside purchased the 1.25-acre plot in December 2021 for $27.2M, according to the Denver Business Journal
The Class-A office tower was designed by Chicago architecture firm Goettsch Partners. Construction company Hensel Phelps was the general contractor.
CONSTRUCTION AND DEVELOPMENT
Toll Brothers has announced plans for its latest project, Toll Brothers at Painted Prairie, to be located at the intersection of 63rd Avenue and Killarney Street in Aurora. Construction of the sales center and model homes is underway, with sales scheduled to begin in early 2025.
The development will include 177 townhomes ranging from 1,300 SF to 2,500 SF. Home prices start at more than $400K.
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The Broomfield City Council and the Broomfield Urban Renewal Authority have unanimously approved plans for the demolition of the former 1stBank Center. BURA didn't have sufficient funds for the timely demolition of the center, so the council approved a $4M loan with a 2% interest rate to front the costs.
The money will cover the $3.2M demolition of the center by Colorado Cleanup Corp. The company will follow a green demolition plan, which includes a 90% landfill diversion rate through the recycling of materials.
The 6,500-seat event center that opened its doors in 2006 never reached its full potential, officials said, according to the Denver Business Journal.
Crews will begin work at the site on Oct. 7. Colorado Cleanup Corp. will start to disconnect utility lines and set up perimeter controls at the site. Actual demolition of the building, expected to take six months, is projected to begin in early November.
PEOPLE
Kentwood Real Estate has announced the appointment of Joe Serieno as senior commercial adviser for Kentwood Commercial in Denver.
Joe will specialize in a range of services, including landlord representation, tenant services and investment sales. He will focus on sectors such as office, medical and industrial real estate in metro Denver.
Serieno’s career began with co-founding a leasing, management and construction company that was later acquired by Trammell Crow. He also spent time at CBRE and Avison Young.
FINANCING
The U.S. Department of the Treasury has allocated $65M in new markets tax credits to the Colorado Growth and Revitalization Fund.
Awarded annually by the federal government, NMTCs are meant to attract private capital for local development and revitalization efforts in underserved and low-income communities.
Allocations are made through a competitive process to qualified community development entities that have a record of investing in underserved areas.
SALES
Unique Properties Inc./TCN Worldwide represented Arleth LLC in the sale of a 5,500 SF industrial property at 2170 S. Lipan St. in Denver. AC Construction Co. paid $1.2M for the property and will use it for its headquarters.
