This Week’s Denver Deal Sheet: 185-Home Longmont Affordable Housing Project Breaks Ground
The city of Longmont and Vertikal broke ground on True North, a 185-home affordable housing community in downtown Longmont.
The project is the result of a public-private collaboration between the city, local landowner Reggie Golden and Vertikal, a Louisville-based developer focused on attainable housing. The city contributed $14M in land, infrastructure and waived fees, while Vertikal is covering development costs. Mountain Valley Bank is providing the loan.
Phase 1 includes 52 homes ranging from 900 SF to 1,500 SF, priced from the mid-$300Ks to mid-$400Ks. Ten homes will be reserved for buyers earning less than 80% of the area median income, while the remainder will be available for households earning 80% to 120% of AMI. Reservations open in April, with the first homes set for completion this summer.
PEOPLE
Cushman & Wakefield hired Robert Thornburgh as Southwest regional president, overseeing markets in Southern California, Nevada, Phoenix, Colorado, Utah and Idaho. Thornburgh, formerly CEO of the Society of Industrial and Office Realtors, will focus on strategic growth, client service and talent development from the firm’s Los Angeles office.
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Pinnacle Real Estate Advisors has hired Wade Fletcher as vice president, bringing 16 years of experience in land sales, including roles at Newmark and Cushman & Wakefield. Fletcher specializes in urban infill, multifamily and mixed-use development and will help expand Pinnacle’s land division.
LEASES
National law firm Ballard Spahr signed an 11-year lease for 19K SF at the 1800 Larimer building in the Union Station neighborhood, relocating from 17th Street Plaza, which is under contract to sell for $132.5M. JLL’s Janessa Biller and Tim Bourdelais represented Ballard Spahr, while Newmark’s Jonathan Tilton and Jeff Castleton represented the landlord, Beacon Capital Partners.
CONSTRUCTION AND DEVELOPMENT
Mortenson has moved into its new 65K SF home at 3083 Walnut St. in Denver's Five Points neighborhood and the River North Art District. The Minneapolis-based firm now occupies 32,500 SF on the second and third floors, housing more than 200 employees. Mortenson previously leased 25K SF at 1621 18th St.
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Landsea Homes has started sales at Spring Valley, a 28-home community in Longmont, with pricing starting in the low $400Ks. The townhomes range from 1,160 SF to 1,640 SF, offering two to four bedrooms and 2.5 bathrooms.
