![]() A modern Denver office complex, distinguished by its two glass towers, has been sold with a bid of $88.2 million in a foreclosure auction. Located at 1625 and 1675 Broadway, the Denver Energy Center was seen as the symbol the city’s late 1970s high-rise building boom, with the first tower, at 28 floors, inaugurated in 1979. The second 29-floor tower was completed the following year. Once known as the Denver World Trade Center, the complex, with around 785,500 square feet of office space, became the Denver Energy Center after the WTC moved to another downtown location. While the structure has always been a popular location for any number of businesses, in recent years it has seen a significant loss of tenants, especially since the Covid 19 outbreak. Los Angeles-based Gemini Rosemont Realty, a commercial real estate investment company which purchased the complex in 2013 for $176 million, allowed it to go into foreclosure this spring after failing to find a buyer to pay a portion of the existing mortgage. The JPMorgan Chase Commercial Mortgage Securities Trust was the sole bidder on the property. Plans for the complex, which in 2013 was 91% leased, only to see that figure drop to 59% last fall, have not been announced. By Garry Boulard
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![]() A long-discussed proposal to build a modern behavioral health facility that would serve the residents of eastern New Mexico has received a boost with the release of a new feasibility study. The Denver-based Initium Health, which specializes in exploring solutions for improved healthcare, has completed a comprehensive survey of the mental health needs of the region, and concluded that those needs are likely more pressing than popularly imagined. Conducting the survey on behalf of the counties of Curry, De Baca, Quay, and Roosevelt, as well as the cities of Clovis and Portales and village of Fort Sumter, Initium Health said that the gap in behavioral health care in the region is sweeping. That gap in many ways comes down to basic geography: residents in the region must travel up to five hours to receive inpatient mental health care, a burden that not only negatively impacts those without transportation, but is even more crucial for those who may be in need of immediate care. The estimated price tag for a modern facility designed to address today’s behavioral health care needs, which would also include treatment for substance abuse disorders, is around $45 million. An additional report conducted by Initium is expected to be presented next month, looking at funding options for such a facility. By Garry Boulard ![]() The degree to which an employer's private property is protected during a labor dispute may be the subject of an upcoming U.S. Supreme Court ruling. A group called the Coalition for a Democratic Workplace, which is based in Washington, is asking the higher court to review a 2021 decision made by the Supreme Court of Washington State addressing property destruction issues. That decision in Glacier NW, Incorporated v. International Brotherhood of Teamsters Local Union 174 addressed itself to an incident during a work stoppage event at the Glacier Northwest company in Seattle. According to the original litigation, concrete was purposely left in the Glacier company's cement trucks previous to the work stoppage, prompting damage to the vehicles by allowing the concrete to harden in the mixing drums. The Washington State Supreme Court subsequently ruled that the action was protected under the National Labor Relations Act, and thus prevented Glacier from recovering damages. Now, the Coalition for a Democratic Workplace is filing an amicus brief with the federal higher court asking for a review of the Washington decision. In filing the brief, the group is arguing that the Washington state court decision leaves employers without a remedy in cases where structures and machinery are purposely damage, while also encouraging the intentional destruction of such property. The amicus brief also contends that the National Labor Relations Act was never intended to “immunize unions that intentionally destroy an employer's property." The Teamsters’ Glacier strike lasted for around five months and was finally settled in April of this year. It is not yet known if the U.S. Supreme Court will take up the case. By Garry Boulard ![]() A one-story building that has for decades housed a variety of retail operations is on the market for just over $4.3 million. Located at 66 to 70 S. Broadway to the south of downtown Denver, the structure was built in 1924 and comprises two separate store spaces. Listed with the realtor MHLRE Commercial Markets, which has offices in Denver, the building offers a combined just over 8,500 square feet of space. With an 10-foot high ceiling, the building is located in the city's popular Baker neighborhood, and has had tenants that include the Hazel & Dewey kitchenware store, the Grafenberg Sketch Comedy and Improv Theater, as well as a clothing store known simply as NOVL. The building is on a block populated with small taverns, coffeeshops, and restaurants. A large portion of the structures on this block of S. Broadway were built in the 1920s. As an indication of the increasing cost of property in the immediate Denver downtown area, the building was purchased in early 2020 for $1.8 million. The structure, which in the 1950s served as the offices for a company called the Broadway Creamery, last underwent a renovation in 2007. By Garry Boulard ![]() A new nearly 2,000 square foot retail structure in Scottsdale that was completed earlier this spring is being listed for sale for $2.7 million. Located at 7000 E. Shea Boulevard, the one-story building is currently the home to the Black Rock Coffee Bar and features a drive-through service. Sitting on a less than 1-acre site, the structure is in the city’s growing suburban Paradise Valley neighborhood. Listed with the realtors Blue West Capital, which is based in Denver, the building features a minimalistic exterior modern design. Black Rock Coffee is based in Portland, Oregon and currently has more than 100 outlets in some seven states. The company is most known for its roasted coffees, teas, smoothies, and blended energy drinks. The new Shea Boulevard location marks Black Rock’s 25th location in Arizona and fifth store in metro Scottsdale. By Garry Boulard ![]() A popular submarine sandwich chain has announced plans to open two new locations in Denver, part of an expansion plan that is taking the Westville, New Jersey-based company further into the West. Founded in 1992 and known for its wide variety of hoagie sandwiches served with seeded bread, as well as cheesesteaks and vegetarian options, the PrimoHoagies company currently has around one hundred stores, primarily located along the East Coast. But the company, with annual revenues in excess of $56 million, has been increasingly expanding its footprint with new stores in South Carolina and Florida. In January, the chain announced it was opening eight new Texas locations, including one in Houston. According to the publication Franchising Today, the “company’s goal is to open between 10 to 30 new franchises per year.” Ultimately, PrimoHoagies wants to open five new stores in Colorado, with the first slated to begin operations at the end of this summer, and the other four to be announced later. The initial Denver store is slated for 6200 Leetsdale Drive, on the southeast side of the city. The company’s stores generally measure around 1,600 square feet and include seating space for as many as two dozen patrons. By Garry Boulard ![]() Plans are underway for the construction of a series of townhomes on the south side of Grand Junction that will go up in the section of the city known as the Riverfront at Dos Rios. The project, called Crawford Row, will see the construction of 3-story homes, housing either three or four bedrooms each, gourmet kitchens, and balconies. Floor plans for the townhomes will range from either 16 feet in width or 20 feet. The larger Riverfront at Dos Rios is a 58-acre mixed use site that city officials have spent years promoting as a vibrant combined open space, commercial, and light industrial development. It includes access to trail systems as well as access to the Colorado River. The Crawford Row project will ultimately see the construction of 56 townhomes that will also include private outdoor space and two-car garages. Crawford Row is named in honor of brothers George, J.A.K., and Thomas Crawford, three Grand Junction pioneers who owned a brick factory in the city in the late 19th century. The Riverfront at Dos Rios project began in earnest in 1990 when the City of Grand Junction purchased the site, which was formerly a landfill. Work at the site has already seen the building of a $120,000 bike park called the Dos Rios Bike Playground. By Garry Boulard ![]() A one-time state administrative office building in Taos may soon be demolished to make way for a new housing development. The one-story Mary Medina Building is located at 812 Gusdorf Road and is named after long-time Taos resident and artist Mary Medina. It was built in 1978 and regarded at the time as the latest in energy efficiency with its series of passive solar roof peaks. The 12,200 square foot building formerly housed offices belonging to the Department of Human Services, which ceased operations in the structure in 2004. In 2010 the structure was deeded to Taos by the state’s General Services Department. Since then, the building has remained vacant and a victim to vandalism. A plan to turn it into the headquarters of the city’s police department became reality. Now a new plan is being discussed that would see the structure leveled with the idea of then building new affordable housing at the site. In a presentation to the Taos Town Council, Rick Bellis, town manager, discussed the issuance of a Request for Proposals to take on the project. That RFP was subsequently approved by the council. The building is located just a little over a mile to the south of downtown Taos, in a neighborhood of industrial facilities and some new housing. By Garry Boulard ![]() Housing starts saw a substantial decrease of 14% last month, according to the most recent statistics compiled by the Census Bureau. The numbers were also off by 3.5% when compared with where things stood a year ago in May of 2021. The Census Bureau report additionally notes that “privately-owned housing units authorized by building permits in May” stood at just under 1.7 million, compared with April at 1.8 million, for an overall 7% decline. While single-family starts saw a noted decline of 9.2% between April and May, the multi-family starts were down a significant 27% during that same time period. Meanwhile, private sector housing completions in May came in at around 1.5 million. That number, notes the Census Bureau in its summary of recent trends, is “9.1% above the revised April estimate” of 1.3 million. Year-to-year, housing completions were up by 9.3%. In a statement, Jerry Konter, chairman of the National Association of Home Builders, said, Single-family home building is slowing as the impacts of higher interest rates reduce housing affordability.” Konter added that an important part of the equation is the rising cost of construction, noting that “residential construction materials are up 19% from a year ago.” By Garry Boulard ![]() Nearly 6 years after construction of a massive multipurpose arena in El Paso was proposed, city officials and others are trying to find a way to keep the controversial project on track. The proposed $180 million Multipurpose Cultural and Performing Arts Center was set to be funded through Quality of Life bonds approved by El Paso voters in 2012. But the project ran into immediate resistance from community activists and preservationists because it would have required the demolition of the historic Duranguito neighborhood. One and two-story structures in that neighborhood date back to the mid-19th century. A series of lawsuits, heard at various state and district court levels, have prevented any demolition work in the area, while, at the same time, the projected cost for the area has steadily increased to as much as $220 million and more. Now a steering committee has been established to serve as a precursor to a new feasibility study looking at all the pros and cons of the project. That feasibility study is being spearheaded by the M. Arthur Gensler & Associations, an architecture and design firm based in San Francisco. As announced, the committee’s membership is made up of various neighborhood, community, and business groups tasked with eliciting a variety of views on the project. The findings of the steering committee are expected to be presented to the El Paso City Council sometime early next year. By Garry Boulard |
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