Plans have been announced for the construction of a new 12-story office building that will go up in downtown Colorado Springs, across the street from the Weidner Field multipurpose outdoor stadium. The project, to be called 30 West, belongs to the Norwood Development Group, which is also based in Colorado Springs, and will see the construction of a 194,000-square-foot mixed-use complex. As proposed, that complex will see the building of 25,000 square feet of amenity space, and another 4,500 square feet of restaurant space. Additional features will include a fitness studio, conference center, and rooftop lounge. The Denver-based Open Studio Architecture has been brought in as project designer. Founded more than 50 years ago, the Norwood company has in the last decade taken on upwards of $2.3 billion in downtown Colorado Springs apartment, office, and hotel projects. In that same ten-year period, the company has spearheaded the development of around 1,800 individual apartment units. If all goes well in securing city approval, construction of 30 West could begin next year, with a rough completion date of sometime in 2026. The 8,000-seat Weidner Field, built in 2021 and serving as the home to the Colorado Springs Switchback FC soccer team, has been regarded as a catalyst for new mixed-use projects in the southwest part of downtown Colorado Springs. By Garry Boulard
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Plans have now been announced for the construction of a 10,000-square-foot store in Santa Fe that will belong to a long-standing New Mexico retail operation. The building will go up on currently vacant land some 9 miles to the southwest of downtown Santa Fe at 7600 Baca Lane. Once completed, the structure will house the latest location for Frank's Supply Company Incorporated, a 70-year-old business launched and based in Albuquerque, with stores in El Paso, Farmington, Hobbs, and Los Alamos. According to news sources, the plans for building a new Frank's Supply store in Santa Fe have been under consideration for at least a year. Construction of the building is expected to launch in either late next year or in early 2025. To call the Frank's Supply a construction industry institution would be putting it lightly. The company's stores sell a wide variety of everything from hand and power tools to safety and welding equipment, and electrical mechanical equipment. Altogether, such stores offer up to 50,000 items for sale, let alone the roughly 1,000 items available for rent. A key to the company's success may be found in the tenacity of its staff, who never a turn a customer looking for a stray item away, but instead always say something along the lines of "let me look into it," or "let me do a little research and get back to you," a reporter for the Albuquerque Journal recently wrote. By Garry Boulard New proposed banking industry regulations could hamper the economy just as the nation is trying to steer clear of a recession. So said several chief executive officers of the country's largest banks in testimony before the Senate Banking Committee. Central to the bankers' concerns: a feeling that Washington regulators are out to get them. The biggest complaint was heard in response to what is known as the Basel Endgame proposal, which is designed to increase the federal regulation, supervision, and risk management of banks. If actually made reality, the proposal, said Jamie Dimon, chief executive officer of JP Morgan Chase, "would have predictable and harmful outcomes to the economy, markets, businesses of all sizes, and American households." Dimon further warned that unless altered, the Basel Endgame proposal will increase capital requirements on the banks by at least 25%. "Mortgages and business loans will be more expensive and harder to access, particularly for low-to-moderate income borrowers," Dimon continued. "Savings for retirement or college will yield lower returns as costs rise for asset managers, money-market funds, and pension funds." Jane Fraser, chief executive officer of Citigroup, remarked that the proposal could negatively impact "the cost of borrowing for farmers in rural communities." "It could impact them in terms of their mortgages, it could impact their credit cards. It could also importantly impact their cost of any borrowing that they do." The law of unintended consequences was also raised during the hearings when it was suggested that a federal tightening of banking regulations could lead to the growth of what are known as "shadow banks," mortgage lenders and hedge funds, among other sources, that are substantially less regulated than the average bank. In announcing the proposed new regulations, the Federal Reserve said the changes would have the effect of curtailing operational risk. They would also require a higher level of capital for banks as a means of decreasing possible losses. With the comment period for the proposed regulations ending last week, it is currently expected that the largest banks in the country will be required to transition to the new framework by no later than July 1, 2025. By Garry Boulard A state that has enjoyed a consistent building boom since well before the Covid 19 pandemic may experience a decline of some 2,300 jobs next year in its construction industry. Other the other hand, the state's leisure and hospitality industry is expected to see yet more growth, leading to the creation of at least 5,000 jobs. These are two of the findings in a new report just issued by the University of Colorado's Leeds School of Business looking at economic and business prospects in the Centennial State in 2024. Always one of the West's most dynamic states, with a population that has increased by 15% in the last decade for a current total of around 5.8 million, Colorado overall is expected to see a 1.4% increase in jobs next year, with seven of the state's eleven top industries adding to their payrolls. While the Leeds School report does envision slower job growth in 2024, notes Richard Wobbekind in a statement, "we are pleased with how well the economy is performing in this financially constrained environment." Wobbekind is an associate dean for business at Leeds and director of the school's Business Research Division. The biggest sector job gainers for 2024 are expected to be seen in the professional and businesses services field, according to the report. This sector, largely made up of professional, scientific and technical businesses and mostly confined to the state's Front Range region, is slated to see an addition of some 10,500 new jobs next year. Next up: the government sector at the federal, state and local level. Altogether, this sector will probably hire nearly 11,000 people in 2024. The Leeds report expects particular growth in the state's Department of Public Health as well as the Labor Department. A third job gainer will be seen in the education and health services sector, with an increase of around 9,400 jobs, driven by the demand for more nurses and residential care professionals. The biggest job losses are expected to be seen in the state's usually robust construction industry with an employment decline next year of 2,300. "Rising interest rates have slowed demand in the single-family housing market," notes the report. Multifamily construction is also expected to be off, "as apartment demand will be partially met by new units reaching completion." The state's manufacturing sector will additionally see a loss of some 1,400 jobs, along with the information sector, comprised of telecommunications and publishing entities, dropping around 1,000 jobs. Colorado's agricultural industry, beset by any number of challenges including access to water, higher production costs, and lower crop prices, is also not expected to see the kind of growth it has in the past. One industry that speaks to the state's unique culture, however, should be remain steady in 2024: craft brewing. In fact, says the report, this industry "continues to thrive and has proven its ability to innovate and adapt over the past few years." Colorado now has around 440 individual breweries, producing 834,000 barrels of craft brew yearly. Using solar power and sustainable water practices, these breweries, adds the report, "have not only become community staples, but tourist attractions and will likely continue driving economic growth and job creation." By Garry Boulard The guiding force behind a proposed massive hyperscale data center set to go up on the northeast side of El Paso has been publicly identified as the company Meta Platforms Incorporated. While that company may not be readily familiar by many, the company it owns is Facebook. Earlier media reports revealed plans for the construction of a facility on around 1,000 acres located off Stan Roberts Sr. Avenue, not far from U.S Route 54. A corporation based in Delaware called Wurldwide, serving as the front for Meta Platforms, had earlier expressed an interest in spending upwards of $800 million to buy the land, with the El Paso City Council subsequently giving its approval to an ordinance allowing for the sale of the property in question. According to the El Paso Times, the company had put down a deposit of nearly $337,000 to acquire a temporary right of entry to the property in question. Members of the El Paso City Council and El Paso Commissioner’s Court have now approved up to $110 million in incentives to secure construction of the new center. It was during those proceedings that Meta Platforms was revealed as the company interested in building at the site. Despite the incentives vote, Meta Platforms has still not finally decided to build in El Paso and is thought to be looking at several other cities to build in. Mark Zuckerberg, the founder of Facebook, announced the company would be called Meta Platforms in the fall of 2021. By Garry Boulard After a full year of economists predicting that a recession is just around the corner, a new analysis issued by the big financial services firm JP Morgan is suggesting instead that the word “recession” should be replaced with the word “slowdown.” In a just-issued report forecasting the 2024 economy, strategists for the firm assert that the “lower likelihood of a painful economic downtown,” should bode well for financial decision- making heading into the new year. The firm’s Outlook 2024 report, while forecasting an early-year slowdown, asserts that “growth should resume in the second half of the year,” while additionally placing the probability of a deep recession at no more than 25%. The report also predicts that the Federal Reserve may very well begin to cut interest rates during the second half of 2024, adding: “If the rate cuts come in response to normalized inflation rather than a recession, the cutting cycle will likely be slower than what we saw during the early 2000 Great Financial Crisis, and Covid 19 pandemic." The JP Morgan thinkers also believe that the increasing presence of Artificial Intelligence in business and everything else may result in a “potential boost in productivity, with governments incentivizing certain industries like financials, airlines, and healthcare.” Meanwhile, the stubborn topic of inflation will most likely stubbornly remain a topic into 2024, says the report. With the rate of inflation now down from last year’s 8% to around to somewhere between 3.5% and 4%, prospects for it landing somewhere in the range of 2% and 2.5% appear strong. Says the report: “We are especially encouraged by the recent cooling in inflation rates for services sectors such as hotels and recreation, where prices tend to be stickier.” With the Federal Reserve additionally tweaking prices, “a normalized labor market and a lower impact of energy price swings on the overall price basket should help keep inflation in check.” But in the spirit of “on the other hand” economic analysis, the report also notes that while a “continued cooldown in inflation will likely come as welcome news,” there are still “a few inflationary pressure points to keep an eye on.” Good news, or at least better news, is also seen on the labor front: “The gap between job openings (demand for labor) and unemployed workers (supply of labor) in the United States has shrunk from its peak of over 6 million to close to 2.5 million today.” This particular trend is in no small way impacted by immigration, adds the report: “An increase in immigration has also boosted the number of available workers. Year-to-date, foreign-born workers accounted for more than 40% of the 3 million plus new jobs in the United States.” By Garry Boulard One of the symbols of a vibrant newspaper world that in recent years has been substantially changed is about to undergo a change itself. The nearly 306,000 square-foot Denver Post building, located at 101 West Colfax Avenue, is on the verge of being acquired by the City of Denver. Built in 2006, the structure had been used by the Post, the largest newspaper in the city, for more than a decade until the publication moved to a new location at 5990 Washington Street. In the last several years city officials have discussed purchasing the building, noting that a number of city departments are already leasing out space there to the tune of around $5 million a year. Now members of the Denver City Council are considering an outright purchase of the Post building for around $88.5 million from the firm Kayan LLC. In so doing, the city will be adding to a growing property portfolio that currently includes around half a dozen downtown structures. According to sources, the purchase of the Post structure would by far be the largest investment the city has made to date in office building space. The structure, which is regarded as a Class A building, was also once the home to the Rocky Mountain News, which ceased publication in 2009. If the purchase is finalized, it is expected that the building, which includes a 230-seat auditorium, will provide office space for local, probate, and juvenile courts. The Post structure was built at a cost of $88 million over a period of nearly two years and has housed a fitness center, yoga room with outdoor deck, and around 8,000 square feet of ground floor retail. The Denver Post was established in 1892 and through the decades has had several owners. The paper’s current print circulation is just over 41,500. By Garry Boulard New Mexico State University May Get State Funding Next Year for Multi-Campus Facility Projects12/6/2023 The Las Cruces-based New Mexico State University may be in line to receive nearly $45 million in capital outlay funding when the state legislature meets early next year. The New Mexico Higher Education Department has announced that it is recommending that lawmakers this coming spring approve some $20 million for the planning, design, and construction of what are defined as NMSU's "critical improvements campuswide.” The second largest outlay request is for $15 million to design, build, and upgrade the school’s Agricultural Experiment Station, and other similar facilities located around the state. The state Education Department has additionally recommended up to $5 million in funding for the planning, design, and building of a new College of Engineering facility; as well as $4.7 million to demolish the school’s Cole Village on the south side of the campus. A student housing complex, the Cole Village was built in 1966 and included two-story townhomes housing just over two dozen residential units. The village has been closed since 2017 and marked for demolition by NMSU officials for the last several years. NMSU’s Alamogordo campus, meanwhile, may see up to $5 million in capital outlay funding to design and build new classroom space, along with $1.5 million for renovations to the Rohovec Fine Arts Center. Plans call for the Rohovec facility to be converted into an auditorium-style study hall. The school’s Grants campus has been approved for by the Higher Education Department for up to $3 million to renovate its long-standing Martinez Hall. Altogether, the Higher Education Department has recommended funding for up to 42 higher education campus facility projects across the state, with a total price tag of $307.5 million. The 2024 session of the New Mexico State Legislature is set to begin on January 16. By Garry Boulard Implementation of the massive federal Broadband Equity Access and Deployment program is proceeding on pace, but not without anticipated and unanticipated challenges, the head of the National Telecommunications and Information Administration has just disclosed. Speaking to members of the House Energy & Commerce Committee, Alan Davidson said the $42 billion program, which is designed to expand high-speed internet access nationally, remains a story of the states. “We’ve always contemplated from the beginning that states would ultimately adopt a range of technologies and different states would choose a different mix,” said Davidson, who formerly served as the director of digital economy for the Commerce Department. “It’s going to be fiber first where we can,” explained Davidson, before remarking that from that point on the states are left with the flexibility to do pretty much what they want. That approach means that the states can aim for service that may include using low-earth satellites, “which can give very good service, and do it more cheaply in remote areas.” Davidson also emphasized to lawmakers that the BEAD program remains optional: “Nobody is required to be a part of this program," he remarked. While noting that the BEAD program is a Washington effort backed by what Davidson called “billions of dollars of federal money,” the emphasis on local control remains paramount. “Different states are going to take different approaches.” “And we’re giving them the flexibility to do it in different ways,” continued Davidson, adding that his agency was also committed to “giving states the flexibility to set the low-cost option the way they want to.” Davidson additionally urged lawmakers to increase funding for the Affordable Connectivity Program, which is operated through the Federal Communications Commission and provides subsidies for low-income households to pay for wireless internet connectivity. That program, disclosed Davidson, is currently helping “more than 22 million households pay for internet service.” “Congress needs to act now to put ACP on firm financial footing going forward,” Davidson remarked. “We know that a connection does not mean much if a family cannot afford it,” Davidson said in written remarks earlier submitted to the committee. “We also know that ACP helps network providers make the business case to serve rural and remote communities.” By Garry Boulard Plans for the construction of a three-story, 9,100-square-foot building in Old Town Scottsdale that will house an upscale steakhouse are expected to be reviewed and perhaps voted on by members of the Scottsdale City Council in January. The project belongs to the investment company Wags Capital, which is based in Lehi, Utah, and will go up on a less than one-acre site at 7323 E. Shoeman Lane in a neighborhood dominated by apartment complexes and small retail operations. The building at the site, which currently houses a pizza shop and a restaurant that closed its doors about two years, is slated for demolition to make way for the new steakhouse structure. Council members will be tasked with approving a site rezoning proposal for the project, following a vote by the Scottsdale Planning Commission in September which gave a green light to the project. The steakhouse will be called Wags and will feature a rooftop terrace. Plans also call for an outdoor patio, 10-foot-wide sidewalks on both sides of the building, and 44 parking spaces. Wags Capital is a diversified investment firm uniquely specializing in both real estate as well as food and beverage projects. The company has launched a Latin food restaurant called Las Botellas in Riverton, Utah; and the Kokonut Island Grill, with two locations in Salt Lake City; among many other projects. By Garry Boulard |
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