Learn more about NAIOP Colorado's efforts to advance public policy that protects and encourages responsible, sustainable development that creates jobs and benefits the communities in which our members work and live.
Spring 2024 Public Policy Update
Published March 2024 | Submitted by Kathie Barstnar
As the legislative session gains momentum, the countdown clock is ticking, with 81 days left for impactful decisions. Curious about the timeline? Check out our Countdown Clock here for real-time updates.
Wondering what NAIOP Colorado is closely monitoring? Dive into our comprehensive bill tracker here for detailed insights into the bills we're tracking, supporting, opposing, or proposing amendments for.
Here's a snapshot of three key issues capturing our attention:
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HB24-1116: Extend Contaminated Land Income Tax Credit
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This pivotal bill seeks to extend the Colorado tax credit, crucial for supporting the cleanup of contaminated brownfield sites. With unanimous approval in its initial committee, this bill proposes a 10-year extension, signaling positive strides towards environmental remediation and sustainable development.
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HB24-1175: Local Governments Rights to Property for Affordable Housing
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A contentious issue revived from last year, this bill, despite incorporating additional provisions for "notice," retains controversial elements granting local governments first right of refusal on multi-family property sales. In its current form, we stand in opposition. However, with potential amendments shifting it towards a genuine "notice" bill, we're poised to reconsider our stance.
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SB24-106: Right to Remedy Construction Defects
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Addressing the pressing need to streamline construction defect actions, this bill offers pre-courtroom resolution options. Engaging closely in its drafting process, we're cautiously optimistic about its path through the legislature. Facilitating the return of attainably priced housing to the market is instrumental in tackling Colorado's housing supply and affordability challenges.
These highlights represent just a glimpse of our extensive bill tracking efforts. Many NAIOP Colorado members are actively participating in Capitol testimonies, advocating for our industry's interests.
Eager to contribute further? Consider joining our Public Policy Committee or lend your expertise on specific bills from our tracking document. Reach out to Tyler Carlson, Chair of the Public Policy Committee, or Kathie Barstnar, Executive Director, for more details. Additionally, you can support our advocacy endeavors through financial contributions via the Public Policy Fund link on our website.
Your interest and involvement drive our mission forward. Feel free to connect for additional insights or inquiries. Together, let's shape a prosperous future for Colorado's commercial real estate landscape.
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2023 Colorado Legislature Special Session Recap
December 2023 | Submitted by Erin Goff and Kathie Barstnar
Following the sound defeat of Proposition HH on the November Ballot, Colorado’s Governor Jared Polis was forced to call a special session to address the impending property tax tsunami. While NAIOP Colorado and a coalition of similar CRE industry organizations encouraged the Governor to include Commercial Property Tax relief in his direction to the Legislature, sadly, he did not.
According to a preliminary report by the Common Cents Institute (CSI), the influence of commercial property taxes on property owners and the Colorado economy could result in fewer jobs, decreases in household incomes, and a $177M reduction in overall GPD.
While the bills passed in November’s special session of the Colorado General Assembly will offer short-term property tax relief, it will be crucial for state lawmakers to include commercial property owners in any prospective long-term property tax structure to contribute collectively towards alleviating Colorado’s affordability challenges.
Below are summaries of the legislation that was adopted and signed by the Governor following the special session:
- SB23B-001, sponsored by President Fenberg, Senator Chris Hansen, D-Denver, Speaker McCluskie, and Representative Chris deGruy Kennedy, D-Lakewood, increases the property value exemption for multifamily and single-family residential properties from $15,000 to $55,000 and decreases the residential assessment rate from 6.765 percent to 6.7 percent for the 2023 tax year. According to sponsors, this bill will provide over $430 million in property tax relief while protecting funding for locals services, like schools, fire districts and libraries.
- HB23B-1001, sponsored by Representatives Leslie Herod, D-Denver, and Mandy Lindsay, D-Aurora, and Senators Julie Gonzales, D-Denver, and Janet Buckner, D-Aurora, increases statewide residential rental assistance to a total of $65 million, securing an additional $30 million on top of the $35 million from federal funds already allocated. The bill provides financial assistance for rent owed and other related costs for Colorado tenants making at or below 80 percent of the area median income.
- SB23B-002, sponsored by Senators Rachel Zenzinger, D-Arvada, and Jeff Bridges, D-Arapahoe County, and Representatives Shannon Bird, D-Westminster, and Lorena Garcia, D-unincorporated Adams County, allocates an estimated $35 million in federal funds to expand Electronic Benefits Transfer (EBT) benefits, which will help families purchase groceries from SNAP retailers during the summer months when child hunger is most severe. Families with children eligible for the national free and reduced-price school meals program will receive $40 a month per eligible child for the summer benefit in 2024.
- HB23B-1002, sponsored by Representatives Jenny Willford, D-Northglenn, and Mary Young, D-Greeley, and Senators Chris Kolker, D-Centennial, and Rhonda Fields, D-Aurora, expands the state Earned Income Tax Credit (EITC) for tax year 2023 to one of the highest state matches in the country. With the current state EITC at 25 percent, the average tax credit is $521. By increasing the EITC to 50 percent, the sponsors project that families will see hundreds of additional dollars back in their wallets next year.
- SB23B-003, sponsored by Senators Nick Hinrichsen, D-Pueblo, and Janice Marchman, D-Loveland, and Representatives Javier Mabrey, D-Denver, and Ruby Dickson, D-Centennial, adjusts the TABOR refund mechanism for the 2023 tax year to provide an equal refund of $800 for all taxpayers.
- HB23B-1003, sponsored by Representative Marc Snyder, D-Manitou Springs, President Fenberg, and Senator Kyle Mullica, D-Thornton, creates the bipartisan Commission on Property Tax to provide recommendations for long- and short-term property tax relief and evaluate the impact of property tax related ballot measures filed at the title board this year. The goal of HB23B-1003 is to gather leaders from across the state and key constituencies impacted by property taxes to map out potential long-term solutions to property taxes that have been rising since Coloradans voted to repeal the Gallagher Amendment in 2020. This task force will have a seat for an individual representing an organization that represents Colorado commercial or residential property owners.
Many of these bills and issues will resurface in the 2024 legislative session. To learn more about the important work that NAIOP Colorado's Public Policy Committee and our partners are doing to protect the CRE industry from costly and unreasonable mandates, please contact any one us:
- Chris Alcorn, NAIOP Colorado 2023 Public Policy Chair, Alcorn Construction
- Tyler Carlson, NAIOP Colorado Public Policy Vice-Chair & Past President, Evergreen Devco, Inc.
- Kathie Barstnar, NAIOP Colorado Executive Director
Harness the "Power of One Voice" on issues of concern to the commercial real estate industry.
Join NAIOP's Public Policy Committee today and consider an Investment in the NAIOP Public Policy Fund.
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Public Policy Update: 2023 Colorado Legislative Recap
Submitted by Wade Warthen and Kathie Barstnar - May 2023, Posted August 2023
Colorado’s General Assembly officially concluded the 2023 Legislative Session on Monday, May 8th. The CRE community faced several challenging pieces of legislation during the session.
Despite the odds, NAIOP and the CRE community in general had several successful outcomes this year, thanks to the help of several testifying members, our Executive Director, Kathie Barstnar, and our lobbyist, Erin Goff, from Husch Blackwell Strategies. Metro districts were under attack, but we managed to stave off HB-1090 and pass SB-110 instead. We also fought off an attempt to repeal the statutory prohibition against local governments imposing rent control. A governmental right of first refusal affecting certain multi-family properties, HB-1190, was passed over our opposition, but we were successful in obtaining several amendments, making that bill less onerous.
The General Assembly killed SB-213, a major overhaul of Colorado’s local government land use system. The bill would have imposed state mandates and stripped local governments of their authority over land use and zoning. The measure died on the calendar after negotiations between local government supporters and those pursuing a statewide solution failed to find a compromise between the Senate and House versions of the bill.
The final days of the session saw the quick introduction and passage of SB-303 concerning property tax relief and corresponding TABOR adjustments. That bill triggers a voter approval measure on the November ballot to become effective.
The key bills NAIOP actively lobbied this session are listed below, along with brief descriptions and status.
SUPPORTED BY NAIOP AND PASSED:
SB-110: Transparency for Metro Districts. This bill requires that:
- an organizing metropolitan district include maximum mill levy and debt issuance in a service plan submitted for approval to municipalities and counties;
- beginning 2023, active metropolitan districts that have residential units and were organized after January 1, 2020, conduct an annual meeting with information about outstanding projects and debt, and allow for questions from the public;
- prior to issuing debt to a director of a metropolitan district on or after January 1, 2024, a registered municipal advisor certifies that the debt’s interest rate, prior to issuing debt, is the lesser of the current market interest rate or the AAA general obligation municipal bond rate plus 400 basis points; and
- sellers of residential property located within a metropolitan district provide the purchaser with the official website established by the metropolitan district.
Signed by the Governor.
HB-1005: New Energy Improvement Program Changes. The Commercial Property Assessed Clean Energy Program (C-PACE) allows certain property owners to obtain financing for new energy improvements, resiliency, and water efficiency improvements. Signed by the Governor.
HB-1023: Special District Construction Contracts. This bill increases the threshold for public notice of bids to $120,000 or more and is adjusted for inflation every 5 years. Signed by the Governor.
HB-1184: Low Income Housing Property Tax Exemptions. This bill expands an existing property tax exemption for vacant land held by a nonprofit organization to build and sell affordable housing units beginning in the 2024 property tax year. The bill also deems certain land held by community land trusts and nonprofit affordable homeownership developers as being used strictly for charitable purposes and therefore, constitutionally exempt from property tax.
HB-1255: Regulate Local Housing Growth Restrictions. This bill prohibits a local government from enforcing or enacting any local housing growth restriction. In the event of a declared disaster emergency, the local government may enact a temporary growth restriction for no more than one year after the disaster declaration.
SB-35: Middle Income Housing Authority. The bill clarifies that the Middle-Income Housing Authority Under has the power to enter into public-private partnerships and specifies that the affordable rental housing component of a public-private partnership is exempt from state and local taxation, among other changes.
SB-175: Financing of Downtown Development Authority Projects. This bill allows municipalities to adopt 20-year extensions for property tax increment financing arrangements for downtown development authorities, following an initial 30-year period and a one-time 20-year extension under current law. The bill continues a default split of incremental revenue, with 50 percent allocated to the municipality that established the DDA and 50 percent allocated to other governmental entities that levy property taxes within the boundary of the DDA. The bill also requires that the base value of the DDA advance by one year during each year of the automatic and recurring 20-year extension periods.
SB-304: Property Tax Valuation. This bill makes changes to the valuation of property by county assessors. The bill requires that assessors consider the following when determining a property’s actual value: current use; existing zoning or government land use, environmental regulations and restrictions; multiyear leases or other contractual agreements affecting the use of or income from the property; easements and reservations of record; and covenants, conditions, and restrictions of record.
OPPOSED BY NAIOP AND FAILED TO PASS:
HB-1090: Limit Metro District Director Conflicts. This bill would have prohibited a metropolitan district director or board member who approved the issuance of debt from acquiring any interest in the debt individually, or on behalf of an organization.
HB-1115: Repeal Prohibition Local Residential Rent. This bill was an attempt to repeal current law prohibiting a local government from enacting laws that control rent on private residential real property, or private residential housing.
HB-1118: Fair Workweek Employment Standards. This bill attempted to create new labor standards and requirements for employers in the food and beverage establishment, food and beverage manufacturer, and retail establishment sectors related to employee work schedules and wages.
HB-1171: Just Cause Requirement for Eviction of Residential Tenant. This bill attempted to create a “Just Cause Eviction Policy,” to apply to all residential premises in the state, except short-term rental properties, owner-occupied properties, and mobile home spaces, prohibiting a landlord from evicting a tenant unless there is just cause, as defined in the bill or certain no-fault exceptions, with conditions attached.
OPPOSED BY NAIOP BUT PASSED:
HB-1190: Affordable Housing Right of First Refusal. This bill creates the right of first refusal (ROFR), with certain exemptions, for local governments to purchase multi-unit residential properties for long-term affordable housing. Local governments are given the right to purchase a qualifying property for an economically substantially identical offer to an offer that a residential seller receives. Any purchase or sale agreement for the conveyance of a qualifying property is contingent on the first refusal of the municipality or county where the property is located. Qualifying properties include any multifamily or mixed-use property consisting of 10 or more residential units in urban counties, and five or more residential units in rural or rural resort counties, and only include buildings 30 years or older. Residential sellers must notify the local government of the price, terms, and conditions of an acceptable offer the seller has received, or for which the seller has entered into a contingent purchase and sale agreement with a prospective buyer. The timelines for notice, offer, and ultimate closing on the property were amended down to approximately 90 days with the local government required to assert its intent to exercise the right of first refusal within seven days, make an offer within 21 additional days and close within 60 additional days. The bill was amended to sunset in 5 years.
HB-1161: Environmental Standards for Appliances. This bill expands the list of appliances subject to statutory Water and Energy Efficiency Standards. The bill phases in prohibitions on the manufacture, distribution, or sale of certain fluorescent lights and heating appliances. The Air Quality Control Commission is required to lower the emission limits for new water heaters, boilers, and certain furnaces by 2029.
SB-184: Protections for Residential Tenants. This bill limits landlords from using certain financial and rental history information about prospective tenants during the rental application process, and places other requirements on landlords concerning rental applications. Specifically, under the bill, a landlord must:
- not inquire about the amount of income, except to verify that it exceeds 200 percent of annual rent, or credit score, if an applicant uses a housing subsidy;
- not inquire about income for applicants not using a housing subsidy except to determine whether annual income equals or exceed 200 percent of annual rent;
- not require applicant income greater than 200 percent of annual rent if an applicant is not using a housing subsidy.
Violations of these provisions constitute an unfair housing practice, with remedies allowed by law. Additionally, landlords are liable for an initial penalty of $50 to an aggrieved party for violations, and another statutory penalty of $2,500 if a violation is not cured within seven calendar days. Finally, the bill prohibits landlords from charging a security deposit greater than two months’ rent, and nothing in the bill precludes a landlord from gathering necessary financial information to verify that a tenant’s income meets requirements for income-restricted rental units if the landlord receives funding from an entity that requires such verification.
SB-273: Agricultural Land in Urban Renewal Areas. This bill limits the inclusion of agricultural land within an urban renewal area. The bill specifies that the land may only be included in a URA if it remains in the same URA in which it was originally included, or modified to include it, prior to June 1, 2010. Thus, agricultural land that was included in an expiring URA prior to June 1, 2010, is prohibited from being included in newly formed URAs. NAIOP is requesting the Governor to veto SB-273.
SB-291: Utility Regulation. The bill makes a number of changes to how utilities set rates and recover costs from consumers. It also commissions two studies and directs the Public Utilities Commission (PUC) in the Department of Regulatory Agencies (DORA) to adopt rules regarding rate filings, cost recovery limitations and natural gas infrastructure. The PUC must establish, by rule, mechanisms to align the financial incentives of investor-owned gas utilities with customers regarding fuel costs, including a mechanism to incentivize electricity production cost efficiency by January 1, 2025. The bill prohibits gas utilities from offering incentives to property owners for establishing new gas service and depending on what rules are adopted by the PUC, gas utilities may not charge a customer a fee or penalty for terminating gas service. The PUC must also investigate how residential development drives natural gas infrastructure costs.
SB-303: Reduce Property Taxes & Voter-Approved Revenue Change. This bill refers a ballot measure (“Proposition HH”) to voters at the November 2023 election. If approved, the bill allows the state to retain and spend revenue in excess of the current limit (“Referendum C cap”). With voter approval, the bill creates a new limit (“Proposition HH cap”). Revenue retained in excess of the Referendum C cap, up to the Proposition HH cap, is deposited in a newly created account, to be first used to reimburse local governments (“backfill”) for their lost property tax revenue as a result of the assessment rate and value reductions. Lost property tax revenue that results from reduced mill levies are not reimbursed. Second, the bill transfers five percent of the amount retained under Proposition HH or $20 million, whichever is smaller, to the Housing Development Grant Fund. Any retained amount remaining after reimbursements and such transfer is transferred to the State Education Fund. Money transferred to that fund must not supplant General Fund appropriations for school finance. The bill creates a limit for local property taxes beginning in property tax year 2023, excluding school districts and home rule cities and counties, unless the district adopts a resolution or ordinance to exceed it. Under the bill, growth in revenue is limited to the rate of inflation in the Denver-Aurora-Lakewood Consumer Price Index. The bill includes several exceptions when calculating the limit including revenue from new construction. The bill makes temporary assessment rate reductions for residential property classes and expands reductions in valuation. Under the bill, a dollar amount set in statute may be subtracted from a property’s market valuation before application of the assessment rate. The bill creates two new subclasses of residential property for owner-occupied primary residences and qualified-senior primary residences. The new subclasses are effective beginning with the 2025 property tax year. The bill makes temporary assessment rate reductions for most nonresidential property classes.
PASSED WITH NAIOP-SUPPORTED AMENDMENTS:
HB-1233: Electric Vehicle Charging & Parking Requirements. This bill includes a number of provisions concerning electric vehicle charging stations, including electric code requirements, local parking regulations, property tax provisions, and potential charging stations at rest areas. The State Electrical Board must adopt rules requiring that applicants for an electrical permit must comply with the Model Electric Ready and Solar Ready Code, which requires multifamily buildings to have charging equipment installed. These rules are effective March 1, 2024. Local governments may decide whether to apply existing codes or the new rules to development that is already permitted. The bill prohibits a lease agreement or a homeowner’s association from preventing a resident from installing an electric vehicle charging station on parking spaces that are assigned or otherwise available to the resident. It further prohibits parking restrictions for plug-in vehicles. The bill specifies how parking spaces served by charging stations must be counted towards local government minimum parking requirements. It also prohibits local governments from prohibiting the installation or utilization of charging stations except when addressing safety concerns. From tax years 2023 through 2029, electric vehicle charging stations are exempt from property tax.
OTHER NOTABLE BILLS:
SB-213: Land Use. This bill died on the calendar. The bill would have made significant changes to local requirements for model codes, density requirements, and requirements for planning assessments, with the stated goal of increasing access to affordable housing. It is expected that Governor Polis will call a special session for the Legislature to reconsider this bill.
As introduced, the bill would have imposed top-down zoning and land use standards on municipalities, creating multiple “uses by right”, including accessory dwelling units (ADUs) on single-family lots, middle housing anywhere the municipality allows single-unit detached dwelling units, and minimum density standards in certain areas.
As amended by the Senate, the bill was made more palatable, though still not desirable. Most notably, the Senate reengrossed version included the following changes:
- Removed most land use and zoning preemptions;
- Mandated municipalities to adopt affordability strategies; and
- Removed legislative declarations that attempted to establish traditionally local matters as being of mixed state and local concern.
As amended by the House, the bill was largely returned to its original form—preemptions on zoning authority and mandates for ADUs were amended back in, as was multifamily housing in transit-oriented areas. Counties would be subject to mandates of upzoning in transit areas, although middle housing mandates were not added back in. Additionally, the House
- Reinserted prohibitions on common interest communities/HOAs regarding ADUs and multifamily housing in key corridors and transit areas; and
- Reinserted preemptions of planned unit developments regarding ADUs and multifamily housing in key corridors and transit areas.
Special thanks go out to Husch Blackwell Strategies for their contributions to this article.
If you have questions or would like more information, please contact NAIOP Colorado Executive Director Kathie Barstnar.
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Public Policy Alert: Governor Polis vetoes affordable housing bill
Submitted by Kathie Barstnar, NAIOP Colorado Executive Director
Posted June 7, 2023
Last night Governor Polis vetoed HB23-1190. This bill would have given cities and counties and their designees the right to step in when the owner of an apartment property has agreed to sell it and take possession instead if it offers “substantially” the same price (Right of First Refusal). The stated intent of the bill was to preserve below-market-rate housing. However, the unintended consequences of the bill were many and significant. An assessment by CoStar estimated HB23-1190 would create a 3.23% cumulative decrease in the value of Colorado commercial real estate, equivalent to the loss of $1.57 Billion in value in what’s now a $48 billion market.
We had received calls from out of state Investment Firms and REIT’s expressing their hesitancy to invest in Colorado if this bill were signed into law. One firm reported pulling out of a deal in process due to the passage of HB23-1190.
Governor Polis understood the challenges that this bill would create. Read the Governor's Veto Letter which explains his thinking.
This bill and others like it will be back in the 2024 legislative session. Our plan is to be involved in the drafting of those to ensure that these types of unintended consequences are identified early and addressed. Housing (both affordable and attainable) in Colorado is an urgent need. Creating and sustaining this housing in ways that don’t add costs is imperative.
If you have questions or would like more information, please contact NAIOP Colorado Executive Director Kathie Barstnar.
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Public Policy Corner Update for March 2023
By Chris Alcorn, Alcorn Construction
The Public Policy Committee along with Chair Chris Alcorn, Executive Director Kathie Barstnar, and our lobbying firm Husch Blackwell are hard at work on behalf of NAIOP members as the legislative session is in in full swing.
The committee recently voted to support four bills:
- HB-1005 New Energy Improvement Program Changes - Adds resiliency improvements and water efficiency improvements to the list of energy efficiency improvements eligible for C-PACE funding.
- HB23-1023 Special District Construction Contracts – Raises the requirement for notice on special district construction bids from $60,000 to $120,000 with adjustment for inflation every 5 years.
- SB23-035 Middle-Income Housing Authority Act – Clarifies how the middle-income housing authority can enter into public-private partnerships.
- SB23-110 Transparency for Metropolitan Districts – Many of the bills aimed at metro districts would jeopardize their existence as a means for developers to provide public infrastructure and spread the cost to homes and buildings. The bill aims to solve the issues claimed by those that would eliminate metro districts by adding transparency and accountability to the metro district process and was written by pro-business and pro-real estate stake holders.
And to Oppose three bills:
- HB23-1090 Limit Metropolitan District Director Conflicts – This bill would eliminate many metro districts by not allowing developers (people with “conflicts of interest”) to purchase the debt in the early phases of a project when the debt has very little value to anyone other than the developer and investors.
- HB23-1115 Repeal Prohibition Local Residential Rent Control – This is a very dangerous bill that seeks to repeal the Colorado’s current statutory ban on rent control, which would allow counties and municipalities to enact ordinances to control rent in private residential property.
- HB23-1161 Environmental Standards for Appliances – This bill controls many appliances, but appears to be a back-handed way to eliminate the use of gas appliances in the state by requiring appliance to meet point of use emissions standards that gas appliances cannot meet.
You can access the full list of bills at the NAIOP bill tracker: https://coloradocapitolwatch.com/bill-analysis/410/2023/0/.
Our Public Policy goals for the year continue to be to advocate on behalf of members, to communicate our mission and actions better to our members, and to develop a more robust fundraising program in order to maximize the impact of our efforts on the political process in Colorado.
Our next meeting is Wednesday, February 22nd at 11:30 at the NAIOP offices. Please reach out to Chris or Kathie to have the invitation added to your calendar if you would like to join us.
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Energize Denver and Building Performance Update
By Kathie Barstnar, NAIOP
The Energize Denver Performance Requirements updated regulations were adopted on November 17, 2022, originally passed by City Council on November 21, 2021. The ordinance establishes energy use intensity (EUI) targets for commercial and multifamily buildings 25,000 square feet and larger, prescriptive measures for buildings 5,000-25,000 sq. ft., and electrification updates to building code over time. The purpose of these new requirements is to push buildings towards net zero emissions by 2040 through increased energy efficiency, electrification, and renewable energy adoption.
Energize Denver is launching a new website with technical guidance, resources, and vendor training videos for the performance requirements in December. New compliance notices with building’ performance targets will be mailed/emailed in early January 2023.
The Energize Denver team is hosting a 2-part webinar series in December to delve into the technical details of the performance requirements:
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Register for Part 1 on December 7 from 12 – 1:30 p.m. MT on background of the ordinance, equity considerations, setting 2030 targets, target adjustments, an electrification credit, and the renewables credit.
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Register for Part 2 on December 15, 12:00 – 1:30pm MT on alternate compliance options and their minimum requirements, performance evaluation, and penalty assessments. Updates on manufacturing, agricultural, and industrial buildings, and the small building prescriptive requirements.
Please visit the Energize Denver Hub for more information. If you require further assistance, please contact the Hub at (844)-536-4528 or at [email protected].
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March 2022 Public Policy Update - Energize Denver Building Energy Performance Requirement
By Brie Martin, Director of Property Management, Prime West Real Estate Services, LLC
Since the adoption of the Energize Denver Building Energy Performance Requirement, I’ve spent a lot of time explaining to clients the details of the initiative, what it means to building owners, and how we can plan for it over the next 5-10 years. The ordinance defines Net Zero Energy as highly energy efficient, all electric, provider of demand flexibility to the grid, and powered by renewable electricity. This really means two things for building owners: site EUI (Energy Use Intensity) reduction and electrification of space and water heating systems.
The ordinance establishes requirements for all buildings in the City of Denver over 5,000 square feet, which is important to note as smaller buildings had previously been exempted from various ordinances. The purpose of this ordinance is to push towards net zero emissions by 2040, therefore requiring all buildings to do their part. The first main target year is 2030, with the goal to reach 30% energy savings across all large buildings in the City of Denver. An essential component to this 30% reduction is the phased in approach of partial electrification to space and water heating systems by 2027. The ordinance does allow building owners to request an alternate timeline as long as the same end goals are maintained.
The City of Denver will provide guided assistance to support both aspects of this ordinance. One support mechanism is a resource component on their website that will be added sometime during 2022. This resource will include a performance portal, how-to-guide, checklists, education, and financial assistance, among other components. The second mechanism is working alongside city building code and permitting to help incentivize replacement of equipment within the timeline specified through the ordinance.
The first step for all building owners is to understand the 2030 target EUI for building type, site EUI for the specific asset, useful life of space and water heating systems, and if all lighting is or has been converted to LED. The next step is to compile a 5-10 year compliance or maintenance program for their asset.
Most building budgets are created in the third quarter of the preceding year, therefore waiting for the resource hub to be complete may create a tricky timing obstacle. Gathering as much information about your building over the next year will help to determine when and how capital money should be spent.
The 2030 target EUI for building type (buildings 25,000 sq ft and higher) can be found on the Energize Denver Hub website. As an example, buildings deemed to be office have a 2030 EUI target of 48.3. Keep in mind that interim targets for 2024 and 2027 will be building specific and mailed out to owners in March 2022. A building’s site EUI can be found on the Energy Star Portfolio Manager. This will help building owners and property managers to create realistic timelines for each asset. As owners and property managers await the interim target guidelines, it is important to begin the process (if one does not already exist) of understanding what mechanical components in your building are not electrified and when their useful life expires. It would also be beneficial to complete a simple ASHRAE Level 1 Energy Audit which can run around $5,000 or more depending on the size of your asset. If no equipment is reaching the end of their useful life over the next 8 years, other means of achieving the target site EUI will need to be completed. An ASHRAE audit will help to compile possible energy saving components, which include high level energy saving estimates and costs.
Buildings 5,000 sq ft - 25,000 sq ft have a simpler method to contribute to the cause, although all buildings are required to partially electrify space and water heating systems upon system replacement. They must either install all LED lights or install solar panels. The smaller the building, the longer the building owner will have to comply, with the last year being the interim target of 2027. If an owner chooses to go the route of an LED upgrade, one item that will need to be considered is whether the current fixtures are LED bulb compatible or if upgrading to LED fixtures will be the route that needs to be taken.
The City of Denver and the Task Force is continually learning from the process and will re-evaluate alternative compliance options, technological advancements, targets and timelines as we move throughout this process. As items are re-evaluated, it is important to lean on local resources to stay in the loop. The Office of Climate Action, Sustainability and Resiliency (CASR) is staffing up to implement these programs. If you have questions before the help center is up and running, don’t hesitate to reach out to Sharon Jaye, CASR Energize Denver Policy Manager ([email protected]) or Daniel Rayner, CASR Buildings Policy Outreach Administrator ([email protected]).
NAIOP Colorado continues to monitor the rules and regulations as they are developed and adjusted to ensure they meet the direction of the Energize Denver Task Force to include flexibility and options to help us all move from aspiration to implementation.
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March 2022 Public Policy Update - NAIOP Advocating for Greater Flexibility on Denver’s Affordable Housing Proposal
By Caitlin Quander, Partner at Brownstein Hyatt Farber Schreck
As you may be aware, the City & County of Denver is in the process of adopting new regulations intended to create more affordable housing options and increasing funding for Denver’s Affordable Housing Fund. The proposal, which is also known as Expanding Housing Affordability (EHA), focuses on two main areas:
- Requiring new residential development of 10 units or more to designate between 8% and 12% of the units as affordable, regardless of whether the home is for rent or for sale. In higher-cost areas of the city, such as downtown, developers would need to provide 2% to 3% more affordable units.
- Gradually increasing the “linkage fee,” which is a fee on development used to build and preserve affordable housing for people with lower incomes. Projects providing affordable housing are not subject to linkage fees.
Over the past year, NAIOP has been working diligently on your behalf to provide data-driven, pragmatic feedback on the draft proposal. Because of our advocacy efforts, city staff has already made the following changes:
- Phasing in linkage fee increases over a three-year period to allow the market to adapt. The original proposal would have applied the 200%-900% linkage fee increases shortly after the ordinance is approved.
- Cut the linkage fee increases nearly in half for all industrial development.
- Exempted ground floor retail from all linkage fees.
In order to be grandfathered under the current linkage fees and requirements, projects must meet the following milestones under Site Development Plan (SDP) review:
- Concept SDP submitted by June 30, 2022; AND
- Final SDP approved by August 30, 2023 (14-month window)
This 14-month window is based on median review times for concept and final SDP approvals. Based on other peer cities and as we are already seeing in Denver, SDP submittals have increased and thus review times are likely to follow suit. Therefore, NAIOP is working hard to advocate on your behalf for flexibility for projects that are moving through the review process in good faith.
Over the next few months, City Council and the Mayor need to hear directly from you too! Please consider calling or emailing your City Council representative and the Mayor’s staff on this important issue.
Click HERE to contact City Council members.
Contact the Mayor’s Office by reaching out to his staff: Analiese Hock ([email protected]) and Brad Weinig ([email protected])
It’s important to note that our industry is committed to being a part of the affordable housing solution in Denver, but will not overlook the importance of limiting the potential unintended consequences still imbedded within the proposal. The city will continue to take in feedback between now and anticipated adoption of the proposal in June of 2022.
Have questions or feedback, please contact Caitlin Quander at [email protected].
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January 2022 Public Policy Update
By Erin Goff, Principal at Husch Blackwell Strategies
The second regular session of the 73rd General Assembly of the State of Colorado is set to begin on Wednesday, January 12. While Democrats remain in control with a 41-24 majority in the House and a 20-15 majority in the Senate, it promises to be an interesting session with the 2022 election looming in the wake of the recent redistricting.
As is the case every year, NAIOP Colorado will be present at the state capitol actively advocating on behalf of its members. While many issues impact the commercial real estate industry, following are a few that have already appeared on our radar, and with which we are actively involved:
Brownfields Tax Credit
The environmental remediation tax credit (Brownfields Tax Credit) is set to expire on January 1, 2023. NAIOP is working with a coalition of supporters and users of this tax credit on a bill to extend the tax credit another 10 years (through 2033) and increase the annual cap from three million to seven million dollars. This will likely be a late bill as the state auditor’s office has not completed the review of the tax credit. That report is scheduled to be available sometime in January.
Premises Liability
Last year, a large and diverse coalition came together to educate the legislature regarding the ramifications for all landowners caused by the Colorado Supreme Court’s decision in Wagner v. Planned Parenthood of the Rocky Mountains. NAIOP was and remains a member of this coalition. The plan in 2021 was to introduce a bill that would reject this decision with respect to the tests of foreseeability and proximate cause applicable to claims brought under the Colorado Premises Liability Act (the Act). The intent of the bill being to establish the tests of foreseeability and proximate cause courts should apply in cases brought under the Act. While this effort did not gain enough traction last year to get a bill introduced, the coalition now has committed bipartisan House and Senate sponsors. A bill title has been secured and drafting should begin soon.
Affordable Housing
During the 2021 Legislative session the legislature created a number of interim committees and task forces. One of these, the Affordable Housing Transformational Task Force, was tasked with making recommendations to the legislature regarding how to spend the American Rescue Plan Act (ARPA) funds dedicated to affordable housing. In addition to the task force, a subpanel was appointed that includes a variety of community members (non-legislators) representing different housing interests. This subpanel made recommendations to the task force which in turn will make recommendations to the legislature. The ultimate allocation of these funds will be drafted into a bill or bills and must go through the legislative process like any other bill.
Throughout the interim there has been much discussion (both in and outside of these task force meetings) about the local government-imposed hurdles that developers must overcome in order to build affordable housing. Colorado is a strong home-rule state which prevents our state legislature from placing mandates on local governments when it comes to planning and zoning. However, it is likely that we’ll see legislation come out of this task force’s work that creates incentives for developers and local governments to prioritize density. A significant sum of the ARPA funds could be directed toward grands and low-interest loans meant to encourage developers and local governments to build or preserve affordable units. As always, NAIOP will look for opportunities to push for additional construction defects reform that will further facilitate and encourage the development of affordable for-sale multi-family housing.
An adage often heard at the state capitol “if you are not at the table, you are on the menu” is absolutely true. If you do not know who your state Senator or Representative is, look them up here: https://leg.colorado.gov/find-my-legislator. The NAIOP Public Policy Committee meets twice a month during the legislative session.
For more information regarding the Chapter's Public Policy efforts, please reach out to Public Policy Chair Chris Alcorn or NAIOP Executive Director Kathie Barstnar.
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August 2021 Public Policy Update
By Kathie Barstnar, Executive Director, NAIOP Colorado
The Colorado General Assembly adjourned on June 8 after 116 days. This session has been described as one of the most controversial in recent memory and many in the business community believe the impacts will be felt for many years. Click Here for a recap of all the bills that NAIOP worked on in 2021. A couple of the key bills were:
- HB21-1286 Energy-Use Benchmarking and Performance Standards for Buildings: This is one of the bills on which NAIOP Colorado secured a significant victory. At the beginning of the session it appeared that this bill would sail through as drafted. As introduced it would have required owners of buildings 50,000 sf or greater all across the state to benchmark their energy usage AND reduce such energy use by 15% by 2026 with additional reductions being designated by the Air Quality Control Commission (AQCC) every five years until 2040. Additionally, it would have required severe penalties for non-compliance including a $.02 per sf per day fine until compliance is achieved. NAIOP, along with a wide coalition of other building related organizations opposed this bill as overreaching and too aggressive. After significant testimony in opposition and a threat by the House Republicans to filibuster the bill, sponsors met with our industry representatives and an agreement to pivot the bill to a task force was forged. The task force will meet and determine ways to bridge the gap from the aspirational goals to implementable actions with a statewide reduction of 15% by 2026 and setting up a plan for future task force input to the AQCC. NAIOP Colorado has been given a designated position on the task force. Stay tuned for updates as the Task Force starts to meet later this year.
- HB21-1117 Local Government Authority to Promote Affordable Housing Units. This bill authorizes local government to require construction of affordable housing within their boundaries without being in violation of the state statute prohibiting rent control by exempting local government land use regulations that restrict rents on newly constructed or redeveloped housing units. NAIOP opposed this bill unless amended to provide guard rails on what local governments could implement. A qualification was added stating that “the (local) regulation provides a choice of options to the property owner or land developer and creates one or more alternatives to construction of new affordable housing units on the building site.” It was signed by the Governor and now local governments are considering what policies to implement. Our efforts now switch to working with county and municipal governments as they consider different ordinances with affordable housing requirements.
The City and County of Denver has been very active on several fronts including affordable housing and energy efficiency along with ballot initiative submissions in anticipation of the fall elections of 2021 and 2022. Here are some updates:
- Energize Denver Task Force: As an outcome of the recently completed Climate Action Task Force 2020 Recommendations Report the Energize Denver Task Force has been meeting the past 8 months to develop a plan to reduce energy use in commercial buildings to meet the 2030 and 2040. Kathie Barstnar has represented NAIOP Colorado on this Task Force. The final meeting of the task force is set for August 19 after which their proposed report will be presented to the Denver City Council. Here is a link to the latest draft report published on July 29, 2021. As soon as the updated report is available, we will make sure you have access to it and will request your participation during its process through the City Council and Regulatory drafting process.
- Denver Expanding Housing Affordability: In line with above report on HB21-1117, the City of Denver is undertaking a public process to involve: 1) Citywide zoning incentive for affordable housing; 2) increase to the City’s linkage fee; 3) requiring affordable housing as part of developments. For more information, please visit the City and County of Denver's Expanding Housing Affordability website. Please consider sharing your feedback to the City about what you want to see in affordability or sign up to participate and attend an upcoming industry focus group. Click Here for more details.
For more information regarding the Chapter's Public Policy efforts, please reach out to Public Policy Chair Caitlin Quander or NAIOP Executive Director Kathie Barstnar.
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Member Perspectives
Our NAIOP Colorado members share subject matter expertise focused on improving the commercial real estate industry through personal stories that inspire enthusiasm, innovation and entrepreneurship.
NAIOP Colorado Perspectives: James Mansfield
Submitted by Abby Kochevar, Published March 2024
James M. Mansfield is the former Principal Managing Director of Pinnacle Real Estate Advisors who recently left Denver for a new adventure in Wyoming. For almost four decades, James worked for the top brokerage and development firms in metro Denver and served as the NAIOP Colorado President in 2019. In this article, James shares how he leverages his extensive real estate experience to navigate cross-border opportunities and forge personal and professional connections in Wyoming and Colorado.
In the dynamic world of real estate, James Mansfield embodies a unique spirit of adventure. Formerly a Managing Broker at Pinnacle Real Estate Advisors and Cushman & Wakefield and a NAIOP past President, Mansfield has recently embarked on a new chapter. He has taken his skills to Hayden Outdoors Real Estate where he has found a new calling brokering farm, ranch and recreational properties in Wyoming and Colorado.
This shift not only signifies a change in career trajectory but also a fulfillment of a goal to combine real estate with a passion for the western spirit.
James's pivot to farm/ranch brokerage was more than a career move; it was a realization that he could expand his expertise and challenge himself in a related real estate sector. With nearly forty years of real estate transactional and managerial experience with Grubb & Ellis, Brookfield and Opus, James' broad knowledge is drawn upon in his new role. He maintains Colorado and Wyoming real estate licenses and connections serving as a resource for cross-border opportunities.
Mansfield and his wife, Jayme, discovered a special connection with Wyoming and the families in the area during their frequent visits. When an opportunity to purchase a ranch property in southern Wyoming became a reality, Mansfield and his wife didn't hesitate. James states, "change and new adventure keeps the spirit alive". With three sons pursuing their careers, the couple had less strings attached. As multi-generational Colorado natives, they maintain an appreciation for the freedom to pursue success with the can-do attitude of the American West.
Jayme, a lifelong horse lover, teacher, artist and author, plays a pivotal role in shaping their new life in Wyoming. She leads horse and art retreats blending her creative passions. Their love for ranch life and the arts deepen the Mansfield family's connection to their new Wyoming home, making it a place where both personal and professional aspirations thrive.
Teaming with Jaci Cole at Hayden Outdoors, James found an ideal professional partner. Jaci, with nearly a decade of real estate experience, grew up on a Colorado ranch and attended the University of Wyoming. Together, they navigate the details of brokering farm, ranch and recreational properties, combining their real estate know-how and passion for the land. This collaborative effort, blends their shared experiences for a unique team value.
The shift in roles, from management to being directly involved in client relationships further elevates James' career. Engaging with clients, marketing and strategizing negotiations has always been his strengths. Mansfield's transition to Hayden Outdoors has not only added to his experience, but reconnected him with the hands-on aspects of brokering. As he navigates the vast landscapes of Wyoming and Colorado, Mansfield's story serves as an inspiration for those looking to align their careers with their deepest interests, creating a harmonious blend of work and personal fulfillment.
James' new office sits over the banks of a flowing river with horses grazing in the pasture surrounding their log home. Showings at times are a hundred miles away, giving Mansfield time to reflect and be grateful for the personal drive to pursue a new calling, view a broader landscape and help others achieve their family dreams and aspirations.
Connect with James now by phone at 303.726.1099 or email at [email protected].
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NAIOP Colorado Perspectives: John F. Ellis
Submitted by Alicia Nikifarava, Published December 2023
 John F. Ellis is a Senior Vice President, National Commercial Account Executive with Fidelity National Title National Commercial Services. He has worked for various title companies since 1972 and has served the commercial real estate industry through NAIOP (Past President 2008, Member of the Year 1995 & 2004), DMCAR, and CREW. John provides his perspective on long-term success, shares his core values and the benefits to being a NAIOP member.
Alicia: Most people couldn’t tell you what title insurance is let alone make a career out of selling it. How did you get into the title business and what has been your secret to success?
John: My fraternity brother, who worked in the title business, and I lived in the same apartment complex back in Alabama. He was very successful and day drinking with realtors by the pool meanwhile I worked a 9 to 5 at the bank in the trust department. So, I thought, what am I doing wrong? Long story short, he helped get me some interviews and I got hired at Lawyer’s Title in Boulder. There was no day drinking but I did quickly move up to cover different regions and had the opportunity to open new offices on behalf of the company. I’ve always managed to keep both sides of the relationship in perspective and never stop learning in the process which I believe is key for long-term success in any industry. While we do sell a product/service, this is a people business and keeping the relationship at the center of it is a key component. Always make sure your approach is authentic, professional, and respectful.
Alicia: What advice do you have for young leaders in the industry who are just now experiencing their first ‘dip’ in the market cycle?
John: First, don’t freak out and switch careers. Focus on your core values and lead with them. Second, it’s easier to avoid the pitfalls of a recession or downturn market if you’re being smart when you’re on top of the mountain. A Ford is just as good as a Porsche. If you’re being careful about your lifestyle and your spending approach, you’re going to be just fine. In my experience, Colorado is usually one of the last states to go into a recession and one of the first to come out of it.
Alicia: My generation has a reputation of chasing the idea of greener grass but not always taking the time to water their own aka job hopping. Having been with only three companies during your 52-year career, do you think there is any reward in loyalty?
John: I hope there is. It’s important to remember that when you’re looking at the grass on the other side of the fence, it very well may be AstroTurf. The sense of loyalty and appreciation is a two-way street. As an employee, you shouldn’t be one foot in the door constantly looking or waiting for other opportunities. You should invest in your job as much as your employer should invest in you. One doesn’t exist without the other.
Alicia: You are a NAIOP Past President and are still an active member. I also just learned that you were Justin’s (Pless) mentor back in the early days of the DL Mentor/Mentee program. You’ve stayed consistent with NAIOP throughout your career in various roles and committees, what do you think is the value in being a member?
John: I look at NAIOP as the swimming pool of commercial real estate. You can dive in with both feet in the deep end or dip a toe in the shallow end; either is fine, but the experience is entirely yours. To me, the fact that one organization can satisfy each member at whatever participation level they want to have is the attraction with the chapter. I’ve taken the deep end approach and it has served me quite well from a relationship standpoint. NAIOP always has an open door for newcomers and long-time members and having that shared platform gives you an advantage.
Alicia: One last but very important question - what’s the secret to your mustache? Our male readers need all the details, tips, tricks, etc.
John: Well, I’ve got a special comb and a short, little clippers. I don’t like things that tickle so I keep it trimmed. To be honest, my wife would probably divorce me if I got rid of it at this point, so this is what it is.
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NAIOP Colorado Perspectives: Lea Ann Fowler
Submitted by Alicia Nikifarava - May 2023, Published August 2023
 Lea Ann Fowler is a Partner at Hogan Lovells specializing in commercial real estate and financing transactions across all product types. She is recognized on a national and local level for legal expertise in real estate law by Chambers USA, Best Lawyers, DBJ and more. Lea Ann, a NAIOP Colorado Past President, provides perspective on the lending market, discusses how staying involved in the organization shaped her career, and gives advice to newcomers.
Alicia: Lea Ann, you have built an incredible legal practice that spans over twenty-five years. What pushed you to pursue commercial real estate and specifically, finance and lending?
Lea Ann: To be honest, I kind of fell into it. I began working for a large law firm right out of law school and our biggest client, at the time, was doing development of the Denver Tech Center. I cut my teeth in real estate assisting with acquisitions and leasing for that client. It was incredibly interesting and gratifying to be a part of the activation of developments in my own backyard and to experience a project from the ground up stage to full development just hooked me. I enjoy finance transactions, in particular because they allow me to work on many different parts of the transaction – entitlements, due diligence, acquisition and structuring and each deal has its own unique aspects.
Alicia: At this point in your career, what makes a transaction interesting to you? Does anything stump you?
Lea Ann: Just when you think you have seen everything, something will come across my desk that I haven’t encountered before. That’s what makes commercial real estate fun to be a part of, even after years in the industry. There are always aspects of a transaction that are just different enough – whether you’re representing a different side of the deal or figuring out a new deal structure that warrants a new type of agreement- it forces me to get creative and work around the issues to do what’s best for my clients. Last year, I worked on a transaction dealing with marina properties which required a working knowledge of submerged land leases, which was a new one for me- always a twist to keep things interesting.
Alicia: Talk to me about what you’re noticing with loan transactions and deal structures today with volatile interest rates and stricter lending requirements than we’ve seen in the last few years.
Lea Ann: We’re seeing more capital sources in terms of where the funds are coming from; there are fewer numbers of the more traditional institutional lenders and more private equity groups and funds coming into the market to try and compete on pricing and less regulation. The deal structures aren’t that dramatically different, but the players involved have changed and has added a level of complexity. There is a greater need for more lenders as a result of bank failures and traditional banks shuttering their lending arms and minimizing their credit limits for real estate assets.
Alicia: How has being not only a member, but a past president of NAIOP, helped shape your career?
Lea Ann: NAIOP is at the center of the Denver commercial real estate community; it provides a platform for both young and established leaders with opportunities to connect in a more personal way. For those starting out in the industry, this is an impactful resource and for those who are well into their careers, it’s an opportunity to give back and shape the next generation.
To be able to attend a NAIOP breakfast, get market updates and sit next to someone you’re either working on opposite sides of a deal with or trying to get in front of is what it’s all about. As with all things, you get out of an organization what you put in, and NAIOP is no different. My best advice is to get involved beyond a surface level. Serve on the committees, attend the happy hours and events, get on the board-- spend the time to build your network and it will pay off. The return on my time spent with the organization vs. the financial investment has been tenfold for me.
Alicia: What advice do you have for recent law grads/young attorneys trying to figure out their practice area, how to pick a firm, work life balance, etc.?
Lea Ann: The most important thing is to be yourself and to understand your own boundaries and limitations. When comparing firms, you should focus on more than the billable hour requirement, remote work component, and salary. If you haven’t focused on your personal and professional objectives before you start interviewing, it makes it that much harder to make the right decision. You may end up not making the best choice if you don’t establish those expectations from the start only because you didn’t take the time to determine what priorities are most important for you and your career path.
I find the commercial real estate industry to be generally a more social, upbeat, and fun crowd to both work and network with. Placing importance on the people you surround yourself with as well as finding a place where you’ll grow the most, meet career mentors, hit career peaks and learn from challenges is key. Those will be the people who will advocate for you throughout your career and help you discover additional opportunities to succeed. With that being said, you also have to do the hard work. You can’t sidestep the learning curve, the continuous effort and hours it takes to do the best job for your firm and your clients. Reputation and work ethic is everything and it is earned every day.
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NAIOP Colorado Perspectives: Justin Pless
March 28, 2023Submitted by Richard Self
Richard - You are the founding principal of Pless Law Firm. Can you please tell us a bit about your background, the origins of your Firm, and the nature of the work and legal services your Firm offers?
Justin - I grew up on a farm in Minnesota where my family raised corn, soybeans and beef cattle. Joined the Army right out of high school where I served as an infantry paratrooper in the 82nd Airborne Division. After serving 4 years in the military, I attended the University of North Carolina at Chapel Hill where I received my bachelor’s degree in History. I then went on to get my law degree at CU Boulder.
I began my legal career at Faegre & Benson in 2007 before breaking off and starting my own commercial real estate law practice in 2009. We’ve focused on being the best at that, so our practice is still strictly transactional commercial real estate, but have grown with our clients to offer expertise in corporate, finance, construction, development, and land use matters. We’re looking to add partner and associate attorneys in those complementary practice areas within the next two years but I don’t see us doing family law any time soon.
Richard - Pless Law Firm opened an office in Texas right after the pandemic. Why Austin? What similarities/differences have you noticed being in both markets?
Justin - During the pandemic, we learned the value of being diversified within the different practice areas and also with the types of clients and geographic locations. For example, while leasing came to a halt in Colorado, we had clients in Missouri and Arkansas that were taking advantage of the downturn by acquiring land which led us to hire attorneys when other firms were stagnant or laying people off.
Austin was an easy choice because the markets are very similar aside from the state specific regulatory and statutory differences. Both are very attractive cities from an investment and development perspective due to inflow migration and corporate relocations from the coasts. Both have experienced significant growth, but Austin tenant mix more tech heavy while the
Denver/Boulder area has a more diversified base of tenants in tech, bioscience, energy aerospace. Denver also has more distribution and industrial projects, in part because of the larger capacity of DIA and the proximity to both I25 and I 70.
Both cities also face similar challenges related to housing supply and affordability. Austin has a very complex land use code that is difficult to modify or work around. Denver has a more straightforward land use code but has recently imposed additional requirements on developers such as the inclusionary housing ordinance passed in 2022.
Richard - COVID created considerable shifts in the real estate industry – commercial and residential. What language/provisions have you noticed being added that weren’t standard before?
Justin - Thinking back to 2021, we dealt with a lot of matters related to tenant delay, rent payment restructuring, lease amendments, PSA extensions for due diligence, etc. From a long-term perspective, I don’t think COVID changed contract language dramatically. COVID had a more direct impact on the economics of leases and transactions than anything else.
Richard - What do you believe sets your Firm apart from others?
Justin - It sounds cliche, but more than anything our people set us apart from other law firms. I started the firm on my own, but I've been fortunate to assemble an outstanding and talented group of attorneys and staff that share my belief that attorneys can serve as an asset rather than an impediment to real estate transactions. I view our role primarily as that of problem solver and advisor to our clients, and our team shares that mentality. To accomplish this, all of our attorneys and staff develop an understanding of both legal and business issues that impact our clients and their projects. By maintaining awareness of the business side of the equation, we're often able to manage difficult negotiations by focusing on the legal issues that will have the greatest impact on our client from a business standpoint, rather than getting bogged down in legal minutia. Additionally, we are keenly aware that time is the killer of all deals, so we make it a priority to engage on new projects as soon as possible and to turn drafts and comments quickly. This focus has helped fuel our recent growth, as we've been able to attract many sophisticated clients that typically work with larger law firms.
Richard - How have you been involved with NAIOP throughout the years and what value has the organization had on your career?
Justin - I have been involved with NAIOP since the beginning of my career and continue to support it by sponsoring or attending many of the events. I believe there’s great value in that; NAIOP has given me the opportunity to meet and develop long-term relationships in the industry and continues to do the same for my entire team. A large part of that sustained success is due to Jayma (File) and Kathie (Barstnar) – I don’t think that the organization would be where it is today without their dedication and leadership.
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NAIOP Colorado Perspectives: Peter Coakley, A Career of Challenges and Integrity
March 23, 2023Submitted by Brian Dietz The greatest asset I developed during my stint at Opus Development Company, a few years ago, was the friendship I formed with Peter Coakley, NAIOP Colorado’s 1992 Chapter President. I count myself as incredibly fortunate to have been able to go to work every day and spend time with such a smart, kind, and generous individual. His infectious sense of humor was the cherry on top!
After completing a Bachelor of Science in Finance at Boston College, Peter moved to Aspen Colorado in 1973. Peter has spent many hours regaling me with stories of camping across from Hunter S. Thompson’s property, driving snowcats through downtown Aspen, countless days on the ski slopes, hiking in the back country, and managing the Highlands Inn at the base of Aspen Highlands. I spent several years living in Steamboat prior to moving to Denver, and Peter and I immediately bonded over our shared histories of ski bumming in the Colorado Rockies.
In 1981, Peter and his wife, Pam, relocated to Denver. He moved with few business contacts, no MBA, and limited experience in Commercial Real Estate. Peter set his sights on brokerage. Initially, he received negative feedback from potential employers, telling him he didn’t have the temperament for sales. However, Peter was persistent, and he ultimately landed an in-house office brokerage position with Inverness Properties, working with legendary John O’Meara. This experience fortified Peter’s instinct to be persistent in the pursuit of his goals, a virtue he endlessly encourages in others. In that regard, Peter is fond of repeating the quote from Hamlet “to thine own self be true”.
The 1980’s were a challenging time for the office product type in Denver. At the time, Denver possessed an economy of limited breadth, relying predominantly on the oil and gas industry. Following the energy crises of the 1970’s, the bottom fell out of the oil market in the 80’s. This, in the face of an overbuilt Denver office market, resulted in a ten-year depression of the market. Downtown Denver was filled with what were referred to as “see through buildings”, because they had so little occupancy that you could see the sun shining right through the building from the other side. During much of this time, Peter worked for Trizec Properties leasing Dominion Plaza in Denver’s CBD. The market was so depressed that Peter and his peers were oftentimes leasing space at rates so low they wouldn’t even cover the owner’s operating expenses. He told me that if they could cover the owners operating expenses, net of tenant improvements and leasing commissions, they felt like they had won the lottery. Regarding this time, Peter tells stories of real estate professionals trading in their Mercedes for Hondas or selling their Rolexes for rubber Timex watches. Peter moved his growing family into a new home in 1990. The residential real estate market was so distressed he had to bring a check to the closing of the house they were moving out of, due to its drop in value since he first purchased it. When interviewing Peter for this article, he told me this was “certainly a character-building experience”. However, this challenging time taught him to be adaptable, live within his means, and to operate under the premise that markets do, in fact, cycle… “trees don’t grow to the sky”, he said. What helped Peter cope during these times was what he refers to as his “PMA”… Positive Mental Attitude. I’ve heard him say several times “Life is 10% of what happens to you and 90% of how you react to it. You attitude determines your altitude!” It was something he learned from the late Walter Koelbel, a Denver real estate icon.
Things did eventually turn around, and Denver has since grown into an internationally recognized city with a broad-based economy. Peter credits the business leaders and politicians of this time for transforming the Denver metro area by investing in Denver’s infrastructure, Denver International Airport, the DCPA, Coors Field and the Colorado Rockies, mass transit, and the Anschutz Medical campus among many other investments. For his part, Peter, in the 1990’s, became a well-recognized leader of the Commercial Real Estate industry, having been appointed NAIOP Colorado’s Chapter President in 1992. During the 90’s, Peter held positions with Premisys Real Estate Services, Transwestern, and with Grubb and Ellis as its General Manger. During this time and in future positions, Peter gave several now prominent Denver real estate professionals their first shot at the business. Some refer to these individuals as “Coakley Kids”… Chad Brue, Geoff Baukol, Patrick Devereux, Riki Hashimoto, Scott Perry, and Joe Swensson can count themselves among this group. While Peter didn’t give me my first shot, I’m honored to refer to myself as a Coakley Kid as well.
During the 2000’s, Peter’s career came full circle with his return to Inverness Properties as a Principal in charge of the company’s brokerage operations. He held this position until 2014, when Peter took over Opus’ Denver office to round out his career before retiring from the business in 2019. Peter was honored as the 2019 NAIOP President’s Award recipient, in recognition of his life long contribution to the Denver commercial real estate industry and successful career.
In retirement, Peter is thoroughly enjoying time with his family, including four young grandchildren, in San Rafael, CA. He has several nuggets of wisdom he continues to broadcast to those around him. Living your life with a positive mental attitude results in a higher quality of life… people respond to that, he instructs. Develop and nurture friendships both inside and outside of your industry. Volunteer… it will pay back in dividends. You had better develop some interests outside of work, as you will have lots of free time in retirement. Spend time meaningfully, enriching the lives of your family and friends. Even when it hurts or is highly embarrassing, tell the truth. Your reputation is your MOST important asset. These sentiments are representative of Peter’s favorite quote from Mark 8:36: “For what shall it profit a man, if he shall gain the whole world, and lose his soul in the process?”
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NAIOP Colorado Perspectives: Mary Sullivan, Living Your Life Intentionally
August 4, 2022Submitted by Shane Mahoney
Mary Sullivan was dubbed “Denver’s Queen of commercial real estate investment” by the Denver Post in 2011. A conservative estimate attributes her with $10 billion in career transaction production while working in Denver for firms such as Coldwell Banker, Trammell Crow, Cushman Realty, Cushman & Wakefield, back to CBRE, JLL and HFF. Mary spent 35 years in CRE investments before retiring in 2016 to focus on her grown children, fly fishing, travel, skiing and cycling. Mary was gracious enough to share a salad with me at her kitchen countertop for this interview this last Spring.
Shane Mahoney: Thank you for sitting down with me Mary. Some advice attributed to you is the Importance of Reputation “At the end of the day that is all you have.”
In one of your largest transactions – the sale of $770MM of CBD assets – you mentioned a point where you were asked for honest feedback about a deal. You provided what you knew to be the best information at the risk of losing the listing. Tell us about it.
Mary Sullivan: I was in the process of selling a large portfolio for a client. The deal was ready to award when Jon Gray and Blackstone bought the client and the sale went silent. I ran into Jon at a lunch and suggested he look into the sale – not because I had the listing, but because Blackstone didn’t want to own the underlying assets. After meeting with Frank Cohen I sent them my analysis with the advice to sell whether or not I kept the listing. They agreed with my analysis and advice and the sale went through. That was the prelude.
So later I’m selling three CBD assets for Equity Office Properties – the sale was awarded when Blackstone came in and bought EOP. Frank Cohen called and told me that Blackstone would go through with the deal. Frank also asked if the current deal was leaving any money on the table. I said, “Yes you are, and here is where. If they come back and ask for anything at all, flush the deal.” I’m under contract and I could’ve pushed forward on the deal but instead I suggested killing it. Blackstone did kill the deal and came back to me and said, ‘We’re adding the two other office buildings, take them to market.”
Shane Mahoney: That goes along with another concept I saw in multiple articles/interviews – your ferocious, tenacious representation of your client’s best interest at all cost.
Mary Sullivan: When I retired, I had clients call me and say, “I don’t know if you know this Mary, but you aren’t like everybody else.” That was very rewarding. I’d worked in a bubble and didn’t interact with other brokers. I’d list the property and source the buyer. In representing my client, my client one time might be the seller, but the buyer in that transaction might be my client next time. They knew I was not at all confused about who I represented in the transaction. So you look out for their best interest.
Shane Mahoney: In 2006 (I believe) I had the opportunity to see you speak on a CREJ panel about investment real estate. Your comment to the crowd was something along the lines of “Denver’s CRE Investment market had arrived." I know you’d worked hard making investors on both coasts aware of Denver’s potential. What changes to the Denver marketplace and economy helped make it possible?
Mary Sullivan: I’d like to say I had a hand in it, but I was simply recognizing Denver’s position and sharing that with clients. Tom Clark with the Denver Metro Chamber worked very hard in the late ‘80s and ‘90’s and made a concerted effort to tout Denver’s physical attributes and recent infrastructure investments. The convention center, library, stadium, DIA, TREX and others were all investments that gave us advantages that helped us diversify the economy. All I did was recognize what was going on right in front of me and bringing it to my client’s attention.
Shane Mahoney: So lastly, you are nearing 6 years since your retirement, what have you learned about yourself so far that you didn’t expect?
Mary Sullivan: I knew myself really well my whole life and career. What I did learn about myself happened after Sherman died (her husband, Sherman Miller, passed in April 2015). I knew that when the kids were gone and it was just to be Sherman and me, we would be just fine. We wouldn’t have skipped a beat. But with him gone, I had a void that I had to intentionally fill.
I learned I had to live very intentionally. I no longer had my best friend who I did everything with – absolutely everything with. Half of me was gone. I had to put myself into activities I really didn’t want to do. When people asked, I just started saying yes.
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NAIOP Colorado Perspectives: Wayne Barrett, President of Sterling Road Properties
March 29, 2022Submitted by James McGill
Prior to his position as president of Sterling Road Properties, he served as the Vice President and Market Officer for the Denver Market of Prologis. He was responsible for the management and expansion of operations through facility and land acquisitions. Prior to joining Prologis in 2003, Mr. Barrett worked for various industrial real estate companies including Lincoln Property Company, Equitable Real Estate Investment Management, Inc., Compass Management and Leasing Inc., Catellus Development Corporation, and most recently, Trammell Crow.
Involved in the industry for over forty years, his diverse responsibilities have included marketing, leasing, development, and asset management of both speculative and build-to-suit industrial projects. Wayne Barrett sat down with James McGill to share his Commercial Real Estate background, what is his favorite development/project to work on and of course what’s next for him.
James McGill - How does Wayne Barrett get into Commercial Real Estate? Give us a rundown of how you spent your time during the 40 years in CRE? How much leasing were you involved in? How did you get to Denver? Tell us about the Norm Blum biking story?
Wayne Barrett - Went to college in New York (SUNY Oswego), and grew up in Armonk, NY (just north of New York City). After school I came home and was not ready to find a typical job, so ended up riding my bicycle with a high school friend (Norm Blum) to Colorado. Bounced around in various jobs (most memorable being the Spaghetti Factory) and found a temporary job with Coldwell Banker (now CBRE) in their data bank. This led to Development positions with Wickliff and Co, Lincoln Property Company, Equitable Real Estate, Trammel Crow and ultimately Prologis (for 18 years), which I left at the end of 2020. All told I have been in the business for 40 years, with over 30 million sf of leasing transactions.
James McGill - What was your favorite development/project to work on during your career?
Wayne Barrett - I really enjoyed developing two dynamic Business parks in the main industrial/distribution area of Denver along I-70. The Former Stapleton Business Center and Prologis Park 70. Ultimately, we developed over 8 million sf, and we began with vacant land (one being a former airport), and no utilities. These continue to be prime locations for a number of Fortune 500 companies distributing throughout the Rocky Mountain region.
James McGill - How has the industrial market evolved over the years you have been in the industry?
Wayne Barrett - When I started in the industrial market (w/Lincoln Property Company), the standard space was 22 foot clear with no more than 100-foot truck courts, no truck parking, and rail service. Obviously, this has changed w/36-foot clear heights (and going higher), 180-foot truck courts and plentiful truck parking. Rail service has become obsolete for most developers which lends itself to the cross-dock configuration that is extremely popular today.
Another factor that has changed the market dramatically has been the flow of new capital into commercial real estate. With Wall Street running many of these investments (and REITS), the analysis of the industry has become extremely sophisticated and scrutinized. There are many dynamics that are required by this capital to be considered when acquiring/selling/developing a property. I fondly remember the old days, where it was more of a "Gut" feel of the real estate, and a basic income/cost analysis of the property, was sufficient for most investors. This level of detail does not work today.
James McGill - Tell us a bit more about your “museum”? What are you up to today?
Wayne Barrett - Since I left Prologis, I have been active in the purchase of small industrial properties in the metro area. Currently I am the owner/manager of over a dozen properties, which keeps me busy, but allows me some leisure time.
One of the more enjoyable pursuits has been a collection of artifacts from my career. I have dedicated a space to house these in one of my buildings, whose genesis was cleaning out my garage, to my wife's delight, but it's been fun looking back on the last 40 years. When you see the number of cycles we went through, starting with the Oil boom/bust and the S&L crisis of the 1980's to the great recession of 2008, and beyond. New development has continued to change the landscape, from DIA to Coors Field and the rediscovery of the Rino/Lodo/Lohi neighborhoods to name just a few... It's truly astounding the changes we have seen.
James McGill - What are the three characteristics you think are most crucial to be successful in CRE?
Wayne Barrett - Perseverance is probably the best characteristic I can think of for a rewarding career. If you look around at the most successful brokers/developers during my time, they all went through hard times, but figured out how to stay in the business. One of the best pieces of advice I ever received was from a colleague who summed it up with two words: "Low Overhead". Do not put yourself in a position to make a decision based solely on the initial monetary gain.
The key is staying in the business long enough to be able to recognize the opportunities when they present themselves.
James McGill - What groups/associations were you involved with that you think were the most valuable to your career? What groups/associations would you recommend a young person getting into the industry join?
Wayne Barrett - Certainly, NAIOP has been a leader in the industry with relationships around the country. In addition, I try to stay active with SIOR and DMCAR who I believe are industry leaders in their respective areas. Being active in any of these will provide an excellent way of staying relevant and a great source of contacts.
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NAIOP Colorado Perspectives: Ann Sperling, Senior Director, Trammell Crow Co.
December 17, 2021Submitted by Jessica Ostermick
Celebrating an incredible nearly 40-year career in commercial real estate that has touched so many communities and property types including office, industrial, mixed use, retail, hotel and healthcare, Ann Sperling sat down with Jessica Ostermick to share her perspective on resiliency, stewardship, what defines a good job and of course what’s next for her.
Jessica: First of all, congratulations! In addition to your many achievements, roles and completed projects, your community involvement within and outside our industry throughout your career has been remarkable. What value has such involvement brought to you and how might you advise others on engaging with industry groups and other organizations? Also, remind us how you’ve spent those 40 years in the business.
Ann: I spent half of my career in real estate development – the business of the business – and the other half in leadership roles, of large public real estate companies. Most professionals do one or the other, but I had the privilege of doing both. While leadership and development seem like separate activities, they cross fertilize because the capital partners, stakeholders, brokers and communities are the same. My activities on both sides of the ledger have served to enhance my relationships and industry knowledge.
Regarding community involvement and especially for those of us that develop or invest in real estate, I believe we should see ourselves as stewards of the community in which we live and work. Personally, I’ve been lucky to have worked in Denver -- a city I love! We have an obligation to engage with the communities we touch in a profound way. One’s involvement more broadly in both industry and civic activities enable us to be much more fluent in what’s important to the community. Lastly, such involvement affords young professionals the chance to develop leadership skills in a low-risk way.
For example, I sat on the board of Children’s Hospital Colorado, as Treasurer and Vice Chair, and which enabled me to build relationships in the broader community with business leaders. It also enabled me to try on leadership skills within a very sophisticated organization and helped me grow as a leader. For those of us affecting community landscapes, community service is our obligation but also one that affords meaningful professional development and growth.
Jessica: After 40 years in CRE, several market cycles, and hundreds of projects, is there a project or experience that taught you a valuable lesson and potentially impacted your outlook or approach going forward?
Ann: There are so many to choose from, but Crossroads Commerce Park comes to mind as a project example. Crossroads Commerce Park was a brownfield industrial site that ultimately showed me the power of public and private sector collaboration. The City of Denver, Adams County, CDPHE and the EPA were all involved in this site that had a fence around it for 20 years in the middle of a neighborhood. When the public and private sectors are on the same side of the fence, it’s amazing what can be accomplished. The public sector was passionate about cleaning up the environmental contamination, the community welcomed the improvements such as the addition of lighting and landscaping, and Adams County sought economic development and job growth. Now a top-notch 1.0 million square foot industrial park, Crossroads has won numerous awards from NAIOP, ULI, EPA and the National American Planning Association; and we intentionally invited our public sector stakeholders to accept the awards with us because it was truly an example of public/private partnership.
Jessica: Resiliency and grit are two characteristics central to a long and successful career in our industry. Where does your resiliency and grit come from, and how do you cultivate it?
Ann: Certainly some is acquired. I’m the youngest of four and the only girl, so growing up with three older brothers prepared me to work in a male-dominated industry. I also lost my mother at a young age and had to “step up” in many ways. I developed an aspirational life view and found a way to engage with my family in a unifying and enduring way. We all have life experiences that help shape us, but it seems that sometimes the worst experiences can also fuel the best things in your life.
Having great mentors, leaders and partners early in my career gave me a sense of trust and confidence that has proven beneficial while navigating our cyclical high-risk industry. Challenges are expected so being in the proverbial fox hole with the right people is critical to persevering. I have had the honor of being close business partners with several individuals who I respected and trusted which made all the difference in my career. I took note early on of how people I respected faced economic downturns with integrity and compassion, and honored commitments to partnerships. Life is long so sticking with the relationships, partnerships and commitments you’ve made through hard times pays back in the long term.
Jessica: Over the years, you’ve worked at Trammell Crow Co. (twice!), Catellus and JLL. What factored into your decisions to take on new opportunities, and how do you define a “good job?”
Ann: I certainly didn’t join TCC thinking I’d spend two-thirds of my career there but began with an aspirational view of achieving everything I could at that company – including making partner and being the first woman partner at TCC and after only 4 years. I was constantly looking for opportunity within the firm, and as such had five different jobs or “reinventions” in the first 25 years. I sought out some of those opportunities and in some cases, others saw my potential first, which required me having the guts to go for a job that I didn’t immediately feel comfortable pursuing. You learn a lot about yourself in stretch situations, and I’ve found that being authentic in my identity - even if it looks different than the status quo - is a strength as opposed to trying to fit into a homogenous expectation.
I evaluate job opportunities in the context of “what good looks like” and certainly the traditional elements of compensation, position and influence matter. What really matters most to me though is culture and a sense of partnership that are not always easily found but are deeply impactful towards your long-term success and overall happiness.
Jessica: Tell us what’s next?
Ann: This is more of a pivot versus a retirement. I will stay involved with some important projects and commitments at TCC for a while, but ultimately, it’s good timing because our company and office are in such great hands. I want to be the person that steps aside so others can step up rather than being in the way of their growth. I have oodles of energy left and have so many things I want to do from skiing, hiking fly fishing, and travelling along with my civic passions of healthcare and regenerative medicine. I am also passionate about corporate governance and am pivoting my business activities to three corporate boards, including two NYSE public corporate boards. I have been thinking about this next phase for a while and intentionally structured my next chapter to be as active as my last phase, just focused on new challenges.
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Stockbridge Capital Group
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Town of Frederick - Frederick, CO
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Forum Capital Group
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Joseph Lee & Associates, LLC
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HUB International
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Digby Commercial Advisors
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Origin Investments
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JLL Capital Markets
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DPR Construction
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Vastyan Construction
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BMO
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UMB Bank of Colorado
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LJA Survey
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Blue West Capital
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Greystar
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Stantec
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Avison Young
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Flywheel Capital LLC
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Alpine Bank Denver Region
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Becknell Industrial
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Madison Commercial Properties LLC
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Cushman & Wakefield
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Ad Light Group
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Vail Resorts
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Madison Commercial Properties LLC
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Cushman & Wakefield Colorado
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Moye White LLP
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Urban Villages Inc.
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Bell Partners, Inc.
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Asana Partners
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Vulcraft/Nucor
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Bell Partners, Inc.
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Koelbel and Company
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Bristlecone Construction, LLC
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Bayview Asset Management
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First Onsite Property Restoration
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Newmark
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Denver Metro Chamber of Commerce
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Centennial Lending
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Prologis, Inc.
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Aspen Capital Partners, LLC
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Howell Construction
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Delzell Management Group
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Ryan Companies US, Inc
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Revelis Capital Group, LLC
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Ryan Companies US, Inc
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Prologis
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MidFirst Bank
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CORE Electric Cooperative
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Conscience Bay Company
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Dohn Construction
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Good Signature Management
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Ares Management LLC
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Point Consulting, LLC
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Colliers
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Hill Companies
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Catamount Constructors
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Panorama Commercial Group
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Mortenson Development
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Moye White LLP
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CORE Consultants, Inc.
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Matthews Real Estate Investment Services
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Wipfli LLP
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OpenPath Investments
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Eclipse Engineering
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Ares Management
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Scott Crow
National Due Diligence Services
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McWhinney Real Estate Services, Inc.
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Fidelity National Financial
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Alexandra Mulvihill
Urban Renaissance Group
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Andrew Johnson
AvalonBay Communities, Inc
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Colorado Coalition for the Homeless
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Newmark
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Broe Real Estate Group
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Westwood Professional Services
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Ryan Companies US, Inc
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Viking Partners
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Pure Development
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Milgrom & Daskam
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Vectra Bank
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Ares Management Corporation
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Jordon Perlmutter & Co
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Invented Development Partners, LLC
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Jordon Perlmutter & Co
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University of Colorado Boulder
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All Phase Fitness Concepts
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Colliers
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City of Westminster
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PACE Loan Group
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CoreVest Financial
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Majestic Realty Co.
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Trammell Crow Company
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Meriwether Companies / Immersed Group
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Brownstein Hyatt Farber Schreck, LLP
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Hines
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EUA
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Wood Partners
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Martin/Martin, Inc.
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Trialbreak Partners
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Greystar
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Greystar Real Estate Partners
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Joseph Lee & Associates, LL
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Concord Summit Capital
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Roof & Solar Brokers Group
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Fox Rothschild LLP
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Vectra Bank
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JLL
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Brownstein Hyatt Farber Schreck, LLP
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ARCO/Murray National Denver, Inc.
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Independent Financial
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Urban Villages, Inc.
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Stream Realty Partners
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U.S. Bank
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Town of Superior - Superior, CO
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Gresham Smith
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Confluent Development
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First American Exchange Company
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Realty Mogul
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Lowe Enterprises
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EverWest Real Estate Investors
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Moss Adams
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D.A. Davidson & Co.
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Urban Villages, Inc.
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Buffalo Builders, Inc.
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Confluent Development
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Northwood Investors LLC
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Westport Properties
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Essex Financial Group, LLC
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University of Denver - Student
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Essex Financial Group, LLC
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ARCO/Murray National Denver, Inc.
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Crowe LLP
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Grandbridge Real Estate Capital
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Vari
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True North Companies
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Langan Engineering and Environmental Services, Inc.
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Coyle Dummigan
Stream Realty Partners
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Intergroup Architects, Inc.
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Trailbreak Partners
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McWhinney Real Estate Services, Inc.
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Polsinelli PC
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Marino Public Relations
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CBRE
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Quiver Investments, LLC
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Colorado Technical University
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CAGE Civil Engineering
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The True Life Companies
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Morningside Capital
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Huntington National Bank
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Confluent Development
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Pacifica Commercial Realty & Investments
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CTL/Thompson, Inc.
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Enclusive Development
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Shea Properties
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CODA Consulting Group
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Kimley-Horn
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Venture Architecture
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BOK Financial
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RE Solutions Development
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Adams County Colorado
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Broe Real Estate Group
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Nicholas Allen
Revesco Properties |
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EverWest Real Estate Investors |
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Prologis |
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Colorado State University |
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Beecher Development Services |
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Vari |
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DPC Companies |
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Walker & Dunlop Investment Partners |
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Comunale Properties, LLC
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The Situs Group |
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Saunders Commercial Development Company, LLC |
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CBRE |
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Ares Management Corporation |
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HUB International |
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McCaffery Inc. |
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Patterson Limited Partnership |
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Opus Development Company LLC |
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Walker & Dunlop Investment Partners |
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NV5 |
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Imperial Ridge Real Estate Capital |
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Trammell Crow Company |
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Alder Real Estate, LLC |
Jared Diedrich
Walker & Dunlop Investment Partners |
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Panattoni Development Company |
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Corum Real Estate Group, Inc. |
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Jefferson County Economic Development Corp. |
Simon Egerton
Piper Sandler |
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First Citizens Bank |
Easton Enge
Brinkman Partners |
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Ted Development Company LLC |
Peter Feichtmeier
Walker & Dunlop Investment Partners |
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Alexander Riedy
University of Denver |
Thomas Glardon
Langan Engineering and Environmental Services, Inc. |
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Robert Roetzel
Roetzel PLLC |
Rosemary Gonzales
CBRE |
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ViaWest Group |
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NexCore Group LP |
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Wintrust Commercial Real Estate |
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Brinkmann Constructors |
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McConaughy & Sarkissian, P.C. |
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Broe Real Estate Group |
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Essex Financial Group |
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Venture Architecture |
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HON |
George Hanlon
Walker & Dunlop Investment Partners |
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Joseph Seroke
KeyBank Real Estate Capital |
Jeffrey Heine
SVN/Denver Commercial LLC |
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Westfield Company, Inc. |
Arthur Heldt
The Beck Group |
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Patrick Smith
Topographic, Co. |
Bob Husum
Brinkmann Construction |
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Tyler Solomon
Brookfield Properties |
Ryan Kelley
Global Roofing Group |
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Douglas Spitzer
Langan Engineering and Environmental Services, Inc. |
Jack Korosec
Essex Financial Group |
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Brownstein Hyatt Farber Schreck, LLP |
Drew Lacey
Bow River Capital |
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Zachary Toler
CenterPoint Integrated Solutions, LLC |
Nicole Liebman
Denver Housing Authority |
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Erinn Torres
Prologis |
Kristen Link
Carmel Partners |
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Gerrit Van Maanen
Spartan Investment Group |
Michael Lund
Piper Sandler |
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Daniel Watson
Redland |
Danaria McCoy
Newmark Merrill Mountain States |
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Jonathan Whitson
Pioneer |
Timothy McEntee
Dakota Pacific Real Estate |
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Davis Meyer
EverWest Real Estate Investors |
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Omeed Mollaian
The VERTEX Companies, Inc. |
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SunCap Property Group |
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GH Phipps Construction Companies |
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Learn more about NAIOP Colorado member and sponsor company's past and ongoing projects transforming the metro Denver skyline.
Made possible by our NAIOP Construction Corner Sponsor, The Weitz Company, LLC.
Urban Villages To Open Populus, the Country’s First Carbon Positive Hotel, in Denver This Summer
Submitted February 2024, Published March 2024
 DENVER – Urban Villages, a leading real estate developer and environmental steward, is pleased to announce that Populus, the first carbon positive hotel in the United States, will open in Denver in Summer 2024. Managed by Aparium Hotel Group and constructed by The Beck Group, the 265-room hotel will feature a distinctive Aspen tree-inspired design by architecture and urban design practice Studio Gang, a ground floor restaurant, flexible event spaces, a coffee bar, and a signature rooftop bar and restaurant offering unobstructed views of the mountains, city skyline, and Civic Center Park. Upon opening, it will serve both as an architectural landmark for the Mountain West as well as a new milestone for the future of sustainable travel.
As the country’s first carbon positive hotel, Populus’ embodied and operational carbon footprint is being offset through forest and agricultural collaborations that sequester more carbon than the building emits throughout its lifecycle. Already, over 70,000 trees were planted in Gunnison County, Colorado in partnership with One Tree Planted vis-a-vis the United States Forest Service. Beyond offsetting the building’s footprint, this approach will also support and fortify biodiversity within the alpine ecosystem as it will re-introduce Engelmann Spruce, a primary tree species that was diminished by beetle kill.
“We hope Populus will serve as a model for how the real estate industry can more directly address the urgency of climate change while also meeting the preferences of today’s eco-conscious traveler,” said Jon Buerge, President and Partner at Urban Villages. “Buildings currently account for 45 percent of greenhouse emissions in the United States; we need a new way to build. We hope the transparency with which we are sharing our ever-evolving efforts to reduce the building’s carbon footprint during construction and operations and to establishing creative, local ways to sequester additional carbon off-site, will empower other developers to take a more sustainable and holistic approach.”
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OCC INDUSTRIAL IS NOW PRE-LEASING TWO NEW CLASS A INDUSTRIAL BUILDINGS IN WEST ARVADA SCHEDULED TO BE DELIVERED BY YEAR-END
Submitted February 2024, Published March 2024
OCC INDUSTRIAL (OCC), a Denver-based real estate developer and investor specializing in industrial projects throughout the Mountain West region, broke ground on Candelas Innovation Park in West Arvada in the fourth quarter of 2023 and is actively pre-leasing the buildings that are set to deliver by year-end. The property is situated along Highway 72 and Highway 93 in the Candelas master-planned community.
Phase I of Candelas Innovation Park will consist of two state-of-the-art industrial buildings representing 182,000 square feet. Building 1 will be 82,000 square feet, Building 2 will be 100,000 square feet that will be constructed with a 2,500 square foot speculative office suite. Both buildings can be demised to just under 20,000 square feet and will feature attractive storefront entries, native landscaping, clear story glass wrapping around the buildings, dock high and drive-in loading doors, 190’ shared truck load court, 28’ clear height, 4,000 amps of power, EV charging stations, 2/1,000 parking ratio, outdoor storage, and outdoor amenity areas.
Phase II of Candelas Innovation Park will be comprised of two buildings totaling 160,000 square feet. OCC is currently working with the City of Arvada on its Site Development Plan approval. Phase II will break ground in early 2025.
 
Candelas Innovation Park renderings, images courtesy of OCC Industrial
Candelas Innovation Park in total is a 350,000 square foot industrial park that is being marketed to West and Northwest Denver industrial users looking to enjoy panoramic mountain views a. world-class outdoor activities out their doorstep all while being near a strong educated workforce, substantial residential growth, great local eateries, and an abundance of community amenities.
“We are thrilled to be able to bring Candelas Innovation Park to the land-constrained West and Northwest industrial submarkets. The lack of developable land for new industrial in this area has resulted in years of pent up demand from high end users not only Arvada but also from Boulder, Denver and Golden” noted Will Channell, Chief Development Officer at OCC.
Jeremy Kroner and Jim Bolt of CBRE will be the exclusive leasing agents for the project. Kroner offered, “This project is the perfect combination of great sponsorship, a strategic location, and timely delivery. Industrial tenants seek out new facilities as they look to modernize or expand their operations. With little other industrial development underway in West and Northwest Denver, Candelas Innovation Park will meet an important need in the market and position companies conveniently close to their employees and customers.”
Candelas Innovation Park is a joint venture between OCC and Wichita-based Garvey Ventures. The architect and civil design team for the project is Ware Malcomb and the General Contractor is Golden Triangle Construction.
OCC Industrial (OCC) is a newly formed privately held company specializing in real estate development, acquisition, asset management, property management, construction management, and financial reporting of industrial projects throughout the Mountain West region. This is OCC’s first project to break ground and the three founders’ Megan O’Brien, James Carolan, and Will Channell are thrilled for it to be in their home state of Colorado.
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Welcoming Buyers to Denver’s Largest Urban Oasis: Amacon’s Highly Anticipated Mixed-Use Condominium Development
Submitted November 2023, Posted December 2023
Amacon, the renowned Canadian real estate development, and construction firm is coming to Denver and it’s going to be a game-changer for the city. This is the largest condo project Denver has seen since 2009 at 18th and Glenarm, an area that you would typically walk through, not to. However, Amacon is addressing the area’s need for permanent residences, walkability, and a thriving neighborhood. The dynamic community will have a wonderful mix of residential, commercial, and retail spaces.
Denver, CO - Amacon, the renowned Canadian based real estate development and construction firm, is making its mark in Denver with the largest condominium development the city has seen since 2009. Nestled at the crossroads of 18th and Glenarm, these monumental condos will reshape Denver’s skyline and showcase two towering structures, one standing at 38-stories and the other at 32-stories.
Adding to the excitement, Denver’s independently owned and operated boutique brokerage founded by Colorado natives, Stacie Staub and Madeline Linder of West + Main Homes, will oversee the sales program. This underlies Amacon’s dedication to collaborating with an impressive and confident local sales team.
 
18th & Glenarm preliminary renderings by Davis Partnership Architects, images courtesy of Amacon
“We approach this endeavor with great confidence and genuine excitement as we bring our expertise to the U.S., fully committed to creating a lasting and transformative impact in the heart of the Mile-High City,” said Stephanie Babineau, Vice President of Marketing & Sales at Amacon.
Amacon's commitment to placemaking will transform 18th & Glenarm into a people-centered hub, fostering connections, interactions, and a vibrant sense of community. This innovative development will reshape the area, elevating it into a new, dynamic neighborhood with enhanced walkability and a rich mix of residential, commercial, and retail spaces.
“Amacon's decision to entrust a local boutique brokerage over a larger chain underscores their commitment to conducting business in Denver,” said Stacie Staub, CEO of West + Main Homes. “We are honored to be part of transformative housing developments like this that facilitate our city's unique and organic growth. We eagerly anticipate how this development will pave the way for Upper Downtown Denver's future success.”
Davis Partnership Architects is the architect of record for the project. Continue Reading.
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ARCO/Murray Partners with Shannon & Wilson to Complete Newly Renovated Office Space
Submitted November 2023, Posted December 2023
Wheat Ridge, CO – ARCO/Murray and partner Shannon & Wilson recently completed an office renovation of a geotechnical engineering facility in the heart of Wheat Ridge, Colorado.
At 5900 E 38th Ave, Shannon & Wilson is an employee-owned consulting firm specializing in geotechnical engineering solutions, engineering geology, and environmental and natural resource services. The newly renovated office space spans 9,533 SF which compromises roughly 8,000 SF of office space and 1,500 SF of lab and storage area.
 
Shannon & Wilson office, images courtesy of ARCO/Murray
The landlord provided the project team with a "white box" which quickly transitioned into coordinating a working lab and office space using the existing floor plan and utilities. To obtain a certificate of occupancy and pass the final inspection, the building required economizers to be installed in the HVAC system. Although the team had inherited this code deficiency, they worked with the landlord’s contractor and managed to procure the required equipment on schedule.
This space was designed to accommodate the client's existing equipment by installing new vents and data output systems for a seamless transition from their previous office. The improvements included a dedicated ‘Nuc’ laboratory for geotechnical safety testing and ‘Shaker’ rooms to limit noise and dust infiltration into the adjacent office space.
Trusted partner, Tributary Real Estate, a real estate brokerage firm based in Denver, introduced ARCO/Murray to Shannon & Wilson in 2022. This led to a renovation project resulting in a fully operational office today. ARCO/Murray is grateful to have been chosen for this advanced project, offering sustainable and innovative solutions to communities.
“We are pleased by the success of our collaboration with Shannon & Wilson, marking our first project together. Our Denver team consistently seeks out unique opportunities, such as Shannon & Wilson, to enhance our growth and expertise across various markets.” – Eric Palutsis, Vice President at ARCO/Murray.
With over 30+ years of experience, the ARCO/Murray design-build methodology optimizes the construction process every step of the way. To learn more about our Denver operations and how you can experience a better way to build on your next project, visit us at https://www.arcomurray.com/denver/.
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Brinkmann Constructors New and Completed Projects for October 2023
Submitted November 2023, Posted December 2023
Stafford Logistics Center Buildings 2/3 - Aurora, Colorado
Brinkmann Constructors, in partnership with Kansas City-based NorthPoint Development, recently completed the construction of two speculative industrial warehouses at Stafford Logistics Park, a 350-acre master-planned industrial epicenter. Strategically located 25 miles outside of downtown Denver, this location offers unmatched accessibility to major highways and the greater metropolitan area. With 695,000 square feet in total, these warehouses also include ample parking and trailer spaces, ESFR sprinkler systems and 36-foot ceiling clearance.
DIA Logistics Park Building 1 - Aurora, Colorado
Brinkmann Constructors recently completed the construction of a 628,000-square-foot industrial warehouse in partnership with Ambrose Property Group, an Indianapolis-based leader in logistics and e-commerce real estate development. Strategically located in a popular logistics hub near the Denver International Airport and E 470 interchange, this new building brings additional customizable warehouse space to the Denver market. This is the first building completed in DIA Logistics Park.
 
Stafford Logistics Center Building 2/3 (L), DIA Logistics Park Building 1 (R), images courtesy of Brinkmann Constructors
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Calcon Constructors and BioMed Realty Celebrate Structural Completion at Flatiron Park
Submitted November 2023, Posted December 2023
BioMed Realty, a Blackstone portfolio company and leading provider of real estate solutions to the life science and technology industries, along with its local partner, Calcon Constructors Inc., celebrated the structural completion of its 60,000 square foot lab and office building, located at 5505 Central Avenue in Boulder’s Flatiron Park in August 2023. 5505 Central Avenue will be a two-story building featuring a partial subterranean podium parking garage. The project formally broke ground in September 2022 and is scheduled for delivery in mid-2024.
BioMed Realty first entered the Boulder market in March of 2022 when the Company acquired Flatiron Park, a 1 million square foot life science and office campus. The deal represented the largest acquisition in Colorado’s history. Just a month later, the Company further expanded its footprint, acquiring 1855 S. Flatiron Ct., a 10-acre site within Flatiron Park. This site is situated in the southeast corner of the campus, bringing BioMed Realty’s footprint in the park to 1.3 million square feet and 23 total buildings.
 
5505 Central Avenue, images courtesy of Calcon Constructors Inc. and BioMed Realty
The Company has committed more than $200 million to capital upgrades and lab conversions in Flatiron Park’s existing buildings over time, creating nearly 400 local construction jobs and further nourishing Boulder’s research and development ecosystem. Within Flatiron Park, BioMed Realty is also developing flexible, move-in ready lab and office spaces, allowing organizations to conduct groundbreaking research and bring their discoveries to market faster.
Understanding the importance of resources beyond the physical buildings, BioMed Realty developed its properties within Flatiron Park to feature an array of amenities for tenants and the surrounding community. With scenic mountain landscapes surrounding the development, BioMed Realty takes pride in the purposeful reserved open space, mature landscaping, and easily accessible pedestrian and bicycle paths, promoting both physical and mental health, and well-being.
The Company strives to inspire tenants by promoting community enrichment and health, as well as sustainability practices. As part of its ESG strategy, the Company engages with tenants to inform them of their energy consumption patterns and opportunities to reduce their footprint. Flatiron Park included, BioMed Realty reports on energy, water, and greenhouse gas data across its operating portfolio. The Company exceeded peer benchmarks and received a 5-star rating in the 2023 GRESB Real Estate Assessment, a key measurement of ESG performance within the industry. BioMed Realty is committed to energy efficiency and sustainability to create better futures for the planet, tenants, and the surrounding community.
Not even two years after entering the market, BioMed Realty has already left a lasting impact on the Boulder community. BioMed Realty’s vertically integrated platform with 320 experienced life science real estate professionals ensures all tenants can focus their efforts on life-changing innovation. The Company is committed to providing its tenants within and outside of Flatiron Park mission-critical lab and office space so they can continue to discover and advance the next generation of life-saving therapies.
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Mortenson Breaks Ground on Denver Headquarters in RiNo, Partners Include Open Studio Architecture and Martin/Martin Consulting Engineers
Submitted November 2023, Posted December 2023
Mortenson is underway on the development and construction of a new four-story, 65,000 square foot mixed-use building in Denver’s River North Art District (RiNo). The project includes three floors of Class A office space, ground floor retail and a 95-stall parking garage with two levels below-grade.
The site, previously a parking lot, offers close proximity to downtown and walkability to the surrounding area’s retail hub. Mortenson will occupy approximately 37,000 square feet and lease out the remaining space to third-party tenants.
Mortenson partnered with Open Studio Architecture on this design-build project. The design is intended to blend in with the existing industrial aesthetic of the neighborhood and will feature murals painted by local Colorado artists. Amenities include private outdoor patio spaces, an accessible bike storage room and state-of-the-art HVAC systems.
 
3083 Walnut renderings, images courtesy of Mortenson
Mortenson’s self-performed services on the project will include concrete, rough carpentry and drywall. Mortenson is also leveraging its controlled off-site manufacturing environment to produce and install prefabricated wall panels. Incorporating efficient energy systems, from lighting design to glazing and embodied carbon modeling, the building will exceed requirements set by Denver’s Green Building Ordinance.
The new building will provide space for more than 300 locally focused professionals as well as other Mortenson divisions that have not historically had a Denver presence, such as the company’s sports, renewable energies, data centers and federal contracts teams. Additionally, Mortenson plans to lease out the ground floor to retail tenants that will contribute to the vibrancy of the neighborhood.
“Mortenson has been here for more than four decades now, but this is our first ground-up home, which is a big deal for us as builders,” said Brian Fitzpatrick, vice president and general manager of Mortenson Denver. “The energy here in RiNo is incredible – this is not only where our people want to work, we know this is where they want to spend time outside of the office. Prioritizing our team’s happiness and well-being is central to our attraction and retention strategy, and this new space and location reflect our commitment to continuing to be the best place to work in Denver.”
Situated in the heart of RiNo Art District, the design of the building, conceptualized with Open Studio Architects, will complement the neighborhood's historic warehouses, and feature mural installations by Colorado artists. Mortenson has also partnered with Fortis Structural Engineers, ME Engineering (IMEG) and Martin/Martin Civil Engineers on the build-out of the space. Construction completion and move-in are slated for the fourth quarter of 2024.
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Submitted November 2023, Posted December 2023
 Westminster, CO – MTech Mechanical is excited to announce the official launch of MTech Energy. This new offering expands diversified services to clients for energy efficiency retrofits, lighting improvements, renewable energy generation, and building envelope improvements. This will be offered in collaboration with service, construction, in-house engineering and other teams.
The importance and timeliness of building an energy team provides this valuable offering to the marketplace in conjunction with new energy requirements in Colorado. A team is available that is specifically qualified to meet ESG Goals, Greenhouse Gas Reduction Goals, and deferred maintenance benchmarking for facility owners in Colorado.
The energy division will focus on offering energy-efficiency solutions which will incorporate Federal incentives, utility rebates and utility bill savings to expedite return on investment and reduce the financial impact of electrification and energy reduction mandates on facility owners.
Dan Walsh, Director of MTech Energy will lead this group and has 20+ years of experience in the energy services market across all markets sectors in Colorado. “Our mission is to help our clients balance the cost to benefit analysis of energy reduction projects, and to provide them with the experience to implement a project successfully,” said Walsh.
MTech now has a comprehensive “turnkey” solution for energy projects moving forward for existing and new clients. This allows for a proactive response to the electrification and energy efficiency requirements that will be enacted by local municipalities in the coming years.
“MTech Energy allows us to expand our integrated engineering, construction, and service expertise to deliver energy and infrastructure solutions for our clients,” said Marco Capitelli, MTech President. “This is natural evolution and diversification of our offerings and will strengthen our superior reputation of providing informed and trusted advice to our clients for their energy management needs.”
To learn more about our energy services, please visit our website at www.mtechg.com/energy
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Narrate Holdings Breaks Ground on Frameline, a New Boutique Apartment Complex in Denver
Submitted November 2023, Posted December 2023
Denver-based firm Narrate Holdings has commenced the construction of Frameline, a 78-unit boutique-style apartment complex. The development is currently underway, with an anticipated completion date set for the Fall of 2024.
Strategically situated adjacent to the bustling 9th & Colorado redevelopment, Frameline will set a new standard for living in this submarket, where demand for housing outstrips supply. Offering a distinctive living experience, residents will find themselves surrounded by an abundance of shopping, dining, and employment opportunities, all within easy reach.
 
Frameline images courtesy of Narrate Holdings
Crafted by OZ Architecture, Frameline is meticulously designed to cater to the needs of the growing medical workforce in the area. The strategic location, coupled with the unique amenities planned for the complex, positions Frameline as an ideal choice for those seeking a blend of convenience and sophistication.
Commencing construction in March 2023, the project is progressing steadily with MCP GROUP, an experienced general contractor based out of Topeka, KS. The project was financed by FirstBank.
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WEITZ TAKES PRIDE IN BEING THE BUILDER ON TWO NAIOP AWARD PROJECTS
Submitted June 2023, Posted August 2023
Weitz has been ‘Building a Better Way’ since 1855, and in the Rocky Mountains for more than 70 years, since 1952. We attribute our success to our client-focused business practices, and elevated standards of quality and safety. We are proud to have been the contractor partner of two NAIOP Awards of Achievement- Development of the Year Awards.
“Vectra Bank Corporate Center” won the Office Development of the Year
This 41,490-square-foot, transit orientated mixed-use project is located at 7222 E. Layton Ave. in Denver, just steps from the light-rail platform at Belleview Station. Vectra Bank partnered with Confluent Development as their build-to-suit development partner for their new headquarters, along with open studio architecture.
The Class A office development project entails a new nine-story, mixed-use office building of approximately 129,800 gross square feet (GSF) which includes; retail at the ground level, four levels of parking structure above the retail, and office use for the top floors (6-9 floors). The proposed conceptual design yields approximately 120,900 GSF of office and 5,200 GSF of retail.
  
Vectra Bank Corporate Headquarters, images courtesy of Weitz
“Citizen West 10”, won Multi-Family Development of the Year
The 17-story, 393 Unit project is located in Denver’s Golden Triangle Neighborhood. The entire structure is comprised of Post-tensioned cast in place concrete. Exterior skin combines a mix of masonry, to blend the building with the neighborhoods historic aesthetic, but adds in a mix metal panels and stucco to bring a newer and modernized appeal. The first five floors of the project will house parking for the building’s tenants, with Townhouses and units on the Acoma and 10th Street sides. A pet lounge that expands to the outdoor dog run with operating overhead doors is located on the buildings south side. Bike storage and a repair shop is provided to tenants that prefer an alternative commute to their downtown offices.
  
Citizen West 10, images courtesy of Weitz
Also included on the ground floor is two retail spaces, designed to house a restaurant anchor and coffee shop. Above the garage, the podium deck on level 6 will provide the communities amenities including game lounges, a 2-story gym equipped with a climbing wall, outdoor activities, and spa lounge. The pool is on the 18th floor, and is the highest elevated pool in the state, which required heavy detailing and engineering. Quarterra, formerly known as Lennar, developed and manages the property, and Shears Atkins Rockmore (SAR+) providing the planning and design.
Weitz is proud to have been the selected partner for these two projects, along with “Building a Better Way” for years to come in the Rocky Mountain region.
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Revesco Properties, Alpine Investments, Pinkard Construction, and OZ Architecture Break Ground on Residential Highrise in Denver’s Golden Triangle
Submitted May 2023, Posted August 2023
Denver, Colo. — Revesco Properties/Alpine Investments (RPAI), Pinkard Construction, and OZ Architecture celebrated the groundbreaking for a 12-story, multifamily project, akin Golden Triangle, on March 14th. Construction commenced in early February and is expected to continue into Q4 of 2024. The luxury-boutique building will contain 98 units of multifamily and amenities.
“The Revesco and Alpine teams, along with our design and construction partners, have worked diligently over the past year and a half to get this project entitled and financed in a challenging environment, "said Churchill Bunn, Managing Partner of Alpine Investments. “We are excited to see akin Golden Triangle go vertical in the coming months and look forward to delivering a first-class project to one of Denver’s most exciting urban neighborhoods.”
  
Photos of akin Golden Triangle, courtesy of Alpine Investments
Positioned along Bannock Street, akin Golden Triangle is one of four of RPAI’s upcoming projects that will operate under the umbrella of one brand known as “akin”. RPAI is developing the brand to appeal to a sophisticated, discerning, urban-minded resident, while elevating each local neighborhood by creating an elegant and timeless living experience. While exterior and interior aesthetics and amenities will vary per location, each will draw upon the same brand foundation: a distinctly urban recipe of design, wellness, culture, service, and connection to the neighborhood. Continue Reading.
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Confluent Senior Living and MorningStar Senior Living Celebrate Grand Opening of Observatory Park Community in Denver
Submitted May 2023, Posted August 2023
DENVER — Project partners Confluent Senior Living and MorningStar Senior Living have completed MorningStar at Observatory Park, one of the newest senior living communities designed to establish a unique “Whole Health Standard” in the industry.
Located in Denver’s historic Observatory Park neighborhood at 2100 South Josephine Street, the 89,900-square-foot senior living community represents the development partners’ 13th joint venture across five states.
To celebrate the grand opening, the project partners will host an inaugural reception at the property on Thursday, May 25, 2023, from 4pm-6pm MST.
“When this project broke ground in early 2021, many senior living projects had recently ground to a halt as credit tightened and investors expressed concern about viability. Today, as the industry experiences uncertainty in delivery, the successful completion of MorningStar at Observatory Park underscores the quality of the community, our collective team’s strong, proven track record, and commitment to collaboration and mutual trust,” said Matt Derrick, now managing director at Confluent Senior Living.
The five-story, urban infill community offers 58 assisted living and 23 memory care suites as well as 47 underground parking spaces. The entire property was developed under the “Whole Health Standard,” the partnership’s comprehensive, holistic approach to the latest in healthy building technologies while enhancing resident physical and mental wellness, safety, comfort and quality of life. Continue Reading.
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GE Johnson Takes Flight at Hotel and Event Center at U.S. Air Force Academy's North Gate
Submitted May 2023, Posted August 2023
When driving south off the North Gate Boulevard exit on I-25 in Colorado Springs, you see a towering red crane. This is the site of the future four diamond standard hotel and event center being constructed by GE Johnson just outside the gates of the United States Air Force Academy. The nine-story building will rank second in Colorado Springs for number of rooms and square feet of meeting space. With 375 rooms and 26,000 square feet of meeting and banquet space, this design-build project is essentially two builds happening simultaneously.
 The conference center and upper event lawn and amenity deck, built with composite steel frames on the west side of the building, is a three-story podium structure. Here, conferences will take place with floor to ceiling windows where the mountains surround the space, showcasing the true beauty of Colorado. The top level of this structure will feature an event lawn for weddings and other events as well as a pool, bar, and restaurant and plenty of places to take in the breathtaking mountainous backdrop.
The hotel space, consisting of a six-story tower, is being constructed using load bearing metal stud (LBMS) walls by Infinity Structures. The 600 lineal feet by 30-foot-high panels are prefabricated and brought on site, followed by the concrete decking. This  process adds a new level to the structure every few weeks.
GE Johnson is making great use of prefabrication to assist in keeping the project on schedule. In addition to the LBMS wall panels, bathroom pods are incorporated into the hotel rooms. Prior to construction, GE Johnson built two full model hotel rooms to scale. One room was built with a traditional build and the other with the Surepod bathroom pods incorporated. The Surepods were selected as the preferred building delivery method and are currently being delivered and installed.
The prefabrication elements have not only been useful for saving time, but also for preserving the safety of the crews. The first vertical structure placed above the lowest slab was the RediCor stair core. These factory-built modular units are brought in and stacked on top of one another. Inside these steel form cores are the stairs where concrete is poured, providing crews with the main access to the top of the structure for the duration of the project. This is the first use of the RediCor system in Colorado Springs.
A unique recreational element of the space is the two flight simulators, providing guests with a real-life pilot experience. The hotel promises an unforgettable stay and amenities abound with fitness and spa facilities, the pool and event lawn, and six kitchen/food and beverage spaces throughout. The project is expected to be complete in fall of 2024.
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HDA Denver Office Flourishes with New Projects, Substantial Growth
Submitted May 2023, Posted August 2023
DENVER, CO (May 15, 2023) – In alignment with continued growth and expansion of the firm, HDA Architects’ Denver office has added several new projects to its roster in just under nine months. Spearheaded by industry veteran and Principal Angela Feddersen, NCARB, LEED AP BD+C, projects range from large multi-family developments to exciting new retail establishments.
 Highlighting the project roster for HDA Denver is the 90,000 SF multi-family development that will include 47 market rate townhomes in Evergreen, CO. The project is nearing completion of construction documentation and is estimated to be $23M.
Recently added projects include the 5,600 SF expansion and renovation of Fjällräven in downtown Boulder, CO, which is located within the iconic Pearl Street Mall. As the product demand from this flagship brand center continues to skyrocket, an upgraded, larger store for the outdoor clothing equipment company was needed.
Three new restaurants for The ONE Group are also currently in various design phases, including two Kona Grill restaurants in Henderson, NV, and Tigard, OR, and a restaurant debuting under their new brand concept called Saltwater Social in Denver, CO. The design of all three new locations reflects The One Group’s upscale and polished casual, high-energy atmosphere and will bolster their position as the global leader in “Vibe Dining.”
In addition, HDA’s Denver team has already completed its first project, a MAX Boutique high-end women’s fashion shop. Located in Cherry Creek North, this 2,000 SF interior tenant improvement for the “Style Leader” as named by Harper’s Bazaar showcases its unique assortment of top women’s designer and contemporary collections.
“The quick success of our Denver office is truly exhilarating,” said Angela Feddersen, Principal, NCARB, LEED AP BD+C. “Expanding the HDA brand in the region not only allows for additional opportunities but helps us to better serve our clients throughout the U.S. We have some fantastic clients that are shaping the Denver market and beyond, and it’s been a privilege to work alongside them.” Continue Reading.
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JR Engineering Celebrates 50 Years of Pioneering Engineering Solutions
Submitted May 2023, Published August 2023
 Centennial, CO – JR Engineering, a leading Colorado engineering and surveying firm, celebrates its 50th anniversary in 2023. Five decades of providing innovative solutions to its clients began with the firm’s founding in 1973 by Jim Fraker and Roger Guertner. Working with two other staff members, they focused on providing high-quality, cost-effective services to what even then was a fast-growing Colorado.
Today, JR Engineering’s four locations, in Centennial, Fort. Collins, Colorado Springs, and Genesee employ more than 85 engineers, designers, surveyors, planners, and administrative personnel. More than a quarter have been with the firm more than 20 years.
JR is led by Aaron Clutter, president, Kurtis Williams, VP and director of business development, and Ellen Orlowski, director of operations and finance. Aaron and Kurtis have been with JR Engineering 28 years and joined the firm within a month of one other. Daniel Clark, a twelve-year JR employee and group lead for JR’s Land Development Group in the Genesee, Fort Collins, and Colorado Springs locations, recently accepted an invitation to join Aaron and Kurtis as the firm’s fourth and newest principal.
Clutter, on this milestone stated, "We are incredibly proud of our legacy and the opportunities we have had to contribute to Colorado’s growth. Our success reflects our team’s hard work, dedication, and expertise and our commitment to delivering outstanding results to our clients."
Since 1973 JR Engineering has established a reputation for excellence and has played important roles in hundreds of projects for an extensive, diverse client list. Continue Reading.
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New Apartment Hotel Developed by Revesco Properties Opens in LoHi
Submitted May 2023, Published August 2023
 Revesco Properties, the Denver-based company planning an entirely new 62-acre neighborhood where amusement park Elitch Gardens now sits, is completing an apartment hotel project on a lot that’s about a tenth of an acre.
Revesco purchased the LoHi site in November of 2018 and began construction of the Project in December of 2021. Designed by local Denver architect Davis Urban, the site includes five floors of microunit apartments, ground floor retail and underground storage. The project does not include on-site parking or typical amenities, as the neighborhood’s walkability is the true amenity. The 23,000 square foot microunit project is master leased to hotel operator Sonder who is adding to their portfolio of 9,000+ units in over 40 cities and 10 countries. The Project will operate under the Sonder brand, a hospitality-oriented apartment platform designed to combine the reliability of a hotel with the unique experience and location of a vacation rental. The retail is 100% leased to Golden Hour, a local wine bar that is expected to open later this Summer.
The building’s design was set to stand out in the neighborhood with it’s unique distressed coreten steel panel façade and inviting LaCantina sliding entry doors. “We wanted to be both accretive to an already vibrant neighborhood yet stand apart in our material selection,” said Evan Kurtis, Construction Manager for Revesco Properties. The thoughtful layout provided for each of the 40 units provides high-end finishes and full kitchenettes on a 3,800 SF footprint. Top floors include city and mountain views.
Sonder is planning on accepting guests mid-June while the retail space will be pouring wine a month later.
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Rosemann & Associates Designs Sleek Senior Living at Holly Park
Submitted May 2023, Published August 2023
Construction at MorningStar Senior Living at Holly Park is bringing the best in luxury senior living to Centennial, CO. Holly Park is tailored to accommodate the next generation of seniors with 161 total units offering three lifestyle options: 85 suites for independent living, 50 suites for Assisted Living, and 26 Memory Care suites. The high-end 4-story, 212,000 SF residential structure is situated on 3-acres at the corner of South Holly Street and Arapahoe Road, side by side with the Kaiser Permanente Arapahoe Medical Office. The site is steps away from the Little Dry Creek trail and minutes from The Streets at SouthGlenn, offering residents easy access to outdoor recreation, shopping, restaurants, a movie theater, and entertainment venues.
Designed by RiNo-based Rosemann & Associates architects, the sleek building compliments the surrounding neighborhood and delivers inspiring upscale indoor spaces and lavishly landscaped outdoor spaces. Beginning with the prominent wood-framed entrance and second floor Assisted Living terrace, the entry welcomes guests and family members to the community and introduces the purposeful contemporary design focused on nature-inspired colors and unique wood details and finishes to reflect the beauty of the nearby foothills.
  
MorningStar Senior Living at Holly Park Renderings, courtesy of Rosemann & Associates
Once inside the two-story lobby, residents will be greeted with views through the Independent Living dining to the courtyard beyond. The 2nd floor Life Enrichment facilities opens to the lobby below and to the terrace to offer al fresco best-in-class dining and lounging complete with fire pits and a bistro. Residents can relax at the indoor saline swimming pool that flows via a waterfall into the outdoor spa or practice their swing at the putting green. A 45-car parking garage with EV charging stations is nestled into the sloping grade, providing immediate access to the first floor and supporting the ever-evolving electrification needs of the State.
The Independent Living wellness and fitness areas open to the courtyard, providing a serene exterior space for the sunny Colorado weather. The 4th floor Independent Living rooftop terrace and club room is designed to allow residents to view western mountains of the Front Range, while relaxing or socializing.
Following the new trends in senior living design, the community has additional resident storage for rent, a theater that offers frequent community movie nights and doubles as Sunday service space, physical therapy suites with on-site staff to support resident needs, a salon, bocce courts, and a dog park. Staff offices are located on the 3rd floor to provide immediate access yet separate space for operations of the community.
“We are excited to follow the construction of this much-anticipated development and proud to unveil a thoughtful, modern senior living residence for the Centennial community,” said Rosemann Director of Business Development Amy Vance.
MorningStar Senior Living of Holly Park is planned for completion in late 2023. The project is the result of regular team collaboration between Rosemann & Associates, MorningStar Senior Living, Edgemark Development, and JHL Constructors.
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Brinkmann Constructors Completes Industrial Warehouse Build in Stafford Logistics Center
Submitted May 2023, Published August 2023
In partnership with NorthPoint Development, a Kansas City-based real estate investment firm, Brinkmann Constructors recently completed the construction of two industrial warehouses in Aurora, Colorado.
 These structures are part of NorthPoint’s Stafford Logistics Center – a 4.4 million square foot business park conveniently located 25 miles outside of downtown Denver. Construction began on the development in 2020 and currently features four industrial, mixed-use warehouses. As the area continues to grow, this addition will allow more businesses to strategically locate themselves in the center of the region’s industrial hub. Additionally, the site’s proximity to both I-70 and E-470 makes it an ideal site for companies looking to expand shipping and distribution capabilities both locally and nationally. Spanning over 40 acres, the two new warehouses measure 695,030 square feet collectively.
Brinkmann completed the construction of NorthPoint’s first warehouse in Stafford Logistics Center in 2021. This building measures 594,138 square feet and included over 110 acres of site work. Construction of buildings two and three kicked off in April 2022 and was completed in March 2023.
While building two is ready for tenants, building three is slated for turnover by the end of May 2023. All three warehouses were designed with the intended tenants in mind, and include many useful features, such as advanced sprinkler systems, ample parking and trailer spaces, LED lighting with motion sensors, and 36-foot ceiling clearance, among others.
As sustainability remained at the forefront of NorthPoint’s build priorities, both warehouses were built to obtain the Leadership in Energy and Environmental Design (LEED) Certified status. The LEED rating system, established by the United States Green Building Council, is a globally recognized framework that focuses on environmentally friendly building practices, resulting in cost savings, enhanced efficiency, and cleaner, healthier communities.
This build marks Brinkmann’s 30th project for NorthPoint Development.
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National Western Center Expects to Launch RFP Process for Equestrian Center and Hotel Project in Fall 2023
Submitted June 2023, Published August 2023
The National Western Center Authority and the City and County of Denver are continuing their partnership to develop and implement components of the Master Plan for the 250-acre National Western Center Campus. The Authority, a nonprofit organization, is responsible for operating, maintaining, programming, and promoting the National Western Center. The City, Authority, and partners Colorado State University and the National Western Stock Show, have recently opened or are in the process of completing construction on multiple major facilities on the NWC Campus. The Equestrian Center is the only remaining public facility to be procured in Phases 1 and 2.
  
The Authority is undertaking a process to select a team to complete the Equestrian Center and Hotel Project on the remaining 17 acres on Phases 1 and 2 of the NWC Campus. The NWC Authority and the City released an RFIF seeking industry feedback on the proposed Equestrian Center and Hotel Project in late June and expect to begin the RFP process this fall 2023. For more information regarding the process and proposed schedule, please visit https://nationalwesterncenter.com/procurement/construction/bidding-opportunities/ or Click Here to view the RFIF.
DENALI LOGISTICS PARK BREAKS GROUND IN DENVER’S GROWING AIRPORT INDUSTRIAL SUBMARKET
Posted on March 23, 2023
Hines, a global real estate investment, development, and property manager, in partnership with L.C. Fulenwider, Inc., ("Fulenwider"), announces the start of construction for the first phase of Denali Logistics Park, a Class A industrial and logistics park in Aurora, Colorado. Denali Logistics Park sits on 57 acres within Fulenwider’s larger Box Elder mixed-use development and will deliver over 760,000 square feet of industrial and logistics space across three speculative buildings. Leasing for the project will be managed by Mitch Zatz, Carmon Hicks and Jason White of JLL. The buildings are currently available for lease with an expected delivery of fall 2023.
“Denali Logistics Park is the new marquee of Denver’s industrial scene, allowing occupiers to achieve and exceed their future supply chain and logistics goals,” said Courtney Schneider, director at Hines. “Each site offers a variety of sizes, allowing for flexibility to fit the needs of any occupier. The development is a significant addition to Hines’ growing industrial and logistics portfolio.”
Located east of E-470 between East 64th Avenue and East 68th Avenue in Denver’s growing Airport submarket, Denali Logistics Park provides direct unparalleled access to the Denver Metro and all its major interstates. Phase 1 of the speculative development consists
of three buildings varying in size:
· Building 1: 352,600 square feet, 370 feet deep, 40-foot clear height. Cross Dock.
· Building 2: 205,800 square feet, 210 feet deep, 32-foot clear height. Rear Load.
· Building 3: 201,200 square feet, 230 feet deep, 32-foot clear height. Rear Load.
The site also includes abundant trailer parking and auto parking, separated truck courts with the ability to fully secure, and unmatched site amenities including a fenced basketball court and outdoor seating.
“Denali is strategically situated right in the heart of Denver’s hottest big box distribution and manufacturing submarket,” said Jason White, Executive Vice President of JLL. “With some of the world’s most recognizable brand names selecting this area for their state-of-the- art
production and logistics facilities, this location has defined itself as the new place to be.” Denali Logistics Park is zoned “Airport District” and allows for warehouse distribution, light manufacturing, high-tech industrial, and e-commerce fulfillment center uses, among other permitted uses.
Denali Logistics Park is designed by Ware Malcomb’s Denver office and is being constructed by Arch-Con ® Corporation.
For leasing information, contact Jason White at [email protected].
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Venture Architecture Leading Design for Crocs’ Headquarters for the Second Time
Submitted by Connor Haney, Venture Architecture
Posted on November 28, 2022
 Venture Architecture, a Denver-based firm specializing in client-centric design, announced today that the firm is serving as the architect of record to design Crocs’ next headquarters. Crocs will be moving just two miles south from its current headquarters at 13601 Via Varra in Broomfield, Colorado to 500 Eldorado Blvd, a decision driven by the company’s rapid growth over the last 19 months.
Located within Oracle’s Broomfield campus, the 190,000-square-foot space will transform an existing building into Crocs’ “Home for Work.” Plans for the new space will more than double Crocs’ current footprint to accommodate the company’s 450+ new team members. Renovations will emphasize the company’s culture of collaboration and openness, reflecting Crocs’ values of democracy, comfort, and simplicity.
The design inspiration seeks to maximize opportunities for the Crocs team to collaborate, gather, and team build in the social hubs of the building, including the lounge, huddle spaces, and coffee counters. These features come together to compose a natural flow throughout the space that connects teams across departments, aligning with Crocs’ spirit of partnership.
 “Venture Architecture is proud to be partnering with Crocs on their second headquarters project,” said Martin Goldstein, principal at Venture Architecture, “Like Crocs’ approach to the design of their footwear, our goal for the space is bring comfort and approachability to the team’s workspace, reflective of their ‘come as you are’ culture.”
The windows and three-story atrium ensure that every employee has equal access to daylight, an essential component for creating openness and comfort in the space. This prioritization of simplicity and comfort in the new headquarters realizes Crocs’ “come as you are” culture.
Renovations began early last summer and are expected to be completed in the summer of 2023.
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First Industrial Acquires 17 Acres in Denver, CO for Development of New 199,500 SF Class A Industrial Facility
Submitted by Joshua Deale, Cushman & Wakefield
Posted on September 22, 2022
Cushman & Wakefield announced that First Industrial Realty Trust, Inc. has purchased a 17-acredevelopment site in Commerce City (Denver), Colorado. First Industrial plans to construct a brand new 199,500-square-foot Class A state-of-the-art industrial warehouse/distribution facility to be known as First 76 Logistics Center. The project is strategically located at 8000 E 96th Ave immediately off Interstate 76 in Denver’s highly active I-76 submarket.
Cushman & Wakefield’s Drew McManus, SIOR, Ryan Searle and Bryan Fry were retained by First Industrial to perform leasing for the new development, working with John Strabel, First Industrial’s senior regional director and market leader for Denver. The Cushman & Wakefield team also represented the seller in the land sale.
First 76 Logistics Center is aiming to break ground in early 2022, with an estimated completion in mid-2023.
“First 76 Logistics Center will be an exceptional addition to Denver’s sought-after I-76 corridor submarket while fulfilling the modern needs of today’s industrial, logistics and distribution users,” said Ryan Searle. “This site presented a great and unique opportunity to develop an infill site with tremendous regional access.”
Drew McManus, SIOR, Executive Director added, “The property provides excellent transportation access for businesses looking for convenient and efficient distribution channels, as well as access to a large pool of highly skilled labor from Commerce City, Aurora, Denver, and the surrounding areas.”
First 76 Logistics Center offers heavy industrial zoning, ample trailer parking or outside storage, and easy access to I-76. The new facility will feature 150-feet truck court, 286 auto stalls and 45 trailer stalls, 32-feet clear height, 62 dock-high doors and 2 drive-in ramps, ESFR sprinklers, and LED lighting.
Located just 0.3 miles from I-76 and with no traffic signals, First 76 Logistics Center will be built on one of the most accessible sites in Commerce City. The property is also close to I-25, E-470 and I-70 and proximate to the Denver International Airport and Downtown Denver.
“First Industrial is pleased to add this well-located development site which positions us to meet additional tenant demand and grow our regional portfolio,” said John Strabel. “Denver’s I-76 corridor has been
To view the First 76 Project Progress video, visit https://vimeo.com/750458666.
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Lincoln Crossing
Submitted by Carson Wyatt, Lincoln Property Company
Posted on September 28, 2022
 
Built in the 1970s and ’80s, Lincoln Crossing is an iconic two-tower office property located at the crossroads of Denver’s Central Business District and the vibrant Uptown neighborhood. Developed by Lincoln Property Company, Lincoln Crossing has been transformed to align with today’s creative and innovative workforce to provide an environment that encourages a sense of community and empowers employees to collaborate. Renovations completed include street-level exterior facade refresh, a collaborative area with bleacher stairs, outdoor patio, lobby elevators, fitness center, multipurpose room, bike box, and new spec suites.
Lincoln Crossing will offer a diverse selection of dynamic office spaces ranging from 1,200 SF to over 100,000 SF. The space includes full-height windows that will maximize downtown views and offer an abundance of natural light creating a setting that enables high-performance work.
Located right next door to Denver’s established Central Business District and Uptown, one of Denver’s most walkable neighborhoods. Just one block from Restaurant Row, the stretch of 17th Avenue from Broadway to City Park that boasts some of the best eating and drinking establishments in the city – almost all of which feature an outdoor patio.
For more details about Lincoln Crossing, please visit: https://lincolncrossingtowers.com/.
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GRANITE PROPERTIES NAMED NAIOP 2022 DEVELOPER OF THE YEAR
Prepared by NAIOP Corporate
Posted on August 1, 2022
Dallas-based developer, Granite Properties, was selected as the NAIOP 2022 Developer of the Year - the association's highest honor. The award will be presented during NAIOP’s CRE.Converge conference in Chicago this October.
“On behalf of everyone at Granite, I want to thank NAIOP for this great honor of naming us the 2022 Developer of the Year,” said Michael Dardick, Founding Partner & CEO, Granite Properties. “Granite supports companies and their employees with high quality, sustainable and wellness-focused office and mixed-use environments in desired locations. Putting people first is instilled in everything we do. It’s why we’re always focused on enhancing the customer experience and making a positive impact on our communities. I’m proud of our team’s innovative spirit and ability to adapt to the many changes our industry has experienced over the 30 years we’ve been in business. This recognition is a reflection of their talent, and I thank them for their hard work positioning Granite for long-term success.”
Granite Properties is a privately held commercial real estate investment, development and management company that owns 11 million square feet of high-quality office space valued at $3 billion in Dallas, Houston, Atlanta, Denver, Southern California, Boston and Nashville. The company has completed more than $8 billion in real estate transactions and more than 29 million square feet of real estate development and acquisitions. It focuses on creating extraordinary customer experiences through mixed-use environments, rich amenities, customer-centric service, and innovative wellness features.
The company's size, operational experience, partnerships and breadth of resources allow it to make appropriate adjustments to short-term and long-term objectives with flexibility and speed-to-execution in response to economic changes and opportunities. The company cites adaptability and flexibility as core characteristics that are leveraged throughout the lifespan and growth of the 30-year-old company.
Granite’s advancement of technology and building wellness includes a partnership with Fifth Wall that keeps the company on the forefront of technology, benefiting customers and their businesses; evolve®, an innovative Granite trademarked program of flexible office leasing solutions; and development guidelines that meet and exceed certification requirements for both Fitwel and U.S. Green Building Council LEED.
Across the U.S., Granite is known for its social, philanthropic and employee-focused efforts. Since 2009, the company’s charitable impact surpassed $3 million. It has been named one of Fortune Magazine and Great Place to Work Best Workplaces nine consecutive times, and is committed to fostering diverse and inclusive teams across the company.
“On behalf of NAIOP, I am thrilled to recognize the fantastic achievements of Granite Properties and honor them as our 2022 Developer of the Year. The company’s strong commitment to developing and operating exemplary properties across the U.S. is inspiring,” said Thomas J. Bisacquino, NAIOP president and CEO. “Throughout the company’s history, it has successfully navigated challenges and downturns, always emerging stronger. Granite’s company culture and mission of inspiring both its employees and tenants to flourish has made it a leader in the commercial real estate industry.”
Granite employees are active NAIOP members across several association chapters, including NAIOP Colorado, NAIOP Georgia, NAIOP Houston, NAIOP North Texas and NAIOP SoCal.
Since 1979, the NAIOP Developer of the Year award has been presented to a development company that best exemplifies leadership and innovation. Granite Properties was selected from an impressive slate of nominees and was evaluated by a team of seasoned developers on the following criteria: outstanding quality of projects and services; active support of the industry through NAIOP; financial consistency and stability; ability to adapt to market conditions; and support of the local community.
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 ST. JOHN PROPERTIES PLANS 600K SF SIMMS TECHNOLOGY PARK IN BROOMFIELD
Submitted by St. John Properties
Posted on August 1, 2022
The Broomfield City Council recently granted approval to St. John Properties, Inc. to initiate development activities on Simms Technology Park, a nearly 81-acre mixed-use business community in Broomfield that, upon completion, is expected to support nearly 600,000 square feet of single-story, multi-story and flex/R&D space, in addition to complementary retail amenities. The full-service commercial real estate development and management firm owns and has developed more than one million square feet of space in Colorado since 1987 and intends to invest $95 million in this project situated approximately 20 miles northwest of the Denver metropolitan area. Grading and infrastructure activities are expected to commence this summer, followed by the initiation of Phase I development activities.
Acquired from Brocade Communications Systems, LLC two years ago, Phase I of the business community located at the intersection of N. Simms Street and W. 112th Avenue in Broomfield County will be comprised of three single-story office buildings comprising approximately 100,000 square feet of space and two flex/R&D buildings containing nearly 70,000 square feet of space. St. John Properties is also marketing the sale or ground lease of four pad sites ranging from 1.3 acres to 2.4 acres that can support numerous uses including restaurants, convenient stores/gas stations, and fast food. The final development plan is expected to consist of 14 buildings with all designed for LEED Certification by the U.S. Green Building Council. St. John Properties plans to initially break ground on the single-story office and flex/R&D buildings with delivery of the first product expected to occur in summer of 2023 before proceeding to subsequent phases.
“This strategically-located acreage provides the opportunity to execute our long-term development strategy in a submarket of Colorado that contains every essential metric for sustained growth and economic vitality,” explained Brandon Jenkins, St. John Properties’ Regional Partner for Colorado. “We appreciate the support of the Broomfield City Council to greenlight a business community that will be a long-term job generator, a home to businesses both small and large and a significant contributor to the local tax base. Simms Technology Park will contribute significantly to the economic health of the region with construction jobs, the creation of jobs within the business community and both business and consumer spending with existing businesses in the region.”
As part of the development agreement, St. John Properties has pledged to complete significant upgrades to W. 112th Avenue including the addition of sidewalks, lighting, supplemental landscaping, both left hand and right-hand turning lanes and the expansion of the road by one additional lane. Two new public roads will be constructed as part of Phase 1 of the development. The new roads (Doppler Drive and Brocade Parkway) bisect the site. Brocade Parkway will be renamed to Quantum Parkway as part of the Phase 1 development plan.
“St. John Properties is differentiated from our peers by our philosophy of remaining ahead of the development curve and speculatively building commercial real estate product that anticipates the future needs of our clients,” Jenkins added. “This site provides immediate access to the Boulder and Denver markets along the U.S. 36 northwest “creative corridor” of the Denver metropolitan area. In addition, our on-going research shows the continuing trend among end-users of commercial office space in all product categories interested in migrating to Denver’s northwest suburbs for expansion and relocation.”
St. John Properties has developed and presently manages nearly one million square feet of commercial real estate assets in the Colorado region including Corporate Center, a fourteen-building 600,000 square foot business community in Golden; Sixth Avenue Place, a 145,000 square foot project in Golden; and Walnut Creek Business Park, which contains more than 200,000 square feet of space in the city of Westminster.
According to data from the Broomfield Economic Vitality Division, Broomfield County is the third-fastest growing county in Colorado with a population that has nearly doubled over the past 20 years. Approximately two-thirds of new residents have relocated from within the state. The median age of all residents is 36.7 with a median household income approaching $109,000. Major employers include CenturyLink, Oracle America, SCL Health Care, Ball Corporation and Vail Resorts. A number of companies engaged in high technology and research and development have relocated to the region in recent years.
Nearly six million people reside in Colorado, including nearly two million households, with a median age of 36.4 and population expanded at twice the national rate between 2010 and 2020 with a nearly 15% growth. Additionally, the populations of Broomfield and Weld Counties grew by 30%. According to figures released in March, the statewide unemployment rate dropped to 3.7 percent from 4 percent the previous month.
Founded in 1971, St. John Properties, Inc. is one of the nation’s largest and most successful privately held commercial real estate firms. The company is distinguished by its commitment to customer service, achievements in green building, and top-rated workplace culture. Throughout St. John Properties’ 51-year history, the company has developed more than 22 million square feet of flex/R&D, office, retail, warehouse space and has investments in over 2,600 apartments. The company proudly serves more than 2,500 clients in Colorado, Louisiana, Maryland, Nevada, Pennsylvania, Texas, Virginia, Utah, and Wisconsin. For more information about the company, visit www.sjpi.com.
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Featuring Block 162, Class-A Office Space Designed by Gensler
By the Patrinely GroupPosted on November 29, 2021
When construction commenced on Block 162 in June 2018, the new development’s intended level of quality ensured that the caliber of downtown Denver’s office space would never be the same. Developed by a joint venture comprised of Patrinely Group and USAA Real Estate and completed in June 2021, Block 162 is a 30-story, 606,000-square-foot, Class A speculative office building that boasts state-of-the-art office space and amenities and provides tenants a true 21st century work environment.
Designed by Gensler, Block 162 includes 20 floors of office space on Levels 11–30. The façade is comprised of an all-glass curtainwall system, offering views of the Front Range from every office floor through 10-foot-clear windows. The average floor plate size is 29,800 rentable square feet, designed to feature zero interior columns within the office floorplates. The building includes more than 9,000 rentable square feet of ground-floor retail in three retail lease spaces. The project offers parking at a ratio of 1.7 cars per 1,000 rentable square feet, with parking spaces located within three underground parking levels and a 10-floor, above-grade podium garage. Most recently, Block 162 achieved Leadership in Energy and Environmental Design (LEED) v4 Gold Core and Shell status. It is the largest project in Colorado to receive this status, as well as the largest LEED v4 BD+C: CS project in Colorado of any level.
One of the most compelling aspects of the building is the 11th floor amenity area dedicated exclusively to the building’s tenants, with a fitness center, social lounge, and conference and meeting space. This interior amenity space provides direct access through over 110 linear feet of operable glass walls to the building’s outdoor sky terrace, which includes a manicured roof garden and a dedicated outdoor exercise lawn, as well as seating areas, an outdoor conference table, and two fire pits. The fitness center features expansive operable glass walls that open out to the exercise lawn, along with a dynamic indoor exercise area complete with stretching areas, cardio stations, free weights, and men’s and women’s locker rooms with private showers. The indoor social lounge also features expansive operable glass walls that open to the outdoor fire pits and roof garden, offering casual seating and views of downtown. Finally, the 2,800 square feet of indoor conference and prefunction meeting space is AV-equipped for tenant events and meetings – and connects via operable glass walls to a covered area featuring an all-weather outdoor conference table with seating.
Patrinely Group enlisted the help of interior architect Mayfield and Ragni Studio (MaRS) and Denver-based arts consultant NINE dot ARTS to create a one-of-a-kind experience in Block 162’s refined and modern corporate environment. As a result of this partnership, the art collection at Block 162 spotlights the dynamic talent of Denver’s thriving art scene and showcases immersive work that nods to the Mile High City’s urban, modern, and progressive development, and pays tribute to the natural elements of the surrounding mountains. One of the most immersive pieces on display is Cedar Point Reeds, a moving sculpture developed exclusively for Block 162 by BREAKFAST, a Brooklyn-based kinetic artistry group. The movement of the sculpture is governed by real-time data readings which visualize the dynamism of the wind and wind energy production occurring at the Cedar Point Wind Farm located 80 miles east of Denver in eastern Colorado.
As leasing activity picks up, law firm Sherman & Howard, the first company to secure space in the building, has settled in 60,000-square-feet of space on floors 23 and 24. Patrinely Group and USAA Real Estate expect to announce multiple new leases in the coming months and continue to see interest from law, tech, energy sector, and financial firms – including firms with current Denver presence, and also companies looking to expand and relocate into Colorado.
In the aftermath of the COVID-19 pandemic, this activity supports the confidence of Patrinely Group that Denver is one of the most vibrant markets in the country. The city provides a unique offering to office tenants, which has been well received by corporations from all over the country – with the building offering a clean-slate platform on which tenants can create the corporate culture they desire for their employees. “Block 162 is a testament to the trends we are seeing with urban dwellers and workers,” said Patrinely Group’s Rocky Mountain Region Vice President David Haltom. “In combination with an accelerating flight to quality, there is an increasingly blurred line between personal life and work life, and Block 162’s office space and amenities make for a great opportunity for tenants to take advantage of those trends.
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The Current, River North, Class-A Office Building
By the Schnitzer WestPosted on November 29, 2021
It’s a tall order to promise building tenants a well-designed project that promotes tenant health, wellbeing, and productivity. Especially one that is innovative to be a culture-ready workspace with significant input from local entrepreneurs, CEOs, HR leaders, and talent and one forward-thinking enough to offer a leading-edge view on the world via state-of-the-art “smart” windows.
Such a vibrant environment is emerging in the form of the Class-A 238,000-square-foot The Current, River North (The Current), a joint venture partnership between Schnitzer West, LLC, one of the West Coast’s leading real estate investment, development and property management companies, and Craft Companies, LLC, a Denver-based, multi-directional real estate firm. The 12-story Class-A office building is located at 3615 Delgany St., in Denver's vibrant and sought-after River North Art District (RiNo).
The Current’s “ecosystem of innovation” design ethos is a strong fit for Denver’s RiNo neighborhood. It offers multiple state-of-the-art amenities, including smart windows from View, Inc. View Smart Windows employ artificial intelligence (AI) to automatically evaluate and adjust window tint to optimize natural light and tenants’ unique vista of the outdoors, all while helping regulate temperature and glare.
The benefits of natural light in workplace productivity are becoming more widely known. One study discovered that employees working next to View Smart Windows – while dramatically adding to the building’s light-filled and sleek aesthetic – “experienced half as many headaches, slept 37 minutes longer each night and improved their cognitive function by 42 percent.”
This is the second private office development in the state of Colorado to utilize View Smart Windows. The first and only other project in the state to implement the View Smart windows was Schnitzer West’s mixed-use, elegant, tiered development, Civica Cherry Creek, situated in the desirable Cherry Creek neighborhood.
"At Schnitzer West, we recognize that intelligent design and world-class amenities are not only aesthetically important but also why tenants choose our buildings over those of our competitors. Tenant’s ability to attract and retain talent is a significant contributing factor to their success,” said Kyle Flippen, development manager for the Denver market at Schnitzer West.
Schnitzer West and Craft Companies purchased the RiNo site in March 2019 and began construction of The Current in April 2021. Designed by Davis Partnership Architects, the site includes eight floors of office space, two levels of underground parking, and four levels of above-grade podium parking with car charging stations and secure bike storage. The Davis Partnership design includes extensive use of architectural glass, which frames the top two floors of the building. These levels offer private amenities for tenants, including Schnitzer West's signature "great room," working and leisure space, and a rooftop terrace so that tenants can enjoy views of downtown and the Front Range mountains.
The Current will offer a vibrant environment for an engaged workforce, with its proximity to multi-family housing, upscale hotels and retail space, and public transportation, including the RTD A-Line station, offering increased flexibility for commuters and business travelers to and from Denver International Airport.
“We take great pride in contributing to the further development of RiNo and Denver's continued success and economic growth," said Lucas Schornstein, senior investment manager for Schnitzer West. "There is a growing demand from tenants for increased availability of high-quality, state-of-the-art, forward-thinking Class-A office space in this culturally vibrant hub. The Current will help attract, retain and empower major talent in this region.”
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Featuring 6900 Layton, NAIOP's 2021 Office Development of the Year
Posted on September 6, 2021
By Shawn Donohoe, Senior Business Development Manager, The Weitz Company, LLC
When 6900 Layton broke ground in the dynamic Belleview Station development back in 2018, Denver Mayor Michael B. Hancock was quoted to say, “Belleview Station is well on its way to redefining how people can work, shop, dine and live all in one place – making it a signature asset for economic development and underscoring Denver’s position as a leading city for business success. We’re proud to celebrate the latest premier office space to take shape at one of Denver’s many transit-oriented development sites.”
Completed in September 2020, this sleek 385,000-square-foot Class AA Design Build and it’s custom, glass curtain certainly live up to expectations. Named Office Development of the year during the NAIOP Colorado “Best of the Best” in 2020. The project is located just 200 feet from the light-rail platform and the building rises 15 stories, bringing a stunning beauty to the office park by reflecting the skies of Denver and providing spectacular views for those inside the building.
 The project was a design-build partnership between Prime West as the developer, Weitz as the General Contractor, and Gensler’s Denver studio. Throughout thechallenges of the pandemic, the team remained focused on safety and integrity. As Jim Neenan, president and CEO of Prime West said in the Colorado Real Estate Journal in August 2020, “Together as a team, we have pushed expectations on innovation and schedule. The result will be an elegant, progressive, mixed-use office asset further animating what is becoming a dynamic node on the southeast light-rail line.”
Bruce Porter, Executive Vice President and General Manager of The Weitz Company Rocky Mountain Business Unit, also believes the working relationships were key to the success of the project, saying “6900 Layton was a special project. I was continuously impressed by the attention to detail and the commitment from each of our team members, the design-build team, and our trade partners to maintain great working relationships across the project. Our Weitz office is located near 6900 Layton, and our team feels a great sense of accomplishment when we drive by the project each day.”
 Structurally, the building is a hybrid, with the building frame accommodating garage parking (1,250 parking spaces) on the first five levels. A central cast-in-place concrete core is surrounded by a precast podium coming out of the ground for five stories, capped by a structural steel tower rising to the full height. On level one, 15,000 square feet of retail is joined by a large tenant-accessible fitness center and bike storage to encourage alternatives to auto-centric transportation.
Another unique feature is the integration of two completely independent mechanical systems. A primary central plant, located on the roof, serves floors 7 through 15, while a water source heat pump system is used on the lower six floors. The dual-process solution affords overall savings in both first costs and long-term operations.
6900 Layton was named the NAIOP Colorado Office Development of the Year in 2021. The project also achieved LEED Gold and was a 2020 Regional Award Winner of “Excellence in Subcontracting” from the Design-Build Institute of America, Rocky Mountain Region.
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