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RedPeak buys two apartment buildings in two weeks

RedPeak has acquired two Denver apartment buildings within a two-week time frame, bringing the company’s portfolio of multifamily properties to 29.

The company paid $11.5 million for the 69-unit property and adjacent parking lot at 960 Grant St. in Capitol Hill. The building was built in 1937 and consists of studios and one-bedroom units.

It paid Coughlin & Co. $14.75 million for 54 one- and two-bedroom apartments at 1375 High St. in Cheesman Park. The property was built in 1963 and renovated in 2008.

“With these two recent purchases, our current portfolio stands at 29, and we’re excited to be able to provide Denver’s growing population with quality residences in great urban locations,” says Bobby Hutchinson, RedPeak’s chief investment officer. “These are two of Denver’s finest apartment buildings, with classic brick facades and provide us with the opportunity to make renovations where needed and upgrade them even more with the RedPeak brand.”

RedPeak, which is actively pursuing acquisitions throughout Denver, is a full-service apartment owner, operator and developer with a portfolio of more than 2,300 units.

Colorado Enterprise Fund to participate in CO Impact Days

Colorado Enterprise Fund is among the 100 social ventures seeking “impact investments” that was chosen to meet with investors at CO Impact Days Social Venture Showcase Nov. 17.

The 100 ventures will convene at the Ellie Caulkins Opera House for the second year of the “shark-tank for good” statewide marketplace for impact investing. The selected social ventures will showcase their investment opportunities to offer not only a financial return on the impact investor’s investment but also to offer solutions to some of the most pressing issues of our time.”

“We are so thrilled to again invite more than 200 investors and philanthropists to interact with these valuable social ventures,” says Dr. Stephanie Gripne, founder of the Impact Finance Center and creator of the CO Impact Days. “When these two groups of powerful movers and shakers share a room, there is no telling the good that will come. We’ve aimed to offer a diverse array of impact investments, with a goal that every investor will leave knowing that deal flow is not a Colorado impact investing problem.”

The goal of CO Impact Days is to catalyze $100 million in impact investments into Colorado social ventures in the next three years, and it is kicking off with CO Impact Days Nov. 15-17. The initiative is possible because Colorado is home to a number of national leaders in impact investing and a thriving and collaborative community of social venture entrepreneurs in both the for-profit and nonprofit sectors, as well as philanthropists and investors who are committed to growing Colorado’s economy and creating good jobs.

“Funding from these impact investors will enable us to serve more Colorado businesses, which in turn will ultimately advance economic opportunity and prosperity in our Colorado communities,” says Ceyl Prinster, president and CEO of Colorado Enterprise Fund.
 

Broker's buyer bonus: Helping to send a child to school in Uganda

Denver real estate broker Tenzin Gyaltsen is helping put Ugandan children through school one home sale at a time through a partnership with the S.O.U.L Foundation.

One child will be put through school for every home sale that’s over $300,000. It costs about $1,600 to put a child through all seven years of primary school.

“That gives them all of their school books and one meal per day,” said Gyaltsen, a broker associate with Coldwell Banker Residential Brokerage in Colorado. “It’s an added bonus to the house. It almost personifies it in a way.”

Gyaltsen, who formerly owned an eco-friendly clothing company, met representatives from S.O.U.L (Supporting Opportunities for Ugandans to Learn) at an event and fell in love with the organization. He had a desire to do something philanthropic, so he sponsored Rita Naigaga, the first of many students.

When he turned his attention to real estate he decided to expand his efforts by sponsoring a child with proceeds from every house he lists for more than $300,000.

Gyaltsen works with investors to buy houses, fix them up and resell them. When he has an upcoming listing he contacts S.O.U.L to pledge to sponsor a student, The organization then sends a child’s photo and bio, which will be framed and displayed in the house. If the new owners wish, the address of the newly sold home stays with the sponsorship, and all the letters and updates from the student are mailed to the house.

“Lack of education is one of the biggest problems in the world,” Gyaltsen said. “In this part of the world, most children don’t get an education. It’s important to equip children with knowledge so they can go out and better the world and their communities.”

Business loan program for veterans created

The Colorado Enterprise Fund has created a program for Colorado veterans and Gold Star family members who are interested in starting or growing a small business in the state.

Veteran Access Loan Opportunity Resource (VALOR) will provide discounted loan rates and extended terms for military veterans who are unable to secure financing through traditional banks.

Any honorable discharged U.S. military veteran or Gold Star family member who is a Colorado resident is eligible to apply for a VALOR loan of up to $500,000. Recipients will receive a 2 percent discount from standard Colorado Enterprise Fund rates and an origination fee of 1.5 percent. The loan term would be for up to 10 years with an interest-only period of up to six months.

The loans can be used for working capital, equipment, inventory, property improvements, business purchases and commercial real estate.

For more information, contact Senior Loan Office Mike Jensen, a U.S. Army veteran, at (720) 473-4068 or at mike@coloradoenterprisefund.org.

Founded in 1976, the Colorado Enterprise Fund is a non-profit lending institution that specializes in loans for small businesses and startups statewide that are unable to secure traditional bank financing. To date, the organization has has made more than 2,000 loans totaling $63 million to small businesses.

The real numbers: Center city neighborhoods add housing, but is it affordable?

Denver is on track to meet a goal set in 2007 to add 18,000 housing units in the city center by 2027.

The center city has seen an increase of 10,000 residential units since 2010, and another nearly 9,000 are under construction, according to the Downtown Denver Partnership’s Center City Housing report.

Even so, the units added have not been enough to keep housing costs affordable for some residents and workers.

“The Downtown Denver Partnership has advanced a variety of solutions to stem the impact of rising housing costs, ad we are focused on addressing the need for diversity in housing type and affordability to meet the needs for downtown’s workforce,” says Tami Door, president and CEO of the partnership. “While our residential and employee populations are growing at unprecedented rates, we must ensure companies can continue to attract and retain the employees they need to be successful, and affordable housing is a key part of the equation.”

The partnership has led several strategic housing initiatives, including advocating for construction defects reform, working with developers to add a variety of unit types and endorsing the creation of the first affordable housing fund in the City and County of Denver. The partnership also played a key role in moving the LIVE Denver program forward.

Other insights from the report include:
  • Denver’s center city neighborhoods are home to 79,367 residents and 130,227 employees
  • Since 2010, the center city has added 15,877 new residents and 33,065 new jobs
  • Denver is the fourth fastest growing city in the United States, and the demand to live in the center city is high, with the residential population tripling since 2000
  • Capitol Hill is the most populous center city neighborhood with a population of 17,142 residents
  • The Central Platte Valley neighborhood adjacent to Denver Union Station experienced the highest percentage of population growth since 2010
  • The Central Platte Valley neighborhood also added the most new units since 2010, totaling 5,669 units completed or under construction, more than 3,800 more units than the next busiest neighborhood for development, River North.

The Record Company to headline holiday concert benefitting public schools

The Grammy Award-nominated Los Angeles band The Record Company is headlining the fourth annual Sing It To Me Santa concert Dec. 9 at the Ogden Theatre.

The concert will benefit music education in Denver Public Schools through the newly formed nonprofit organization Take Note Colorado.

“I am honored and proud to announce that Sing It To Me Santa will become a signature event under Take Note Colorado,” says Karen Radman, executive director of Take Note Colorado. “And, that net proceeds from Sing It To Me Santa 2017 will benefit music education in Denver Public Schools.”

The Record Company is a Los Angeles-based rock trio whose 2016 debut album was nominated for a Grammy in the category of Best Contemporary Blues Album.

Tickets for the show are available at www.axs.com. General admission tickets are $25-30, and VIP tickets are $250. Doors open at 7 p.m., and the show starts at 8 p.m. For information on sponsorships for the show, contact Karen Radman at karen@takenotecolorado.org.

Denver-based vintage rock/funk/blues powerhouse Tracksuit Wedding will open the show, performing original new tracs from its just-released second album “Now or Never” — and some holiday favorites to celebrate the season. 

Take Note Colorado, chaired by Gov. John Hickenlooper and Isaac Slade of The Fray, is a new statewide initiative with a goal to provide access to musical instruments and instruction to all of Colorado’s K-12 students. Sing It To Me Santa is a benefit concert created in 2014 by Libby Anschutz.

Study will evaluate minority- and women-owned business program

The Denver Office of Economic Development (OED) is launching a disparity study to guide future implementation of minority- and women-owned business programs in Denver. 

The study will measure whether minority- and women-owned contractors are being underutilized in city business, thereby providing a basis for the continuation of Denver’s Minority- and Women-Owned Business Enterprise program and related federal programs.

OED has retained BBC Research & Consulting to conduct the study to help evaluate the effectiveness of the local MWBE program and two federal programs: The Disadvantaged Business Enterprise (DBE) program and the Airport Concessions Disadvantaged Business Enterprise program. The study will examine the city’s procurement services and products, the subcontracting participation of contractors/service providers who do business with the city and anecdotal evidence collected from a cross-section of the local business community.

“With significant public investment projects on the horizon, and by staying true to our Denver values, this city will show how economic prosperity can bring everyone along,” says Denver Mayor Michael Hancock. “We’re looking forward to taking a thorough, objective look at our inclusivity programs in order to bolster our approach and further level the playing field for Denver’s minority contracting community.”

To help inform the study, a series of public hearings will be held this fall: 
 
  • Oct. 3, 11:30 a.m.-1:15 p.m., Eisenhower Recreation Center, 4300 E. Dartmouth Ave.
  • Oct. 5, 5:30-7:30 p.m., Denver Botanic Gardens, 1007 York St.
  • Oct. 11, 5:30-7:30 p.m., Denver Police Station-District One, 1311 W. 46th Ave.
  • Oct. 13, 9-11 a.m., Denver International Airport (tentative)

Comments and information can also be submitted to denverdisparitystudy@bbcresearch.com. For more information visit denvergove.org/dsbo.
 

Floyd's shows off its hipness in new video

Floyd’s 99 Barbershop is launching a new marketing campaign that blends music and style together in a video that brings life to the unique atmosphere inside the shops.

“The 99 Experience” video, featured on YouTube, showcases the diverse styles and personalities of the staff, the Floyd’s signature rock ’n’ roll poster wall plastered with music memorabilia and the custom radio station specially curated for the shop. 

“The minute you walk into one of our shops, you understand exactly what Floyd’s 99 is all about,” says co-owner Rob O’Brien. “It’s more than a haircut; it’s an experience. It’s difficult to articulate such a unique experience, so we wanted to create something to show it.”

The video features an exclusively created party version of the new single “Ghost Got Loose” from up-and-coming fold-rock artist Rocko Wheeler. Floyd’s 99 will be running a social media promotion through Facebook and Instagram encouraging people to engage with the video and share the Floyd’s 99 experience by tagging a friend in the post for a chance for both of you to win free haircuts for a year. 

“We are a the original rock ’n’ roll barbershop and music is in our blood,” O’Brien says. “It was a natural fit to bring our love of music and dedication to providing amazing service together into a brand video to demonstrate what we are all about for someone who many not have had a chance yet to visit one of our shops.”
 

Saucy Bombay opens on East Colfax

Saucy Bombay has opened its doors at 2600 E. Colfax Ave.

The restaurant, created by husband-and-wife co-owners Marshall Miranda and Rhohini Saksena, brings Denver the flavors the couple has grown to love. 

“We have taken our time looking for the new location for Saucy Bombay,” Miranda says. “When the space on Colfax, across from East High School, became available, we knew it was the perfect new home for the concept.”

At the start of the serving line, diners are given a choice of a fresh Roti Wrap, a one-entree rice, quinoa, salad or yogi bowl; or a two-entree plate for the heartier appetite.

Entree choices include chicken breast, marinated skewered then grilled in the tandoor; steak, braised and boneless; braised leg of lamb; vegetable medley, sauteed and seasoned with turmeric and cumin; or slow-cooked and mildly seasoned garbanzo beans, along with paneer cauliflower rounds.

Moving down the line, guests then choose their sauce from an array, including tikka masala, korma, vindaloo, kadai, spinach and lentils. They then choose their side, with the star being the handmade naan, featuring a crisp exterior, fluffy core and distinctive charred flavor. The naan is offered in a variety of flavors with garlic and cheese to start. Other side choices include samosas, a turnover filled with potatoes and peas, or Bombay chicken; and potato vada, a lentil flour-battered potato dumpling.

Finally, guests can top their creation with a refreshing relish: either katchumber, a medley of diced cucumber, tomato or onions with lemon; or raita, a cool sauce of yogurt and grated cucumber, carrots and onions.

Entrees range in price from $8 to $11, depending on size and choices.

How to get a deal at Denver's best coffee shops

If you’re a coffee junkie, the Fika Coffee Passport is your ticket to learning all about Denver’s vibrant coffee scene.

The $20 passport features 28 craft shops and roasters featuring two-for-one coffee specials per venue between April 1 and July 31. Some of the participating venues include Allegro Coffee Roasters, The Denver Bicycle Cafe, Huckleberry Roasters, Pablo’s Coffee and Pigtrain Coffee.

Why is it called Fika? Because a fika is a custom in Swedish culture that celebrates a break from work for a bit of play. The Passport Program folks liked the idea of getting out of the office to meet a friend for a chat over a cup of coffee.

The locations in the booklet were selected for both atmosphere and quality coffee and each offers a one-of-a-kind experience. You can share your coffee with a friend or enjoy both yourself. Each location has crafted a speciality beverage that best represents their shop or practices. You can also substitute any craft coffee drink for a drip coffee.

For every book sold, $1 will be donated to Colorado Public Radio.

City of Cranes: A whopping 42 projects either planned or under construction downtown

Forty-two projects with an investment value of $2.8 billion are either under construction or planned in downtown Denver, according to the 2017 State of Downtown Denver Report recently released by the Downtown Denver Partnership. 

The projects will add more than 1,000 hotel rooms, 5,000 residences and 2.5 million square feet of office space. 

“Great cities do not happen by accident,” says Tami Door, president and CEO of the Downtown Denver Partnership. “Our thriving center city is a result of a strategic vision to build one of the most economically powerful center cities in the country, and the metrics outlined in the 2017 State of Downtown Denver signal great success. Our residential population is expanding at unprecedented rates, $2.8 billion is being invested through development projects, we’ve added 6,000 jobs and 23 new companies have relocated to or opened a new office in the center city to grow their business in the last 24 months.”

Downtown Denver’s workforce of 130,227 people has grown at a rate of 17 percent since 2010, outpacing the national rate of 11 percent. Employment is led by new and growing private-sector businesses, where employment is up 21 percent.

Nearly 80,000 people are choosing to live in downtown Denver and its center city neighborhoods. Population in the downtown core has tripled since 2000, and more than 66 percent of downtown residents have a bachelor’s degree or higher.Downtown’s residential renaissance and its growing employee base is encouraging new retail development. Retail sales tax collection is anchored by restaurants, which make up 44 percent of the revenue. 

There is a diverse array of educational opportunities, from traditional universities to coding schools that is helping to build the workforce of the future and ensure downtown businesses have access to top talent. About 58,000 students are being educated in the center city at a variety of educational institutions.

Arts & Venues partners with Meow Wolf on art space effort

Denver Arts & Venues is teaming up with Santa Fe's Meow Wolf to help with the compliance and safety needs of the city's Do-It-Yourself and alternative spaces.

Arts & Venues will contribute $20,000 toward funding the program organized by Meow Wolf, which previously announced plans to distribute $100,000 in annual funding to support safer DIY music and arts venues across the country. Arts & Venue's money will support infrastructural improvements, rent assistance, materials, equipment and other needs identified by Denver applicants. The fund also supports additional resources for legal, zoning and building code consulting services.

"Meow Wolf was an ideal partner for addressing short-term needs while we continue to explore more long-terms opportunities to support safe, creative spaces," says Kent Rice, executive director of Arts & Venuses. "As an artist collective, Meow Wolf has emerged as a leader in the region, working closely with Denver-based artists and reacting quickly to the acute space challenges of artists nationwide with the development of its funding program."

Meow Wolf is collecting applications for Denver-based funding until March 31. 

In addition to Arts & Venues' efforts, Denver Community Planning and Development and the Denver Fire Department have taken steps to support the needs of the arts community. For those seeking to turn an existing warehouse or commercial space into a live/work space, CPD launched a guide that outlines basic steps for establishing a safe and legal live/work space in an existing building. The fire department is offering free inspections for tenants and landlords, who can apply through March 31.

Contact Confluence Denver Development News Editor Margaret Jackson with tips and leads for future stories at margaret@confluence-denver.com.

Denver housing inventory hits record low

The number of homes on the market in metro Denver dropped 6.47 percent to 3,989 in January -- an all-time low for any January on record, according to a recent report from the Denver Metro Association of Realtors (DMAR).

"Low housing inventory has been a key driver for over two years now, and I don't see that changing any time soon," says Denver real estate agent Steve Danyliw, chairman of the DMAR Market Trends Committee. "Historically, inventory follows a seasonal pattern. We see the bottom in January to February, then peaking in late August to September. The second driver is mortgage interest rates. All predictions indicate a steady rise in interest rates throughout 2017. This could compel buyers that are sitting on the sideline to get into the big game."

The number of homes sold declined by 33.21 percent in January, compared to the previous month, but the average sold price increased 3.86 percent to $448,373. The median sale price remained relatively unchanged at $380,000. Year-over-year housing prices have increased 9.25 and 9.99 percent in the average and median sale prices, respectively.

"Sellers are thrilled by the price appreciation and buyers are frustrated by the low inventory," Danyliw says. "If you're a real estate agent working with a homebuyer under the$400,000 price point, you have a front-row seat to a real estate feeding frenzy."

Contact Confluence Denver Development News Editor Margaret Jackson with tips and leads for future stories at margaret@confluence-denver.com.

Pre-sales for Vine Rowhomes begin

Koelbel Urban Homes has started pre-sales of The Vine Rowhomes in central Denver's Wyman Historic District.

Located at Vine Street and 14th Avenue, Vine's 14 row homes will be in three separate buildings and stand three stories tall, with the top-floor lofts opening onto rooftop decks. Each building will feature a brick exterior, decorative cornices and a front porch for watching the city go by. 

"This project is truly at the epicenter of the best of everything Denver has to offer, as it is situated between two of the city's most famous parks -- Cheesman and Congress Park," says Carl Koelbel, vice president of Koelbel and Company, the parent company of Koelbel Urban Homes. "The homes offer a modern design aesthetic while maintaining the historical integrity of the Wyman Historic District."

Flowing floor plans on the main level allow for generous living rooms, dining space and gourmet kitchens punctuated by central islands. The second floor houses at least two bedroom suites and a laundry room. Full, unfinished basements are standard and ideal for a family rec room and additional bedroom suite. Intimate courtyards connect homes to detached garages with alley access.

"We are always looking for urban infill projects that are going to improve upon Denver's already great neighborhoods and embrace their individual history and identity," says Peter Benson, senior vice president Koelbel and Company. "With its modern interpretation of 1880s architecture, Vine slips right into the classic feel of the Wyman Historic District, one of central Denver's oldest neighborhoods."

Prices for Vine start in the $600,000s. Three floor plans, ranging from about 2,000 to 2,400 square feet, are available.

Contact Confluence Denver Development News Editor Margaret Jackson with tips and leads for future stories at margaret@confluence-denver.com.

Commuters: Transit pass more valuable than parking space

Workers in downtown Denver placed a higher value on a transit pass than they did on a parking space in the Downtown Denver Partnership's annual commuter survey.

The 2016 Downtown Denver Commuter Survey revealed that 87 percent of employees rate a transit pass as a very valuable or valuable employer-provided benefit, which is also the most common employer-provided transit benefit with 68 percent of employees receiving a fully or partially subsidized transit pass.

"It's clear that employers play a big role in impacting commuting habits," says Tami Door, president and CEO of the Downtown Denver Partnership. "Specifically, when employers offer employees a transit pass as part of their employee benefits, they are 67 percent more likely to use transit and 28 percent less likely to drive alone. It's imperative we work closely with employers and transportation providers to encourage employees to consider alternative modes of transportation in order to achieve our goal to create a truly multi-modal center city."

Also notable is that for the first time in five years, the number of people driving alone (40.3 percent, up from 38.5 percent in 2015) exceeds the number of people who regularly use transit (39.6 percent, down from 40.6 percent in 2015). Seventy-four percent of those who regularly drive to work alone are open to considering other modes.

"Our goal is to increase the number of people choosing to bike, walk and take transit while reducing the number of people who drive alone to under 35 percent by 2021," Door says. 

It's not just new options that impact commuting decisions. Factors like age and gender and commute length, which averages 13 miles among all commuters, have an impact as well. For example:
  • Younger male commuters are more likely to bike and walk
  • Females in their thirties and forties are more likely to drive alone
  • Transit use increases in older commuters
  • 30 percent of commuters who have a commute length of five miles or less drive alone, despite having more options than those with longer-distance commutes. These short-distance commuters are also more likely to walk and bike to work
Contact Confluence Denver Development News Editor Margaret Jackson with tips and leads for future stories at margaret@confluence-denver.com.
80 Capitol Hill Articles | Page: | Show All
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