Denver Post I Denver’s Cherry Creek North realizing development boom

Cherry Creek North is seeing its biggest construction boom in decades, fueled by developers offering a live-work-play experience in the tony neighborhood.

The “play” part of the equation Cherry Creek has already mastered. Restaurants and boutiques proliferate. But the new development will round out the portfolio with an infusion of residences and office space.

Five major projects are under construction or in advanced planning stages for the area just north and east of the Cherry Creek shopping center. More are in the pipeline.

The first round of development will produce 70 condos, 444 apartment units, 13 floors of office space and dozens of ground-floor retailers.

“Cherry Creek appears to be hitting its full potential,” said real estate broker Stuart Zall of Denver-based Zall Co. “It’s already a premier shopping district. Now, the office and residential markets are developing. Clearly, it’s a desirable location.”

Given that desirability, the boom perhaps should have occurred years ago. But a combination of the Great Recession and tight commercial lending prevented the new projects from kicking off until this year.

Ironically, developers also were slowed by the very concept that has defined Cherry Creek North — an assemblage of small and largely independent retailers, many of whom own the real estate on which their stores sit.

The development companies were challenged by the prospect of negotiating to buy multiple small parcels of land that collectively became project sites.

Read more: Denver Post I Denver’s Cherry Creek North realizing development boom
Re-posted by: Crosbie Real Estate Group

The Denver Post I For Wheat Ridge, 38th Avenue a corridor of change

Valente’s Italian Restaurant, a Wheat Ridge dining institution for four decades, is now home to Colorado Plus Brew Pub, which boasts 56 local craft brews on tap and serves picquillo peppers stuffed with merguez sausage and goat cheese.

Across the street and to the west, a formerly fire-damaged building hosts Compass Construction, a yoga studio and an acupuncturist.

Nearby, Wheat Ridge Cyclery operates an airy and modern showroom complete with a repair shop, custom fitting area and warehouse.

Ron Kiefel took the risk of expanding the store his father started 40 years ago, in part because he believed in a comeback effort the city was undertaking.

“Businesses that invest and reinvest in themselves can thrive in this environment,” he said. The same applies to communities, he adds.

All the changes are part of a transformation taking place along West 38th Avenue, one civic leaders hope will allow Wheat Ridge to attract a new generation of residents and short-circuit the blight that older neighborhoods typically suffer before gentrification.

More than 30 new businesses have located on the corridor, which stretches from Sheridan Boulevard on the east to just west of Wadsworth Boulevard. Many were assisted by the city and a group called Wheat Ridge 2020, which stepped up their efforts two years ago in a program called Ridge at 38.

Sales-tax revenues in the district in the first quarter were up 15.1 percent from a year earlier, driven by energetic entrepreneurs such as Susannah Burley, who started a flower shop called Posey Girl.

Read more: The Denver Post – For Wheat Ridge, 38th Avenue a corridor of change
Re-posted by: Crosbie Real Estate Group

Interested in retail at 38th and Wadsworth Blvd? Check out our brochures here: Wheat Ridge Corners & Wheat Ridge Marketplace

Denver Post: Denver-based Smashburger ranks No. 2 for restaurant chain growth

ImageDenver-based Smashburger is the second-fastest-growing restaurant group among the nation’s largest 200 chains, according to data from industry analyst Technomic.

Smashburger’s 2012 estimated sales of $171 million were up 42.5 percent from $120 million in 2011. The “better burger” chain operated 193 restaurants in the U.S. in 2012, representing a growth rate of 35.9 percent from the prior year, according to Technomic.

Smashburger is owned by Denver-based investment firm Consumer Capital Partners.
Ranking just ahead of Smashburger in the Technomic data was Dickey’s Barbecue Pit with 2012 sales growth of 46.5 percent and a 40.4 percent increase in the number of restaurants.

The largest Colorado-based chain on the list is Chipotle Mexican Grill, ranked No. 19 with U.S. sales of $2.72 billion.

Read more: Denver Post: Denver-based Smashburger ranks No. 2 for restaurant chain growth
Re-posted by: Crosbie Real Estate Group

Denver Post I Denver’s Highland neighborhood enjoying development resurgence

forsaleThe Highland neighborhood, for the first time, boasts somehigher-end housing that is competing with traditionally tonier Cherry Creek.

The northwest Denver neighborhood has been experiencing a low inventory of newly built condos. In September, not one new-construction condo was on the Multiple Listing Service.

“There is still a huge lack of inventory,” said Paul Tamburello of Red Chair Realty Advisors. “I think the economic downturn didn’t hit Highland as bad, so people were still developing. They trusted that the market was coming back.”

Read more:Denver’s Highland neighborhood enjoying development resurgence – The Denver Post
Re-posted by: Crosbie Real Estate Group

Denver Post | Sprouts Farmers Market’s new Longmont store open today

AR-121229974.jpg&MaxH=200&MaxW=295Sprouts’ new 29,000-square-foot store is located in the former Borders Bookstore space at 1101 S. Hover St., which has been empty since the bookstore closed in fall of 2011. Sprouts will be open daily from 7 a.m. to 10 p.m. and the company’s president and CEO, Doug Sanders, said its opening has been a long time coming.

“We’ve been working on getting to Longmont for several years,” said Sanders, who is expected to be present for the opening. “We were working on Longmont and Sunflower was working on Longmont, and we both kind of coveted that Longmont space.”

It was actually Boulder-based Sunflower Farmers Market that announced, in April, plans for a Longmont store. But that announcement was merely a formality. At the time Sunflower was in the process of merging with Phoenix-based Sprouts, and it was already known that after the two companies merged, all Sunflowers stores would become Sprouts. That merger was finalized in May.

The combined company gives Sprouts about 150 stores in eight states, about 11,000 employees and about $2 billion in revenue in 2012.

Denver Post | Inside IKEA: Centennial Store Taking Shape

Inside IKEA: Centennial store taking shape

CENTENNIAL — When the Centennial IKEA store opens July 27, customers will enter the second-largest IKEA store in all of North America, housing the largest IKEA restaurant in the Western Hemisphere.

This week inside the unfinished store, the showroom displays and much of the merchandise are still draped in plastic wrap — room decor such as flat-screen televisions and board games are still in the packaging.

Construction workers and store employees bustle around marking final lines off to-do lists, including finishing the model homes and decorating the display rooms.

The 415,000-square-foot store is massive — only the store near Chicago is larger.

“It’s enormous. It’s humongous. It’s gargantuan,” said Kelly Frieze, store manager for IKEA Centennial.

IKEA Centennial will offer:

  •  over 10,000 items.
  •  three complete model home interiors.
  •  50 different model room settings.
  •  a supervised playground for children.
  •  a 550-seat restaurant.

The restaurant will serve American dishes, as well as Swedish fare such as salmon plates and the meatballs for which IKEA stores are famous.

“Meatballs are very traditionally Swedish,” Frieze said. “We have a very traditional Swedish recipe. We serve it with very traditional potatoes and lingonberries. They just taste great.”

“Great” is a word that the construction contractor also uses to describe the IKEA project.

Marcy Loughran, the marketing and communications manager for Saunders Construction, the company that managed the construction, described “a great owner, great project team, great sub-contractors, and a mild winter” in explaining why the project is ahead of schedule.

The project was originally slated to open in the fall, but everything came together to allow IKEA Centennial to open months early.

When the first customers walk through the doors, they will step into a store with a very non-traditional layout. Whereas in many stores customers can immediately go directly to the section they need, IKEA stores feature what is referred to as the “long natural path” that winds through the entirety of the store.

Frieze explained: “That’s just so that can’t miss any part of the experience of IKEA.”

Looking for retail close to IKEA?  Check out Centennial Promenade right next door!  For more information, contact:

Rich Hobbs at (720) 287-6865 or Rhonda Brown at (720) 287-6866