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June 17-June 30, 2015 — COLORADO REAL ESTATE JOURNAL — Page 15B
L akewood is home to
some of the area’s hottest
potential right now.
Many of our new developments
are near West Colfax Avenue are
in transit-oriented development
zoned areas serving West line
light-rail stations. Two of those
new developments stand out:
St. Charles Town Co.’s 95-unit,
$16 million affordable housing
development called the Zephyr
Line near Wadsworth and
13th Avenue at the Lakewood-
Wadsworth Station, and
MomentumDevelopment’s
five-story, 155-unit market-rate
complex at 13th and Newland
Street near the Lamar Station.
Charlie Woolley, St. Charles
Town Co.’s principal, and
Momentum’s Jeff Temple were
speakers recently at the Urban
Land Institute and the City of
Lakewood’s event, “Embrace
the ‘Fax : Art + West Colfax Ave
= Development Opportunities”
event in May. Developers and
brokers enjoyed a full-day schedule
of roundtable discussions, tours,
and speakers from organizations
such as Colorado Creative
Industries, Broad Street Ventures,
Artspace and Koelbel and Co.
“Lakewood paved the way with
progressive zoning, which allowed
for this project to happen. They
provided us with valuable research
into their competitive advantages,
which helped seal the deal. The
high-density options, on/off street
parking inclusions and the limited
setback requirements set the stage
for the Zephyr Line’s feasibility,”
Woolley said.
This forum promoted the
area for both new real estate and
creative new uses. Designed to
highlight positive transformation,
the event carried the theme that
strong connections between
creative placemaking and the
arts are an economic driver for
urban reinvestment. The event
was also designed to challenge
some assumptions about Colfax.
The panel concurred, “There is
a misplaced perception of West
Colfax as somewhat negative,
but investors need to recognize
all the efforts and projects in the
works that boost Colfax’s image as
‘cool.’”
Temple agreed, saying, “Colfax
has good people, good density,
good employers and jobs, good
higher education schools, and a
major tourist attraction.” Nearly 80
attendees were wowed with stories
of transformation, development
ease and business attraction efforts.
The story began when the
Regional Transportation District
announced it would build the
West line along an existing railway
at 13th Avenue, two blocks south
of Colfax. Lakewood ensured that
the tools were in place to facilitate
investment. The City implemented
a rezoning of the light-rail
corridor including Colfax to
allow for mixed-use, high-density
development, both on Colfax and
near the light-rail stations.
Lakewood has been working
to build last-mile transportation
connections, such as sidewalks,
traffic-calming measures, and
public art, and moving traffic lights
to improve flow for pedestrians
across Colfax. City initiatives
have also included addressing
brownfield issues with a $900,000
grant and launching a marketing
campaign targeting developers,
brokers, and small-business owners
to drive activity in the form of
both new uses and new real estate
development.
Investments have been made
in numerous resources and
economic development tools in
this area. The 40 West Arts District,
centered on 13th and Lamar, is
one of 12 recognized Colorado
Certified Creative Districts, and
only one of three in the metro
area. The 40 West district was
founded to support the cultural
and economic vitality brought by
existing creative industries and
businesses in the area such as the
Edge Theatre, The Everything
Gallery, architectural firms, and
the Rocky Mountain College of
Art + Design. West Colfax is also
supported by the Lakewood-West
Colfax Business Improvement
District that focuses on advocacy,
identity, and economic
development.
The local market has responded:
Activity includes Colorado
Frame and Art Restoration’s new
building at 9780 W. Colfax, a
21,000-square-foot Planet Fitness
signing an anchor lease at the
newly christened Lamar Station
Plaza (formerly JCRS), $1 million
in improvements to the Veldkamp
Floral building at 9501 W. Colfax
Ave., and the 244-unit, $40 million
West Link Apartments complex on
the site of a former Target store at
Colfax and Oak Street.
Larger, primary employers
are also seeing the potential.
Terumo BCT, Lakewood’s largest
private-sector employer, recently
completed a 125,000-square-
foot international corporate
headquarters in the Lakewood
Technology Center. This
expansion will add up to 250 jobs
with average salaries of $69,000,
bringing the total employment
to more than 2,000. FirstBank
is expanding its headquarters
at 12345 W. Colfax Ave. with a
120,000-square-foot addition,
doubling the size of the existing
building. More than $240 million
in projects are currently in the
pipeline in this area.
The City of Lakewood is
committed to making both West
Colfax and the West Line light
rail a destination for businesses,
tourists and residents. There has
never been a better time to be part
of one of the most recognizable
streets in America. With other
local development successes in
Lakewood, such as Belmar, St.
Anthony Medical Campus and
Denver West/Colorado Mills,
there is no question that the City
is willing and able to see a vision
through to fruition. Are you
willing to be a part of it today? As a
leading West Colfax broker stated,
“Don’t be one of those that wish
you had”.
See for yourself by visiting the
current development activity map
at .
Lakewood Economic Development
Nanette Neelan
Deputy City Manager and Economic
Development Director, Lakewood
Economic Development