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COLORADO REAL ESTATE JOURNAL
— July 15-August 4, 2015
Economic Development News
Denver Mayor Michael
B. Hancock and city offi-
cials recently participated
in a groundbreaking event
to celebrate The Wheatley, a
new mixed-use development
underway at 2460 Welton St. in
Five Points.
The development will feature
82 apartments (including 64
market-rate units and 18 afford-
able units), 14 townhomes and
3,800 square feet of retail space.
The project has broken ground
and begun framing.
“This site has a rich history
in Denver as it was once the
home of the Wheatley YWCA
which operated until 1964. It
was named for Phillis Wheat-
ley, a renowned African-Amer-
ican poet who lived between
1754 and 1784. We are honored
to name our project after her,
a freed slave who published
poetry at the early age of 14,”
stated Paul Books of Palisade
Partners, the developer of the
site.
The Wheatley will be the first
major mixed-use development
to be completed along the Wel-
ton Corridor since The Point
project in 2002.
“We are thrilled to be part
of the resurgence of develop-
ments along the Welton Street
corridor, with the close prox-
imity to downtown and a light-
rail station for residents,” said
Books.
The Wheatley, pursuing a
LEED Silver designation, will
feature loft, one-bedroom and
two-bedroom
apartments
within a five-story building,
along with amenities such as
a rooftop deck, underground
parking, a community room,
a fitness center for residents,
and a light-rail station one-half
block away. The three-story
townhomes will face Welton
Street and already 11 of the
14 townhomes are under con-
tract with an expected comple-
tion date in spring 2016. Each
unit features modern ameni-
ties such as quartz counter-
tops, balconies, stainless steel
appliances and in-unit laundry
appliances.
The project is located within
the Five Points Historic Cultur-
al District and before construc-
tion could begin, Palisade Part-
ners worked with the neigh-
borhood and the Landmark
Preservation Commission to
obtain approvals. Through the
process, Palisade Partners also
worked closely with the Den-
ver Office of Economic Devel-
opment and the Denver Urban
Renewal Authority to receive
financing to make the project
possible.
The Denver Office of Eco-
nomic Development named
The Wheatley as one of five
Welton Design/Development
Challenge awarded projects in
2014. The program provided
predevelopment funds to help
spur smart development of
the Welton corridor with jobs,
housing and retail. In addition,
the OED provided $475,000 in
financing to help support the
development of 18 affordable
units at The Wheatley to house-
holds earning up to 80 percent
of the area median income.
General contractor Con-
fluence Builders currently is
working on the first floor of the
building. Craine Architecture
is designing the project.
Palisade Partners also is
involved in three other projects
in Five Points, including 2560
Welton, The Rossonian Rede-
velopment and The Brown-
stones at King Stroud Court. In
total, all four projects total $130
million in development along
Welton Street.
Updates…
n
United Airlines selected
Denver as the expansion city
for its global flight training
center operations.
“The decision by United
Airlines to locate their entire
training facility here is a testa-
ment to the region’s standing
as a hub of innovation and
prosperity,” Mayor Michael
B. Hancock said. “With this
expansion, we will strengthen
our global partnership with
this major international car-
rier and sharpen DIA’s com-
petitive edge in global aviation.
With this expansion, we keep
400 residents employed and
grow 225 more job opportuni-
ties. Denver is the one when
it comes to a great quality of
life in a city that is open for
business, and I want to thank
United as well as our partners
for building on this collabora-
tive relationship.”
The company plans to make
a significant capital investment
totaling approximately $40 mil-
lion at the Stapleton site. This
investment will catapult devel-
opment of the nearby Central
Park Station transit-oriented
development, activating a key
location on the Corridor of
Opportunity.
This agreement is reflective of
United’s commitment to DIA,
Denver and the entire region.
Last year, the city and county
of Denver signed an agreement
with United to extend the car-
rier’s lease through 2035 and
retain the size of their opera-
tion, relative to their system.
s
Denver Office of Economic Development
Wiland, a direct marketing
technology and database servic-
es company located in Niwot,
recently announced plans for
construction of a 90,000-square-
foot building in the Clover Basin
Business Park in Longmont,
where it purchased 14 acres.
Construction on the new facil-
ity will start this year and it will
house 145 employees.
As well, Terralux, an existing
Longmont employer that pro-
vides LED lighting solutions,
will expand its Longmont foot-
print with expansion into an
additional 22,000 sf at The Cam-
pus in Longmont.
Additionally, two new compa-
nies have moved to Longmont
– Wolfman Luggage and Pre-
mium Powder Coating Inc.
Wolfman Luggage, a motorcy-
cle luggage and accessory com-
pany, leased 5,000 sf at 350 Terry
St. and brings eight employees
to Longmont. Premium Power
purchased a 61,100-sf building at
1850 Lefthand Circle and will be
moving its operations this fall. It
currently has 20 employees and
expects to add 10 more with the
move.
s
A long-vacant piece of prop-
erty located at one of Wheat
Ridge’s busiest intersections
recently got a new lease on life.
On June 16, Renewal Wheat
Ridge, the city’s urban renewal
authority, approved a $6.8 mil-
lion tax increment financing
agreement for Wheat Ridge
Corners, a mixed-use project at
the southwest corner of Wad-
sworth Boulevard and West
38th Avenue. City Council rati-
fied the deal, which will pro-
vide funding for public infra-
structure for the 80,000-square-
foot retail and 37-unit town-
home project.
The project's developer,
Quadrant Development Part-
ners, has been working with
Renewal Wheat Ridge for over
a year on the terms of the agree-
ment and site design of the
development. Quadrant could
begin demolition at the 15-acre
site, which houses the shell of
a former automotive dealer-
ship, within the next three to
six months.
When complete, Wheat Ridge
Corners is expected to generate
$1.2 million in new sales and
property taxes annually. The
project also is expected to cre-
ate more than 200 new jobs.
s
The Wheatley is named for Phillis Wheatley, a renowned African-
American poet.
For complete contact information, links and
Key Facts, visit ou
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City of Commerce City
Denver Office of Economic Development
Denver South Economic Development Partnership
Downtown Denver Partnership Inc.
City of Englewood Community Development Dept.
Town of Erie
Federal Heights Redevelopment Agency
Grand Junction Economic Partnership
City of Greenwood Village
Jefferson County Economic Development Corp.
City of Lafayette
Lakewood Economic Development
City of Lone Tree
Longmont Area Economic Council
City of Louisville
Metro Denver Economic Development Corporation
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City of Northglenn
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Town of Parker
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