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COLORADO REAL ESTATE JOURNAL
— August 5-August 18, 2015
Greater Denver
by Jill Jamieson-Nichols
FlightSafety International has
acquired eight acres of land at
Denver International Busi-
ness Center for construction of
a 108,000-square-foot aviation
training center.
The company hopes to break
ground on the new facility by
early September. It will be located
at East 67th Avenue and Yampa
Street, near Denver International
Airport.
“We have two large customers
(Skywest Airlines and Air Meth-
ods) that we serve, and this is
a good location for them,” said
Steve Phillips, FlightSafety Inter-
national’s vice president of com-
munications. The center will pro-
vide training to pilots and other
aviation professionals who oper-
ate and support airplanes and
helicopters.
“This is a huge addition to the
Denver International Business
Center and it underscores DIA’s
importance to our national and
international transportation sys-
tem and to Colorado’s econo-
my,” Cal Fulenwider, president
of L.C. Fulenwider Inc., the busi-
ness center’s owner and master
developer, said in a press release.
“This new facility will be a major
employer in the region. We’re
excited to welcome FlightSafety
International to the DIBC.”
“DIA continues to evolve into
a thriving global hub for busi-
nesses. The addition of this new
aviation partner is a further step
toward realizing this vision,”
added DIA CEO Kim Day. “We
look forward to welcoming
FlightSafety International to the
neighborhood.”
FlightSafety
International,
which has a facility inCentennial,
is the world’s premier profes-
sional aviation training company
and supplier of flight simulators,
visual systems and displays to
commercial, government and
military organizations. It trains
pilots, technicians and other avia-
tion professionals from 167 coun-
tries and independent territories
and has advanced full-flight sim-
ulators around the world.
Arco Construction Company
Inc. will be the contractor for the
new facility.
s
FlightSafety International’s Learning Center will be located at East 67th Avenue and Yampa Street in Denver.
by John Rebchook
It’s difficult to find a big land
assemblage in Uptown.
“It’s verymuch likeLoHi,where
you can find smaller parcels, but
there just really aren’t any 1.5-acre
land assemblages available,” said
Ken Howell, chief financial officer
of the Southern Land Co.
However, Southern Land, based
in Tennessee, did find a land
assemblage, although it was not
on the market.
Southern Land, according to
public records, paid $11.5 million
for a 62,688-square-foot site at
1601-1665 Pearl St. and 520-538 E.
17thAve. in Uptown.
That assemblage of six parcels
equates to $183.45 per sf, believed
to be the most ever paid for land
in Uptown.
Southern Land, based in Nash-
ville, in a partnership with New
York City-based GTIS Partners LP,
plans to build a 315-unit, Class A
apartment community on the site.
The project is expected to cost
between $80 million and $90 mil-
lion, Howell said.
Thecommunityalsowill include
14,000 sf of retail space.
The project will include eight
stories and five stories, which is
allowed under the current zoning.
The Tavern Hospitality Group
was the seller. An existing Tav-
ern Uptown bar and restaurant
is on the site and will be replaced
by a larger Tavern establishment,
including an eighth-floor rooftop
deck.
Chris Cowan of the ARANew-
mark team, with Steve O’Dell and
Julie Rhoades, found the deal by
approaching Frank Schultz, the
owner and CEO of the Tavern
Hospitality Group.
Cowan, Howell said, “knew
we only have real interest in off-
market deals and that we were
focusing on Uptown.”
Schultz, who founded his chain
in 1997, noted he had rebuffed
several offers from other develop-
ers in the past.
The Tavern Uptown was the
first building he opened and he
would not have sold it unless he
could incorporate a newer and
bigger restaurant/bar into the
new apartment community.
“It will be a big upgrade for him
and he probably will include a
new concept,” Howell said.
Schultz said the current restau-
rant has about 4,000 sf.
“The new store on the same cor-
ner (at Pearl Street and East 17th
Avenue) will have about 7,000
square feet,” Schultz said. That is
An aerial view of Southern Land’s planned 315-unit apartment com-
munity in Uptown
The Tavern Uptown will expand as part of the new development.
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