CREJ - page 1

SEPTEMBER 2-SEPTEMBER 15, 2015
by John Rebchook
Veteran Denver developer
Susan Powers had ridden her
bike past the old, brick build-
ing on a site along the South
Platte River many times.
And like just about every-
one else, she had seen the
building while driving south
on Interstate 25, near the
Sports Authority Field at Mile
High.
The brick building was
hard to miss, given its pho-
tos of children on the exterior
with a warning that “Lead
Poisoning Hurts Kids” in big,
red letters.
Now, Powers, principal of
Denver-based Urban Ven-
tures, and Tim White of Cas-
tle Rock-based White Con-
struction own the 3.2-acre site
anchored by the three-story
warehouse at 1401 Zuni St.
They are redeveloping
what will be a $50 million,
mixed-use
development,
called Steam on the Platte.
“I am drawn to these proj-
ects that are forgotten or have
never been discovered,” Pow-
ers said.
On a recent morning, Pow-
ers and White, founder of his
namesake construction com-
pany, toured the building and
the property with the Colo-
rado Real Estate Journal.
What really put the build-
ing and the site in perspective
are the views from the roof of
the three-story building origi-
nally constructed in 1928.
From the roof there are
unobstructed views across
I-25 of downtown’s skyline
and construction cranes, the
state Capitol building, the
football stadium and the
South Platte Valley.
“I’ve never been up here
before, but I’mdefinitely com-
ing back up here,” Powers
said after crawling through
a makeshift ladder through a
trap door in the roof.
“You really do have this
360-degree, unobstructed
view corridor,” White said.
“This is a view that really
doesn’t exist anyplace else
and you have never seen
before,” White said.
The
65,000-square-foot
building anchors the site.
The building was once a
center of the bustling rag-bal-
ing business.
Indeed, there is a giant
rag-baling machine that
rises through all three floors,
which they will preserve with
the help of tres birds work-
shop, the project’s architec-
tural firm.
NIMBL, a fast-growing SAP,
or system application prod-
ucts, consulting firm in Den-
ver, will be the anchor tenant
for the renovated warehouse,
initially taking 20,000 sf.
“This redevelopment is
aligned with our core values
for revitalization, discovery
and leadership,” said Yosh
Eisbart, CEO and co-founder
of NIMBL.
“We embrace the project’s
old-and-new impact and are
excited about being part of a
major activation within this
historic neighborhood,” Eis-
bart said.
In addition to the ware-
house, an existing building
that features a bowstring
roof next to the river will be
home to a restaurant along
the Platte River.
The restaurant is expected
to open in late 2016 or in early
2017.
Other ramshackle buildings
on the site will be razed.
Ultimately, the site could
include a housing compo-
nent.
The site is zoned for five-
A rendering of Steam on the Platte, which was designed by tres birds
by Jill Jamieson-Nichols
The Colorado Trade Cen-
ter’s nearly 100-year-old
history will continue to be
written following the asset’s
acquisition by Boulder-based
Conscience Bay Co.
Acquisition
of
the
700,000-square-foot indus-
trial property on 40 acres
at Interstates 25 and 70 is a
classic “covered land play,”
offering strong cash flow for
years to come in a prime
urban Denver location with
long-term redevelopment
potential.
No one involved in the
transaction would disclose
what Conscience Bay paid
for the property, but John
Winslow of Winslow Proper-
ty Consultants said the deed
shows the price was $42.89
million.
Located at 5151 Bannock
St., the trade center is 100
percent occupied by tenants
including Safeway, Fresh-
Point, FreshPack Produce,
Condit Exhibits and Colo-
rado Doorways. Lease terms
are seven-plus years.
“We really look at this as
a good long-term hold. We
like the long-term leases
with credit tenants, giving us
dependable cash flow,” said
Ben Woolf, Conscience Bay
Co. director of investments.
“There is a lot of exciting
growth happening in Den-
ver, and much of this growth
is moving in the direction of
the trade center. Considering
its phenomenal location and
great highway access to both
I-25 and I-70, we believe that
the project offers opportuni-
ties for additional develop-
ment and a wide range of
commercial and industrial
uses.”
“This was an exciting sale
to be part of. The trade center
is one of those notable prop-
erties that most people in
Denver know and recognize.
The seller (Bannock Street
Center LP) is a longtime
friend and client of our firm,
and we are excited to have
found a great buyer who has
big plans for the future of the
asset,” said DTZ investment
broker R.C. Myles. Myles
and DTZ’s Jim Brady, along
The Colorado Trade Center sits alongside Interstate 25, just south
of I-70.
Inside
CONTENTS
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CDE
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4AA
5AA
8AA
Senior Housing
13AA
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