Page 32 —
COLORADO REAL ESTATE JOURNAL
— September 2-September 15, 2015
great place to meet,” Thiel said.
Buying, instead of renting, like-
ly will end up saving the church
money, he said.
He said that the Sanctuary
has been in its current church
building for seven years and he
expects the rent is about to go up.
“We’ve actually been looking
to buy for a couple of years,”
Thiel said.
“It bothered some people in
our congregation that our money
is going to a landlord, and not
into ownership,” he said.
“They did not think that was
a good use of our capital,” Thiel
said. “We really like our current
building, but we have spent quite
a bit of money in rent over the
years.”
Alexander Becker of Real
Estate Consultants of Colorado
represented the Sanctuary in the
transaction.
Thiel said they are thrilled to
be able to buy a building in the
neighborhood.
“It’s great that we found a
building in the neighborhood
that we could afford,” he said.
The Sanctuary likely will invest
money in renovating the interior.
“We probably will want to
restore the sanctuary area to its
original glory,” Thiel said.
The parking lot is zonedU-MX-
3, which would allow for a three-
story building for residential,
office and retail uses.
“I don’t think they are planning
to do anything right away with
the parking lot. Long-term, I’m
not sure what will happen to it,”
Thiel said.
Other News
n
Consolidated Investment
Group
plans to build an eight-
story, mixed-use building on
a 0.7-acre site it recently pur-
chased in Capitol Hill.
The Denver-based company
purchased the land as well as
the adjacent three-story, Route
40 building with approximately
21,000 square feet.
The Route 40 building’s
ground-floor retail is 100 per-
cent leased to two tenants. The
building at Colfax and Down-
ing in Denver also includes
existing ground-floor retail and
28 apartment units.
“We have no plans to tear
it down,” said Carli Franks,
strategic marketing manager at
Consolidated.
Consolidated is studying
what to do with the building
as far as potential upgrades,
she said.
The eight-story building will
include 140 apartment units,
retail and co-work office space.
“We have not selected an
architect yet and the plans
from different architects have
been so different, we don’t yet
know how many square feet
the building would have or the
ratios between the office space
and residential,” Franks said.
The apartments will be luxury
units, she said.
CIG plans to start construc-
tion in the summer of 2016.
The building’s common areas
will include a west-facing court-
yard, a rooftop deck, fitness
center and clubroom. It will be
pet and bike friendly.
“We are excited to continue
the revitalization of the Colfax
corridor and expand our pres-
ence in the Capitol Hill neigh-
borhood,” said Chris Winn,
asset manager at CIG.
“We envision an opportunity
to introduce an exciting collabo-
ration of spatial uses including
retail, shared office and residen-
tial living,” Winn added.
In addition to Route 40, CIG
owns the 466-unit Parkway
Apartments at Colfax Avenue
and Speer Boulevard, and is the
developer of the Eastpark 70
Industrial Park in Aurora.
Overall, CIG’s real estate port-
folio consists of investments
in more than 20,000 multifam-
ily apartment units and several
million sf of office buildings,
industrial buildings and land
holdings throughout the United
States, Israel and Europe.
“Our team focuses on maxi-
mizing the value of our exist-
ing real estate portfolio while
strategically acquiring new
real estate assets in select high-
growth markets, like Denver,
including Dallas, Houston,
Austin and Phoenix,” said Tim
Bertoch, vice president of real
estate at CIG.
“As a Denver-based invest-
ment group, we have been
excited to see our local real
estate market thriving over the
past several years, allowing us
to explore even more oppor-
tunities right here in our own
backyard,” Bertoch added.
s
The map shows the Zen Center and the nearby parking lot, which were
purchased on behalf of the Sanctuary Church.
Progressive Urban Manage-
ment Associates,
based in
Denver, and
MIG,
based in Cal-
ifornia with offices in Denver.
The Imagine DowntownMas-
ter Plan update process will
utilize the expertise and input
of a diverse Technical Advisory
Committee, as well as stake-
holder engagement through
interviews, focus groups, and
community forums.
“Downtown Colorado Springs
has seen over $300 million
in announced or completed
development since 2013, most
of which is reflective of the
vision established by Imagine
Downtown,” said
Sarah Har-
ris,
director of business devel-
opment and economic vital-
ity for
Downtown Colorado
Springs.
“We are preparing for
the next cycle, ensuring that
we have both the vision and
the tools in place to see our city
center grow and compete with
comparable urban markets.”
s
