Page 14AA —
COLORADO REAL ESTATE JOURNAL
— September 2-September 15, 2015
Economic Development News
The Downtown Denver Part-
nership released an updated
quarterly Downtown Denver
Economic Update report and
the most recent economic data
available for downtown Denver
signals that economic conditions
continue to improve. Employ-
ment growth is strong, consum-
ers are spending at a healthy
pace and downtown commercial
real estate markets report rising
average lease rates and declining
vacancy rates, according to the
report.
“Downtown Denver is well
positioned to continue its role as
an economic hub for the city, state
and region,” said Tami Door, pres-
ident and CEO of the Downtown
Denver Partnership. “We have
more people working downtown
than ever before, our residents,
workers and visitors are contrib-
uting to retail sales tax collection
increases across a variety of indus-
tries and residential and commer-
cial real estate markets continue
to grow, all underscoring progress
toward our vision of a prosperous
center city.”
Highlights from the report
include:
• Employment levels in down-
town Denver rose 4.4 percent to
total 123,365 jobs between the
fourth quarters of 2014 and 2015,
exceeding both state and national
employment trends;
• Employment levels in the
natural resources and construc-
tion supersector saw the largest
increase, of 15.3 percent, between
the fourth quarters of 2014 and
2015;
• Retail sales tax collections
downtown grew by 7.8 percent
in the first quarter of 2015 as com-
pared with 2014;
• Downtown Denver’s larg-
est retail category, restaurants,
accounts for 51 percent of retail
sales tax collections downtown
and grew by more than 11 per-
cent;
• The average daily room rates
for hotels in downtown Denver
rose by 5.5 percent when compar-
ing year-to-date totals as of June
30. Revenue per available room
also grew by 4.4 percent;
• The total number of homes
sold in downtown Denver
increased by nearly 19 percent in
the first quarter of 2015 as com-
pared with 2014; and
• The commercial real estate
market downtown improved
between the second quarter of
2014 and 2015, with vacancy rates
declining 1.8 percentage points for
office space and 0.7 percentage
points for retail space.
For more information and to
view the full report, visit www.
downtowndenver.com.
Updates…
n
The Downtown Denver Part-
nership released an update to the
Downtown Denver Development
Map, detailingprojects under con-
struction or planned as of July
2015. Currently, there is $1.51 bil-
lion in development under con-
struction, with 1,576 hotel rooms,
4,244 residential units, 2.3 million
square feet of office space and
more than 231,000 square feet
of retail space either planned or
under construction downtown.
While development trends
remain consistent with previ-
ous updates, planned residential
development inArapahoe Square
is on the rise and accounts for
8.3 percent of residential units
planned or under construction
downtown, up from0.4percent.
s
Downtown Denver Partnership
The Regional Transportation
District’s board approved a $140
million contract with Balfour
Beatty Infrastructure Inc. and its
partners to design and build an
extension to RTD’s light-rail line
in Denver’s southeast suburbs.
The project will extend the
southeast line 2.3 miles to a
point south of RidgeGate Park-
way in Douglas County, where
parking for 1,300 vehicles will be
constructed. The current route,
served by the E and F trains and
which ends at Lincoln Avenue
in Lone Tree, will feature stops,
including one at Sky Ridge Med-
ical center and a rail bridge over
Interstate 25.
Design work is anticipated to
start this fall with construction
beginning in spring 2016. The
work is slated for completion by
early 2019.
s
Denver South Economic Development Partnership
Three new companies have
opened for business in Long-
mont, including Preferred Pack-
aging Products Inc.
Preferred Packaging Products,
which manufactures custom
packaging for industrial and
commercial uses, leased 37,900
square feet at 2950 Colorful Ave.
It employs 20 individuals.
Only Natural Pet leased 17,000
sf at 20 Bowen St. and has 15
employees. The company spe-
cializes in natural pet products,
including food, gear, toys and
grooming supplies.
Additionally, Food Equipment
Co. subleased 3,200 sf at 6333
Dry Creek Parkway in the Long-
mont area. The company has six
employees and distributes food
service and material handling
equipment.
Updates…
n
The Longmont Area Eco-
nomic Council will be hosting
a community tour to highlight
commercial real estate oppor-
tunities in the Longmont area
Thursday, Sept. 24. For more
information on how to partici-
pate, contact Wendi Nafziger at
s
Longmont Area Economic Council
ʻDowntown Denver
is well positioned
to continue its role
as an economic hub
for the city, state
and region.ʼ
– Tami Door,
Downtown Denver Partnership
For complete contact information, links and
Key Facts,
Adams County Economic Development
Arvada Economic Development Association
Aurora Economic Development Council
Boulder Economic Council
Brighton Economic Development Corporation
City and County of Broomfield
Castle Rock Economic Development Council
City of Centennial
Colorado Springs Regional Business Alliance
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
Northern Colorado Economic Development Corp.
City of Northglenn
Northwest Douglas County EDC
Town of Parker
Pueblo Urban Renewal Authority
City of Thornton Office of Economic Development
Town of Superior
Westminster Economic Development
City of Wheat Ridge
Wheat Ridge 2020
Town of Windsor
For information regarding appearing in the EDC Profile
Section, please contact Jon Stern at 303.623.1148
Economic
Development
Councils Directory
