Page 14AA —
COLORADO REAL ESTATE JOURNAL
— September 16-October 6, 2015
Economic Development News
The Arvada Economic Devel-
opment Association recently
released a report on the state of
Jefferson and Adams counties,
detailing positive economic
development activity.
At just under 39 square miles,
the city of Arvada is located
in both counties. The major-
ity of Arvada, including about
38 square miles, resides in Jef-
ferson County, mainly west
of Sheridan Boulevard, while
about one square mile in the
southeast corner of the city is
within Adams County, mainly
east of Sheridan, according to
AEDA.
The report noted that Jefferson
County continues to strengthen
through the second quarter of
the year, with steady employ-
ment gains, low unemployment
and strong consumer activity.
The unemployment rate fell to
4.2 percent in the first quarter
of 2015. In the mountain region,
consumer confidence rose dur-
ing the first quarter of 2015, ris-
ing 28.6 percent over the year.
As employment strength-
ened, the commercial real estate
markets in Jefferson County
recorded tightening vacancy
and rising average lease rates.
The retail market was the only
market to report an increase
in vacancy but continued to
report increasing average lease
rates. The industrial warehouse
market is the most constrict-
ed of the submarkets, report-
ing 1.1 percent vacancy. Class
A office space is commanding
the highest average lease rate,
$26.08 per square foot during
the first quarter of 2015, the
report noted.
In Adams County, the county
government recently reorga-
nized a number of its depart-
ments in order to streamline key
functions. As part of this reor-
ganization, the county created
a new department called Com-
munity & Economic Develop-
ment. This restructured depart-
ment consists of five divisions:
Development Services (cur-
rent planning, development
engineering, building safety),
Neighborhood Services (code
compliance, and animal wel-
fare), Economic Development
(in coordination with Adams
County Economic Develop-
ment), Community Develop-
ment (Community Develop-
ment Block Grant and other
funding programs) and the
One-Stop Customer Center (the
front desk serving all walk-in
visitors to the department). This
new structure will improve ser-
vices provided to its residents,
business owners, developers
and contractors. The changes
came after a lengthy review
process with input from inside
and outside of the county.
Updates…
n
A number of new ten-
ants recently opened or plan
to open soon in Arvada. Ten-
ants include: Colorado Premier
Garage Doors, Health and Hap-
piness Chiropractic, Mix It Up
Boutique, New Image Brew-
ing, Party Time Superstore and
Sport Clips.
s
Arvada Economic Development Association
Commerce City recently cele-
brated the opening of Fronterra
Park.
The neighborhood park is the
second voter-approved project
completed in the $137 million
capital improvement program,
which will complete five proj-
ects by Jan. 1, 2019.
The nearly 20-acre park at
10020 Joplin St. features a hill-
side slide, two graded play-
fields, a playground, skate area,
fitness stations, sustainable
landscaping and a restroom.
The $4 million project was
constructed in nine months by
general contractor Golden Tri-
angle Construction. Designed
by DHM Design, the nature-
inspired, active concept was
selected and refined by resi-
dents during community meet-
ings and online input. Wember
Inc. served as the owner’s rep-
resentative.
The neighborhood park is
one of five projects funded by
a 1 percent sales and use tax
increase approved by voters
in 2013 to build, operate and
maintain five projects in five
years. The projects include:
• Three new neighborhood
parks (Fronterra, Turnberry and
Villages at Buffalo Run East),
• The widening of Tower
Road from 80th to 103rd ave-
nues,
•Anew recreation center near
112th Avenue and Highway 2,
• The expansion of the exist-
ing recreation center and
• A new outdoor pool at Pio-
neer Park.
s
Commerce City
After extensive review and
collaboration with local commu-
nities and the Colorado Office
of Economic Development and
International Trade, the Colorado
Economic Development Com-
mission has approved 14 enter-
prise zones to be effective Jan. 1.
The 14 enterprise zones are:
Central and Southern Jefferson
County, Larimer County, Mesa
County, North Metro, North-
East-Central, Northwest, Pikes
Peak, Pueblo, Region 10, South
Metro, Southeast Central, South-
west and Weld County. Zone
maps can be found at www.
advancecolorado.com/ezredes-
ignation.
Enterprise zones are designed
to encourage business develop-
ment in areas of economic dis-
tress. Businesses in the zones are
eligible for state income tax cred-
its when they create new jobs,
invest in business property and
job training, and other devel-
opment activities encouraged
under the program.
Local representatives and
enterprise zone administrators
worked to evaluate their commu-
nities, identify areas of economic
distress and distill objectives for
those areas. The administrators
will be focusing on fulfilling the
stated objectives for these desig-
nated areas in the years ahead.
Proposals for Adams County
and Denver are still in review
and are expected to be approved
in October.
More information is available
at
ez.
s
Colorado Office of Economic Development and International Trade
tion, access to light rail and an
environment that would appeal
toWeWork’s millennial clientele.
The building wasn’t listed for
sale, but Bitzer said the develop-
ers committed tomake the trans-
action work. “I think WeWork is
going to do incredibly well in
that location and be an incred-
ible attribute to the success and
future development of Platte
Street,” he said.
“WeWork immediately recog-
nized Platte Street as on-brand
and one of the more dynamic
locations in all of Denver with its
eclectic mix of stores and restau-
rants ideally situated in between
the burgeoning Lower High-
lands, Commons Park and the
Union Station redevelopment,”
said David Smith, a partner in
SCP. “The prominent location
on I-25 provides excellent vis-
ibility for the tenant. WeWork
members already play on Platte
Street and we believe the abil-
ity to office here will be very
enticing.”
Bitzer said WeWork’s space
“will be very high-end, and it
won’t look like your traditional
build-out.”
The WeWork lease has ignited
interest in the remaining 25,000
sf of office space, according to
Chris Phenicie of CBRE, who
is marketing the office space.
“Having a dynamic and inno-
vative group such as WeWork
in The Lab has created signifi-
cant interest from other users
hoping to build off their ener-
gy,” said Phenicie. This inter-
est hasn’t only been limited to
technology tenants, as several
traditional corporate users have
also expressed interest in the
project,” he said.
Urban Legend is marketing
3,000 sf of retail space on the
ground floor to prospective
food and beverage tenants. The
building is next to the Denver
Beer Co.
s
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
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