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COLORADO REAL ESTATE JOURNAL
— August 17-September 6, 2016
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Finance
by John Rebchook
Industry, the cutting-edge collab-
orative workspace, has been in the
local and national spotlight a lot
since Jason Winkler and his wife,
Ellen, opened it in RiNo in 2014.
For example, a year ago, theWall
Street Journal described Industry,
at 3001 Brighton Blvd., as “an
example of the entrepreneurial
forces that are luring a flood of
young professionals here.”
Now they are developing anoth-
er shared office space project in a
former industrial building inRiNo.
But Industry RiNo Station is not
the second phase of Industry.
“They’re a whopping nine
blocks apart,” said JasonWinkler.
Not that there aren’t similarities
between the two.
“Essentially, Industry RiNo Sta-
tion is Industry 2.0,” he said.
Industry RiNo Station is at 3825
Lafayette St., a block east of the
38th and BlakeA-Line rail station.
The transformation of the
152,000-square-foot building that
was constructed in 1969 recently
took a big step with a $36 million
loan fromFirstBank.
The loan was handled by John
Markovich and Adam Sands at
FirstBank.
They were thrilled to make the
loan.
“Jason has had a pretty signifi-
cant presence in RiNo for the past
several years,” said Markovich, a
senior vice president at FirstBank.
“He is kind of a pioneer for this
kind of creative office space prod-
uct,”Markovich continued.
“We are really impressed with
Industry. We think it is a great
property.”
In fact, FirstBank has wanted to
work withWinkler for a while.
“Jason has been on our radar
screen,”Markovich said.
“He is the kind of local develop-
er that fits our profile at FirstBank,”
he said. “We really want to build a
relationshipwith him.”
This marks the first deal First-
Bank has done withWinkler.
“We did look at refinancing the
debt on Industry, but he found
a funding product through a life
company that was a little better
suited for his needs,” Markovich
said.
In addition toWinkler, FirstBank
also plans to extend its presence
in RiNo.
“We like what we see going on
in RiNo,”Markovich said.
“We have been talking to several
developers” about how FirstBank
can help them, he said.
He likes what is happening in
RiNo so much that last year he
organized a tour of the neighbor-
hood for FirstBank’s board.
“I think they were really
impressed by everything happen-
ing in the community,”Markovich
said.
“I think it helped their under-
standing and I think it played an
overall role in their approving the
loan for Industry RiNo Station,”
he said.
There are 6,262 households
within a 1-mile radius of the site,
although that jumps to 81,486
within a 3-mile radius, according
to research by the CoStar Group.
A similar trend can be found
with the daytime employee base.
There are 8,006 people working
within a 1-mile radius, but that
rises to $177,174when another two
miles are added to a circle sur-
rounding the site.
The median household income
within a mile of Industry RiNo
Station is $40,382, but it jumps
by more than $10,000 to $50,721
within a 3-mile radius, according
to CoStar.
While FirstBank has made sev-
eral loans in RiNo, the $36 million
loan for Industry RiNo Station is
by far its largest one to date.
Lessons learned from Industry
will be incorporated into Industry
RiNo Station.
There are similarities with the
two projects.
“Both buildings are almost iden-
tical in size and they are bothadap-
tive re-uses of old warehouses,”
Winkler said.
Industry RiNo Station, like
Industry, will have a lot of glass
and steel, and openworkspace.
He said they are “really happy”
with Industry, but Industry RiNo
Stationwill raise the bar.
“Probably the biggest change
will be in the way the space comes
together,”Winkler said.
“Right now at Industry, if you
want to have an event for 100
people, it’s kind of hard to do dur-
ing the day, because it can disrupt
other office users,” he said.
At Industry RiNo Station, it
will be easy to cordon off space to
accommodate events with a large
number of people during the day.
As far as FirstBank, he was
extremely pleased. The loan was
Shown is the warehouse being converted into Industry RiNo Station.
A preliminary rendering of industry RiNo Station
