CREJ

Vacant property provides opportunities even in pandemic INSIDE Benefitting from a residential boom, new retail tenants are emerging and leasing space Northern Colorado Many retail lease provisions are being forced to change with the expansion of curbside pickup Lease provisions PAGE 13 A demand for net-leased assets is flooding Col- orado as out-of-state investors drive activity Investment trends PAGE 10 February 2021 PAGE 6 A s we move along the cusp of the old to new year, it’s time to reimagine the use of traditional commercial real estate by reactivating vacant or underutilized space, cre- ating revenue for owners, flexible terms for renters and increased neighborhood vibrancy. And that’s what our team set out to do with the creation of The Art Place, a River North pop-up featuring local artists and brands in a high-traffic store. We envisioned the project as a collaborative, community-oriented retail space featuring artists, mak- ers and entrepre- neurs. Knowing that they are accustomed to temporarily acti- vating and selling at pop-up markets/ bazaars, it would be easy to pivot them into vacant commercial spac- es. We leased a vacant store in the heart of RiNo with a three-fold goal: generate income for the owner, give creatives a space to sell during holi- day months and engage the com- munity. The property offered local brands in need of a suitable retail presence an interactive space to create and sell their wares without the burden of high cost and onerous terms. Meanwhile, it offered holiday shop- pers and people wandering RiNo an opportunity to buy unique, local items in an interactive retail experi- ence. Last year was a strain on every- one, perhaps more so for budding artists and small, local indepen- dents. The project helped them get exposure, drive income in an energizing environment and bring excitement to the community. The store was extremely well received, with shoppers commenting that it provided a way for them to support the local community with their dol- lars. Inside the storefront, shoppers found special holiday gifts, some of which were made on site by artists demonstrating their talents in per- son. Retail is about discovery and a Please see Page 20 Tim Sack Activation director, Reactiv, tim@ reactiv.io During the two-month holiday season, The Art Place featured ceramics artists working and selling, a printmaker and painter displaying their artwork, a vintage clothing con- noisseur, photographers and others, all housed in a pop-up store in a previously vacant building in River North.