Colorado Real Estate Journal - June 17, 2015
Leaders from Adams County, Aurora, Brighton, Commerce City, Denver, Federal Heights and Thornton reached a pact for development at Denver International Airport. The agreement, subject to voter approval in Denver and Adams County communities this fall, would create a 1,500-acre pilot program on DIA to allow a wider spectrum of commercial uses than is currently permitted under the original 1988 intergovernmental agreements. For example, the pilot program clearly would allow uses such as retail, office parks, warehouses and manufacturing, even if they are not directly related to airport operations or aviation. Adams County and Denver would evenly split tax revenues generated from the new commercial uses on the 1,500 acres. ACC members have set a formula to apportion the Adams County share of revenues among themselves. Denver also would provide Adams County with an upfront payment of $10 million, to be divided among Adams County communities based on the same formula. DIA would retain all of the lease revenue from the new commercial businesses. Land-use restrictions also would be lifted on property on the edges of the airport, and DIA would not seek new commercial businesses that would compete with the nearby Anschutz Medical Campus and Fitzsimons Innovation Campus in Aurora. The agreement requires approval from the Denver City Council and Adams County Board of Commissioners and would take effect following voter ratification.
Schnitzer West will develop a “Next-Gen” office building with ground-level retail on two of four parcels it acquired in Cherry Creek North. Civica Cherry Creek will be the company’s first ground-up development in Denver. The 100,000-square-foot building will occupy two parcels at 230 and 250 Fillmore St. There are no immediate plans for the other properties, which are located at 242 and 246 Milwaukee St. David Partners will design the building. Civica Cherry Creek will include a multilevel underground parking garage that will be open to the public. Groundbreaking is scheduled for early 2016 with completion in mid- 2017. Jeff Caldwell and Blake Holcomb of Pinnacle Real Estate Advisors represented Schnitzer West in the land acquisitions. Civica Cherry Creek is named after Schnitzer West’s Civic Office Commons in Seattle. “The first Civica redefined how office space could and should work for tenants and drove tremendous innovation in Northwest real estate. We think Civica Cherry Creek will do the same for Denver,” said Doug Zabel, Schnitzer West managing partner.