Colorado Real Estate Journal - June 1, 2016
Unico Properties is looking at the big picture for a small downtown Denver neighborhood as it launches its first ground-up development in Colorado. The Seattle-based developer recently announced plans to break ground this summer on a 90,000-square-foot office building with 10,000 sf of retail space at 1615 Platte St. It began assembling properties in the neighborhood – including two historic buildings – two years ago and now controls all the property on the west side of Platte Street from 15th to 16th streets, straddling the Highland Bridge plaza. “Our project is being designed to embrace the pedestrian plaza and activate Platte Street square with the goal of creating a place where residents and workers in Lower Downtown and Lower Highland can gather, eat and exchange ideas,” said Ned Carner, senior vice president of acquisitions and development. “Unico’s vision at the center of Platte Street is to create a place for creativity and innovation and enhance the live/work nature of the neighborhood. We are striving to create new office and retail spaces to complement the charm of the existing buildings and to enhance the vibrancy of these neighborhoods for generations to come.” The new building – the second project recently announced for the Platte Street neighborhood – will provide tenants with amenities including a large, flexible co-working and conference space, spa-quality shower facilities, a state-of-the-art bike room, indoor and outdoor auditoriums, outdoor work and social space, and nearly 200 parking spaces. Designed by Open Studio Architecture, it is precertified LEED Gold and will include a sizable rooftop solar array. “Platte Street is the only neighborhood that offers a neighborhood feel with all the access, benefits and amenities of a downtown location,” said Carner. “We continue to see Denver as a great place to live. It offers a great quality of life and it is attracting bright people. We believe Denver will continue to grow for a long period of time, and we like to invest in places that will be desirable for decades to come.” Unico Properties, which owns 3.4 million sf of commercial real estate in Colorado, bought the historic Root and Zang buildings on Platte Street in 2014. The $2 million acquisition of 1615 Platte and the Big Chief Bottling Co. building at 1537 Platte, which, according to public records, sold for $5 million in May, completed its assemblage in the neighborhood. “The unique benefit of Unico’s development is that we’re truly on the 50-yard line of Platte Street,” said Austin Kane, Unico Properties vice president and regional director. “Being owners of a historic assemblage on Platte Street as well as being developers of a new site just to the north enables us to preserve the past while building – in a literal sense – for the future.” Kane said there is a wide variety of tenants interested in locating in the neighborhood, ranging from institutional headquarters users to small tech companies. “One common thread among the tenants looking at Platte Street is they all value innovative built environments and a location that is accessible, amenity rich and has a high ‘cool factor’ to it,” he said. “We believe very strongly in Platte Street and we look forward to talking with a broad cross-section of Denver companies that might be well suited for this opportunity. Platte Street has clearly attracted some very innovative companies, and we look forward to working with more of the same.” Trammell Crow Co. also is developing a new speculative building on Platte Street, the 210,732-sf Riverview at 1700 Platte. “Platte Street is fortunate to have the caliber of developers working on the street that it does,” said Kane. “Each developer will put their own stamp on their own project. Unico will demonstrate its commitment to sustainability and dedication to workplace efficiency. We will also create common spaces that allow our tenants to have the maximum flexibility in how they work and play.” The building is targeted for completion in September 2018. A full-service real estate company, Unico Properties began as a partnership with the University of Washington to design, finance, build and lease high-rise office buildings in downtown Seattle, including Ranier Tower and the IBM Building. It later developed One and Two Union Square and more recently has acquired land to design, finance, build and manage multifamily and mixed-use buildings in Portland and Seattle.