Colorado Real Estate Journal - June 1, 2016
About Northglenn Nestled in the heart of Denver’s north metro area lies Northglenn. The city prides itself on creating a community where its 38,000 residents enjoy a wonderful quality of life, businesses thrive and people want to visit. Connection to the Metro Area Northglenn companies have easy access to customers, employees and suppliers. Located 9 miles north of downtown Denver, the city is bisected at I-25, with two major interchanges at 104th and 120th avenues. Northglenn sits right in the middle of E-470 to the north, and I-270 and I-70 to the south. Boulder and Denver International Airport are only half an hour away. Transportation, economic development and new real estate development opportunities will evolve in 2018 with the opening of RTD’s FasTracks N-Line. Two stations – one at 112th Avenue and the other 124th Avenue – sit inside or right at the edge of Northglenn’s borders. Once the stations open, passengers can travel unhampered to downtown in less than 30 minutes, with access to DIA and the rest of the FasTracks system. Pro-Entrepreneurial Environment Attracting Businesses Over 900 companies call Northglenn home. With the city’s pro-business environment, availability of smaller spaces and lower rental rates, Northglenn has become a Mecca for small businesses and entrepreneurs. Northglenn focuses on infill and redevelopment. The city has diversified prime retail, office, industrial, land, and mixed-use real estate opportunities that fulfill many business needs. The average rental rates at the end of 2015 were: • Office – $17.44 per sf full service – 7.2% Vacancy Rate • Industrial – $7.03 per sf nnn - 0.2% Vacancy Rate • Retail – $12.88 per sf nnn – 9.3% Vacancy Rate In 2015, 56 new storefront businesses opened in Northglenn, representing 216,280 square feet of office, industrial and retail space absorption. All of Northglenn’s commercial properties are located within the state’s Enterprise Zone, and about 85 percent lie in the city’s urban renewal areas. These designations provide opportunities for state income tax credits along with business assistance and incentive programs that help turn business concepts into business profits. Northglenn companies benefit from highly personalized service and an expedited and streamlined development and permitting process. Recently, three major economic development projects opened less than 12 months after breaking ground. Economic Development Momentum Construction wrapped up in 2015 on the final two buildings of the Webster Lake Promenade restaurant and retail center. Parry’s Pizzeria & Bar, First Watch Restaurant, Land Home Financial Services and Jim ’N Nicks BBQ realized the benefits of the location just off I-25 at 120th Avenue and Grant Street. ILoveKickboxing.com will soon occupy the remaining space. This unique mix of tenants has created an award-winning destination spot for dining, shopping and more. Just across the street from the Promenade, Northglenn’s first hospital is on track to open in late 2016. SCL Health’s three-story, 60,000-sf community hospital and medical office facility will bring hundreds of well-paying jobs to the city. Texas Roadhouse constructed a 7,900-sf restaurant at the Northglenn Marketplace, just off 104th Avenue and Interstate 25. This facility also serves as a national staff training center. About 400,000 patrons are expected to dine at the restaurant annually. Independent Electrical Contractors Rocky Mountain (IECRM) purchased a 26,000-sf building at 114th Avenue and Pearl Street. Investments of $2.6 million for construction and equipment will transform the building into a state-of-the-art educational facility. IECRM plans to train over 1,100 apprentices annually. Additionally, Community Reach Center has broken ground on a new 15,000-sf, 16-bed expansion, and Ashley Manor’s 12,000-sf elderly care center is under construction. Opportunities for the Future Northglenn’s leadership is proactive in positioning the city as a leader for real estate development opportunities, attracting companies and helping its existing businesses grow and thrive. The EPA awarded Northglenn two national Brownfield Community Wide Assessment grants last year totaling $400,000. Environmental site assessments over the next three years will prepare various commercial sites for redevelopment. These infill and redevelopment projects are just a portion of what is planned for Northglenn’s near future. While we can’t announce them quite yet, we encourage you to keep an eye on Northglenn to see what new development projects are coming.