CREJ - page 41

by John Rebchook
The day Fore Property
Co. bought a 3.1-acre site
on what was part of the
Gates Rubber plant, Jona-
than Fore, an executive at
the Las Vegas-based com-
pany, told the Colorado
Real Estate Journal he
couldn’t imagine a better
site to develop a 260-unit
apartment
community
for his company’s Denver
debut.
“We like the location
along Broadway,” Fore
told CREJ.
“The site is uniquely
located within walking
distance, 1,500 feet, of two
light-rail stations, Broad-
way Station and Louisiana
Station.”
Fore went on to say the
community would cater
to “young professionals
seeking convenient access
to the Denver central busi-
ness district and the Den-
ver Tech Center, Denver’s
preeminent employment
and entertainment cen-
ters.”
Fore also liked that the
site near East Mississippi
Avenue and South Broad-
way provides easy access
to established neighbor-
hoods.
“The location provides
residents with light-rail
access to the urban ame-
nities of downtown Den-
ver complemented by the
natural amenities of the
surrounding Washington
Park and Platt Park neigh-
borhoods,” Fore said at the
time.
In 2012, he described the
development, later called
1000 S. Broadway, as a $46
million project.
It turns out, Fore was
right on all accounts.
His company recently
sold the LEED Gold build-
ing, which was completed
in 2013, for $64.6 million.
Greystar was the buyer,
adding to its portfolio of
more than 1,600 units in
a half-dozen apartment
communities in the Denver
area, according to Apart-
ment Insights, a database
by Cary Bruteig, principal
of Apartment Appraisers
& Consultants.
“There was a lot of inter-
est in it from buyers,” said
Pam Koster, who listed,
marketed and sold 1000 S.
Broadway with Moran &
Co. partner Dave Martin.
The sale price equates
to $239,793 per unit and
$273.57 per square foot.
Koster said there might
have even been more inter-
by Jill Jamieson-Nichols
Trammell Crow Co. just started
construction at Crossroads Com-
merce Park and already has a
build-to-suit user for 61,870
square feet.
Empire Staple Co., a longtime
Denver family owned company,
will have a new showroom/
warehouse/distribution building
in the park, where 640,000 sf of
speculative industrial construc-
tion also is underway.
Empire Staple, which makes
fastening systems and supplies
used to manufacture, package
and ship products, will acquire
the building when it’s complet-
ed in the first quarter, said Bill
Mosher, seniormanaging director
of Trammell Crow Co. in Denver.
It initially will occupy about two-
thirds of the building and lease
out the remaining third.
Crossroads Commerce Park,
located on 77 acres near the inter-
section of Interstates 25 and 70, is
a redevelopment of the formerly
contaminated ASARCO Globe
Plant. It offers a variety of indus-
trial product type. First-phase
spec buildings include a 376,598-
sf, 32-foot-clear warehouse/dis-
tribution building; a 169,210-sf
office/warehouse/showroom
buildingwith 24-foot clear height;
and a 96,973-sf warehouse with
28-foot ceilings.
“Every building is a different
product type” in order to respond
to the diversity of the market-
place and maximize the infill site,
Mosher said recently.
“We have activity on every
by John Rebchook
When Kelly Leid was asked
how many meetings he has
addressed to promote Mayor
Michael B. Hancock’s vision
to reshape northeast Denver,
Leid answered: “Probably
1,000.”
And if you have attended
any commercial real estate
gathering in recent months,
you know that if that is an
exaggeration, it’s not by
much.
“It’s easily been in the hun-
dreds,” Leid said.
Leid, head of the North
Denver Cornerstone Collab-
orative created by Hancock in
January 2013, is everywhere.
Leid’s role has become even
more crucial recently, since
Hancock announced that
there will be a November bal-
lot issue to fund an $865 mil-
lion makeover of the National
Western Stock Show complex.
The vote to extend the
lodging and car rental taxes,
mostly charged to visitors,
will raise an estimated $476
million.
“Kelly is on the road con-
stantly,” Hancock said. “Kelly
is the key person meeting
with key constituents and
stakeholders on this issue.
Kelly knows more about the
National Western Center and
the financing, and the stack-
ing strategy for funding it
than anyone. And he is doing
a phenomenal job.”
Leid’s latest role in the
Hancock administration high-
lights six projects that make
up the NDCC:
• National Western Stock
Show,
• Interstate 70 reconstruc-
tion,
• RTD station develop-
ment,
• Brighton Boulevard rede-
velopment,
• River North, and
• Elyria-Swansea and
Globeville neighborhood
plans.
“Great cities begin with
great city planning,” Hancock
said when he appointed Leid
from the director of Develop-
ment Services for the city to
the NDCC.
“Six primary projects with
the potential to transform
this corner of our city have
in some cases included over
a decade of planning,” Han-
cock said.
“The time is now to estab-
lish deliberate connections
that create place, drive job
creation, generate substantial
economic activity and attract
investment,” Hancock con-
tinued.
“I can think of no one better
equipped to bring the part-
ners together for our mutual
benefit than our own,” he
said.
Hancock said Leid has
exceeded his expectation.
Leid is able to take complex
ideas and boil them down to
their essence, making them
understandable to those well-
versed to what is happening
in Northeast Denver.
“What had been happen-
ing in Northeast Denver was
a train wreck and Kelly is
playing a very crucial role in
explaining to people the chal-
lenges in Northeast Denver
and the steps my administra-
tion is taking to re-invent that
entire Northeast corridor to a
very grand scale,” Hancock
said.
“We are very fortunate to
have him,” Hancock said.
It’s not a hard sell for Leid.
“I totally believe in the
mayor’s vision,” Leid said.
“He is very genuine in what
he wants to accomplish in the
city and especially in North-
east Denver. I see my job is
helping to bridge the public
and private sectors. I also will
tell you the mayor if a very
fun guy to work for.”
Hancock and Leid met
when Hancock was on the
Denver City Council, rep-
resenting District 11, which
covers Northeast Denver.
Leid at the time was head-
ing the education founda-
tion for Oakwood Homes, a
position he held from 2002 to
2008.
“The issue back then was
that part of Denver had
become disconnected from
the rest of the city,” Leid said.
Leid helped bring new
schools to neighborhoods
such as Montbello and Green
Valley Ranch.
While the Denver Public
Schools, not the City Council,
is in charge of schools, the
council often works closely
with DPS.
“Making sure kids in his
district, especially kids of
color succeeded, was always
very important to Michael,”
Leid said.
Shortly after he left Oak-
wood in 2008, Leid did a
“short stint” at the Colorado
Department of Education.
When Michael Bennet left
as superintendent of DPS to
join the U.S. Senate, Bennet’s
successor, Tom Boasberg,
reached out to Leid.
“I realized I really should
be with DPS,” Leid said,
given how closely he had
worked with it when he was
with Oakwood Homes.
As director of operations
Kelly Leid
SECTION AA
AUGUST 19-SEPTEMBER 1, 2015
The first phase of Crossroads Commerce Park is underway.
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