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Jude Sandvall

Lakewood sure has arrived

An article from The Denver Post, reports that Lakewood officials are willing to pay an estimated $2.8 million for what they call "betterments" to RTD's standard light-rail designs. Lakewood sees the Wadsworth station, with a crystalline canopy across the platform, as a statement that the state's fourth-largest city has arrived. Councilman Ed Peterson said, "It is very, very innovative. It is a signature piece. . . . It gives a sense of place." According to city officials, the improvements are worth the investment as a focus for economic development. Lakewood City Manager Mike Rock said, "We think this is smart business all the way around. This simply recognizes that this is a long-term investment on the part of the community and decisions we make today will live for the next 50 to 100 years."
http://www.denverpost.com/news/ci_9534737


Nuns sense it's time

An article from The Denver Post, reports that last year, the Sisters of St. Francis agreed to sell most of their land to Urban Ventures LLC. The deal depends on a rezoning, which was approved by the Denver Planning Board. The City Council will make a final determination in August. Roughly 18 acres of the 25-acre parcel, extending northeast from 52nd Avenue and Federal Boulevard, would go to Urban Ventures. The Sisters of St. Francis would keep most of the remaining land. The deal's terms include the construction of new, condo-style residences for the six nuns who live onsite. They will continue to own and operate Marycrest Assisted Living in an existing facility. Also remaining will be a transitional home that houses 19 women and children, operated by the nonprofit Warren Village. Plans also include the building of 280 residential units, consisting mainly of townhomes and row homes. More than 100 would be rentals, sold to investors who get federal tax credits. On the west edge of the property along Federal will be approximately 100,000 square feet of retail and office space.
http://www.denverpost.com/economy/ci_9508140

Denver-area home sales prices down 10 percent

An article from the Denver Business Journal, reports that existing single-family home sales in the Denver area fell by 3% during the past year, while the median sales price decreased by 10.28%. According to figures for April by MetroList, the area's home sales declined from to 4,265 from 4,399 April 2007. The sales price fell to $222,550 from $248,000 during the same period. Gary Bauer, an independent Denver-area real estate broker and MetroList analyst said, "Clearly, Denver continues to exceed Western and national figures. ... That's basically because we have grown from a one-economy town to a multiple-economy town." The National Association of Realtors found some good news on the housing front. The organization's president, Richard Gaylord said in a statement, "In the past week, Freddie Mac and Fannie Mae announced they were eliminating their 'declining market' policies, effective June 1."
http://www.bizjournals.com/denver/stories/2008/05/19/daily47.html?surround=lfn


Green development planned for Aurora

An article from The Denver Post, reports that later this year in Aurora, Lend Lease could start work on a new sustainable community that would include a mix of homes, shops, restaurants and offices. Horizon Uptown will be located on 500 acres and include about 3,800 residences housing approximately 8,000 people and 1.3 million square feet of retail, comprising 400,000 square feet of neighborhood retail and 900,000 square feet of large-format and lifestyle centers. Also planned is up to 4 million square feet of office space, targeting the health care, aerospace and defense industries. All commercial buildings in the project must meet the Leadership in Energy and Environmental Design Gold standard. Homes will be built to either Colorado Built Green standards or those established by the U.S. Green Building Council.

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Denver office market stable, report shows

An article from the Rocky Mountain News, reports that according to a study by Sam DePizzol and Greg Holm, both of CB Richard Ellis, today's office lease rates are 49% of what they were in the early 1980s. They say given the tight capital markets, there seems little chance that speculative building, with little pre-leasing, will go forward. Holm and DePizzol do not expect a big drop in downtown lease rates, but they do expect a stable office market the next two to three years. Executive vice president of the Metro Denver Economic Development Corp., Tom Clark, agrees that with conservative underwriting standards, lenders won't provide money for office construction without substantial pre-leasing.
http://www.rockymountainnews.com/news/2008/may/21/denver-office-market-stable-report-shows/

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