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$85.98 per square foot. The building is located at 8534 Concord Center Drive in the Concord Distribution Center
north of E-470 near South Peoria Street. The seller was CFH Concord Distribution LLC. (Colorado Real Estate
Journal, 2/5/2003) (80112)
Land Use Planning
· Longmont planners are finishing work on an update of the city's comprehensive plan. The last update to the plan
was approved in 1995. The current effort will be presented to the Longmont City Council for approval after plan-
ners complete a series of community meetings. Two of the major changes in the plan include creation of regional
commercial centers in the east and north part of the city and to allow commercial development north of Ute Road
(Colorado Highway 66), which had previously been Longmont's northern growth boundary. (Longmont Daily
Times-Call, 2/23/2003)
· A recently approved redevelopment plan for the East Colfax Avenue corridor near Fitzsimons in Aurora may be
overturned by voters. A group of affected landowners and businesses turned in enough signatures on an initia-
tive petition to put the issue before Aurora voters within six months. In January the Aurora City Council approved
a plan to replace businesses and mobile home parks along East Colfax Avenue through an amortization proc-
ess. (Denver Post, 2/28/2003) (80011)
· Westminster planners developed a land use concept for a 66-acre tract of land at the northwest quadrant of US-
36 and Church Ranch Boulevard. The land has recently been assembled into one parcel and marketed for sale
by a number of property owners with the assistance of the city. Tentative plans favored by Westminster planners
call for the development, called Mandalay Gardens, to contain about 400,000 square feet of retail space, up to
300,000 square feet of office space and an RTD commuter rail station and parking garage. The city has sent re-
quests for proposals to developers and expects to recommend a finalist on April 7. (Colorado Real Estate Jour-
nal, 2/19/2003) (80021)
Lodging/Hospitality
· Denver Mayor Wellington Webb announced a postponement in construction of a 518-room Westin Hotel adja-
cent to the terminal building at Denver International Airport. The $125 million hotel will not be started for at least
six months, pending improvements in the lodging market in Denver and resolution of traveler uncertainties about
terrorism and a potential war with Iraq. (Rocky Mountain News, 2/12/2003) (80249)
· The Denver Athletic Club tentatively approved the development of a 400 to 500-room hotel in downtown Denver
adjacent to the Colorado Convention Center. The club plans to work with Corporex, a Cincinnati-based devel-
oper, and Dakota Ridge Development to build the 20-story building on club-owned land on Welton Street be-
tween 13
th
and 14
th
streets. The planned hotel could open as early as 2005, depending on feasibility studies. It
would be located across 14
th
Street from a planned 1,100-room Hyatt Hotel that may be developed by the City
and County of Denver. (Denver Post, 2/6/2003) (80204)
· Shames-Makovsky Realty Company may acquire a site in downtown Denver on which Marriott International
could build a Residence Inn. The site for the extended-stay hotel is currently used as a parking lot adjacent to
the Hotel Monaco at 17
th
and Champa streets. The Residence Inn is likely to contain about 280 suites and may
begin construction in the spring of 2004. (Denver Business Journal, 2/21/2003) (80202)
Medical Facilities
· The U. S. Veterans Administration may build a 112-bed hospital at the Fitzsimons redevelopment project on
East Colfax Avenue in Aurora. The federal government agency dropped plans last year to share space in the
University of Colorado's new hospital at Fitzsimons. Current thinking would have a smaller facility at Fitzsimons
serve U. S. Air Force retirees and active-duty personnel while sharing some services with the CU hospital. Any
construction is predicated on approval of funds from Congress. (Denver Post, 2/27/2003) (80045)
February 2003
The Real Estate Perspective
James Real Estate Services, Inc.
Past Month's Real Estate Perspective Entries
(Continued)
