Colorado-Real-Estate-Journal_325686

Page 8 - February 1-14, 2023 www.crej.com F rom the constructionof tene- ments in the 1800s to thehigh- rise steeland concrete luxury residential towersbuilt today, for-renthousinghas comea longway.Butone constant is the useofwood tobuild rentalhous- ing.Over theyears,architectsand engineershavepushed the limitsof whatwood cando,and theadoption of the 2015 InternationalBuilding Codeallows this to continue. Not everyone ishappy though. Therehasbeen some recentback- lashabout thenumberof four-and continueddemand forhousing,esca- lating construction pricesand theabil- ity toachieve even higherdensities under the recent IBC,wedon’tantic- ipate thenumber ofnewwood-frame buildingsadded to theDenver land- scapewilldimin- ish. Themost sig- ability todesignapodiumbuilding basedon theoverallbuildingheight. Podiumbuildingswillno longer be restricted toonlyone levelof podium structurebelow thepodium deck. This givesdesigners theability to designa seven-story,midrisebuild- ingwith five levelsofwood-frame constructionover two levelsof con- cretepodium –allabove grade.With thisadditionalabove-grade levelof concrete, the flexibilityandoppor- tunities to increasedensity, reduce costorbothbecomepossible. outof the ground to save the costof building subterranean,which is typi- cal in traditionalpodiumdesigns. Anotheroptionwouldbe to leave the subterraneanparking,which allowsanadditional levelof residen- tialunitswithin the concretepor- tionof the structure, thus increasing density.Bothoptionswill change how thedesignworldand residen- tialdevelopers lookat thepotential ofa site. When evaluatinganapartment site,adeveloper typically considers fourwood-frameapartmentdesigns: Photography©BradNicol The2015 InternationalBuildingCodeofferswood-frame construction theability todesignapodiumbuildingbasedon theoverallbuildingheight.Podiumbuildingswillno longerbe restricted to only one level of podium structure below the podium deck. October 2015 New wood-frame codes allow for more flexibility NathanSciarra, AIA Studio director, KTGYArchitecture + Planning,Denver 1536 Cole Blvd., Building 4, Suite 300, Lakewood, CO 80401 | 303-623-1148 | www.crej.com Jon Stern Publisher & Founder x 101 jstern@crej.com All rights reserved. No part of this publication may be stored, reproduced, or transmitted in any form or by any means without the publisher’s prior written permission. All contributed articles published in the Colorado Real Estate Journal represent solely the individual opinions of the writers, and not those of the Colorado Real Estate Journal. REPORT AN ERROR IMMEDIATELY (ISSN 1060-4383) Vol. 32 No. 3 www.crej.com EDITORIAL CONSULTANT: Jill Jamieson-Nichols PRODUCTION/GRAPHIC DESIGN: Heather Lewis ext.108 hlewis@crej.com CREJ CONFERENCE SERIES: Jon Stern ext.101 jstern@crej.com ADVERTISING: Lori Golightly ext.102 lgolightly@crej.com CUSTOMER SERVICE: Jolene Wollett ext.103 jwollett@crej.com EDITORIAL Jenna Walters, Reporter & Associate Editor Sales, Lease and New Development Projects: Office, Industrial, Multifamily, Retail, Health Care, Senior Housing, Hotel, Land Finance Transactions ext.107, jwalters@crej.com Kris Stern Associate Quarterlies Publisher: Office & Industrial Properties, Retail Properties, Multifamily Properties, Property Management, Health Care, Senior & Life Sciences Editor: Construction, Design & Engineering News; Property Management News; Who’s News; and Expert Articles, including Law, Accounting and Finance Publisher: Building Dialogue ext. 109, kostern@crej.com MARKETING Lori Golightly, Director of Client Services Advertising: Print & Digital Conferences: Exhibitor/Sponsor Information ext. 102, lgolightly@crej.com Office by Jenna Walters AURORA – Developer Cor- porex is underway on a park- ing garage structure in Aurora that will complement an adjacent planned office project. Corporex is developing a 660- car structured parking garage at the intersection of East Colfax Ave- nue and Xanadu Street in antici- pation of the future construction of an adjacent 226,000-square-foot office building. According to Cor- porex, the parking garage is being funded by tax increment financing bonds issued by the Fitzsimons Village Metro District. “We are proceeding with con- struction of the parking garage in advance of the anticipated Fitz 500 office building due to anticipated long lead times for permitting and construction that are typical for the Aurora/Denver area,” said Tom Banta, chief real estate officer for Corporex. “We are fast-tracking this portion of the development so that we will be in a position to have the building ready for ten- ants as soon as possible. The Fitzsi- mons Village development is a highly sought-after location, and the addition of the parking garage and office building will be a valu- able asset to the community.” Upon completion, Fitz 500 will offer Class A office space across several floors. The building also will feature ground-floor retail and restaurant space. Corporex expects to break ground on the office building in late spring, with completion slated 16 months later. The project is near another Cor- porex project – Fitz 100, a 167,000- sf office building with a parking garage, now owned by Children’s Hospital. Other News n CENTENNIAL – Sentry Insurance is expanding its opera- tions to the Denver metro area, opening a new office in the Den- ver Tech Center. The company signed a lease at Peakview Tower, the approxi- mately 264,000-square-foot office building at 6465 S. Greenwood Plaza Blvd. in Centennial. It will occupy 10,708 sf at the property under a 7.5-year lease. JLL’s Neil Ross, Mike Rooks and Tim Bour- delais brokered the transaction. Vanderbilt Office Properties is the property manager at Peakview Tower, and Peakview Tower Owner LLC is the landlord. According to Sentry representa- tives, the new office will service businesses in the Mountain region, underscoring Sentry’s commit- ment to building close relation- ships with local businesses. Regional Executive Paul Boehm will lead the DTC office. “Colorado and the surround- ing region have seen remarkable growth over the past several years. It’s really a testament to the com- munity and the commitment from local businesses. As an insurer, it’s important for us to support that growth,” said Boehm. “By open- ing a physical office in Denver, we want business leaders and our lim- ited group of agency partners to know we’re here to stay. Relation- ships are a priority for us. Whether a business needs help reducing its losses, protecting its business, or managing a claim, we’re avail- able. Our office also gives us an opportunity to grow our support even further by tapping into the region’s talented workforce. It felt like the perfect fit.” According to Boehm, Sentry will hire 20-25 associates for the new office, bringing the total Denver employee count to 50. n DENVER – The 18,541-sf office building at 1001 Lincoln St. in Denver is under new owner- ship by KRF 4275 LLC, an entity related to Denver-based develop- ment and investment firm Ken- tro Group. The buyer acquired the property from 1001 Lincoln LLC for $4.5 million. NAI Shames Makovsky’s Evan Makovsky, Dorit Fischer and Hayden Hirschfeld brokered the transac- tion on behalf of the seller. According to Hirschfeld, both owner-users and developers showed interest in the property after it was listed for sale in the fourth quarter of 2020. He said prospective buyers were attract- ed to the property’s location in an area that continues to experi- ence redevelopment in light of recent zoning changes that allow for greater density in the Golden Triangle neighborhood. Kentro Group adds the build- ing to an investment portfolio of retail properties across Colorado, its website shows. The firm is still determining its plans for the property, the NAI team noted. n COLORADO SPRINGS – Gasper Law Group will relocate to the UMB Bank Building at 101 N. Cascade Ave. in Colorado Springs after signing a 12,164-sf office lease with landlord BSP 101 LLC. The tenant will occupy its new space under a 10-year, six-month lease. Ted Link of Cascade Com- mercial Group represented the tenant in nego- tiations, while Taylor Stamp and Russell Stroud of Quantum Commer- cial Group represented the land- lord. Gasper Law Group will relocate Corporex is underway on parking garage, plans office bldg. A rendering shows what Corporex’s newest Aurora office project will look like upon completion. Please see Gasper, Page 19 Ted Link