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Denver Business Journal
Data-center debate: Booming CRE sector grapples with big questions
The proliferation of data centers across America is helping to power the nation's increasingly digital economy — but for some, it's coming at too high, or too unknown, of a cost.<\p> The data-center boom isn't new, but the rate at which these projects are being planned, proposed and built is quickly escalating. And while data centers once were concentrated in a few key markets, they're now fanning out to metro areas all over the country.<\p>
Denver-area companies evolve for the era of remote work
When Peggy Shell’s office lease in downtown Boulder was up for renewal in January 2021, she let it lapse and funneled the nearly $12,000 in savings each month straight into her employee’s pockets. <\p> Her two dozen employees at Creative Alignments, a global recruiting firm, had already been working remotely since March 2020. <\p>
Colorado’s oldest active winery for sale
After making Colorado wine for 45 years, the owners of Colorado Cellars are looking to pass on the torch. <\p> Husband-and-wife duo Rick and Padte Turley have been part of Palisade-based Colorado Cellars since its founding in 1978. It is the oldest active winery in the Centennial State and claims to be the first to produce commercial wines made with Colorado grapes. <\p>
Denver-based airline turns 30, offers $30 flights
Frontier Airlines on Friday marked three decades of doing business from its headquarters in Denver and announced a one-day sale to celebrate.<\p> True to its ultra-low cost ethos, the airline, started offering fares under $30 to 30 destinations from Denver. The anniversary sale fares are available only on July 5.<\p>
A popular job-posting strategy can backfire
Editor's Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business and career. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> The hiring process sparks plenty of questions for employers and candidates alike. <\p>
5 Colorado businesses that raised the most money in June
The top Colorado businesses raising venture and private equity capital in June attracted more funding than startups in the state raised in the entire first half of 2023.<\p> The five Colorado businesses that secured the most capital in June pulled in a collective $9.376 billion, with the money going toward hiring, commercialization and expansions.<\p>
Mortgage giant cutting dozens of jobs
Rounds of large job cuts keep coming this summer for a national mortgage company in Greenwood Village.<\p> Newrez LLC, at 6200 S. Quebec St., plans to eliminate 187 more positions from its payroll starting Aug. 26, according to a notice filed with the Colorado Department of Labor and Employment. <\p>
Firm buys "rare" find in Denver's Country Club
A Denver real estate firm has purchased a building it considers a rare retail gem nestled in the Country Club neighborhood of Denver.<\p> Public records show City Street Investors recently bought the Downing Street property for $3.1 million. <\p>
These are America's most-delayed flights
Airlines are expecting record-breaking traffic for the summer — and for the July Fourth holiday — but fliers on many routes would be wise to build in some extra time for their travel plans. <\p> That's according to an analysis by The Business Journals of the latest on-time data from airline analytics company Cirium Inc. The analysis looked at routes with at least 20 flights. <\p>
Ex-Denver Bronco buys Miami-area apartments
A firm led by Elvis Dumervil, a former Pro Bowl NFL player and ex-Denver Bronco turned real estate developer, paid $11.35 million to buy an apartment complex in Florida.<\p> Miare LLP, managed by Oleg Vorobyev, in Sunny Isles Beach, sold the 62-unit Caribbean Club Apartments in North Miami to Prestige District LLC, which is managed by Dumervil, of North Miami-based Prestige Estates. International Finance Bank provided a $7.9 million mortgage to the buyer.<\p>
Denver company buys suburban apartment complex for $18.6M
A Denver-based real estate investment company has purchased a 102-unit apartment property in Longmont from its original owners for $18.575 million.<\p> Two Arrows Group, the new owners of the 109,210-square-foot property, plan to make interior upgrades to the Eastglen Apartments at 630 Lashley St. The new ownership also also plans to increase rents to market levels, it said in a release announcing the sale.<\p>
Denver company expands in $49 million hotel deal
A local developer recently purchased One Ocean Resort and Spa in Atlantic Beach, Florida, expanding a Denver-based hospitality group's footprint to the Jacksonville area.<\p> Corner Lot Development Group purchased the hotel, at 1 Ocean Blvd. in Atlantic Beach, for $48.62 million June 27 through ACS One Ocean Propco LLC, which is associated with Sage Hospitality Group. <\p>
Cherry Creek apartment building sells for $23M
A 36-unit apartment building in Cherry Creek recently sold to a buyer in San Francisco. <\p> One19 Cherry Creek, 119 S. Harrison St., sold to an LLC associated with California-based apartment building developer and owner Epp Properties LLC on June 27 for $23.05 million, records show. <\p>
Among small businesses, there's a huge divide on finances
The smallest businesses are the ones most likely to be struggling, as larger small businesses report better conditions.<\p> The latest data from the Federal Reserve’s Small Business Credit Survey — released earlier this year but since followed up with a more detailed breakdown by size and demographics — shows how, even within the realm of small businesses, there is wide variation.<\p>
New $107M residential, retail project underway in Parker
Construction is underway for a $107 million luxury apartment community equipped with retail space in downtown Parker.<\p> The Juniper on Mainstreet project will include 264 apartments and 13,900 square feet of pedestrian-friendly retail and restaurant space, developers said in a news release. <\p>
Denver real estate company bought for $10 billion
A Denver-based owner of high-end apartment complexes in major U.S. cities has been taken private in a $10 billion deal by private equity giant Blackstone.<\p> Stock in Apartment Income REIT Corp. (NYSE: AIRC), known as AIR Communities, stopped trading Friday and on Monday the business emerged reincorporated as a private, Delaware-based limited liability company.<\p>
Denver-based VC firm raises $150M
Blackhorn Ventures, a Denver-based venture capital firm, has raised $150 million it says it will invest in innovations at the intersection of clean energy, manufacturing and artificial intelligence.<\p> The Industrial Impact Fund II, LP will deploy seed and Series A stage investments focused on “capital-efficient software solutions, vertical SaaS companies, and AI applications” to further efforts around industrial resource efficiency and decarbonization.<\p>
New $270M project donates apartments to Denver teachers
Developers of a new $270 million apartment building and hotel in Denver’s Jefferson Park neighborhood west of downtown are giving back to local teachers. <\p> Denver-based Grand Peaks, a multibillion-dollar real estate investment firm that specializes in apartment properties, and global investment company Access Industries officially opened the 533-unit apartment building June 26. The organizations also donated 10 apartment units to Denver Public School teachers rent-free for one year. <\p>
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