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Denver Business Journal
What's next in the NAR commission lawsuit settlement?
Some big deadlines are on the horizon for the class-action lawsuits that swept the residential real estate industry over the past year. <\p> The conclusion of these lawsuits could bring about significant changes to how homes are bought and sold beginning in the later part of 2024.<\p>
Denver restaurant groups raise $166M
Two Denver restaurant groups recently raised equity capital to fund their next ventures, including expansions and an acquisition. <\p> Gastamo Group, the brand behind Birdcall, Homegrown Tap & Dough and others, and The One Group, owners of STK Steakhouse and Kona Grill, raised a collective $166 million last month. <\p>
Less than 10% of office stock in major metros considered 'prime' space
Less than 10% of the office space across some of the nation's major metropolitan markets is considered "prime" real estate, the type of property today's tenants prefer.<\p> A recent analysis by CBRE Group Inc. (NYSE: CBRE), the findings of which were shared first with The Business Journals, found 830 buildings across 57 cities analyzed could be categorized as "prime" properties, representing 8% of all office square footage in those markets. Although the definition of "prime" can vary by market, sometimes dramatically, the analysis set out to identify the highest-quality buildings in each city and examine how that segment of the market is performing relative to the broader office sector.<\p>
The next host of Sundance Film Festival could be this metro-area city
Boulder could be the next city to host one of the world's largest independent film festivals. <\p> Colorado leaders on Thursday revealed the state will enter the competition to host the prestigious Sundance Film Festival starting in 2027. <\p>
Colorado firm wins $2.3B satellite contract
Just before launching the nation’s most sophisticated weather satellite for the U.S. government, a Colorado-based space company has landed a $2.3 billion contract to do it again.<\p> Lockheed Martin Space, based in Jefferson County, on Tuesday was chosen to design and build the next generation of federal government satellites watching for storms, extreme weather and environmental hazards over the Western Hemisphere.<\p>
How Colorado tech leaders want the state's AI law changed
Leaders in Colorado's technology industry say state policymakers are off to a promising start in their vow to curtail a first-in-the-nation law that regulates artificial intelligence.<\p> But for investors like Dan Caruso, the law's existence could still be a threat. <\p>
Revealed: DBJ's 2024 Outstanding Women in Business winners, Part 2
Monday, the Denver Business Journal revealed 13 winners of our 2024 Outstanding Women in Business awards.<\p> The program is designed to celebrate the women in the Denver metro who are making business happen. It began 25 years ago, and it is still going strong.<\p>
Owners change plans for future of El Chapultepec
Three months after announcing plans to tear down the historic jazz club El Chapultepec, the building's owners have changed their tune.<\p> Monfort Companies submitted a new project design Tuesday that heeds the voices of preservationists, including Historic Denver, who argue the city's history is tied to the longtime downtown music venue.<\p>
Barnes & Noble CEO explains Tattered Cover deal
It’s the end of an era for Denver’s Tattered Cover, a bookseller that has been independently owned and operated for more than 53 years.<\p> Barnes & Noble, the largest U.S. book retailer, plans to buy the Tattered Cover bookstores out of bankruptcy from their current owners for $1.83 million, according to court documents. The deal still needs to be finalized in bankruptcy court, which is expected to occur by July 31.<\p>
Denver tech company reports growth after IPO
Ibotta (NYSE: IBTA) recently released financial information to the public for the first time, indicating notable growth among national retailers and consumers for its digital cash-back rewards. <\p> The Denver-based tech company reported first-quarter revenue of $82.3 million — a 43% increase year over year. <\p>
Local biotech wins $55M to enhance 'library of life'
A Boulder company that uses artificial intelligence to learn about naturally occurring molecules and create new medicines has attracted millions of dollars more from investors.<\p> Enveda Biosciences closed a $55 million Series B2 financing round June 14 with participation from new investors such as Microsoft and The Nature Conservancy, the company said in a news release.<\p>
Major landlords targeted by class-action lawsuits over pricing
Several major apartment landlords from across the country are under fire over rental rates — allegations that have spawned a wave of class-action lawsuits and garnered the attention of state and federal authorities. <\p> The lawsuits have high-stakes for the apartment market and beyond, with potential to shape how pricing software could be utilized in multiple industries. <\p>
Revealed: DBJ's 2024 Outstanding Women in Business winners, Part 1
Twenty-five years ago, the Denver Business Journal debuted an awards series that honors the talented women who make business happen in the Mile High City and beyond.<\p> The Outstanding Women in Business program is still going strong all these years later — as are the businesswomen who are helping the Denver-metro area thrive.<\p>
Pipeline stake sold in $1.28B deal
Houston-based Phillips 66 (NYSE: PSX) has unloaded its interest in a major U.S. pipeline in a deal with a Denver-area company.<\p> Phillips 66 sold its 25% non-operated common equity interest in Rockies Express Pipeline LLC to a subsidiary of Tallgrass Energy LP in a transaction valued at $1.275 billion and that was expected to close June 14.<\p>
Homeowners continue to build equity, impacting future buying decisions
American homeowners continue to build significant equity even as the housing market has slowed and home prices aren't rising as rapidly as they did in recent years.<\p> U.S. homeowners with a mortgage pulled in $28,000 in equity gains on average year over year in the first quarter, the highest amount since late 2022, according to CoreLogic Inc. That average year-over-year increase of 9.6% translates to a collective gain of $1.5 trillion and means net homeowner equity totaled more than $17 trillion at the end of Q1.<\p>
Meet the chef that brought Detroit-style pizza to Denver
It’s been a big year for Jeffrey Smokevitch, the man who helped bring Detroit style pizza to Denverites.<\p> Blue Pan Pizza, which opened its first location in 2015 in an 800-square-foot building in the Highlands neighborhood, celebrated its third location opening in December 2023 in downtown Golden. <\p>
Revival of Colfax motel property underway amid changes
Renovations at an old motel on Colfax Avenue in Denver are underway, but plans for the building look different than they did two years ago when the property was purchased.<\p> Denver developer Nathan Beal bought the motel property at 5500 E. Colfax Ave., east of downtown, for $1.82 million in June 2022, according to public records. A month later, he revealed plans to convert the motel — named La Vista Motel — into residential living units.<\p>
University buys movie theater for housing
Colorado’s largest public university has spent millions on a new property where it says it plans to build more housing for its students and staff.<\p> The regents of the University of Colorado Boulder on May 14 purchased property in Louisville that, until recently, was the site of the Regal Cinebarre Boulder movie theater.<\p>
Colorado leaders vow to limit new AI law
Just one month after Colorado Gov. Jared Polis signed a bill into law that regulates artificial intelligence, he and other state leaders vow to change it.<\p> Polis, Colorado Attorney General Phil Weiser and State Senate Majority Leader Robert Rodriguez sent an open letter on Thursday addressed to consumers and industry players impacted by the new law, which tackles instances of discrimination by AI.<\p>
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