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Denver Business Journal
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>
Small-business grants you can apply for this month
Small-business owners might be more confident about their future, but they are still worried about inflation.<\p> That’s the big takeaway from the U.S. Chamber of Commerce's Small Business Index, conducted in partnership with MetLife, which hit the highest level of optimism since early 2020, with about 73% of business owners expecting their revenue to grow in the next year. <\p>
Colorado public companies made and lost billions last year
The stock market enjoyed a strong 2023, with the S&P 500 ending the year with 24% gains and the Dow ending at near record levels. The gains were realized due to easing inflation, a steady economy and the promise of lower interest rates in the future.<\p> Some of Colorado’s public companies fared equally well, with Ovintiv Inc., DCP Midstream LP, Arrow Electronics Inc, Molson Coors Brewing Co. and Liberty Media Corp finishing the year with the highest net income out of the state’s top 50 public companies, according to the Denver Business Journal’s annual Colorado Public Companies List.<\p>
Welton Street Cafe dishes on new location and reopening plans
A drywall shipment and building materials litter the floor at Welton Street Cafe’s new location on 29th and Welton Street. Nestled between a taco spot and an empty commercial space, the team is working to open the eatery’s doors.<\p> Welton Street Cafe has been serving soul food to Denverites for nearly four decades and has been a staple in the Five Points neighborhood for more than 20 years.<\p>
The four key factors shaping Colorado’s economic outlook
The U.S. economy exceeded expectations in 2023 — growing by 2.5% from the prior year, despite high inflation pressures and federal interest rates, an economist for the State Legislature found.<\p> Though slower than 2023, the economy continues to expand in 2024, growing by 1.3% in the first quarter of the year, according to Louis Pino, an economist with the Colorado Legislative Council Staff, the nonpartisan research arm of the state legislature. <\p>
DBJ welcomes new reporters
The Denver Business Journal has hired Justyna Tomtas as its local government, land use and suburban development reporter.<\p> Her coverage will also touch on housing and civic issues that affect businesses across the Denver-metro area. <\p>
Denver area tourist attraction announces new leader
The world’s only Association of Zoos and Aquariums-accredited invertebrate zoo announced that a familiar face has taken the reins of the organization.<\p> Nathalie Brochu was named the interim CEO of Butterfly Pavilion earlier this month. <\p>
Supreme Court decision marks 'seismic shift' on federal rules
Federal agency rules that target businesses and the workplace have been dealt a blow by the latest Supreme Court decision.<\p> The case, Loper Bright Enterprises v. Secretary of Commerce, was specifically focused on fees in a rule by the National Marine Fisheries Service, but ultimately targeted the four-decade framework for federal agency rulemaking known as Chevron — named after a previous Supreme Court case. <\p>
Denver oil company strikes $2B merger deal
SM Energy (NYSE: SM) struck a $2 billion cash deal Thursday to buy another oil company and expand into the oilfields of northeast Utah.<\p> The Denver-based oil and gas producer, which has been focused primarily on developing oil and gas wells in Texas, is buying an 80% stake and operational control of XCL Resources, LLC, a Houston-based oil company producing in the Uinta Basin of northeast Utah, a private company backed by investment groups EnCap Investments L.P and Rice Investment Group.<\p>
Hemp farm owners selling 39-acre, $11.7 million estate (Photos)
After living in a 17,602-square-foot home in Boulder County for 25 years, two local business owners are ready to downsize. <\p> The husband-and-wife duo behind Hempward Farms, a Boulder-based CBD company, listed their nearly 39-acre property near Arapahoe Road and North 75th Street for $11.7 million. <\p>
Denver AI summit to tackle affordability
Denver will be home to a new summit focused on how to use artificial intelligence to solve difficult social problems.<\p> On Thursday, Denver Mayor Mike Johnston announced the first DenAI Summit will take place on Sept. 19-20 at the Colorado Convention Center. <\p>
Behind Denver’s latest proposed workforce housing project
A new workforce housing project, led by a major local employer, has been proposed in downtown Denver — something experts say is unique and that they hope to see more of in coming years. <\p> Denver-based DaVita Inc. (Nasdaq: DAV) and real estate developers Goshen Development and Continuum Partners plan to build workforce housing at the edge of Denver’s Five Points neighborhood at 2000 Welton St. The housing development, which is in its early planning stages, will sit less than two miles from DaVita’s headquarters at 2001 16th Street Mall. <\p>
Colorado rocket giant drops Denver partner for key flight
United Launch Alliance’s second launch of its Vulcan rocket won’t carry another Denver-area company’s spaceplane to orbit late this summer as planned.<\p> The Centennial-based rocket company on Wednesday revealed that it will fly an inert mass, known as a dummy payload, on the second Vulcan space launch after determining that the Dream Chaser spaceplane, being built in Louisville by Sierra Space, is at risk of not being ready by September.<\p>
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