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Denver Business Journal
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>
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>
Alamo Drafthouse bought by industry giant
After a rough couple of years, a Texas-based chain of movie theaters with locations in Colorado has a new owner.<\p> Alamo Drafthouse Cinema LLC has been bought by Sony Pictures Entertainment Inc., according to a June 12 announcement. Alamo Drafthouse will keep its CEO, Michael Kustermann, and headquarters in Austin and will be managed by Sony's newly established division called Sony Pictures Experiences.<\p>
Soaring Denver homebuying costs outpacing rent, CBRE finds
Homeownership is becoming increasingly inaccessible for many would-be-buyers in Denver as the rise in mortgage expense outpaces rent increases, a national study finds.<\p> Mortgage payments cost the average Denverite $3,692 monthly while the median rent was $1,891 monthly during the first quarter of 2024, according to an analysis published this quarter by real estate giant CBRE. <\p>
Frontier Airlines expands service at 9 airports
Denver-based Frontier Airlines will add more nonstop flights at nine U.S. airports starting in August and will charge as little as $19 during an introductory promotion.<\p> The new flights will depart from airports in Atlanta, Boston, New York City, Las Vegas, Los Angeles, Dallas, San Diego, Sacramento and Charlotte, North Carolina, the airline said in a news release Thursday. <\p>
Major office development opens in Denver's RiNo (Photos)
After two years of construction, a new Class AA office building has opened in Denver’s River North Art District. <\p> Paradigm River North, 3400 Walnut St., is an eight-story, 200,000-square-foot office building that project designers say attempts to blend the area’s industrial history with a sophisticated office aesthetic. <\p>
This neighborhood might be Denver’s next general improvement district
Denver might soon be home to another general improvement district, one that helps fund public safety and other services in the unofficial Ballpark Neighborhood District encompassing the Coors Field baseball stadium. <\p> The Ballpark GID, if approved by the Denver city council and voters within the district in November, would be the fifth general improvement district in Denver. It would provide additional services to nearby businesses and residents including trash and recycling; dedicated police patrols and 24-hour security; homeless outreach and navigation; and maintenance and improvement projects.<\p>
Exec 'bullish' on bank's Colorado growth after $2B merger
Paul Williamson is pretty calm for a banking executive about to lead employees through the largest deal of his company's history. <\p> Williamson, president of regional banking for Kansas City-based UMB Financial Corp., acknowledges that he will have his hands full in the months ahead. UMB in late April announced its plans to merge with Denver-based Heartland Financial USA Inc. in a deal valued at $2 billion.<\p>
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