Janus would have brought thousands of jobs and a large tax base to Lowry, filling the last remaining major commercial site at Lowry.
''That doesn't mean we have to lie down and take it,'' says Anne Rosen, director of real estate for the Lowry Redevelopment Authority. ''In true Lowry style, we're making big plans.''
The LRA tapped suburban developer Stephen Clarke for the first phase. Clarke, president of Prime West Development Inc., will develop two 90,000-sf, four-story buildings. But these aren't spec buildings. He won't start construction until 50% of the space is leased.
Clarke tells GlobeSt.com that Lowry's central location and host of amenities -- a wide range of housing, a new town center under construction adjacent to Crosswinds, schools, and parks – makes is likely he'll lease 50% within the next 12 months.
''I think we might end up with one tenant that will take 50%.'' Clarke tells GlobeSt.com. ''But it's designed as a multi-tenant building (unlike Janus' plans). We could go down to 3,000 or 5,000 sf.''
Clarke says rents will average $16.50 per sf, triple net. Expenses will likely run about $7.50 per sf, he says.
Denver-based Fentress Bradburn Architects will design the first two buildings and Greeley, CO-based Hensel Phelps will be the general contractor. They also were part of the team for the Janus project.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
