Frank Dutke, senior vice president of investments at United, says it created a new base in the Denver area because of the opportunities for investments and developments. United Properties plans to invest another $20 million to redevelop the Shops at the Bluffs, located at the northwest corner of Austin Bluffs Parkway and Academy Boulevard in Colorado Springs.

United Properties' center will be renamed the Marketplace at Austin Bluffs. Current anchor tenants, King Soopers, Hancock Fabrics and 24 Hour Fitness are expected to remain in the project during a phased redevelopment that will convert the enclosed mall into an open-air center. Preliminary development plans incorporate some of the center's existing architecture and core elements. Work is scheduled to begin in the late spring and expected to be complete in spring 2007.

United Properties also has owned the 22,000-sf shopping center in Highlands Ranch, near its Lone Tree office, since 1987. "With Shops at the Bluffs and Plaza at Highlands Ranch in our portfolio, the time was right to open our first Denver-area office," says Dutke. "We know the market well based on our holdings in Denver and Colorado Springs and the area offers strong prospects for growth. While our first two properties are in retail, the Denver office will consider opportunities in other property sectors, bringing to bear the full scope of the company's expertise."