On Wednesday, members from ULI toured the four projects. GlobeSt.com accompanied the developers, architects and the ULI team during a two-hour tour of Clayton Lane. Richard F. Galehouse, principal of Sasaki Associates Inc. of Watertown, MA, and Veronica W. Hackett, managing partner of the Clarett Group in New York City, were on the touring ULI team.
Clayton Lane is a 9.5-acre site redeveloped by the Nichols Partnership. Prior to the redevelopment, the property housed a 650-vehicle surface parking lot and existing freestanding Sears Roebuck & Co. store. The mixed-use project now includes 215,000 sf of high-end retail, 40,000 sf of luxury condominiums, a four-star, 140,000-sf JW Marriott Hotel and the 170,000-sf corporate headquarters for Janus Capital Group.
Chris Crosby, executive vice president of the Nichols Partnership, explained to Galehouse and Hackett that when the company began the project, boutique hotels were all the rage, and they almost went that route. But then, the markets shifted and they knew they needed a prestigious "flag" and a developer that could get the financing. They awarded the hotel to Denver investor Charlie Biederman and partners. "The hotel is exceeding expectations," Crosby says. "Without it, Clayton Lane would not have been successful."
The tour took went on to the roof of the Janus building for a bird's eye view of the entire development; a walk through a $1.5-million condo and a Crate & Barrel store; and visit to the Bike Rack, a retail and storage area where people can store and rent bikes. "What a great idea," Galehouse said about the bike shop, which was created to encourage people to bike rather than drive to work. "That's 40 automobiles that aren't on the road."
The ULI judges each entry on a large number of factors, including the creativity in design and construction; environmental issues, such as sustainability; and its economic success. The ULI selection committee will choose 10 or 12 of the 21 projects as winners in May, Galehouse said.
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