Thursday, February 11, 2016

Growing north: More development announced

Posted By on Thu, Feb 11, 2016 at 10:42 AM

click to enlarge interquest_aerial_sm.jpg

The city's north side will get another shot in the arm, according to an announcement just in from a Denver real estate firm that's acquired nearly 77 acres bordering Interquest Parkway and Interstate 25.

The development will bring apartments, offices, neighborhood retail and hotels. The news release:
Denver, CO, Feb. 11, 2016 – Etkin Johnson Real Estate Partners, Colorado’s leading commercial real estate developer, manager and investor, announced today it is acquiring 76.8 acres of vacant land at InterQuest, a high‐tech business park fronting Interstate 25 in northern Colorado Springs. The property’s strategic location, just east of the U.S. Air Force Academy, offers superior highway visibility and access as well as unobstructed views of nearby Pikes Peak. The site was purchased from Corporate Office
Properties Trust or (COPT) for $4.35 million.

Situated at the southeast corner of Interstate 25 and Interquest Parkway, the site is located at the epicenter of InterQuest, adjacent to office buildings, hotels, and key entertainment and retail at InterQuest Marketplace. This regional shopping center is located at the front door of Colorado Springs and provides north‐side consumers an updated alternative to the Chapel Hills/North Academy shopping district. Additionally, Great Wolf Resorts announced last summer it will transform the retail center’s unfinished Renaissance Hotel into a family‐style resort, which will open in late fall 2016 with a water
park, restaurants, children’s entertainment and meeting space. The resort expects to employ 400 to 500 full‐and part‐time workers.

Other neighboring properties have either experienced development in recent years or have near‐term projects slated. The increased activity in the area reflects the vibrancy of northern Colorado Springs’ rapidly growing submarket.

In addition to the recent land acquisition, Etkin Johnson owns and manages three office/flex properties in Colorado Springs, maintaining a presence in the region for more than 20 years.

“This is a particularly exciting opportunity to acquire bulk land with freeway frontage in a local market we’re already active in and familiar with,” said Derek Conn, director of finance at Etkin Johnson Real Estate Partners. Conn negotiated the transaction with Colorado Springs broker, Michael Payne Palmer of Quantum Commercial Group Inc. and Jim Capecelatro of Cushman & Wakefield Denver.

With significant infrastructure already in place, Etkin Johnson is planning a mixed‐use development project for the site, known as The Gateway at InterQuest, which will include a blend of apartments, office, neighborhood retail and hotels. The company plans to offer smaller pad sites for sale or build‐to-suit.

“Etkin Johnson is an ideal developer for this land, both in terms of their local efforts and the momentum it will bring to the northern submarket,” said Palmer. “They have an existing presence in Colorado Springs and a proven track record of successfully developing mixed‐use environments that attract residents, high‐tech companies and quality tenants.”

“This acquisition provides us the opportunity to utilize all of our core competencies as a long‐time, local investor in a market where substantial value can be created,” said Conn. “Our development plans will draw on the strengths of our more than 25‐year history in Colorado and will focus on creating a vibrant community in this fast‐growing area.”

About Etkin Johnson Real Estate Partners

Etkin Johnson Real Estate Partners is a Denver‐based development, investment, ownership and management company with a portfolio of more than 5 million square feet of office, hotel and industrial holdings worth in excess of $500 million.

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