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Flatiron Marketplace demolition still pending; Project should be before council within three months

Posted on: Jan 11 18

by: admin

Flatiron Marketplace will be demolished for housing and retail, meaning new apartment development along Highway 36 in Broomfield.

Plans to demolish of a portion of Flatiron Marketplace and redevelop the space still are in the works.

Provident Realty Advisors, Inc., has been working with the City and County of Broomfield to finalize agreements related to the project.

Provident Realty Advisors wants to redevelop the east portion of the Marketplace, which includes 20 acres on the southwest corner of U.S. 36 and East Flatiron Crossing Drive.

Flatiron Marketplace 2013, LP owns the property, which will be managed by a third-party.

“Once these are complete, we will schedule the council hearing,” Community Development Director Dave Shinneman said. “I would expect this in the next two to three months.”

The demolition project, which was pitched to Broomfield City Council at a concept review in March of last year, was recommended for approval by the Planning and Zoning Commission on Aug. 28.

Plans include removal of the major buildings on the site, with the exception of the parking garage, Twin Peaks restaurant, and the in-line buildings along Flatiron Crossing Drive, Shinneman said.

The proposed development should take place in three phases with the potential for 1,200 residential units with approximately 12,000 square feet of commercial property. Phase one of the project includes 327 apartments constructed around (and using) the existing parking garage and approximately 4,000 square feet of commercial, Shinneman said.

At the last year’s concept review, Bonnie Niziolek, of Norris Design, said the owners hope to revitalize this area and complement the nearby RTD hub. Ideally, it would blend dense urban residential with an active pedestrian space.

An existing parking structure would serve both businesses and apartments. Developers of the three-phase project would make plans on future expansions based on how the first phase works

Plans also include a dog park on the south side of the parking structure, three internal courtyards, a pool, outdoor kitchen, sports courts, and an area to host farmers markets and community events, she said.

Buildings and parking structures are anticipated to be four to seven stories.

At the time, council and members of Broomfield’s Planning and Zoning Commission were generally supportive of the plans, but raised some concerns about parking, rubble and asked whether the project could include affordable housing options.

Jennifer Rios: 303-473-1361, riosj@broomfieldenterprise.com or Twitter.com/Jennifer_Rios

Source:  Broomfield Enterprise By Jennifer Rios Staff Writer

Smaller SFR Investors Will Benefit from Agency Financing for New Acquisitions

Posted on: Jan 11 18

by: admin

Fannie Mae and Freddie Mac have both announced programs that provide long-term financing at competitive interest rates to help investors refinance and acquire SFR properties.

Investors in single-family rental (SFR) homes are increasingly buying assets from mom-and-pop operators who own just one or two properties.

“The middle of the market is growing at the expense of the mom-and-pop sector,” says Daren Blomquist, senior vice president of property data firm ATTOM Data Solutions. “The handful of 800-pound gorillas in the industry who own tens of thousands of properties are not acquiring a lot more, other than through mergers and acquisitions.”

As investors consolidate their portfolios, agency lenders are there to help. Fannie Mae and Freddie Mac have both announced programs that provide long-term financing at competitive interest rates to help investors refinance and acquire SFR properties—in some cases potentially building up portfolios large enough to attract the interest of the largest companies, like Invitation Homes or American Homes 4 Rent.

“It feels very much like the apartment industry did in the early 1990s,” says Anthony Cinquini, managing director in the Los Angeles office of Berkadia, a Berkshire Hathaway and Leucadia National company. Berkadia now offers financing for SFR assets through Freddie Mac, with fixed interest rates and loan terms as long as 10 years.

Today, “institutional investors are growing their portfolios primarily through consolidation,” says Diane Tomb, executive director of the National Rental Home Council, a non-partisan advocacy for the SFR industry.

The total number of non-owner-occupied single-family homes grew by just 2 percent between February and November 2017, according to Attom data. “Prices are continuing to increase rapidly in many of the markets that are attractive to single-family rental investors, making those markets less attractive for new acquisitions,” says Blomquist.

At the same time, some smaller investors are graduating to become owners of mini-portfolios, with three to 10 properties. “Folks who dipped their toes in the market in 2015 or early 2016 and bought one or two single-family rentals are now buying more,” says Blomquist.

Larger investors are also expanding. The number of investors who owned more than 100 houses grew by more than 36 percent between February and November 2017. “Single-family operators who already owned 100 or more properties are buying even more and are moving up into the 250-plus and 500-plus and even 1,000-plus categories,” says Blomquist.

Fannie and Freddie fuel the fire

Fannie Mae and Freddie Mac now offer financing that is helping to make this consolidation possible.

“Fannie and now Freddie’s backing of the single family rental market is a game changer,” says Blomquist.

At the beginning of 2017, single-family rental giant Invitation Homes received a 10-year loan for $1 billion from Fannie Mae and Wells Fargo. Since then, both agencies have launched lending programs that allow the owners of smaller portfolios to find financing with competitive, fixed interest rates and loan terms as long as 10 years. For example, through Freddie Mac’s program, Berkadia offers five-year, seven-year and 10-year loans with either fixed or floating interest rates.

Before these programs, many SFR investors relied on bank loans with shorter loan terms. The interest rates on these loans often floated at around 5 percent compared to the much lower fixed-interest rates available to owners of multifamily buildings.

The new programs from Fannie Mae and Freddie Mac will probably have the most impact on investors who own from a few dozen to 100 rental houses, said Cinquini. The larger companies like Invitation Homes, though they will also benefit, have many other ways to raise money and, in some cases, can even issue their own bonds.

“It should help lower mortgage rates for single-family rental operators, helping them to increase their rate of return on current rentals without having to raise the rent, and also opening up more potential rental acquisition opportunities that may not have penciled out previously with higher mortgage rates,” says Blomquist.

Source: National Real Estate Investor by Bendix Anderson Jan 08, 2018

Benefiting Broomfield and the Hwy 36 Corridor a $36 million affordable housing project breaks ground in “new” “Downtown Westminster”

Posted on: Jan 5 18

by: admin

Eaton Street Apartments, a five-story mixed-use project, will break ground in downtown Westminster Tuesday evening. The 118 units will be available to residents who earn 60 percent or less of the area’s median income — approximately $50,000 annually for a family of four. This is an exciting example of new affordable housing in Broomfield. Located at 8855 Eaton Street, it is expected to be completed in late 2018. This development lies just 4 miles from the heart of Broomfield and will be a prime residential area in the new downtown Westminster. “This project serves a larger goal of ensuring that downtown Westminster is inclusive and meets the needs of the entire community,” said Sarah Nurmela, downtown Westminster real estate and development manager. The five-story project will have four stories of residential units over a ground floor common area, townhomes and retail along Eaton Street and 89th avenue. Eaton Street Apartments will move the city closer to its goal of having 20 percent of the housing in Westminster be affordable. “Now more than ever are we in need of more affordable and workforce housing,” said Westminster Mayor Herb Atchison. “The metro Denver area has seen unprecedented population growth and rising housing costs in the last five years, and unfortunately Westminster is not immune to this issue.” Westminster teamed up with Mile High Development, Koelbel and Company and Longs Peak Advisors to build the apartments. It will wrap the north and east sides of the recently completed parking garage in downtown. Mile High Development and Koelbel and Company are Denver-based real estate developers. Longs Peak Advisors is a Longmont-based consultant.

(Reference: Denver Business Journal, Dec 19, 2017, 3:07pm, By Kelcey McClung – Reporter, )

Marriott Scores Again; Dual Branded Fairfield Inn & Suites and Residence Inn opens in Broomfield, Colorado

Posted on: Jan 5 18

by: admin

BROOMFIELD, COLORADO – Marriott International, Inc. announced that a dual-branded 90-room Fairfield Inn & Suites and 122-suite Residence Inn property opened this December in Broomfield, Colorado. Located at 455 Zang Street, the hotel is owned by Bedford Lodging of Dallas, Texas and managed by Aimbridge Hospitality of Plano, Texas. This wonderful new facility lies in the heart of Interlocken. The hotel features a mountain lodge themed decor, complete with earthy colors, rustic woods, and natural textures. The two brands on the property will share an outdoor swimming pool, a modern fitness center, an in-house movie room, a lobby bar, a complimentary shuttle and 3,110 square feet of meeting space. Located 10 minutes from Boulder and 20 minutes from downtown Denver, the hotel offers guests convenient access to the FlatIron Crossing Mall, the University of Colorado at Boulder, the 1STBANK Center and Sports Stable. The property is located in the Broomfield HWY 36 Corridor and nearby to many companies including Ball Aerospace and Oracle. “Attracting both business and leisure travelers, the Boulder/Denver area is an ideal location for this dual opening,” said Janis Milham, senior vice president, Classic Select Brands for Marriott International. “Each brand offers distinct amenities and services that tailor to all visitors.”

Fairfield Inn & Suites

Holman acquires Audi Flatirons building, land in Broomfield

Posted on: Jan 2 18

by: admin

BROOMFIELD — The Holman Automotive Group Inc., based in New Jersey, has acquired the building and land of the Audi Flatirons auto dealership in Broomfield from Kuni Automotive of Vancouver, Wash.

Holman Automotive paid Kuni Automotive $20 million for the 4.5-acre site and building, according to public records. The dealership is near the intersection of the Northwest Parkway and Via Varra, just north of U.S. Highway 36 and the Flatiron Crossing mall.

In 2016, Holman Automotive acquired Kuni Automotive to form one of the country’s largest private dealership groups, with Kuni operating as Kuni Automotive, a Holman Enterprise.

Ryan Watson, vice president and general manager of Audi Boulder and Audi Flatirons, explained that when Holman acquired Kuni in 2016, the Audi Flatirons dealership was under construction and not included in that deal.

Source: Bizwest.com

Big Fish Payroll Services now has offices in Broomfield

Posted on: Jun 26 17

by: admin

from BizWest – written by Doug Storum – June 5, 2017

BROOMFIELD — Big Fish Payroll Services, a California-based boutique human-resources service, has opened offices in Broomfield and Denver to serve companies in the Boulder Valley, Northern Colorado and Denver.

Big Fish, founded by chief executive Justin Dignam, provides payroll, time and attendance, benefits administration and digital new-hire orientation services.

Big Fish operations in Colorado will be managed by longtime Colorado businessman Darren Knauss, who lives in Broomfield. Knauss will stage operations from his home office and from 8354 Northfield Blvd., Suite 3700, in Denver.

The company has operated for 13 years in Southern California. Dignam said he chose Colorado for expansion because both his children are or were students at the University of Colorado Boulder.

“Visiting Boulder for the four years my daughter studied at CU, and now with my son also attending, it is so evident all the good things Colorado has to offer them as people,” Dignam said. “Additionally, the business climate includes a well-educated and forward-thinking workforce, which is the exact audience who can appreciate what we have to offer.”

Read story here

Danone buys Broomfield White Wave

Posted on: May 31 17

by: admin

French multinational dairy company Danone has completed its $10 billion buy of Broomfield-based WhiteWave. Shareholders of WhiteWave received $56.25 per share of the company.

The combined company will operate under the name DanoneWave in North America and will retain two headquarters, in Broomfield and in White Plains, N.Y. Lorna Davis will serve as CEO of the new entity.

The last major hurdle for completion of the deal came in late March when the Department of Justice gave its seal of approval, pending the sale of Danone’s U.S. organic dairy subsidiary Stonyfield. Organic industry group Cornucopia Institute was attempting to block the deal, arguing Danone would control too much the organic milk industry in the United States.

WhiteWave shareholders approved the acquisition, for $10.4 billion plus $2.1 billion in liabilities, in October.

“The histories of Danone and WhiteWave share common traits as purpose-driven, health-focused category leaders, which make for a perfect match,” said Blaine McPeak, COO of DanoneWave. “Bringing together our powerful brand portfolios enables us to better service consumers’ diverse preferences in high growth and evolving categories.”

WhiteWave currently operates commercial and industrial space in Broomfield.

Read article by Shay Castle/Broomfield Enterprise

Business expansion in Broomfield

Posted on: Apr 14 17

by: admin

By Bo Martinez/BizWest

Heading into 2017, Broomfield is experiencing robust growth, development and investment, with unsurpassed low unemployment, declining vacancy rates, wage growth and influx of new and expanding businesses. Judging by the number of announcements and construction activity over the past 12 to 24 months, you could have already guessed that.

Broomfield continues to see a strong response from developers and businesses looking to expand and invest in the community. In 2016, more than $866 million of commercial and residential investment was planned or under construction. This included 16-plus projects with more than 2,300 projected jobs and 1.7 million square feet of net and new absorption that will come to the market in the next 18 to 24 months. Over the past two years, 28 companies have relocated or expanded in Broomfield. The office vacancy rate is 8.9 percent, industrial vacancy rate is 2.5 percent, retail vacancy rate is 11.5 percent, and the unemployment rate is 2.7 percent.

Here are some 2016 development highlights:

• The Partners Group, a Switzerland based-global private-markets investment manager, is planning to build their Americas operations headquarters.

• Viega, a German-owned pipe manufacturer, announced that they will be relocating and building their U.S. headquarters and training center.

• SCL Health continued to expand and grow its system-services headquarters by adding new jobs and associates to Broomfield. They currently have more than 1,200 associates.

• Arista, the premier bus-rapid-transit-oriented development along the 36 Creative Corridor, welcomed a new 80,000-square-foot UCHealth Broomfield Hospital; a 91,000-square-foot Class A mixed-use office building, with SpotX signing on as the lead anchor; and several new multi-family developments, retail and restaurant concepts, including Kevin Taylor restaurant group’s “Hickory & Ash.”

• JP Morgan Chase announced plans to build a state-of-the-art operations center at North Park.

• Etkin Johnson broke ground on Atria, a 173,380-square-foot, cutting-edge Class A office development.

• Ikea announced plans to build its second store at the northwest corner of Colorado Highway 7 and Interstate 25. The addition of a second store would make Colorado one of only eight states with more than one store.

“2016 set a new high-water mark for investment and development in Broomfield. Our economy is strong proving Broomfield is a great place to live, work, start and grow a business.” said Broomfield mayor Randy Ahrens.

Retail + hospitality

In 2016, Broomfield welcomed Jax Mercantile, Modern Market, Blaze Pizza and Ikea, to name a few. Flatiron Crossing super-regional mall added two new restaurants and one entertainment concept: Tokyo Joe’s, Bad Daddy’s Burger Bar and Puzzah next to the newly refashioned main entrance. Hotels along the 36 Creative Corridor recorded an occupancy rate of 75 percent in 2016. Several new hotels are planned and under construction that will add approximately 789 rooms when complete.

Small business + entrepreneurship

Broomfield and its partners continue to offer various programs and assistance to small businesses and entrepreneurs, including; one-on-one business advising services, Enhance Broomfield, a building-improvement program, the New Energy Improvement District and Enterprise Zone programs support.

Why Broomfield

Broomfield is a world-class “surban” city that boasts tremendous assets, premier location and access to major transportation corridors. With a highly educated workforce, leading-edge major companies and the opportunity to sustain and grow the next generation employment centers in the metro north region. Consider this:

• Broomfield was Named #1 Place To Live (24/7 Wall Street USA Today).

• Broomfield Among Best Places for STEM Graduates and Among the Best Cities in Colorado for Millennial Job Seekers (NerdWallet).

• Broomfield was recognized as one of the top 50 best places to live in America by Money Magazine (#25).

• Broomfield has seen a surge in multifamily development with more than 6,500 units that are planned, under construction or recently completed along the 36 Creative Corridor.

Did you know: Broomfield and its partners have plans to develop more than 30 million square feet of commercial mixed-use development along the north I-25 and Colorado Highway 7 corridor!

Looking forward to 2017 and beyond, Broomfield will continue to focus on business-development, redevelopment and repositioning key assets throughout the community that drive growth, investments and jobs. For more information, visit InvestBroomfield.com.

Flatiron Marketplace to be renewed

Posted on: Apr 5 17

by: admin

By Jennifer Rios / Staff Writer / Daily Camera 03/22/2017

The mostly-vacant Flatiron Marketplace is set to be demolished, with new residential and retail constructed in its place. (File Photo)
Owners who have long seen a portion of Flatiron Marketplace sit empty are planning to demolish buildings and redevelop the space.

Provident Realty Advisor, Inc. is proposing the redevelopment for the east portion of the marketplace, which includes 20 acres on the southwest corner of U.S. 36 and East Flatiron Crossing Drive. Buildings along East Flatiron Crossing Drive, including a Starbucks, Twin Peaks restaurant, a dental office and Fidelity Investments, will remain where they are.

The project was one of five concept reviews Broomfield City Council listened to Tuesday evening. Flatiron Marketplace 2013, LP owns the property, which will be managed by a third-party.

Bonnie Niziolek, of Norris Design, said the owners hope to revitalize this area and compliment the nearby RTD hub. Ideally, it would blend dense urban residential with an active pedestrian space.

They expect to add about 12,000 square feet of commercial space and build up to 1,200 apartments so that residents can help support those businesses.

Phase one would include adding 324 residential units and about 4,000 square feet of commercial space.

This would be a great addition of commercial space in Broomfield.

An existing parking structure would serve both businesses and apartments. Developers of the three-phase project would make plans on future expansions based on how the first phase works.

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Plans include a dog park on the south side of the parking structure, three internal courtyards, a pool, outdoor kitchen, sports courts, and an area to host farmers markets and community events, she said.

Buildings/parking structures are anticipated to be four to seven stories.

The U.S. 36 bikeway also would be incorporated into the space.

“We are continuing to move forward with the first phase of design and greatly appreciate any comments you may have,” Niziolek told council.

Council and members of Broomfield’s Planning and Zoning Commission were generally supportive of the plans.

“It’s a good development project,” commissioner Chuck Hastings said.

His concern was primarily parking — especially considering the area was intended to draw people with concerts and street fairs. If they intend it to be a cultural area, the owners need to have adequate parking.

Commissioner Tom Silvers also brought up the logistics of demolition — questioning whether construction be done immediately after or would rubble sit around for months.

The company plans to demolish the buildings this summer.

It will be a complex project, and Silvers said the commission likely will review plenty of variances, but Silvers said he was glad they selected Broomfield for the project.

Commissioner Susan Barkman said she’s been waiting to see what would happen to that space, and since stores have sat vacant for as long as they have, she’s glad there are plans to remodel the area.

Barkman said the project reminded her about the Civic Center brainstorming plans she was a part of, and she can see aspects of this plan in their discussions.

“I’m surprised and happy to see that,” she said. “It’s a unique opportunity to create something that’s really amazing and we don’t really have in Broomfield.”

Several council members asked about the possibility of adding some affordable housing options or condos. Other suggestions and questions revolved around parking and the placement of the bike path.

“I love, love, love the forward-thinking proposal of the dog park,” Councilwoman Bette Erickson said. “Thank you for that.”

She also asked about assigned parking for apartment units and asked the companies to be mindful of schools in the area if they were targeting families.

Councilman Kevin Kreeger was also impressed with the concept and felt that this type of development could help the mall itself.

Access points to the area will remain the same — the main one from Flatiron Crossing Drive and Flatiron Marketplace Drive. The third is the connection to the entrance to the Auto Owners Insurance Co. building east of the development.

The next step is for the applicant to file a formal development application for a PUD amendment, final plat, site development plan amendment and subdivision improvement agreement for the first phase.

The greater Flatiron Crossing shopping district, which includes the Marketplace, has been a major source of sales tax revenue for Broomfield.

Colorado Solar – good job prospects

Posted on: Mar 29 17

by: admin

Jensen Werley/BizWest — March 28, 2017
WASHINGTON D.C. — Colorado is one of the top 10 states for jobs related to the solar industry, according to a new report by The Solar Foundation.

The Washington D.C.-based group released its Solar Jobs Census 2016, which found that employment in solar nationwide increased 25 percent from 2015 to 2016, with 260,077 solar workers across the country.

Colorado contributes just over 6,000 of the workers, making it the 10th-largest solar employing state in the United States.. California has the lion’s share, with 100,050 solar workers. Massachusetts and Texas round out the top three.

But within Colorado, Boulder County has some of the most solar-related jobs, with 1,144 in the county. Denver has slightly more, with 1,491 solar workers. There are 167 solar jobs in Larimer County, 109 in Weld County and 31 in Broomfield County.

Of Colorado’s 6,004 solar jobs, nearly 3,000 of them are installation jobs. About 1,120 jobs are project development. Manufacturing counts for 748 jobs and sales or distribution count for 530. There were 322 solar companies in the state in 2016.

More than 1,000 new solar jobs were added in Colorado since 2015 — a 20 percent increase. Sixteen percent of the state’s solar workers are women and 10 percent are veterans.

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