A 5-acre development in Littleton with ties to former Denver Broncos quarterback Peyton Manning is moving ahead with a new public-private partnership and an incentive package.
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Former Denver Broncos quarterback Peyton Manning
The city of Littleton approved a public-private partnership for the project, called 1st Street Farms, which is co-founded by Manning and owned by Denver restaurant group Gastamo Group.
The partnership agreement has $5.5M in incentives, including a $2M loan funded by business use tax revenue and a five-year rebate on sales tax revenue generated by the development. Without the partnership, the project “would not be economically viable,” the city said in a statement.
The development near Mineral Avenue and Santa Fe Drive will include a 15K SF restaurant, 13K SF of event space, open spaces, trail connections and a publicly accessible turf field.
SALES
A self-storage facility at 4501 Washington St. sold for nearly $12.6M — about $7.2M less than it sold for in 2018, according to public records. An LLC associated with Maryland-based ASB Real Estate Investments sold the approximately 79K SF building to an LLC connected to New York-based Andover Properties, according to a warranty deed. The buyer has owned and operated self-storage facilities since 2003, according to its website.
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Denver-based Speed Bay Warehouse Solutions purchased a 13-building, 466K SF Commerce City industrial portfolio called Park Industrial from local investor KEW Realty. The real estate investment platform was recently launched by the founders of Black Creek Group.
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Venu Holding Corp., a local venue developer, owner and operator, closed on a $49.7M sale-leaseback for land the Colorado Springs-based Ford Amphitheater sits on. O’Neil Roth Real Estate LLC now owns the land. Venu plans to sell an additional $200M worth of sale-leaseback deals.
CONSTRUCTION AND DEVELOPMENT
The City Park bandstand, which caught fire in late March, will be demolished in the fall. Denver Parks and Recreation is working with Mundus Bishop to design a new bandstand.
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The demolition of Bandimere Speedway’s previous location at 3051 S. Rooney Road in Morrison is underway. A new track and facility will be built in Hudson.
FINANCING
Denver-based FirstSun Capital Bancorp subsidiary Sunflower Bank sold $890M worth of multifamily commercial real estate mortgage loans to entities tied to Brookfield Asset Management. Proceeds from the sale will go toward “certain high cost brokered and non-brokered deposits,” FirstSun said in a statement.
THIS AND THAT
District Pour & Provisions, a new food hall, is slated to open at 3053 W. 104th Ave. in Westminster on June 13. The food hall will feature four eateries, a rooftop patio and 92 taps for guests to pour their own beer, wine, cocktails, sodas and mocktails.