CU sports upgrades would cost $170 million
Officials from CU's leadership, including new football coach Mike MacIntyre, presented a $170 million facilities upgrade plan to a subcommittee of the CU system's regents during a meeting Feb. 20 in Colorado Springs.
The multiyear, multistage plan would be financed by $50 million in donations. The rest would come from athletic department revenue, which includes television contracts and tickets and merchandise sales, CU-Boulder spokesman Bronson Hilliard said. No money from taxpayers or students will be used.
CU plans to launch a major fundraising campaign right away, Hilliard said. The $50 million figure was created as the result of a donor feasibility study, and the campaign will follow the precedent set by a prior one to upgrade Coors Event Center and facilities for the basketball and volleyball teams, he said.
Showing recruits that an athletic department has top-notch facilities is considered to be a crucial element in recruiting battles, and with CU's move to the Pacific 12 Conference, the Buffaloes are competing with some of college football's best programs.
CU athletic director Mike Bohn acknowledged that in the media release announcing the upgrades.
"This plan represents a carefully conceived, strategic investment in our future in the Pac-12 Conference," Bohn said. "It will position us to attract the best student-athletes in the nation. It will improve the performance of our student-athletes on the field and in the classroom, and it will enhance our fan experience."
The first stage would build a new academic center for all CU student-athletes at Folsom Field. The current center is in the Dal Ward Athletic Center, which is north of the stadium.
The Dal Ward building would be renovated and expanded, with larger and upgraded locker rooms, training facilities, weight rooms and space for the coaching staff.
The Folsom Field and Dal Ward upgrades are projected to cost about $39 million. CU hopes to start work as soon as possible, Hilliard said.
The third element is an indoor practice facility, which would be built at 22nd Street and Arapahoe Avenue, adjacent to the team's current outdoor practice fields. Seating on the west side of Folsom Field also would be upgraded.
That phase is about four years in the future, Hilliard said.
The final piece of the $170 million plan does not really involve athletes. Housing for CU students with families at the corner of Folsom Street and Arapahoe Avenue would be redeveloped. The current buildings are several decades old.
The master plan also includes upgrades to Coors Event Center, home of the Buffs' basketball teams. Those upgrades — which are not included in the $170 million cost estimate — include improved facilities for the basketball and volleyball teams. The spectator concourse would also be improved and premium seating sections would be created.
ON THE MAP: Boulder Map Gallery is in the process of moving to the Table Mesa Shopping Center in South Boulder. Owners of the store have signed a lease for a 1,849-square-foot space at 607 S. Broadway, Suite F. The gallery has been at 1708 13th St. since 1987. Nate Litsey and Chad Henry brokered the transaction for the building's owner, W.W. Reynolds Cos. The new store was expected to open by March 1, according to the landlord.
FORECLOSURES EASE: Colorado's foreclosure rate has returned to pre-recession levels, according to a report released recently by the Colorado Division of Housing.
In 2012, 28,579 foreclosures were started and 15,903 were completed across the state. That's the fewest since 2006 and 2005, respectively, the report said.
Boulder County posted an 18 percent drop in the number of foreclosure filings, with 789 proceedings started in 2012. The number of properties sold at auction dropped 25 percent, to 372, the report said.
The improvements in Broomfield County were more modest. The county experienced a 1.4 percent decrease in the number of proceedings started, to 210, and a 2 percent decrease in the number of completed sales, to 96.
"Foreclosures in 2012 basically dropped back down to 2006 levels," Colorado Division of Housing economist Ryan McMaken said in a release. "There are also many more households now than in 2006, so if you adjust the foreclosure rate for the population growth, we're almost back at 2005 levels."
Going forward, the picture gives reason to hope the worst of the crisis is in the past. The number of foreclosure starts peakewd in 2009, when more than 46,000 were filed.
"At this point, there is a well-established downward trend, but this does not guarantee continued declines," the report said. "However, given current trends in employment and demand for real estate, it does appear that foreclosure activity will continue to decline in the absence of significant increases in unemployment."
A stable unemployment rate and fewer risky loans are two reasons for the drop, the report said.
AMLI RISES AGAIN: Another apartment project will be sprouting up along U.S. Highway 36 this spring.
AMLI Residential, a Chicago-based developer and operator of multifamily residential communities, has closed on the $2.52 million deal to acquire the 5.1 acres in Arista on which it will build a 168-unit development. It also has applied for construction permits, according to the Broomfield Building Division's database.
The land is at the corner of Broomfield Lane and Parkland Drive. To the north and east of the land are the AMLI Arista Apartments, a 358-unit community that AMLI bought for $55.6 million in 2010.
The construction cost is estimated to be $16.5 million, according to the Broomfield Planning Department. The apartments will be one and two bedrooms, and rent is anticipated to be from $950 to $1,400 per month.
The project has been in the works for a while, and the Broomfield City Council approved AMLI's site development plan and an improvement plan to share the costs of infrastructure development in December.
The Arista mixed-use development is being developed by Tim Wiens, and one of his companies, Park 36 Development LLC, sold the land. The vacant lot has been used as a parking lot for the nearby 1stBank Center.
In addition to the existing Arista apartments and the new project, AMLI is building a 343-unit development in Interlocken and owns the 500-unit AMLI at Flatirons.
NEW COLONISTS: The Village Shops at Colony Square II, a three-building, 29,414-square-foot retail center in Louisville, has been sold in a $3.4 million deal.
The buildings, which are located near the Home Depot and Lowe's stores and the Regal Colony Square cinema, were purchased by Colony Square II Louisville LLC and JKW 1031 Louisville LLC. Both LLCs were formed in January by John Wolff, a Boulder-based architect and property investor.
The street addresses for the buildings are 1132, 1148 and 1156 Dillon Road. Tenants include Premier Members Federal Credit Union and a State Farm insurance office. According to the property's listing on LoopNet, it is 89 percent occupied, and Dan Grooters of Newmark Grubb Knight Frank advised the seller. The asking price was $3.8 million.
California Building LLC and 4901 York Street LLC sold the property. According to the Boulder County Assessor's Office, they bought the property in 2009 for nearly $2.3 million. The buildings were constructed in 2000, according to property records.
HOPE FOODS: Hope Foods Inc., a food maker based in Boulder, has bought the 58,900-square-foot warehouse at 1850 Dogwood St. in Louisville for $2,874,001, or $48 per square foot.
The property will become a food-manufacturing facility, according to Brandon Ray, one of the brokers who represented the buyer. Ray, Aaron Valdez and Chris Ball, all of Cassidy Turley Colorado, represented Hope Foods.
The property was bought at an FDIC auction, Ray said.
According to Ray, the building's current tenant is Jonas Brothers Taxidermy. The new owners are trying to move the Jonas Brothers out of the building by April 1 and occupy it immediately.
Michael Davidson can be reached at 303-630-1943 or email@example.com
More breaking news...
CU sports upgrades would cost $170 million
Bike-driven real estate firm sold by founder
Officials from CU's
Shea joined Pedal to Properties in 2010 as a Realtor. Kolb founded the firm