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FedEx closing downtown Denver office to re-locate to retail space under The Quincy Apartments
FedEx is packing up one of its downtown locations and moving up the road.
The shipping and logistics giant confirmed to BusinessDen last month that it is relocating to 1776 Curtis St. from its existing location at 555 17th St.
FedEx spokesman Adam Snyder said the move was to “better meet the needs of our customers and the evolving needs of our business.”
“We expect the move to be completed by the middle of 2026,” he added.
FedEx has similar locations at 1437 15th St. in LoDo and 225 E. 17th Ave. in Uptown, across the street from the Wells Fargo Center.
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The new storefront at 1776 Curtis St. is part of The Quincy, a 28-story, 359-unit apartment complex built in 2017 and owned by Shea Properties.
Peter Culshaw, executive vice president of Shea, said The Quincy has been “reasonably full” since its construction, with occupancy hovering around “the low-to-mid 90s.” Culshaw lamented about the lack of rental rate growth, acknowledging the supply and demand of housing downtown is “out of balance.”
But on the ground floor, a different story is happening. There’s 10,000 square feet of retail space there — all leased up, Culshaw said. The 801 Fish restaurant, which closed last fall and is in the midst of a rebrand, is there, too.
“The retail space is currently all leased – but it’s been a long journey.”
Trader Joe’s planning new Denver location at site of closed 7-Eleven in Platt Park
Trader Joe’s wants to open a store in Denver’s Platt Park neighborhood that would look different from its others in the region.
The grocery chain has applied for a retail liquor license for a planned store at the northwest corner of Pearl Street and Louisiana Avenue, according to a notice posted at the site.
The site at 567 E. Louisiana Ave. is home to a shuttered 7-Eleven. But Trader Joe’s does not plan to occupy that building — or a standalone structure at all, as its other Denver stores are.
Instead, the grocer plans to take retail space on the ground floor of a five-story apartment building slated to be developed by Denver-based Kentro Group, which has yet to break ground.
Kentro, which is led by the Balafas brothers, developed the Trader Joe’s building at 750 N. Colorado Blvd. in Denver.
Kentro’s planned project would span 1.29 acres on the east side of the street, from the vacant 7-Eleven nearly to Buchtel Boulevard. The most recent plans, submitted to Denver in April, show 170 apartments on the upper floors.
On the ground floor, plans show a 13,500-square-foot retail unit, which is around the size of a typical Trader Joe’s. The floor would also have additional commercial and amenity space.
The project would incorporate 300 parking spaces, per the plans. Some would be tucked behind the ground-floor commercial space, with the rest underground.
Kentro already owns the site. Reached by BusinessDen Thursday, co-founder Jimmy Balafas declined to comment on Trader Joe’s, but provided a tentative timeline for the overall project.
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“We’re hopeful to break ground in 2026,” Balafas said.
Trader Joe’s didn’t immediately respond to a request for comment.
Kentro has significant experience in the grocery sphere. The firm is currently building a King Soopers along Colorado Boulevard. It will replace the existing King Soopers a mile away at 825 S. Colorado Blvd. That site will then be sold to Kentro, which said this week that it would seek to rezone the property.
Trader Joe’s, meanwhile, is in expansion mode in the region. The chain recently opened a store in Westminster and also plans to open in The Shops at Northfield in Denver’s Central Park neighborhood.
Denver-based software business Pax8 moves to new office space in Tech Center
Pax8 is on cloud nine.
The Denver-based software firm has moved to a new office in the Denver Tech Center — one it says has better amenities and will entice more of its employees to work in person.
“We had 280 of them in (Tuesday), and it was a combination of jaw drops and awe and chest pumping with pride because they really feel that this is their palace,” Executive Vice President Lane Brannan told BusinessDen.
“We want to create a place that facilitates connections in a mixed-use space,” he added. We’ll be able to house 50-person trainings to 300-person town halls. With things that we would normally reserve a hotel for, we think we can up the experience here in HQ.”
Pax8 signed a seven-year lease for 50,600 square foot space in the Palazzo Verdi building at 6363 S. Fiddlers Green Circle in Greenwood Village. The business took the entire 11th floor and half of the 12th. James Rossell, corporate vice president of facilities, said Pax8 also has an option to add the other half of the 12th.
The company trimmed its footprint in the move from 5500 S. Quebec St. in Greenwood Village, where it had been since 2019. It had 74,000 square feet there.
Rossell said the new one is more tailored to the modern worker. The old spot, which is a mile-and-a-half away from Palazzo Verdi, was about 75% individual desk space and 25% meeting and collaboration space. The new one flips that ratio.
Although Pax8 doesn’t have specific in-office requirements for workers, Rossell and Brannan hope that the new home base will be a draw to Pax8’s 380 employees within a half-hour drive.
“We wanted to create this experience and this environment after we went through explosive growth through the COVID period,” Rossell said.
Pax8, founded in 2012, runs a cloud-based marketplace that connects technology vendors, like Microsoft or Amazon Web Services, with small to medium-sized businesses across the globe. The company said its revenue grew 239% from 2021 to 2024, and its headcount doubled to 1,800 during the same period.
The business has 20 offices in 18 countries and has been operating internationally since 2019. About 1,600 of its employees work stateside, 600 of them the Centennial State. Pax8 has another Colorado office at a rural tech hub in Florence.
“A digital marketplace is a digital place,” Brannan said. “This is the physical embodiment of that marketplace.”
University of Denver sells historic ‘Buchtel Bungalow’ property in University Park
The University of Denver has been buying up condominiums in a small building next to its campus after quietly selling a nearby house it owned for nearly a century.
The private school has purchased 13 residential units in the four-story building at 2295 E. Asbury Ave. since May 2024, with the most recent deals taking place this month, according to public records.
The purchases range from $220,000 to $270,000 per unit. In total, records show DU has spent $3.2 million for nearly half the building, which has around 30 units in all.
Jon Stone, a spokesman for the university, didn’t directly respond when asked if DU expected to purchase additional units, but said it has “always looked for real estate opportunities that are located in close proximity to campus.”
The condo building is adjacent to the Ritchie Center, DU’s athletics hub.
“Students, faculty and staff are given first priority to lease the housing,” Stone said in an email.
While DU is adding housing along Asbury Place, last year it quietly sold a residence two blocks east of campus at 2100 S. Columbine St.
The “Buchtel Bungalow” was once home to Henry Buchtel, who simultaneously served as governor of Colorado and chancellor of DU in the early 1900s. His daughter sold the house to DU in 1927 for $6,000.
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Over the years, according to the college magazine, the house was a faculty club, residence hall, fraternity and home to DU’s final football coach (the school dropped the sport in the early 1960s). In recent years, it had been a housing option for DU leadership moving to Denver.
In November 2024, however, DU sold the home for $1.1 million.
“The house was no longer receiving enough use to justify the cost of maintaining the property,” Stone said.
Months before the sale, Denver included the Buchtel Bungalow in its newly created University Park Historic District. DU had opposed the inclusion, saying it might sell the home in the future.
“Inclusion in historic/design districts can make it burdensome for homeowners to make simple renovations or improvements … This may be a deterrent to some potential buyers,” Mark DeLorenzo, the university’s senior vice president for business and financial affairs, wrote at the time.
After pushback from Denver residents, developer won’t rezone Belcaro King Soopers site
After receiving pushback from nearby homeowners, the local firm slated to buy a retail site along Colorado Boulevard says it won’t seek to have the site rezoned.
Denver-based Kentro Group, led by the Balafas brothers, says it hasn’t fully determined what it will do with the 7-acre site at 825 S. Colorado Blvd. but will work within the existing three-story zoning.
“We’re still going to try to do something great here,” said Kentro co-founder Jimmy Balafas.
King Soopers has had a store at the site for a half century but is moving a mile south to a building Kentro is developing. The 825 S. Colorado property also includes three smaller retail buildings, plus a host of retail units connected to the grocery store.
Kentro will buy the property from King Soopers’ parent company, Kroger, when the store moves, Balafas said.
Kentro drew up plans several years ago to redevelop the 825 S. Colorado property under the existing zoning. Balafas said it can likely fit 500 apartments.
At the time, Balafas said, then-Mayor Michael Hancock’s administration encouraged him to think bigger.
“They believed at the time, the old administration’s [Community Planning and Development Department], that this is where density belongs,” Balafas said.
So Kentro began talking to neighbors about potentially requesting a rezoning of the site. The idea was to do 12 stories at the north end of the property, where it’s the widest, and step down to eight and then five stories on the southern end.
That might not seem that drastic compared with the other side of Colorado Boulevard, in Glendale city limits, where the Galleria Towers office complex rises 13 stories.
But behind the property are the streets of the Belcaro neighborhood, which are lined with single-family homes. It’s Denver’s priciest neighborhood, according to the county assessor.
“There is irony and pain here,” Belcaro Park Homeowners Association President Susan Livingston told the Denver Gazette after a meeting with Kentro last fall.
Balafas said he expected pushback from those along Harrison Street, which is closest to the property. But he was surprised to see that even neighbors farther west, deeper into the neighborhood, were staunchly opposed.
“We didn’t have one person raise their hand to support us at 12 stories,” he said.
Balafas said he’d likely have gotten 700 units on the site with 12 stories. But the bigger change, he said, is that the rezoning would have allowed him to add 50,000 or 60,000 square feet of ground-floor retail space and create a more unique project with open space — something akin to the 9+Co development farther north on Colorado.
Working within the existing zoning will mean a more standard apartment project, Balafas said. While the zoning is three stories, he noted that it’s possible to get four if he takes advantage of Denver’s affordable housing incentives.
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And apartments aren’t a sure thing. Balafas said Kentro is also considering keeping the existing shopping center and finding new tenants to replace King Soopers and fill the vacant units.
Belcaro neighbors didn’t just attend meetings. The homeowners association even hired a lobbyist and land-use lawyer, Livingston said in an email this week obtained by BusinessDen.
Balafas, who has done numerous projects in Denver, said he’s never had that happen before. But he said he didn’t mind it, and even found it beneficial.
Overall, the monthslong process was hard, Balafas said.
“I’m a part of the community. When you have no support from the community, it’s hard to go against that,” he said.
But with the decision made not to pursue a rezoning, Balafas said, Kentro can push forward on determining a plan for the property.
“Now we know what box we’re working with.”
Lawsuit claims Denver restaurant owner inflated $4.4M sale of Englewood auto body shop
Former Denver restaurateur Alex Gurevich has been sued by the buyer of his auto body shop, who claims that Gurevich used false financials to inflate a $4.4 million sales price.
Gurevich was the majority owner and chef behind three restaurants: the Uptown Latin American lounge Limón, Lakewood breakfast spot Cafe Bisque and Ay Caramba, a Mexican concept in Cherry Creek. All of them have since closed and Gurevich has retired.
Gurevich was also the owner of the Front Range Auto Group and its collision repair shop at 4560 S. Federal Blvd. in Englewood until July 21, when he sold that business and its 12,000 square feet of real estate for $4.4 million. One million dollars of that price was for the company.
“Here’s your chance to step into a well-established, cash-flowing auto collision repair shop with a reputation for quality and strong customer satisfaction,” a sale listing for Front Range Auto Group claimed. It cited the seller’s motivation as “retiring and moving out of state.”
On July 30, just nine days after the sale of Front Range Auto closed, buyer Valente Fernandez sued Gurevich for breach of their sale agreement, false representation, bad faith dealing and unjust enrichment, among other claims. Fernandez now believes he was lied to.
While the online listing for Front Range Auto claimed annual revenue of $1.7 million, Fernandez says the business actually took in $1.3 million in 2024. He alleges that Gurevich also told him in writing that the shop’s April and May revenue numbers were $141,000 and $117,000, respectively, when they were actually about $53,000 for April and $89,000 in May.
“The defendant failed to disclose accurate past revenue figures for the business with the intent of creating a false impression in the mind of the plaintiff about the business’s actual past revenue,” according to Fernandez’s lawsuit, which was filed in Denver District Court.
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Front Range Auto’s new owner claims he paid more than he otherwise would have as a result of Gurevich’s alleged mistruths and is now stuck with a company “less valuable than bargained for.” Through his attorney, John Bellinger, Fernandez declined to discuss the matter.
Reached by phone this week, Gurevich also did not have much to say about the lawsuit.
“There’s nothing to say. There was a business transaction and now I guess there is a complaint that was filed. It’s totally, completely out of the blue,” Gurevich told BusinessDen.
“I’m staying out of this, leaving it to the attorneys and our CPAs and so forth,” he added.
Denver steel fabricator moves out of space near Burnham Yard
Steel fabricator Cemco is moving out of its space near Burnham Yard in central Denver. It’s not hard to guess who will move in next.
“That facility will likely get sold to the Broncos,” said broker Mark Dwyer of Lincoln Property Co. “It’s part of that whole area.”
Dwyer, along with colleagues Sam Slaton and Scott Caldwell, represented California-based Cemco in its recent $29.3 million purchase of a 140,000-square-foot industrial property in Commerce City.
The company currently operates in a space less than a third of that size at 480 N. Osage St.
“We have been operating at our current location in Denver for 22 years and our biggest issue has been a constraint on space,” Cemco CEO Tom Porter said in a statement.
The company was mum about its existing Denver real estate.
“As far as the status of the current building, I cannot comment on that,” Cemco spokesman Steve Farkas told BusinessDen.
Cemco purchased the 2.7-acre 480 Osage property in 2003 for $2 million, records show. The company has other locations in California and Texas. It’s one of America’s largest manufacturers of steel framing, according to the company’s website.
“They needed a decent-sized building with a yard and rail, and this building has a rail spur that goes into the building and one that goes into the yard. That was very important to them and very hard to find,” Dwyer said.
He began working with the company about 18 months ago to find a new home for the Denver operations.
That’s also around the same time lawyers formed a host of nondescript LLCs, which have been slowly buying property around Burnham Yard. BusinessDen previously linked those entities to the Denver Broncos, which is considering the former railyard and the surrounding area for a new stadium.
The team, which declined to comment on Cemco’s pending move, maintains it is considering multiple sites for a new stadium, as well as staying at Empower Field at Mile High.
Cemco, founded in 1974, was purchased by Japanese steel giant JFE Holdings in 2022. Its CEO at the time of the sale, Raymond Poliquin, owns the company’s real estate in Denver. Public records show he leased the 480 Osage building to Cemco in late September 2022. That lease expires at the end of September 2026, with options to renew it through 2040, and includes a first right of refusal to buy the property.
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“When he sold the business to JFE, he retained ownership of the building but sold the company,” Dwyer said.
Poliquin is no longer with the company, a Cemco representative told BusinessDen. Poliquin could not be reached for comment Monday.
Just down the block from Cemco, a warehouse at 575-577 Osage St. was sold last week for $10.7 million by Iowa-based construction company Kinzler Corp., which purchased it for $5 million five years earlier. That transaction followed the typical Broncos-style real estate deal: an LLC tracing back to a large Denver law firm with little available information, formed in late 2023, paying cash and above market value.
Next door to 575-577 Osage is 485 Osage St., which the team bought in March.
Lawsuit-riddled HOA conflict takes new turn — to U.S. bankruptcy court
The conflicts and disputes that rile up homeowners associations have made their way into the Colorado legislature, where lawmakers have sought reforms. Now a dispute between an HOA and its members has made its way to an unlikely arena: U.S. bankruptcy court.
The HOA at Todd Creek Farms, an up-scale subdivision west of Brighton in Adams County, filed for Chapter 11 bankruptcy July 15. The reason, said board president Jason Pardikes, is to “stop the bleeding.”
The bankruptcy filing, first reported by BusinessDen, follows years of turmoil that include anger over changes to the HOA’s covenants, a disputed swap of board members’ terms and allegations that Pardikes has financial ties to a landscaping company hired by the association.
The bleeding that Pardikes referred to is the money paid by the HOA to fight a lawsuit by the owners of 21 homes, roughly 5% of the 370 homes at Todd Creek Farms. The lawsuit filed in 2023 claims the swap of two board members’ terms violated the HOA bylaws and code of conduct.
The board also failed to disclose HOA records as required and documents in the court case and failed to carry out its fiduciary duties in its handling of the contract with Method Landscaping Services, the lawsuit said. For now, though, the lawsuit is on hold while the bankruptcy court decides the way forward.
“There’s not going to be movement on the state court case until or unless the bankruptcy court gives the blessing for such,” said Peter Towsky, the attorney representing the homeowners who sued. “I know the HOA filed for bankruptcy to stop the prosecution of the state court case. The question is whether or not there are actual solvency issues that justify the bankruptcy filing.”
A July 19 message from the HOA board to homeowners disputed a claim by plaintiffs in the lawsuit that filing for Chapter 11 reorganization was a delay tactic. The decision is “an end tactic, and it’s the only viable path to protect all homeowners from continued legal exposure,” the board said.
Pardikes told The Denver Post that with legal fees from the lawsuit averaging at least $40,000 a month, the HOA would have been unable to pay for services this month. “We are closing in on $900,000 in attorneys’ fees since this case started 27 months ago.”
If the court approves the reorganization, the HOA can resume payments to residents from the oil and gas drilling on the subdivision’s property, Pardikes said. The money is being used to pay legal expenses.
Asked if he knew how common HOA bankruptcies are, Towsky said, “At the very least, I would venture to say it’s exceedingly rare.”
A state agency that fields complaints and questions about HOAs and tracks trends for legislators hasn’t heard much about associations going bankrupt. The state doesn’t require HOAs to report bankruptcies and the issue doesn’t come up often with people contacting the Colorado HOA Information and Resource Center, said David Donnelly, an education, communication and policy manager with the Department of Regulatory Agencies.
The state doesn’t regulate HOAs. Most of the associations are nonprofits governed by covenants and a board of homeowners elected by the other homeowners. The Colorado Common Interest Ownership Act spells out basic standards and requirements.
At least 40% of Coloradans live in HOAs, which collect assessments for maintaining common areas and insurance and have the power to fine homeowners for violations of rules. Lawmakers have passed laws to protect homeowners when they think HOAs have gone too far. Legislators have moved to prevent the associations from foreclosing on homes because of late fees, fines or legal bills.
Pardikes said he has endorsed state laws to reform how HOAs are governed. In a 2024 interview, Pardikes, first elected to the board in 2019, said he and other members pushed for updating their bylaws. The changes included a ban on foreclosures for violating the rules and limiting the amount of interest on fines. He said there were 14 liens on people’s homes that should have been released.
After he joined the board, Pardikes settled a lawsuit with the HOA over deductions from his account that he said were never explained. He blames the current lawsuit against the HOA on personal grievances by former board members, some of whom are plaintiffs.
Trail of lawsuitsA previous lawsuit by one resident challenging the covenant changes was dismissed in 2022. A similar complaint was filed when the required 5% of the homeowners signed on. Pardikes shared emails showing efforts among residents to line up enough people to file the lawsuit in Adams County District Court.
In depositions by attorneys for the HOA, some plaintiffs said they didn’t have firsthand knowledge of various allegations in the lawsuit. Pardikes said previous board members, including plaintiffs in the lawsuit, participated in the kind of swap of board seats that critics said was a ploy for him to extend his time in office. He was re-elected to the board in February.
Independent audits from 2020 to 2024 found no financial irregularities under the current board, Pardikes said. Homeowners have re-elected current board members in three consecutive elections, with record-high participation this year, he added.
Pardikes also denied the lawsuit’s claim that he is connected to Method Landscaping Services, a company hired by the HOA.
But the lawsuit said based on bank records in an Adams County Sheriff’s investigative report, “numerous financial transactions flowed from the HOA to Method Landscape Services” and then to the accounts of Pardikes and his wife.
Towsky said his clients filed a motion to get a fully unredacted copy of the investigative report, but a judge sealed it. The lawsuit said HOA information listed ground maintenance payments for $224,529.35 in 2020 despite a contract calling for payment of only $26,677.05.
“We believe that Jason Paradikes, president of the HOA, benefitted to the tune of well over $100,000, it’s fair to say over $150,000, from the money that Method Landscaping Services was paid by Todd Creek Farms HOA,” Towsky said.
The lawsuit’s plaintiffs had access to contracts showing that the HOA paid the landscaping company $219,000 for work, including redoing a trails system, Pardikes said. In May, his attorney filed notice of intent to sue the Adams County Sheriff’s Office and the detective who investigated claims of theft from Todd Creek Farms by Pardikes.
The detective said criminal charges couldn’t be filed in the case “because the landscaper actually conducted some of the work according to many of the residents,” Adams County Sheriff’s Sgt. Adam Sherman said in an email. “So although the situation seems unethical, it’s not illegal.”
Towsky said his clients are frustrated by the delay in resolving their lawsuit.
“They believe this is just another act in a long pattern of behavior sought to avoid accountability,” Towsky said. “The plaintiffs believe there needs to be accountability.”
Pardikes said just “a small minority” of the community has pursued the lawsuit. He said 52% of the community has signed petitions saying the plaintiffs don’t represent them.
Pillar To Post Leads the Home Inspection Industry - FranchiseWire
$9M motel bought by Denver for homeless still empty two years later
Two years after buying a motel along Peoria Street, Denver still has yet to move anyone into it.
Monday marks 24 months to the day since the city paid $9 million for the former Stay Inn at 12033 E. 38th Ave., saying it would be turned into supportive housing for the homeless.
But the four-story motel, which Denver boarded up after buying, remains fenced off.
Julia Marvin, spokeswoman for Denver’s Department of Housing Stability, told BusinessDen last week that “negotiations and due diligence efforts are underway with a potential development partner” that would buy the property from Denver for $10.
“This is still being finalized, and we anticipate bringing proposed legislative action for an agreement later this year,” Marvin said in an email. “Final approval from City Council will be required before the property transfer is complete.”
Denver has talked about housing people in the building just south of Interstate 70 for more than four years.
In May 2021, then-Mayor Michael Hancock and U.S. Rep. Diana DeGette held a news conference at the motel to announce that the city would buy it. It took 27 months, until August 2023, for that deal to actually close.
Since then, the motel has sat unused even as the city’s new mayor, Mike Johnston, bought or leased other hotels around the city and quickly moved in people living on the streets.
The former Stay Inn was renovated to include kitchenettes and a new sprinkler system by the previous owner, who told BusinessDen when the sale closed in 2023 that “people could have been living here years ago.”
City officials, however, said last year that the building needed more work before it could house people, saying “possible renovations include structural repairs to walkways and railings and electrical system repairs.”
Denver originally planned to do that work itself but decided last year to instead sell the property for the aforementioned $10. According to the request for proposals, it would be sold with a covenant requiring the property to operate as income-restricted housing for 99 years.
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Supportive housing pairs services with housing and is intended for those making up to 30% of the area median income who are already homeless or facing homelessness.
City officials have previously said the building also needs to be rezoned to house people. The city scheduled rezoning hearings for the property in 2024, only to cancel them. They have since said a buyer will be responsible for rezoning.
For now, the only people who live on the property continue to occupy not the building, but rather a network of shed-like structures on its parking lot. It’s one of three pallet shelter “microcommunities” the city has established for the homeless.
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Looking to use a federal housing voucher in Colorado? It’s a coin flip whether you’ll be able to redeem it
As Colorado’s housing crisis has deepened in recent years, families have increasingly turned to federal rental-assistance programs.
People spend years on waitlists or repeatedly enter lotteries, praying this will be their year to score a coveted Housing Choice, or Section 8, voucher. The longstanding program, funded by the U.S. Department of Housing and Urban Development and administered by local housing authorities, subsidizes rent in the private market for low-income families, elderly individuals, veterans and those with disabilities.
But even if you win the lottery and receive a voucher, it’s a coin flip as to whether you’ll be able to find a place to use it.
A study published this year by New York University’s Furman Center for Real Estate and Urban Policy found just 57% of voucher recipients nationally have successfully used the rental assistance to lease a home — down from 65% in previous years. More than 70% of public housing agencies saw declines in success rates between 2020 and 2022 and more than half of those agencies saw drops of at least 10 percentage points, the authors found.
Colorado was no different.
In Grand Junction, for instance, more than 70% of people in 2018 successfully used their voucher to find housing through the program, according to data compiled by the NYU researchers. In 2022, that number dropped to 31.8%.
The Colorado Division of Housing saw its 55.5% success rate in 2018 dip to 34.4% in 2021 and tick back up to 46.2% in 2022. That means fewer than half of the people awarded vouchers through the state’s housing arm that year found suitable homes or a landlord who would take their federal payments. (The Division of Housing, in an email, said its own internal numbers show the agency has averaged about 64% since 2018.)
In Denver, 67% of people in 2018 were able to use their vouchers. Four years later, that number stood at 62.6%. (Housing officials cited the COVID-19 pandemic as a significant factor in the decline of its success rate.)
The consequences for voucher holders are severe: People who cannot find a home within the allotted time must return their vouchers.
NYU’s findings come as housing agencies in Colorado and around the country are issuing few new vouchers this year amid budget constraints and uncertain federal funding.
Experts say competitive housing markets, such as Colorado’s, make it harder for those using rental assistance to find units in their price range. Plus, some landlords shy away from accepting the vouchers because of perceived bureaucratic hurdles, red tape and stereotypes about families who use the program.
“When rents are increasing in the way they have been, a voucher just doesn’t go as far,” said Scott Aker, chief operating officer of the Grand Junction Housing Authority.
Wide range of outcomes in ColoradoNYU’s data covered 15 of Colorado’s more than 68 public housing authorities, ranging from major metropolitan areas to rural parts of the state.
The numbers showed a wide range of outcomes for those using the Housing Choice Voucher Program.
In Pueblo, 56.4% of people in 2018 were able to use their vouchers. By 2021, that number dropped to 52.2%. In the small Eastern Plains town of Lamar, 60% of voucher recipients in 2018 successfully found housing through the program. Four years later, that figure stood at 54.3%.
Several Colorado housing agencies, though, performed well above the national average.
In Fort Collins, 71.7% of people in 2018 used their vouchers to find housing. In 2022, the agency’s success rate shot up to 83.8%. Jefferson County’s housing authority stayed above 75% every year of the NYU study, topping out at 93.7% in 2022.
Nationally, housing authorities in rural counties had a far lower success rate (48%) than those located in urban counties (59%), researchers found.
The report’s authors noted that “lower success rates do not mean that housing agencies are not fully deploying federal resources.” Housing authorities, including in Colorado, typically spend all of their voucher funds. Agencies issue more vouchers than they have funding for since they know not all will be redeemed.
“But low success rates may add to (public housing agencies’) administrative costs and are a serious blow to the individual voucher recipients who have to return their vouchers to the housing agency after years of waiting for assistance,” the NYU researchers wrote.
Lower success rates, the authors continued, should not necessarily be taken as an indicator of poor performance. “Rather, metrics showing dampened success rates may be instructive for identifying broader issues such as a lack of available housing stock at current fair market rents or a lack of landlord participation.”
The study also found that search times for voucher recipients have increased sharply over the years.
In 2018, the average voucher-holder needed just under 60 days to successfully find a place to lease. By 2022, it took 78 days for families to find housing.
“The increase in search times may reflect both a tighter rental market and the policies of many (public housing agencies) to extend the amount of time that households are given to search as a market tightens,” the report notes.
Median search times in Colorado varied wildly across jurisdictions.
Colorado Division of Housing voucher-holders in 2022 needed 83 days to find a place to lease. In Arvada, it took people 56 days. Those in Garfield County only required 31 days.
Can housing agency policies affect success rates?While experts agreed that external factors — such as high housing costs and a competitive rental market — are outside the control of public housing agencies, there are internal decisions that these departments can take to improve their results.
Housing Catalyst, the agency serving Fort Collins and northern Colorado, boasted some of the highest voucher program success rates in the state.
Leadership pointed to close relationships and financial incentives for landlords, thoughtful payment standards (the most the agency can pay toward someone’s rent), effective staffing and strong partnerships with government entities and local nonprofits.
“As one of the largest property managers in northern Colorado, we are keenly aware of the trends and pressures on the rental market,” Julie J. Brewen, Housing Catalyst’s chief executive officer, said in an email.
Landlord incentives, higher subsidy rates and allowing longer search times are all ways public housing agencies can improve their success rates, said Deborah Thrope, deputy director of the National Housing Law Project, a nonprofit housing and legal advocacy center. All of these avenues, however, require adequate funding.
The Denver Housing Authority previously provided sign-on bonuses for landlords along with annual fairs. The agency also boasts a landlord portal where property owners can see all their Section 8 materials in one place.
But Michael D. Webb, a senior policy analyst with the Public Housing Authorities Directors Association, a nonprofit association representing public housing authority directors, said it’s not the housing authorities’ actions that make the biggest difference in success rates. It’s the lack of affordable housing units.
Additionally, he said, “Housing authorities aren’t funded to provide housing search services to folks with vouchers.” Instead, housing agencies partner with nonprofits to do this work.
The Colorado Division of Housing seconded Webb’s view, saying lower success rates can be heavily influenced by landlord participation, current rent rates, demand and geography.
Aker, of the Grand Junction Housing Authority, cited the COVID-19 pandemic and its impact on the region’s rental market. Between 2017 and 2025, the average rental assistance in the area shot up to $800 a month from $500 — a 60% increase.
“Those declining success rates are certainly not a function of our program management,” he said. “Sometimes demand and supply line up nicely. Sometimes it doesn’t.”
Landlords, under Colorado law, are not allowed to discriminate against families with housing vouchers.
HB20-1332, signed into law by Gov. Jared Polis in July 2020, establishes a tenant’s source of income as a protected status — meaning landlords cannot use government assistance as a reason to deny someone’s application.
But housing advocates told the Colorado Sun in 2023 that, despite the new law, landlords were illegally stating that they don’t accept housing vouchers, refusing to count the value of the voucher when they’re calculating a resident’s income-to-rent ratio, and clustering voucher holders into certain buildings.
“Even if laws are on the books, they’re not always enforced,” said Tushar Gurjal, senior policy manager with the National Association of Housing and Redevelopment Officials, in an interview. “Enforcement is key, such that it means something when you break it.”
While landlords can’t legally refuse vouchers, the Division of Housing noted that they can set rents above what the vouchers can cover, require high security deposits as a deterrent, require high income and thorough background checks, and claim that there were multiple applicants applying to live in the same unit.
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A 2018 HUD study found landlords across the country often refuse to rent to voucher holders. In three of the five cities analyzed for the study, the landlord denial rate was 67% or higher. In the two cities with lower levels of landlord denial (less than 31%), source-of-income anti-discrimination laws required landlords to accept vouchers. In four of the five cities, landlord denial rates were substantially higher in low-poverty neighborhoods than in high-poverty neighborhoods.
Webb cited regulatory burdens and cumbersome inspection processes as reasons why some landlords are against taking federal rental subsidies.
“If you have a tenant with a voucher and a tenant without a voucher, the one without the voucher is much less of a bureaucratic hassle,” he said.
Families also must deal with the negative stereotypes associated with voucher holders, Thrope said, despite evidence showing these families do not treat their properties any worse than other renters.
The NYU researchers recommended that HUD release timely estimates of voucher success rates on an annual basis, which would provide housing agencies, Congress and researchers with “up-to-date information on perhaps the most important outcome for the housing choice voucher program.”
It remains to be seen if HUD will implement any changes.
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Ping pong, padel and public art find a (temporary) home in private Denver park
There is a lot packed into the new pocket park that opened on the corner of Ninth Avenue and Albion Street in East Denver.
The site has just 1.7 acres, but planners managed to weave into the landscape playground equipment and picnic tables, hammocks and walking paths. There are lounge chairs positioned under shady umbrellas, and benches made of giant logs, split down the middle.
Artist Ana Maria Hernando’s “To Let the Sky Know.” The installation is the centerpiece at Cloud 9 Park, located in the 9+Co development in East Denver. Photo by Daniel Tseng, special to the Denver Post.There is even a notable piece of public art installed in the form of artist Ana Maria Hernando’s “To Let the Sky Know,” a tall trio of cloud-like bouquets made of lilac and yellow tulle that flutter in the wind. That piece fits neatly with the open space’s official name: Cloud 9 Park.
The attraction, designed by the landscape architecture firm Dig Studio, opened at the end of June, but it’s already popular. Visitors hang out all day and into the early evening, working on laptops, jogging across gravel trails, facing off at ping pong, corn hole and foosball. There’s a steady flow of people showing up to play on Denver’s first padel court. (The sport is a cross between pickleball, tennis, and squash, and players can reserve a time by using an app or downloading a QR code.)
Nearly everything is free.
If it sounds too good to be true, well, in a sense it is — or at least it is only true for a year or two, or maybe three. Then Cloud 9 will likely disappear.
The park occupies a space in the middle of 9+CO, the burgeoning development that is turning the former University of Colorado medical learning campus into a planned community. The 26-acre parcel is already home to apartment buildings, retail shops, offices, a movie theater and a number of restaurants, such as Blanco, Culinary Dropout and newcomer Le French. Construction continues at a steady pace and will eventually consume the new park.
A project from Denver’s Continuum Partners (recently joined by investment concerns M Development and Carlton Associates), 9+CO is about as urban-positive as a money-making development can be. It’s pedestrian-friendly and restores the traditional street grid that the old university facilities displaced. The buildings are low-rise and design-forward. The spacing is dense, but breathable. There’s not much for anti-infill critics to complain about.
Considering the site was once designated for a new Walmart — until locals rose up against that idea — the development is a nice gift to a neighborhood that needed a lift.
But 9+CO, which has been in progress since 2015, lacked a few things that a perfect planned community needs, and the developers clearly knew it, and so their motives for investing in a park are both pro-community and pro-commercial success.
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The area is not exactly affordable. Denver rents are high, in general, and the buildings here fall in line with that. There are affordability options built-in, but it would not be described as a cheap place to live. The restaurants, bars and take-out spots are not high-end, but they have price points that would make it difficult for a typical family to enjoy on more than special occasions.
In a way, 9+CO also lacked a soul, a center where people could congregate and get to know each other, connect casually like neighbors. People zipped into the parking garages and up elevators. They took in meals or ice cream cones, but that was as much a transactional experience as it was a communal moment.
The new park is a clever remedy, and a generous move on the part of the developers who could just as easily have upped their marketing budget instead of creating an amenity that offers to make the lives of people for miles around a little bit better, even if it is temporary. People can gather meaningfully, leisurely, for free, and outdoors. It’s a very Colorado move.
Dig Studios took that as a cue, designing the park in a way that honors the state’s natural landscape. The existing space, in the center of a decade of construction, already had stockpiles of dirt on site. Instead of removing them, they were reshaped into mounds and planted, giving the space the feel of rolling hills.
Working with Keene Landscape Management, they seeded native grasses and flowering plants that are both environmentally smart and attractive to pollinating insects. They installed Bermuda grass instead of water-hungry Kentucky blue grass.
They included elements that are functional while giving off deep Colorado vibes, like lining the perimeter of the park with post-and-rail style fencing commonly seen on the ranches across the plains. They dotted the grounds with small bronze sculptures of bears, mirroring the giant mural depicting a bear balancing on a precarious high wire that artist Kevin Sloan painted on one of the development’s garages that faces Colorado Boulevard.
Cloud 9 Park has Denver’s first padel court. The sport, growing in popularity, is a cross between pickleball, tennis and squash. Daniel Tseng, special to the Denver Post.The park is surrounded on two sides by buildings that rise about eight stories tall, so they created a view from above. Gaze down at the space from one of the nearby apartments and you can make out a “CO” formed by paths and the playground space.
Dig — the firm behind the new Nature Play outdoor space at the Denver Museum of Nature & Science and also Paco Sánchez Park in West Denver — kept the paths wide, which will allow food trucks to set up on-site, or for tents that might accommodate an art fair or maybe a stage for an afternoon concert.
Continuum plans to take advantage of all those possibilities. It envisions programming for families, and maybe some evenings of music. So far, there has been a “community game night,” a block party and a kid-welcoming “inflatables in the park” day. More events are coming to activate the space.
Though for how long is undetermined. The park is located in a key spot for 9+CO, and Continuum has designs on the space. The company is being up front about that, acknowledging that it will eventually fill it in like the rest of the development. It will likely integrate the park’s amenities into the surrounding areas, though the plan for that is not yet clear.
But in the short-term, the park is something of an oasis, and an example of how a city works best when the interests of developers overlap with the needs of a neighborhood, and everyone works together to make positive things happen.
Cloud 9 Park might not be here for a long time, but it’s here for a good time. That makes it novel, and very inviting.
Real estate investor used ‘creative’ financing in purchase of Denver offices
Sean Sjodin spent $5.1 million on a suburban-style office complex in Denver, but in a rather atypical fashion.
“This is new age … You have to be very creative to get any office financing in this market,” he said.
Sjodin runs local real estate firm Ascent Real Estate Partners. Last year, he zeroed in on an acquisition target: the 110,000-square-foot office complex at 6000 E. Evans Ave., made up of three 1970s office buildings.
But the former banker knew no bank was going to loan him money at an attractive rate to buy the property. It was half-vacant, occupancy was trending down and “ugly,” by Sjodin’s own admission.
“It was very challenging and I would say looking down the barrel of a gun,” he said. “You had a declining trend that was consistent since COVID, and you didn’t know if you could turn that declining trend around.”
Nevertheless, in December, Sjodin bought a 60% stake in the property from fellow Denver firm Residential Ventures, paying $2 million. And he set out to become the outright owner.
“We knew we could make this thing cash flow. Any deal we buy, we know we can make it cash flow,” Sjodin said.
The key to being able to take out a loan on the building in the future was to improve it. So after getting a majority stake, he spent $500,000 fixing the place up.
“As soon as we painted the outside and did landscaping, we did 10 leases in 6 months,” Sjodin said.
His new tenants reflect the office market’s changing nature. Gone are the big block leases for entire floors. Many of his deals were for 1,000 square feet or less. Just three of the 68 tenants currently in the property occupy more than 5,000 square feet, he said.
By June, Sjodin was ready to come back to the negotiating table.
Residential Ventures agreed to sell its remaining 40% stake in exchange for Sjodin’s firm paying $600,000, and assuming $1.9 million left on a loan. Add in the initial $2 million, and tack on $100,000 in closing costs, and you arrive at the final price Sjodin’s firm paid: $5.1 million.
“I don’t think I’ve ever heard of anyone doing this structure,” said Pinnacle Real Estate Advisors broker Jamie Mitchell, who helped facilitate the transaction alongside colleague Paul Nora.
Mitchell said the deal only happened because of Sjodin’s belief in the project, the good will between buyer and seller and the lack of other brokers involved.
“I don’t know if this ever would’ve happened if there were two brokers (one on each side),” Mitchell said. “I mean it might’ve, but someone might have given up.”
The end result? Sjodin got his traditional loan — refinancing the property with $2.5 million from Blue Federal Credit Union, according to public records.
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Residential Ventures, the seller, is walking away from the property relatively unharmed, having bought it for $2.4 million in 2013. But the property fetched more decades ago, trading for $5.6 million in 2007 and $5.5 million in 1997.
Sjodin, a Minnesota native, came to Denver’s Virginia Village 17 years ago. He runs a separate real estate fund for other projects and started both that business and Ascent Real Estate Partners in the wake of the pandemic.
Though he plans to keep 6000 E. Evans Ave. as an office building for a while — occupancy is now 73%, he said — he anticipates his property will get swept up in a future redevelopment of the entire area.
“There’s a lot of convenience stores, storage facilities and just old obsolete buildings,” he said of East Evans. “There is ultimately higher and better use for these buildings.”
Judge rules Castle Pines can block McDonald’s restaurant development
A judge has determined that the Castle Pines City Council did not overstep its authority when it stopped a developer from building a McDonald’s in that upscale bedroom community.
“Because the council had competent evidence to support denying the site improvement plan, the court affirms the council’s decision,” Judge Stacy Guillon ruled Monday.
An unusual amount of debate has gone into whether to allow golden arches at Castle Pines Parkway and Lagae Road. That came to a head in May 2024, when the council held a public meeting and voted. “No clown in our town!” chanted residents of the southern suburb.
One hundred people attended the council meeting and two dozen spoke about the proposed fast food stop. In a 5-2 vote just after midnight, the McDonald’s was rejected.
A month later, the Castle Pines City Council was sued by Ventana Capital, the Englewood firm that owns the land where the McDonald’s would go. Ventana said the council invented “nebulous bases” for denying its proposal, such as traffic and a lack of outdoor seating, to disguise its actual, arbitrary reasoning: It doesn’t like McDonald’s.
But after a year of litigation, Guillon sided with the city and upheld its council’s decision.
“The law makes clear that this court is not to second guess whether the city council acted wisely or in its constituents’ best interest; the court may reverse only if the city council had no competent evidence whatsoever to support the decision it made,” the judge wrote.
Guillon rejected the developer’s argument that because city code allows for fast food in that part of town, the council had no right to deny the McDonald’s. The judge said such thinking would mean “raucous nightclubs” must be allowed where “mellow cocktail lounges” are.
“The court is not persuaded that the law requires shackling the council in this way,” she wrote.
Ventana said it is “disappointed” Guillon did not overturn the council’s decision to “cave to a vocal minority of voices and their desire for a different brand of restaurant instead of a McDonald’s.” The developer is weighing its options, including a possible appeal.
“The city council should not be permitted to hide behind, as the court aptly noted, factors that ‘are inherently subjective,’” Ventana said. “The city’s residents deserve not only the significant tax benefits that a McDonald’s would bring but also additional restaurant choices.”
The ruling is a win not only for the city government but for outspoken homeowners there.
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“We feel vindicated in the sense that our city government has protected the property rights of quite a few homeowners who abut this area and would have had to deal with the traffic, and protected the school children who also would have been impacted,” Doug Gilbert, president of the Castle Pines North Homeowners Association, told BusinessDen this week.
City Manager Michael Penny said he is pleased the judge gave “appropriate deference” to the council. “The city remains hopeful that future development along the Castle Pines Parkway corridor will develop in a way that best meets the needs of the community,” he added.
Ventana’s attorneys are Carolynne White, David Meschke, Maxwell Porteus and Alexander Jack at Brownstein. Castle Pines’ are Josh Marks and Geoff Klingsporn with Berg Hill Greenleaf Ruscitti. Jonah Hunt and Marcus Wile at Orten Cavanagh Holmes & Hunt represent the HOA.
Evergreen mansion sells for $10M, topping home sales in the Denver area for July
A mansion on 667 acres in Evergreen sold for $10 million last month, topping local home sales.
Captain’s Rock Ranch, as the property at 3999 Evans Ranch Road is known, includes an 11,376-square-foot mansion with five bedrooms and eight bathrooms. The home was constructed in 1995 of chinked logs and Gallegos stone.
The property includes an indoor riding arena with eight stalls, a tack room, and an office, as well as a refurbished 1900s schoolhouse that the owners saved and moved to the property. That building could be used as a guest retreat or a studio.
The property, sold by Brent Redstone and Anne M. Vanderwerken, was initially listed by Farm and Ranch in 2024 for $16.4 million before the asking price was reduced that May to $14.8 million.
It was relisted for $10 million on March 24 by Josh Behr with LIV Sotheby’s International Realty and went under contract on May 13.
Keri Duffy, a member of the Denver Metro Area of Realtors market trends committee, said in comments with the association’s July report that the original list price “clearly overestimated the market.”
After being relisted, the property spent 45 days in the MLS, which is comparable to the 41-day average in the $1 million-plus segment in the Denver metro, Duffy said.
Kenneth Mirr with Mirr Ranch Group represented Captains Rock Ranch LLC, a Colorado corporation formed on April 28 to purchase the property.
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Redstone, the seller, is the son of the late media mogul Sumner Redstone, who built the Paramount Global empire. The younger Redstone is a former Boston prosecutor who moved to Colorado in the mid-1990s and previously worked for the Denver law firm Davis Graham.
Redstone was estranged from his father and sued him in 2006, claiming he was pushed out of the family business in favor of his sister, Shari, and that his father misappropriated company assets. The lawsuit was settled in 2007 for approximately $240 million.
The couple purchased an English Tudor-style mansion near Asheville, North Carolina, for $9.6 million in 2023. In June 2024, Redstone and Vanderwerken sued a Denver auction house for failing to pay them the proceeds from the sale of more than 300 items from their Evergreen home. The case was later dropped.
Based on MLS data, here are the next five most expensive home sales in the Denver area for July, including two ties:
(Courtesy REcolorado)The home at 5 Random Road. (Courtesy REcolorado)5 Random Road in Cherry Hills Village: $7.8 million
Listing agent: Trish Bragg and Maggie Armstrong with LIV Sotheby’s International Realty
Buyer’s agent: Jim Rhye with Kentwood Real Estate Cherry Creek
Details: The 10,945-square-foot mansion on 2.2 acres combines a rustic western exterior with a refined contemporary interior. The six-bedroom, nine-bath house was designed by architect Steve Ekman and built by Cadre Construction in 2008.
Zachary and Melissa Holland bought the home for $5.2 million in 2017. They listed it for $7.7 million on March 7.
It went under contract on March 15, and buyers Kelly and Dorothy Woods closed on it on July 25 for $100,000 over its list price.
(Courtesy REcolorado)The home at 50 Meade Lane. (Courtesy REcolorado)50 Meade Lane in Cherry Hills Village: $5 million
Listing agent: Helm Weaver Helm with Compass-Denver
Buyer’s agent: Jane Goulder and Amy Kissinger with Compass-Denver
Details: This 7,054-square-foot mansion on 3.5 acres was constructed in 1981. It has five bedrooms and seven baths. The property also includes a four-stall horse barn and a grazing field.
John and Kathryn Beggins purchased the home for $2.6 million in May 2009. They listed it for $6.9 million on Feb 25 before lowering the price to $6.3 million on March 24 and lowering it again to $5.5 million on April 30.
DCOT25 LLC closed on the property for $5 million on July 2.
(Courtesy REcolorado)The home at 7 Mockingbird Lane. (Courtesy REcolorado)7 Mockingbird Lane in Cherry Hills Village: $5 million
Listing agent: Robyn Landry with Kentwood Real Estate Cherry Creek
Buyer’s agent: Robyn Landry with Kentwood Real Estate Cherry Creek
Details: This 9,773-square-foot mansion on 2.4 acres includes six bedrooms and seven baths.
Constructed in 1989, it was recently renovated and contains heated hardwood floors, a main floor guest or nanny suite, a great room with a beam ceiling and a floor-to-ceiling stacked stone fireplace. .
Charles Holmes, also known as Charles Putman, purchased the home for $1 million in 1992. He listed it for $5.8 million on Feb. 12 before lowering the price to $5.5 million on June 19.
Brent Nelson closed on the property for $5 million on July 25.
(Courtesy REcolorado)The home at 15 South Lane. (Courtesy REcolorado)15 South Lane in Cherry Hills Village: $4.7 million
Listing agent: Megan Mitcham with Modus Real Estate
Buyer’s agent: Josh Behr with LIV Sotheby’s International
Details: Constructed in 1998, this 7,664-square-foot mansion with six bedrooms and six bathrooms in the heart of old Cherry Hills was recently remodeled.
Scott Herrin Noblitt and Carolyn Hartlein Noblitt purchased the home for $3.7 million in July 2021. They listed it on May 9 for $4.7 million, and it went under contract on June 3.
Damon and Sarah Judd purchased the home for the list price.
(Courtesy REcolorado)The home at 5425 S. University Blvd. (Courtesy REcolorado)5425 S. University Boulevard in Greenwood Village: $4.7 million
Listing agent: Michele Ciardullo with Milehimodern
Buyer’s agent: Kathy Staiano with LIV Sotheby’s International Realty
Details: This 9,967-square-foot Cape Cod-style mansion on 2.3 acres was constructed in 2004. It has five bedrooms and eight baths.
Lawrence Peck and Dae Mellencamp purchased the home for $2.5 million in November 2015. They listed it for $4.7 million on May 9, and it went under contract two days later.
The David Dresdner Trust purchased it for the list price on July 29.
Pub on Pearl, a longtime Wash Park dive bar, will close permanently Sunday
Cheap wings and beer will be served up one final time this Sunday at the Pub on Pearl, before the place closes for good at midnight.
“Every moment serving you all over the years has been cherished, from Thursday night wing nights to Iowa Hawkeye games and every day in between,” the bar posted on Facebook Tuesday evening.
The neighborhood joint at 1101 S. Pearl St. in Denver’s West Wash Park neighborhood operated for 35 years. Dani Baer, owner of the bar, didn’t respond to BusinessDen’s request for comment Wednesday.
There’s a long history of bars at the location, which straddles the corner of Mississippi Avenue and Pearl Street just north of Interstate 25. Longtime Denverites may remember the Corner Pub, which operated there in the decades before the Pub on Pearl.
The property is owned by Ken Fukayama, a Denver pilot with various aviation businesses, who bought it for $1.9 million in June 2019, public records show.
Fukayama, who did not respond to a request for comment, listed the building for sale several months ago.
“A big value-add part of our listing was that lease (for the Pearl),” said Blue West Capital broker Josh Lorenzen, who is marketing the property for sale alongside Robert Edwards.
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The Pub has nearly four years left on its lease, listing materials show. It pays $6,600 per month in rent for its 2,825-square-foot location, which amounts to $28 per square foot annually. It’s on a gross lease, meaning it doesn’t pay property taxes or other landlord expenses that are typically passed on to commercial tenants.
“With the below market lease no longer in place, an owner will be able to maximize value immediately once they re-tenant the space,” Lorenzen added.
Five other tenants are in the building: a nail salon, a hair salon, a fitness studio, an insurance agency and a barbershop.
There’s also a sister bar in Cap Hill, called the Pub on Penn. It opened in 2010 by “some of the folks” behind the Pearl Street operation, according to previous reporting by Westword.
