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April 5-18, 2017 - Page 23 Colorado R eal Estate Journal
“Downtown Colorado Springs ends year of record growth”
DOWNTOWN COLORADO SPRINGS
TOTAL INVESTMENT: $601,246,202
$85,321,202 $242,150,000 $273,775,000
Completed* Under construction Announced 45 street-level restaurants, retail and services opened or announced.
Development plans were approved for the $75 million U.S. Olympic
Museum and Hall of Fame.
Construction commenced on 169 residential units at 333 ECO,
and a pipeline of hundreds more units continues to grow.
The $113 million Cimarron I-25 interchange reconstruction
continued on schedule, with anticipated completion in late 2017.
100,000 square feet of co-working space opened with the completion
of the first phase of Catalyst Campus, a $12 million investment.
HIGHLIGHTS OF 2016
– Colorado Springs Business Journal, Jan. 4, 2017
*2013-2016
COLORADO SPRINGS
• Colorado’s second largest city: 697,856 MSA
• #2 Most Desirable Place to Live 2017, U.S. News & World Report
• Key industries: cyber security, aerospace, healthcare, sports
DOWNTOWN COLORADO SPRINGS
• 200,000 residents within a 5-mile radius
• Ranked Top 10 Best Downtowns 2016,
• State Certified Creative District
Colorado
by Jennifer Hayes
A Denver investor paid more
than $200,000 per unit for a rar-
ity in Colorado resort towns – an
affordable apartment community.
JIP-Snowmass LP paid $7.45
million, or $206,944 per unit, for
Club Commons. The property at
52 and 70 Commons Circle in
Snowmass Village was sold by
Club Commons II Owner LLC.
“A local investor out of Denver
was attracted to the scarcity of
nice, affordable housing up there
and thought it would be a good
investment,” Terrance Hunt of
ARA Newmark said of the pur-
chase.
Hunt, along with ARA New-
mark’s Shane Ozment, Justin
Hunt and Andy Hellman, repre-
sented the seller.
Club Commons, constructed
in 2008, comprises 36 units. It
consists of three one-bedroom,
one-bath units; six two-bedroom,
two-bath units; three three-bed,
three-bath units; and 24 four-bed,
two-bath units.
It was fully occupied at the time
of sale.
Other News
n The Grand Junction City
Council recently unanimously
approved a proposal for Sun-
shine Polishing Technology to
move its U.S. operations to Grand
Junction.
The company, which provides
maintenance and restoration ser-
vices to ski lifts and gondolas,
will relocate its current operations
from Eagle County and add 11 to
15 jobs to the local economy by
this summer.
The Grand Junction Economic
Partnership, which partnered
with the city on the project, esti-
mates a total annual economic
impact of adding Sunshine Pol-
ishing’s 15 jobs to the economy
of $4.15 million. The construc-
tion project, assuming a $625,000
building, is anticipated to bring
positive economic activity to the
community totaling $1.01 mil-
lion.
“Economic development, a
priority for this City Council,
requires that we utilize a vari-
ety of tools to help to stimu-
late our local business envi-
ronment. Sunshine Polishing
will be a great addition to our
community and will add to the
growing excitement about the
area along the Riverfront,” said
Mayor Phyllis Norris.
Grand Junction surpassed the
Vail Valley and Montrose County
in the negotiating process to win
the relocation bid. City Council
approved a competitive incen-
tive package to secure the busi-
ness, which includes 2 acres in
the Jarvis Development Area at a
reduced price, enterprise zone tax
credits and a four-year property
tax rebate. The company also is
eligible to apply for the Jump-
Start tax credit program in Mesa
County.
“We are grateful to City Coun-
cil for approving our proposal.
Sunshine Polishing Technology
is exactly the type of innovative
business that we are aiming to
recruit to Grand Junction,” said
Kristi Pollard, executive director
of the Grand Junction Economic
Partnership. “Itwill addhigh-pay-
ing jobs in the technology sector, a
priority area for us as we work to
establish a tech hub in Colorado’s
Grand Valley. The company also
caters to the outdoor recreation
industry, which continues to be a
key industry as we diversify the
local economy.”
Established in 1998 in British
Columbia, Canada, Sunshine
Polishing Technology is a world-
renowned pioneer in plastic pol-
ishing. The company provides
on-site services to improve cable
transport systems at ski resorts
and adventure parks across
the U.S., Canada and Europe.
More recently, the company has
expanded its services to include
restoration and more aesthetic
improvement solutions. The com-
pany relocated from Canada to
Colorado in 2014.
Sunshine Polishing Technology
expects to move seven current
employees to Grand Junction and
will also be recruiting four to eight
new staff members by summer.
The company’s average salary is
$57,269 per year.
n Glenwood Springs-based
Fleisher Real Estate and Prop-
erty Management is now a part
of ERA Real Estate, a global real
estate franchise with more than
37,000 sales associates operating
in 31 countries.
Fleisher Real Estate and Proper-
tyManagement will nowdo busi-
The Club Commons apartment property in Snowmass Village comprises 36 units and 120 beds.