Colorado Real Estate Journal -
Koelbel is one of the most storied names in Denver-area real estate development. Carl Koelbel is now continuing the legacy of the company, whose residential and commercial developments have changed the landscape of the metro area for more than 50 years, from Louisville to Centennial. Since Carl’s grandfather, the late Walter Koelbel, founded the namesake company in 1952, the family owned company has developed such landmark properties as the Breakers apartment community, large mixed-use projects such as the Centennial Promenade near Park Meadows and Centennial Valley in Louisville, as well as the Rendezvous resort community in the Winter Park/Fraser Valley area. It also purchased land in the fledgling Cherry Hills Village in the late 1950s. More recently, it has developed the transit-oriented, affordable senior housing buildings, Yale Station Apartments and University Station, with veteran developer George Thorn of Mile High Development, along the T-Rex light-rail line and has made its first foray into for-sale urban infill housing. The housing has been highly successful and was conceived and executed under the guidance of 29-year-old Carl. “I would tell you, Carl has exceeded all expectations,” said Walter “Buz” Koelbel, his father. However, both he and Carl, in separate interviews, emphasized it was never a given that he would join the family business. “I had a fabulous experience working side-by-side with my father,” Buz said. “But I had a little trepidation that I could re-create that with Carl. But I tell you, it has been an honor to have Carl join us. Carl joining us has been one of the best things that has ever happened to this company.” Carl, in fact, recalls his father telling him to stay away from the family business. “In fact, my dad at one point told me I shouldn’t go into real estate,” Carl said. “I don’t remember, which (down) cycle that was. I think I was in eighth grade. He said this is a tough industry and I don’t think you should go into it. He said he felt it wasn’t a prudent thing to do.” After earning a bachelor’s in economics and international relations from the University of Southern California, Carl took a temporary job at the Urban Land Institute in Washington, D.C. Ultimately, he was thinking he might go to law school and perhaps become involved with international relations, possibly with the U.S. State Department. ULI liked him so much that the temporary position turned into a permanent job. “Working with Urban Land Institute on their initiatives with senior resident fellows was an exciting time and an excellent learning experience,” he said. However, he realized he wanted to get his hands dirty. An ivory tower view of looking at real estate from a distance was not satisfying for someone who likes to roll up his sleeves and get the job done. “I wanted to do it myself,” Carl said. “I realized that I did not have the financial background I needed. Finance is kind of the lifeblood of real estate and development, so I enrolled at the MBA program at CU.” While at the University of Colorado, he was part of the winning team at NAIOP’s Rocky Mountain Real Estate Challenge, which pits CU students against real estate and finance students at the University of Denver. Their assignment was the Denver Coliseum. “That is really a challenging site,” he said. “It is an EPA Superfund site with a lot of nasty stuff in the ground. It also rubs up against some neighborhoods. Our idea was to kind of incorporate it into everything that is happening in the nearby River North, or RiNo, Art District.” While the ideas have not been incorporated into the Coliseum site, Koelbel realized the potential of the area. “I will say that right now we are in discussions in becoming involved with a partnership developing some land along Brighton Boulevard,” in the RiNo district. Because the deal has not yet been finalized, he declined to provide any specific information. However, an announcement regarding details of the development, which will include for-sale and rental units, is imminent. Although Koelbel left ULI to return to Denver, he has remained active in ULI Colorado. In the summer of 2012, he co-chaired ULI Colorado’s 200-member Young Leaders Group. ULI had its annual fall convention in Denver last year.“I am told that we had the most well-attended Young Leader’s summit in ULI’s history,” he said. “We had a sports psychologist who talked about psychology in sports and leadership, which really paralleled real estate. We had more than 500 people from 60 countries attend the event in the Studio Loft,” in the Denver Performing Arts Complex. When Koelbel joined his father in the family business in 2011, it was not at all clear the market was recovered. “It was kind of bouncing along the bottom in May of 2011,” Koebel said. While his family had made its mark and changed the landscape in suburban communities, the young Koelbel saw more potential in inner-city, Denver neighborhoods. “We wanted to keep our homebuilding program going, so we built some duplexes in Platt Park and Harvard Gulch, which was really the first introduction into our urban residential division,” he said. Last year, he expanded into Lower Highland, or LoHi. “We sold 12 reservations of our 18 townhomes in LoHi on our first day,” Carl said. “They were all presold before construction was finished. It is completely sold out and everyone has moved in.” The company will soon be embarking on a 20-unit development on the east side of Denver. “I feel it is important to follow the market,” he said. “You have to go where the market is headed and not just where your comfort zone is. I believe that going forward, there are going to be more opportunities in urban, infill sites than in traditional suburban neighborhoods. He also is passionate about transit-oriented developments, or TODs. “Ever since I worked at ULI, I have really been interested in TODs,” he said. “When I was with ULI, I worked with senior research fellows on infrastructure, land-use patterns and TODs. Being able to incorporate affordable, senior housing with a TOD represents a great opportunity. Increasingly, I think the Denver area and the entire nation are going to become less car dependent and increasingly depend more on things such as light rail in the 21st century.” When he is not doing real estate deals, he is, like his father, an avid skier and golfer. However, he did not learn to ski at Rendezvous, like Buz did. “I learned to ski in Vail,” he said. “I think as soon as I could stand, my dad duct-taped my feet on skis and pushed me down the hill.” For relaxation, he also likes to make pottery. “I make plates and bowls and stuff,” he said. “I learned how to do it in high school and then picked it up again a few years ago. I find it very relaxing.” When he is creating communities, not cups on a pottery wheel, he said he knows his last name carries a big responsibility. “I would say it is mostly a positive and it has allowed me the opportunity to do the type of development I have been doing, and energizes me,” he said. “At the same time, to have such a prominent name, you have to make sure you live up to the high quality standards of my grandfather and my dad.” Buz said being born into a family business doesn’t mean you are qualified to excel at it and bring it to the next level. “This is a tough business,” he said. “To succeed in it, you have to have all of the right ingredients. You have to have the passion. You have to have the desire and the capacity. Carl has all three. He learned a lot working for the Urban Land Institute and then enhanced his credentials by studying under Byron Koste while getting his MBA at CU. You always worry about the legacy of a family business. Honestly, in some cases family members are not qualified to keep running it. The heirs, if they stay in control, will run it into the ground and it is better off in the hands of outsiders. But with Carl, I know the family legacy is secure.”