The Toronto developer planning a 55-story condominium tower in downtown Denver has to get a building permit before it can erect a two-story sign advertising the project. The 22-foot sign is expected to go up this month.
Meanwhile, Great Gulf Group plans to build a $2 million sales center on the site at 14th and Larimer streets, only to tear it down eight months later when it starts construction of the project, tentatively dubbed Murano.
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Three residential buildings are participating in this year’s Doors Open Denver, an urban architectural open house. Developer Mark Falcone’s Art House, a 13-unit townhouse project at 15th and Delgany streets, will be open. Also featured are Flour Mill Lofts, Dana Crawford’s redevelopment of the Pride of the Rockies flour mill at 2000 Little Raven St., and Premier Lofts, Corum Real Estate’s apartment project at 2200 Market St. The free event is from 10 a.m. to 4 p.m. April 22-23.
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Sales are hot at developer Jerry Lee’s Boulder condominium project, at 1155 Canyon Blvd., with 15 of the 20 units selling the day the sales center opened. Units in the four-story mixed-use building range from 734 to 5,200 square feet and are priced from $500,000 to $5 million. They’re scheduled to be done in July 2007.
“There is no better location,” said John McElveen, a broker with Re/Max of Boulder Inc., who is marketing the property.
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Developer Don MacKenzie breaks ground Tuesday on 24 Walnut, a 29-unit townhouse project at 2400 Walnut St. in the Ballpark neighborhood north of downtown.
Units will sell for $475,000 to $798,000. The project should be completed in about 11 months.
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A California company that specializes in high-end retail properties paid $3 million for the retail condominium in the Midland Building, 444 17th Street. Blatleis & Schnur bought the properties from Corum Real Estate Group, which converted the building into condos. The Sugar Beet Cafe and WestStar Bank occupy the space.
Because Colorado banks covet 17th Street addresses, it’s unlikely WestStar will move out, said Robert Edwards, the Marcus & Millichap broker who represented Corum.
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National rates on 30-year mortgages rose last week after the Federal Reserve pushed a key short-term rate up for the 15th time and indicated that more rate increases were possible. Mortgage giant Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.35 percent, up from 6.32 percent the week before. Below are average mortgage rates in Denver, Adams and Arapahoe counties as of Thursday and the previous 52 weeks. The one-year Treasury bill average reported by the Federal Reserve Bank is 4.77 percent. The Cost of Funds Index for February from the Federal Home Loan Bank (11th District) was 3.604 percent.
Staff writer Margaret Jackson can be reached at 303-820-1473 or mjackson@denverpost.com.
