Vacant land gives way to retail and then apartments inside Continuum’s 9th and Colorado project. (Matt Geiger/BusinessDen)
Continuum is continuing its redevelopment project at 9th Avenue and Colorado Boulevard with new partners.
CIM Group, a Los Angeles real estate investment firm, is out as part of a recapitalization. M Development out of Aspen and NYC-based Carlton Associates, are in.
The two businesses and Denver-based Continuum Partners bought out CIM’s stake in the development for nearly $93 million, per public records. Continuum CEO Mark Falcone told BusinessDen that CIM’s majority equity stake was part of a “time dated” fund that necessitated the firm’s exit.
“We have the utmost confidence in the ability of this asset to grow in value over time — a tremendous amount has been done, but there is still much more to do. We are excited to continue to be a part of 9+CO’s success and work with a new partner to bring the project to completion,” Falcone said in a statement.
The empty nurses dorm is the last remaining structure from the area’s history as a medical school. (Matt Geiger/BusinessDen)
The deal involved multiple buildings with 200,000 total square feet of retail space and 60,000 square feet of office space, plus a 1.5-acre undeveloped site. The deal was financed by Connecticut-based Steeprock Capital with a five-year, $65 million loan at 6.9 percent interest.
Continuum said the firms plan to do some “interim activation” on the empty lot, which sits north of an AMC movie theater that was part of the deal. The long-term plan is to develop more retail space there.
Continuum and CIM were first selected to redevelop the former University of Colorado Health Sciences Center property in 2014. The pair demolished most of the campus and dubbed the project 9+CO.
The entire 9+CO development spans 26 acres and includes 1,100 residences and over 40 retail spaces across 12 city blocks. The latest deal did not include another undeveloped block at 9th and Bellaire Street.
While most of the previous health care facilities were demolished — including a unique “research bridge” that crossed 9th — a onetime nurses dormitory, also not part of the latest deal, still remains.
“We hope to announce the plans for the Nurses Dorm in the next few months with construction expected to begin by end of year,” Falcone said.
Vacant land gives way to retail and then apartments inside Continuum’s 9th and Colorado project. (Matt Geiger/BusinessDen)
Continuum is continuing its redevelopment project at 9th Avenue and Colorado Boulevard with new partners.
CIM Group, a Los Angeles real estate investment firm, is out as part of a recapitalization. M Development out of Aspen and NYC-based Carlton Associates, are in.
The two businesses and Denver-based Continuum Partners bought out CIM’s stake in the development for nearly $93 million, per public records. Continuum CEO Mark Falcone told BusinessDen that CIM’s majority equity stake was part of a “time dated” fund that necessitated the firm’s exit.
“We have the utmost confidence in the ability of this asset to grow in value over time — a tremendous amount has been done, but there is still much more to do. We are excited to continue to be a part of 9+CO’s success and work with a new partner to bring the project to completion,” Falcone said in a statement.
The empty nurses dorm is the last remaining structure from the area’s history as a medical school. (Matt Geiger/BusinessDen)
The deal involved multiple buildings with 200,000 total square feet of retail space and 60,000 square feet of office space, plus a 1.5-acre undeveloped site. The deal was financed by Connecticut-based Steeprock Capital with a five-year, $65 million loan at 6.9 percent interest.
Continuum said the firms plan to do some “interim activation” on the empty lot, which sits north of an AMC movie theater that was part of the deal. The long-term plan is to develop more retail space there.
Continuum and CIM were first selected to redevelop the former University of Colorado Health Sciences Center property in 2014. The pair demolished most of the campus and dubbed the project 9+CO.
The entire 9+CO development spans 26 acres and includes 1,100 residences and over 40 retail spaces across 12 city blocks. The latest deal did not include another undeveloped block at 9th and Bellaire Street.
While most of the previous health care facilities were demolished — including a unique “research bridge” that crossed 9th — a onetime nurses dormitory, also not part of the latest deal, still remains.
“We hope to announce the plans for the Nurses Dorm in the next few months with construction expected to begin by end of year,” Falcone said.
