Peterson developer opens office

Filed under: real estate column |

A community center featuring Colorado architecture is planned at Peterson Air Force Base.

An 8,000-square-foot Tierra Vista Communities housing office has opened at Peterson Air Force Base.
The $315,000 office was remodeled by Murphy Constructors and is in the former Base Exchange building. The facility includes a small community room and is equipped with free wireless Internet, a large-screen television and work areas with desks, as well as private consultation areas for the leasing team and residents.
Jim Mullen, TVC project director, said the center will bring housing development, maintenance and property management functions under one roof.
In related news, a 6,000-square-foot community center will be developed at Peterson AFB during the last phase of construction in 2013.
The facility will include nine offices, a meeting room and club room, a workout area, a kitchen, a children’s playroom and storage areas.
TVC’s property management, maintenance management and the Air Force Asset Management staff will be located in the new facility. Development costs for the Community Center are estimated to be $2.5 million.

Diamond Wire expands

Colorado Springs-based Diamond Wire Technology is on the move.
The 41-year old company will move its operation into 113,000 square feet at 3505 N. Stone Ave. by the end of the year. The 128,000-square-foot building on 6.6 acres, once owned by the Loo family, founders of what became Current Inc., was purchased earlier this year for $4 million by Comcor Inc.
Previously headquartered at 1605 S. Murray Blvd, the company had been leasing 25,000 square feet but strong growth necessitated a bigger building.
“Despite the recent downturn in the economy, (the company) is growing exponentially,” said spokeswoman Wendy Richards.
The fabrication company makes diamond wire from 140 micron to 380 micron in diameter. The majority of its employees are design, electrical and software engineers.
John Brenan, chief executive officer, said that Diamond Wire Technology will be hiring about 40 people during the coming months, with an emphasis on engineering and scientific backgrounds.
Mike Helwege and Steve Bach of Bach Real Estate Partners represented the tenant and the landlord.

Resort off the market

Cornerstone Real Estate Advisers has pulled Cheyenne Mountain Resort off the market and intends to hold the property in its portfolio for “several more years,” said property general manager Laura Neumann.
The 316-room conference resort, which caters to corporate, military and community groups, has been owned by Cornerstone since the mid-1990s.
Neumann also confirmed that $10 million in capital investment has been ear-marked for the hotel, although “tangible improvements will not commence until fourth quarter 2009.”
Among likely improvements on the list are aesthetic and mechanical upgrades at The Country Club of Colorado, guest room renovation, and physical plant and mechanical upgrades.

Church inks land deal

Joyful Baptist Church has purchased 5 acres at the northeast corner of Powers Boulevard and Woodmen Road for $650,000.
The property, which includes a single-family residence, was listed by George Jury and Bill Perry of Weichert Realtors-Pikes Peak Group, Commercial Division. Hon Pac of Real Team Realty represented the buyers.

Torix earns national award

Torix Construction is one of 16 suppliers selected to receive 2008 Regional Minority Supplier of the Year honors from the National Minority Supplier Development Council.
Seventy-five companies were nominated, representing a cross-section of industries, including architecture, beauty products, cleaning/painting, construction, energy, fine art, food services, general contracting, information technology consulting and solutions, staffing and transportation/logistics.
Torix provides services for civil projects and renovations, as well as construction management services.
The firm was established in 1987. It generated $85 million in sales during 2007 and projects sales of $110 million for 2008. Torix spent $17 million with minority business enterprises last year, and plans to increase its MBE spending to $27.5 million during 2008.
Becky Hurley covers real estate for the Colorado Springs Business Journal.