Senior project eyes spring opening

Filed under: real estate column |

The Residence at Oakridge in Fort Collins is the model for Colorado Springs’ newest senior community.

The 28,000-square-foot, 44-suite Residence at Skyway Park senior community off Arcturus Drive on the city’s southwest side will open its doors during spring 2009.
The Diaz Fritz Group is the general contractor.
Developed as a low- to moderate-assisted living community, the facility will resemble two others in Colorado completed by National Health Associates Inc., a Florida-based partnership.
Patti Greenberg, NHA’s chief executive officer and the project’s developer, said the 3-acre site was purchased several years ago from Arcturus Associates.
Financing for the project included $5.3 million in revenue bonds that were issued by El Paso County.
“A lot of people simply can’t afford the $3,000 to $4,000 per month cost of most communities out there. We saw Colorado Springs market as underserved,” Greenberg said, adding that only a few centers such as Broadmoor Court and the Union Printers Home still accept Medicaid residents.
The Residence at Skyway Park will feature one and two bedroom apartments joined by central living areas and bathrooms.

Financial firm leases office

Solid Rock Advisors, a financial consulting company, has leased 726 square feet in the Stone Creek office building at 6285 Lehman Drive.
Susan Beitle of Grubb & Ellis Quantum Commercial Group represented both the tenant and the landlord, Lehman Drive Management LLP.

Economy trickles down

As brokers, general contractors and developers continue to assess fallout from the Wall Street bailout, activity in the commercial real estate industry remains sporadic in the Pikes Peak region.
In his weekly overview of the commercial market, Hoff & Leigh owner Tim Leigh cited some downshifts in average per square foot building sale prices — from $110.58 last week to $107.81.
There are 139 office buildings for sale, representing 1.5 million square feet of space at a total market value of $162.1 million.
The number of industrial buildings on the market is 97, valued at $103 million for about 1.38 million square feet of space, based on current listings.
New construction for office condos — including Leigh’s Northgate Pointe project — remained at 50 units, representing 92,066 square feet of space and $16.6 million in total value.
The value of the 90 existing office condos on the market is about $14.2 million — or $143 per square foot.
Despite obvious uncertainly, Leigh said more than 40 commercial buildings have sold this year.
When it comes to how the national economy is affecting the local market, he offered a couple of specific examples.
“People have asked if the financial climate has impacted Colorado Springs and/or our business. Here is an example,” he said. “I lost one sale that cost us $60,000. The buyer was uncertain about the election and the potential changes in health care and the possible loss of income because of medical reimbursements.”
Leigh said the business owner had already experienced $80,000 in lost revenue because of the market and uncertainty.

Mega garage network

Homeowners who want to sell a property in places like Broadmoor, Tri-Lakes or even Meridian Hills, take note. A Web site with the slogan, “Where the garages matter,” caters to those who need more than the typical two- or three-car garage.
Carproperty.com allows buyers looking to house their automobiles, race cars, boats, RVs, motorcycles, classic vehicles and “other toys” to connect with those who love garages.
An example of the Web site’s marketing clout: “Tim & Gwyn, Palm Beach, Fla.” testified about their recent success. “What a great way for us to find buyers who appreciate our 10-car garage. We could not have done it without you.”
Becky Hurley covers real estate for the Colorado Springs Business Journal.