P I N D Ʌ R
Role: Sponsor/Development Manager
Outcome: Investment Realization above Plan, ahead of Schedule.
ThereTM
1998
Type: High Rise Rental
Adaptive Reuse
Cost: $25,600,000(1)
Status: Completed 1998
Of Note:
- The building was originally built for Boettcher & Co.; Colorado's pioneering investment banking firm founded in the 1800's.
- In that era stock certificates were physically stored onsite. As such there are vaults at each corner of each floor of the building.
- Impossible to remove, the vault doors were welded open and the vaults became entry vestibules for the corner apartments on each floor.
- The project also connects to and incorporates the historic Kistler Pen & Quill building next door.
Recognition:
- University of Denver, Burns School of Business, Real Estate Project of the Year
Details
- 158 loft style rental apartments
- 12,500 s.f. of retail space
- Adjacent parking facility
Investment Overview
- Sponsor GP Investment
- Family Office GP Investment
- Institutional LIHTC LP Investment (Large Utility Company)
- HUD 221(d)(4) Credit Enhancement
- City of Denver issued Private Activity Bond
Neighborhood: Center City
- Entry: Seven boarded up buildings w/in 50 yards of property. Second large scale new downtown housing development in 30 years (after the Bank Lofts shown above - the two buildings sit across the street from each other).
- Impact: Every building in this submarket has been repurposed and significant new investment has occurred.
- Legacy: Stage II >> Stage III neighborhood transformation
Denver Post
the boston lofts adaptive reuse
Denver, CO (City Center)
the bank lofts Adaptive reuse
Denver, CO (City Center)
"It's an interesting thing about an object. One object
speaks volumes about the company that produced it and
its values and priorities."
- Jony Ive, Apple Design Chief
ThereTM
1997
All Information at time of completion/opening/repositioning or realization of Asset/Investment. (1) All Cost/Value references are in year completed adjusted to 2014 by CPI index. (2) Projects/Investments referenced are PINDAR or involved PINDAR key personnel as Principal/Project Executive or Project Manager at a previous company. Role: Sponsor/Development Manager
Outcome: Investment Realization above Plan, ahead of Schedule.
Type: High Rise Rental
Adaptive Reuse
Cost: $17,500,000(1)
Status: Completed 1997
Of Note:
- The building was vacant for 14 years prior to rehab.
- The building had been slated for demolition to become the site of the new HQ of the now infamous Silverado Savings & Loan.
- Artisans were brought out of retirement to repair the plaster in the original banking hall - now the main dining room of Brasserie Z restaurant.
- The old cash vaults of the original U.S. National Bank now serve as first floor restrooms.
Recognition:
- Historic Denver, Inc., Community Preservation Award
- University of Denver, Burns School of Business, Real Estate Project of the Year Finalist
Type:
Details
- 117 loft style rental apartments
- 11,000 s.f. of retail space
- Adjacent parking facility w/long term use agreement
Investment Overview
- Sponsor GP Investment
- Family Office GP Investment
- Institutional LIHTC LP Investment (Large Insurance Company)
- HUD 221(d)(4) Credit Enhancement
- City of Denver issued Private Activity Bond
Neighborhood: Center City
- Entry: Seven boarded up buildings w/in 50 yards of property. First large scale new downtown housing development in 30 years.
- Impact: Every building in this submarket has been repurposed and significant new investment has occurred.
- Legacy: Stage II >> Stage III neighborhood transformation
Rocky Mountain News
The Bank Lofts
Denver, CO