Commercial Real Estate

California Investor Buys former StorageTek/ConocoPhillips Campus in Bid for Amazon

In a bid to have Amazon select Boulder County as its much-ballyhooed second headquarters, California’s Bancroft Capital recently went under contract to purchase the 432-acre property (depicted below) in Louisville that is the former home of StorageTek.  The property is currently owned by ConocoPhillips. Bancroft also developed the Peloton project in Boulder.

Google Buys Property

As it nears completion on the first phase of its new 4-acre campus at 30th and Pearl in Boulder, Google has purchased land and two buildings at its campus for just under $131 million. Google originally intended to lease the buildings.  “The acquisitions make sense fiscally, but also demonstrate our commitment to Boulder,” said Scott Green, the Boulder site lead for Google.  “In our 11 years operating here, Google has come to value the community, its talent base and its quality of life.”

County Adds Senior Housing at Record Rate, Creating Concerns for Some Areas

By 2030, baby boomers are forecasted to comprise roughly 20% of Boulder County residents. Developers have taken note: since 2012, a dozen senior housing developments have been constructed, and three more are under construction or in planning. Together, these projects will add nearly 1,000 units to the county’s senior housing product. But some areas are expressing concerns about providing such an ample supply of senior housing—at least within their limits.  Lafayette, for example, will be home to one third of the new senior housing units and is already reporting that the existing senior population is overwhelming the city’s emergency services.  The city is so concerned, in fact, about the effects of attracting such a large baby boomer population that it’s considering a temporary moratorium on baby boomer-focused construction.  Senior housing experts counter that such a moratorium could exacerbate the county’s growing housing crunch, especially for low- and middle-income elderly who are already under-served.

As previously reported on this blog a Colorado Court of Appeals decision in 2015 allowed a developer/declarant to retain a right to consent to amendments to a common interest community’s declaration that require arbitration of construction defect claims.

The Colorado Supreme Court has now weighed in on the case involved, which is known as Vallagio at Inverness Residential Condo. Ass’n v. Metro. Homes, Inc., affirming the decision of the Court of Appeals.

Vallagio involved a residential development in which the declaration, created pursuant to the Colorado Common Interest Ownership Act (“CCIOA”) included certain dispute resolution provisions, including an arbitration requirement.  The dispute resolution provisions also stated that those provisions could “not ever be amended without the written consent of the Declarant,” who was the developer of the project. Continue Reading Colorado Condominium Construction Defect Issue: Colorado Supreme Court Affirms the Right of Declarants for Condominium and Other Common Interest Communities to Require Binding Arbitration of Disputes

Colorado Convention Center, Denver Credit: Dan
Colorado Convention Center, Denver
Credit: Dan

A Denver City Council committee has taken the first step toward creating Colorado’s first-ever tourist improvement district.  On Wednesday, June 7, the Business, Arts, Workforce & Aeronautical Services committee unanimously approved Bill 17-0653, authorizing the district, which is designed as a mechanism to help fund tourism-related facility improvements and services like the upcoming $233 million Colorado Convention Center expansion project. Continue Reading Denver City Council Advances Tourist Improvement District Proposal

Late last month, we told you about an important bill introduced in the Colorado General Assembly.  The bill had passed in the Colorado House of Representatives, and was headed for the Senate.  It was drafted to address the sharp decrease in condominium construction in this state, caused by developers’ fear of construction defect claims brought by condominium homeowners’ associations.  A description of the bill can be found in our original client alert here.

An update:  The bill has become law.  The Senate passed HB 1279 on May 4, and sent it to the Governor’s desk for signature.  Governor Hickenlooper signed it Tuesday, May 23, amid celebration from legislators and reform advocates.  As we noted last month, the bill “is not a complete ‘fix’ for the condominium construction issues, if such a fix even exists,” but it is widely considered a good first step.

In our April Client Alert, we reported on a possible breakthrough in construction defect reform legislation, which had passed the House and was moving to the Senate.  The Colorado Senate has now unanimously approved House Bill 1279, and sent it to Governor Hickenlooper, who is expected to sign the bill.  HB 1279 was one of six bills introduced this year in an effort to address the dearth of condominium construction in Denver.  It is the only bill to reach the Governor’s desk, and the first bill in four years of effort to make substantive changes to the existing construction defect law in Colorado.