P      I      N      D      Ʌ      R



645H

 Role:  Development Manager(2) 

 Outcome:  Investment Realization above Plan, at Schedule.

ThereTM

   1996

Type:  Boutique Hotel

           Adaptive Reuse/

            New Construction


Cost:  $37,700,000(1) 


Status:  Completed 1998


Of Note:

  • Formerly known as the Tritch Building, the property was home to the Joslins Department store its entire existence; and  had a notable early employee by the name of        James Cash (J.C.) Penney.    
  • In the 1960's large metal panels were affixed to the outside hiding the historic building within; which prior to that had been painted - 28 times.  
  • The redevelopment brought the building back to it's original glory, added a floor not seen from the street, created a seven level central atrium down to the basement conference area and expanded the floor size through a sympathetic addition.
  • This was the third "urban" Courtyard done in the Country.


Recognition:

  • Pacific Coast Builder's Conference: Gold Nugget Grand Award
  • Colorado Preservation, Inc.:  Award of Excellence in Historic Preservation 
  • AIA: Merit Award & Award of Citation
  • Building Design & Construction: Historic Renovation Award
  • University of Denver,          Burns School of Business:   Real Estate Project of the Year


Details
  • 181 Key Branded Boutique Hotel
  • 4,500 s.f. of meeting space
  • 11,000 s.f. of retail space w/Chef Driven Restaurant (Rialto Café)
  • Adjacent owned, dedicated valet parking lot


Investment Overview

  • Sponsor GP Investment (Three General Partners)
  • Family Office LP Investment
  • Acquisition & Construction Loan (Large Regional Bank)
  • Marriot International Program enhanced Permanent Mortgage (Institutional Investor) 


Neighborhood:  Center City

  • Entry: Boarded up eyesore at "Main & Main" in downtown Denver in the first stages of downtown's regeneration.
  • Impact:  Served as high profile demonstration of interest in downtown's revival and catalyst for numerous other projects in the area.  The intersection is one of the most popular in downtown Denver.
  • Legacy:  Stage II >> Stage V Catalyst; now a local landmark.
"THIS DOWNTOWN HOTEL IS TRULY THE BEST MARRIOTT STAY THAT I'VE EVER STAYED AT (AND I AM A GOLD MEMBER!)" 

                                                                                                                                                                                        Online Guest Posting

 center city courtyard by Marriott hotel

   Denver, CO (City Center)

 645 H St. Ne                   office bldg. repositioning

    Washington, DC (H St.)

"Success breeds complacency.  Complacency breeds

  failure.  Only the paranoid survive.  

                                                           - Andy Grove, Intel

ThereTM

   2011

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(2) 

 Outcome:  Investment Realization above Plan, at Schedule.

Type:  Mid-rise Office/Retail

           Adaptive Reuse


Cost:  $34,500,000(1) 


Status:  Completion Q1 2015


Of Note:

  • The entry & elevator core was reconfigured to create a a 10,000 retail space fronting      H Street.  
  • The building is being gutted to its shell in order to upgrade from a tired Class C condition to a modern office environment.
  • Projections on the west side of the building were shaved off and blocked in to facilitate the development of an adjacent 300-unit Class A apartment community.  
  • The existing parking ramp to a one level below grade garage was repurposed into a speed ramp down to the P3 residential parking level for the new apartment community.
  • Antiquated electrical service serving the entire block was rebuilt in modern transformer vaults incorporated into the building's new design. 



Type:

Details

  • 71,000 s.f. Class B+ Office Space - 100% leased to the District of Columbia
  • 10,000 s.f. of retail space - long term leased to CVS
  • Direct access to below grade public parking garage
  • Part of H St HUB mixed use project (working title)


Investment Overview

  • Sponsor GP Investment
  • Institutional LP Investment (Large Pension Fund)
  • Acquisition & Development Construction Loan (Large Regional Bank)

Neighborhood:  H St NE Corridor

  • Entry: Blighted center of mile long historic "Main Street" of D.C. garnering interest on its outlying edges.  
  • Impact:  Block across street sold and is developing in concert with this block forming the "Hub" of dramatically revitalizing corridor.  In addition to CVS here, Starbucks, Petco and Whole Foods have also recently leased on the block with high profile health club in negotiations for signature facility on the block as well.   
  • Legacy:  Stage II >> Stage IV neighborhood transformation
"THE 600 BLOCK OF H STREET NE WILL SOON BE UNRECOGNIZABLE" 

                                                                                                                                                                 Washington Business Journal


The Bank Lofts

Denver, CO