P      I      N      D      Ʌ      R







   PALACE LOFTS:(1)

  • 135 Unit New Construction, "Soft Lofts" Residential Condominium
  • Redevelopment of a site that was originally home to the Palace Theatre but had long ago been demolished for a parking lot.
  • Completed 1998


   Milestones/Challenges:

  • First large scale, new construction residential project in downtown    Denver in over 30 years at its start.
  • Largest construction loan in Construction Lender's history.
  • Largest project ever approved in the Lower Downtown Historic District     at that point.


   Outcome:

  • Sold out at completion
  • Yield:  11.1% 
  • Multiple:  1.8 
  • IRR: 37%
  • Pacific Coast Builder's Conference Gold Nugget Grand Award -       "Academy Award"(R) for New Development amongst 23 Countries bordering the Pacific Ocean (our projects have won this twice).


Palace Lofts; Denver, CO - LoDo(1)

_____________

 how do we make it work? 

   

"One has to passionately believe it is possible  to change the

  industry, to turn it on its head, to make sure that it will never

  be the same again."
                          - Richard Branson, Founder of The Virgin Group

ThereTM

   1996

"The sophisticated, strategic investor who embraces the urban regeneration approach

  will control the program, product, and price of development - through a holistic

  approach that accelerates the pace of neighborhood transformation, creates the

  dynamic of place, and produces a desirable investment opportunity."

                                            - National Association of Real Estate Investment Managers

                                              (NAREIM) thought piece 

What we are analyzing:

"Cohesion": How many of the nine primary uses that inform the vitality and growth of a neighborhood are present or have a probability of coming:  Live, Work, Shop, Stay, Play, Enjoy (a performance), Learn, Heal and Savor (eat and/or drink). 


Place ScoreTM:  While Walk ScoreTM analyzes "what" is nearby we are looking granularly at the quality of what is nearby or possible and that informs "Place Potential". 


Trend ScoreTM:  While our Place Score analysis will tell us the Place Potential of a neighborhood our Trend Score will inform how long it will take to achieve the envisioned transformation.  


SURGE RatingTM:  

While our Place Score & Trend Score analyses will inform Place Potential and trajectory, our SURGE Rating will inform what the top set looks like.  Not every neighborhood can achieve the same heights; this will inform us.  


      Strategic Capital

  + Holistic Vision

  = Value Creation

We are looking at everything happening in a neighborhood and what it's stage of evolution is through the lens of our "Urban Regeneration Pyramid". From this view, and our proprietary metrics (see right), we look for opportunities and windows. 


We watch not only what is happening but who is doing it and what type of  capital is being deployed:  Public, Cause, Strategic, Opportunistic?


In Lower Downtown Denver (LoDo) in the late 1990's we saw a vibrant work force of well over 100,000, a slow influx of Chef Driven restaurants that seemed to do pretty well when they opened and a sporadic amount of small scale residential development funded with friends & family money and some family office investment; also doing pretty well.  And the City was committing large sums of public capital to improve downtown.  Understanding all this we propose and develop, with a local partner, the first large scale residential community in downtown Denver in over 30 years. The result?  See below (Hint: Home Run). 

The Bank Lofts

Denver, CO