City in change
Redevelopment is the keyword for the city core of Grand Junction right now. There are dozens of projects in various stages, along with numerous local and out-of-town investors who are hoping to find the right opportunity to contribute to the economic resurgence of the area.
In addition to the construction projects on Seventh Street reported recently on the front page of the Daily Sentinel, there are several other downtown construction and renovation projects.
The 600 Rood building will most likely be the first downtown renovation that will be complete. The building, which was built in 1954, was purchased by local investors about a year ago. The new owners have given the building a complete remodel, adding insulation, new windows, energy-efficient upgrades and have planned fiber internet.
“We’re getting close,” said Matt Clark, one of the partners involved in the building. “We’re seeing a light at the end of the tunnel and may be done by October.”
The three-story building has 18,000 square feet, and also has 20 off-street parking spaces. Clark and his partners are leaving it as a shell, with bathrooms, lighting, and other basics in order to allow specific finishes needed by future tenants.
Design work and behind-the-scenes approvals are continuing for the Confluence, a mixed-use development at the corner of Fourth and Rood next to the parking garage. The owner of the project, Darin Carei, is working with the parking garage to secure parking agreements for tenants.
“Chamberlin Architects has finished the initial drawings,” Carei said. Those drawings will be sent out to commercial contractors for bidding. Carei hopes that groundbreaking may be sometime in the spring of 2020.
As previously reported in the Daily Sentinel, the planning commission will decide on Tuesday on the variance request by Chase Bank to build a single-story building, rather than the two-stories required by existing downtown standards on a property at Seventh and Rood. Plans submitted by the bank call for a 3,000-square foot building on the lot. This would be the first Western Slope location for the bank, which hasn’t yet closed on the property.
At Lowell Townhomes, foundation work is nearing completion on the first building. According to Treece Bohall with Poole Creek Builders, the general contractor for the project, walls will start going up in the next few weeks.
Additional fencing has gone up surrounding the 734 Main Street project, where Kaart Group owner Aaron Young is building a four-story office building adjacent to the company’s existing home at 750 Main Street.
Near Las Colonias Park, the first residential project is coming to a successful end. Trail’s Edge Townhomes, which first came into the local real estate market in late spring 2018 with seven units, has just five remaining unts. The townhomes have sold well, and the final five units will be complete and available this week. Prices range from $325,000 to $355,000 for the multi-story homes, which are right on the Colorado Riverfront Trail.
“Most buyers are buying because of the location,” said Ray Rickard, the listing agent for the property.
Rickard recently sold the commercial space in front of the townhomes to a pair of investors who purchased the land because of the opportunity zone designation, which gives them considerable tax advantages. The investors hope to break ground on a 9,500-square foot commercial building, where they have plans to include restaurant space on the east side of the building, within a month.
Rickard is working with Kraii Design to bring another interesting project on the eastern side of the Trail’s Edge space to the market.
North Avenue is also attracting buyers and investors, who see the potential for redevelopment along the busy corridor. A prospective buyer has made an offer on the building at 1530 North Ave., which was once the Far East restaurant. The buyer has made an offer on the parking area and the building, which were separate parcels and has already begun a conversation with city planner on redevelopment.
Further north, the city hopes that the construction on Seventh Street between Bookcliff and Orchard will be finished by the end of September. The project had been delayed due to a scheduling issue with Xcel Energy, but according to Public Works Director Trent Prall, Xcel should be finished with their portion of the project by the end of this week, which will allow the street to be completed.
Other buildings and land in the core city area have changed ownership, are in various stages of negotiation, design, and construction. To keep current with new development, continue reading Real Estate Weekly in Sunday’s edition of The Daily Sentinel.