вторник, 18 сентября 2012 г.

Colorado Springs, Colo., Developer Creates Residential Lofts Downtown. - Knight Ridder/Tribune Business News

By Rich Laden, The Gazette, Colorado Springs, Colo. Knight Ridder/Tribune Business News

Jul. 9--A Colorado Springs developer who remodeled the upper floors of two downtown buildings into residential lofts is doing the same on a third building.

Giddings Lofts LLC, an investment group headed by Dan Robertson, recently paid $3.1 million for the four-story Giddings Building at 101 N. Tejon St., on the northeast corner of Tejon and Kiowa streets.

The project is Robertson's most ambitious loft project yet and is one of the biggest loft developments in downtown Colorado Springs.

Robertson plans to convert the top three floors of the 37,209-square-foot building into 10 to 15 lofts and sell them for about $350,000 to $500,000 each. The actual number of lofts and prices will depend on demand -- how much space tenants want and the quality of finish they desire, he said.

Businesses on the building's main floor and in its basement -- including Great Harvest Bread Co., Federal Express and the Mataam Fez restaurant -- will remain, Robertson said.

The building's upper floors will be remodeled into lofts as leases expire for office tenants who occupy that space, Robertson said. That will allow the remodeling to take place over time, with three to four lofts sold each year and the project completed in about five years, Robertson said.

A slow demand for downtown office space, combined with what Robertson thinks is a continuing desire for downtown living, is driving his latest project, he said.

'There is a demand for three or four a year, in my opinion,' Robertson said.

'Obviously I'm betting a lot of money there is.'

Janelle Walston of Re/Max Properties, who will market the units, said many people want to walk to restaurants, shops and similar services. A potential buyer has reserved one of the units in the Giddings Building -- although Walston said she's yet to advertise the project.

Kaiser Commercial Brokerage, who represented Robertson on his purchase, said the Giddings Building will have tenant parking, a key to making downtown lofts work. Kaiser is an investor in Robertson's projects.

Robertson redeveloped the top floors of the former Gart sporting goods building, 106 N. Tejon St., into the six-unit Daniels Lofts. He converted the upper floors of a building at 115 N. Tejon St. into the five-unit Carriage House Lofts. All 11 units have been sold.

The main floor of the Daniels Lofts building was renovated and is occupied by two retailers.

The main floor of the Carriage House Lofts building continues to be occupied by two stores.

Robertson put two lofts on the upper floor of the two-story Marco Polo Building on South Tejon Street but hasn't sold the units. He is renting them.

Robertson bought the Giddings Building from Southland Investment Group Inc. of the Springs.

Mary Frances Cowan of Grubb & Ellis/Quantum Commercial Group in the Springs represented Southland on the building's sale.

To see more of The Gazette, or to subscribe to the newspaper, go to http://www.gazette.com

(c) 2002, The Gazette, Colorado Springs, Colo. Distributed by Knight Ridder/Tribune Business News.