Enhanced Amenities, Exterior Improvements and Pedestrian-Friendly Expansions Among Updates
Oskar Blues to Open Highly-Anticipated New Restaurant, Bar and Music Venue at Market Center on Friday, January 12th
Seattle, Wash., January 9th, 2018 – Urban Renaissance Group (www.urbanrengroup.com) (URG), together with Stars Investments and City Street Investors (CSI), today announced major renovations are well underway at its five-story Market Center building in Denver.
Located at 1624 Market St., updates to the historic commercial office and retail building include substantial exterior improvements, enhancements to the pedestrian experience and expanded amenities for tenants.
“Since purchasing Market Center, we’ve been thrilled to explore options for renovating these historic buildings,” said URG Founder and Chief Executive Officer, Patrick Callahan. “We’re excited to see our plans coming to fruition, ensuring that it is a premier LoDo destination for office and retail tenants.”
Cristina Dawson, SVP-Head of Asset Management at Stars Investments, added, “Our goal with Market Center is place-making at the midway point between Larimer Square and Union Station, while celebrating everything LoDo has to offer and paying respect to the history of the buildings.”
Extensive Renovations at Market Center
Built between 1872 and 1902, Market Center includes five buildings stitched together to offer a continuous floor plate. Specific renovations to the 121,000 sq. ft. complex focus on exterior and interior enhancements, including:
- Exterior Improvements. With the buildings’ façades restored to their historic past, the outdoor patio areas have also been expanded, and will include new retail and restaurant patios.
- Pedestrian Updates. Market Center is also now boasting an expanded pedestrian sidewalk adding approximately 2,200 additional sq. ft. of walkable area along Market Street and will include space for outdoor seating and a pedestrian-friendly experience.
- Building Amenities. Enhanced amenities for office tenants include a new bike room, new showers and restrooms, lockers, new conference room and repositioned office lobby.
- Back-of-the-House Systems. Back-of-the-house building systems have been upgraded at the buildings, including electrical switchgear, underground plumbing, HVAC upgrades, and Fire Life Safety systems.
With retail enhancements led by local retail experts CSI, well-known for their involvement with Denver’s Union Station, 75 percent of the renovations are currently finished, and a completed-by date is slated for the remainder by the end of Q3 2018.
“The designs for the expanded sidewalk, large patio spaces, new landscaping and beautiful storefronts have all been enthusiastically received by retailers and restaurants,” elaborated Pat McHenry, Principal with City Street Investors.
New Oskar Blues Food & Grill at Market Center
As part of the extensive Market Center updates, popular local establishment Oskar Blues will also open its highly-anticipated third Denver-based restaurant, bar and music venue, with celebrations slated to begin Friday, January 12th.
“The grand opening of Oskar Blues Food & Grill—as well as nearby developments—further supports our vision of Market Center as an amenity-rich retail destination for both office users and pedestrians in the neighborhood,” continued Callahan.
Featuring a Southern-fared menu with familiar favorites like the Black & Blue Burger, Midnight Toker BBQ Platters and Bourbon Balls, Oskar Blues will also provide new offerings such as Wood Grilled Oysters and feature 48 rotating American craft beers on tap.
Additionally, upon entering Oskar Blues off Market Street, patrons can proceed directly through the establishment’s restaurant space and go straight downstairs to the new ‘Black Buzzard’ music venue featuring performances from highly-regarded local musicians.
Continued Denver Expansion
Together with Stars Investments and CSI, URG announced their purchase of the historic Market Center buildings in downtown Denver for $29 million in September 2015, representing URG and Stars Investments’ first joint venture in the Denver market.
Situated in one of the most dynamic urban, mixed-use markets in the nation, Market Center is centrally located at the crossroads of Denver’s popular lower downtown (LoDo) and midtown neighborhoods—just steps from the central business district and Union Station.
Currently 94 percent leased, Market Center has welcomed several exciting retailers and office tenants since being purchased in 2015, including Oskar Blues, Blank Label, American Energy Assets, Citizen Energy and several others.
URG owns or operates an 8.7 million square foot office investment and management portfolio, primarily in Seattle and Portland, and began pursuing property transactions in Denver in 2014.
Market Center marked the company’s first investment in Denver, and in 2016 URG and Stars Investments announced their purchase of the 2301 Blake Street office and retail building near Denver’s RiNo neighborhood. URG also purchased 100 Speer, a 100,000 sq. ft. office and broadcasting studio located in downtown Denver, in January of 2017.
About Urban Renaissance Group
Urban Renaissance Group LLC is a Seattle-based full-service commercial real estate company, engaged in acquisitions, development, asset management, leasing, property management and ownership in Seattle, Bellevue, Denver and Portland. The strategic premise of the Urban Renaissance Group is that the form of the American City will change dramatically during the next 20 years. Urban Renaissance Group acts as a catalyst that understands and ignites that change, thereby building community, creating place, and generating fair returns for investors, as well as opportunities for its partners and employees. Learn more at www.urbanrengroup.com.
About Stars Investments
Founded in 2009, Stars Investments is an investment management company that handles a privately held financial, private equity and real estate portfolio. Stars Investments’ mandate is to preserve and increase the value of the portfolio through three investment principles; one, a long-term investment horizon, which implies consistency and discipline in portfolio construction and low asset turnover; two, conservative risk-profile and leverage levels; and three, risk diversification. As of September 2017, the real estate portfolio included holdings in Denver, Boston, Seattle, Washington D.C., New York, the Bay Area, London, Manchester and Cambridge, totaling more than 1.3 million square feet.
About City Street Investors
City Street Investors is a Denver based company dedicated to creating extraordinary places. The company specializes in complex projects that require creative solutions and that conform to the group’s mission of creating places that genuinely improve the communities in which they exist. Through a series of strategic partnerships, projects and innovative acquisitions, the group has built a portfolio that consists of retail, mixed-use and multi-family properties in Denver’s most desirable neighborhoods as well as a collection of over twenty restaurant investments and partnerships. One of their most recent projects was the internationally recognized Union Station redevelopment where the partners had primary responsibility for all the retail and common areas.
About Oskar Blues Fooderies
A few things that will always go together at Oskar Blues Fooderies (OBF): Craft Beer, Fresh Ingredients, Live Music and our Family & Friends. As a multi – concept restaurant group, OBF is focused on creating a special occasion every day. Jason Rogers, Restaurant Director and Partner alongside Anita Gray, Partner and Operations Manager, oversee Oskar Blues Fooderies, creating, growing and sustaining the restaurants on a minute – by – minute basis. To learn more, visit oskarbluesfooderies.com.