The City of Westminster has executed a letter of intent for the first office development in Downtown Westminster. The city is partnering with Schnitzer West, a well-established developer focused on urban-suburban markets in the Seattle and Denver regions, to build 650,000 square feet of office on two sites in the Downtown.
“With the continued growth of companies along the Denver-Boulder corridor, Downtown Westminster is located directly in the path of progress and is an ideal spot to develop Class A office product with the transit-oriented nature of the site and over 100,000 square feet of walkable amenities. The amenity rich environment plus Class A office product is the perfect formula to meet the needs of today’s growing corporate clients that value the quality of the employees experience which ultimately leads to higher productivity rates,” said Doug Zabel, Managing Investment Principal at Schnitzer West.
Design of the first office building is well underway and will include ground floor retail with six to seven stories of office above. The building will be located in the heart of the 105-acre redevelopment site, which is already home to Westminster’s Alamo Drafthouse and 600 residential units that are open or under construction. Coming in early 2020 is the 125-room boutique Origin Hotel, along with Tattered Cover Bookstore, located at the hotel entrance.
“Adding an office user to Downtown Westminster takes it one step closer to a true, sustainable downtown by ensuring a consistent daytime population of employees,” said Westminster Mayor Herb Atchison. “The addition of office will also attract more amenities for workers, including retail, restaurants and service businesses.”
Downtown Westminster has the capacity to include a total of two to four million square feet of office when it is built out. “This is just the beginning in the Downtown,” said John Hall, Economic Development Director. “Now that we have key amenities like dining and entertainment in place or opening soon, it’s a major attraction for office.”
Additional sites are available on the 25-block grid, and with the recently approved underpass connection to the adjacent 500 bus rapid transition station, Downtown Westminster hopes to draw even more office interest. “Our location along the U.S. 36 corridor, midway between Denver and Boulder, is ideal,” said Hall.
About Schnitzer West, LLC
Schnitzer West, LLC is one of the West Coast’s fastest growing real estate investment, development and property management companies. Founded in 1997 by managing investment partner Dan Ivanoff of Seattle and Schnitzer Investment Corp (now MMGL Corp.), the company has built a successful track record in the commercial and multi-family housing markets through product innovation, disciplined management and investment expertise. Known for its commitment to “Outperform the Expected,” Schnitzer West has earned recognition for creating innovative workplaces and living spaces, for delivering superior-to-market returns, and for its value-creation approach to property management. To date, it has developed in excess of 10.5 million square feet of Class A office and suburban office, flex, industrial and bio-tech space and luxury multi-family residential in Seattle and Denver. Additionally, it has acquired and repositioned approximately 2.8 million square feet of commercial product. Currently, its Asset Operations group actively manages 5.4 million square feet of office and industrial property for a variety of clients. Building on its success in the Northwest, Schnitzer West owns additional properties in Denver and is exploring new market opportunities across the Western United States. Learn more at www.schnitzerwest.com.
For more information on Downtown Westminster: www.downtownwestminster.us.
