Downtown Westminster soon to be more than JC Penney and a parking garage
“Real estate firm JLL announced this week that some of its capital markets team members helped secure $66.2 million in financing for that project, which is being built by Minneapolis-based Sherman Associates. JLL representatives said multifamily housing in mixed-used developments is attracting a lot of investment now because people want to live in dense, pedestrian-friendly neighborhoods. They posit Downtown Westminster is particularly attractive because it is a mere 10-mile commute from downtown Denver.
“The area is so desirable because of the incredible investment that the city of Westminster has put into redevelopment; an amazing amount of time, resources and funds that will make it a really special place,” Baxter Fain, JLL’s lead broker on the financing deal, wrote in an email Tuesday.
The flurry of activity has city officials buzzing. The origins of Downtown Westminster date to at least 2009. That is when the city’s Urban Renewal Authority adopted a reinvestment plan for the area, located in the city’s most ideal area for a dense, pedestrian-centric neighborhood, just off U.S. 36 at Sheridan and adjacent to a busy Regional Transportation District bus station. The city acquired the mall property for $22 million in 2011, shortly before the buildings were torn down.”
Rubino, Joe. Denver Post 10 January 2018.