17th and Park – Land Assemblage – Joint Venture Development
In 2014, Paradigm was engaged by 17th Avenue Development Group to analyze and complete the acquisition, syndication, and assemblage of property located at the intersection of Park and 17th Avenue in Uptown Denver.
The Challenge: Assemble and entitle three land parcels into a site large enough to attract an institutional development partner. Secure and negotiate a JV partnership with a national apartment developer to build a signature project that maximizes the site’s potential.
The Solution: The acquisition of initial 31,000 square foot lot and the non-contiguous parking lot lacked the site area needed to yield enough apartment units and attract an institutional apartment developer. Paradigm organized the acquisition of the adjacent 12,000 sf land parcel, and tackled the City of Denver requirements to abandon the connecting alley. These victories allowed for the successful assemblage, entitlement, and site plan approval of a single, contiguous parcel of approximately an acre. Paradigm also leveraged its existing network to locate and form a JV partnership with a national developer.
The final mixed-use development, currently under construction, will have 190 single-family units varying from 535 sf studios to 1,527 sf 3-bedroom apartments, as well as 11,400 sf of retail space and 253 parking spaces. 17th Avenue Development Group has partnered with Paradigm to own and manage the retail. Additionally, Paradigm and 17th Avenue Development now own the third, 15,000 sf parcel free and clear, and Paradigm has been engaged to explore development opportunities.
Hance Ranch – Trax at Ward Station – Land and Vertical Development
In 2015, HRE Development partnered with Paradigm to entitle and develop 7.18 acres of agricultural land at the last commuter rail station on the G-Line in Wheat Ridge.
The Challenge: Create a land plan that was profitable given the City’s constraints for development of the property. Negotiate these entitlement before the land owner required the property to be sold. Hedge the typical long-hold times associated with land transactions by locating an end-user.
The Solution: Before HRE closed on the purchase of Hance Ranch, Paradigm secured all necessary entitlements to re-zone the property to higher density uses, re-platted the land into two separate parcels, and negotiated an agreement with a local homebuilder to purchase the north section of Hance Ranch for 157% of HRE’s total acquisition cost.
The property was acquired in December, 2016. The final development plan will include 63 townhomes on the north parcel, and 200 apartments on the south parcel. Paradigm is currently handling pre-construction on the apartment parcel, including negotiating funding participation from the City of Wheat Ridge.
Shift on Bannock Street
In 2016, Shift Workspaces, an owner and operator of high-end coworking offices, engaged Paradigm to provide development and portfolio management services for its three properties: an existing co-working operation in the Country Club neighborhood (Shift Corona), manage the adaptive re-use development of a 22,000 square-foot industrial building in the Golden Triangle neighborhood in Denver (Shift Bannock), and evaluate the feasibility of a 40,000 square foot historic high school/convent in the Capitol Hill neighborhood (Shift Cathedral).
The Challenge: Balance the resources available to develop and successfully operate the portfolio. Manage the complexities and potential cost overruns associated with adaptive reuse development, analyze the benefits of Historic Tax Credit financing, and create a financial solution for all the Shift endeavors.
The Solution: Paradigm used its development systems to reign in cost creep related to the Shift Bannock project, while still preserving the project’s original vision. Paradigm procured the first ever Historic Tax Credits from the State of Colorado for Shift Cathedral; however, after complex sensitivity analysis, concluded that the historic property should be sold. Proceeds from the sale of Shift Cathedral were available restructure the other Shift equity and ensure a successful and profitable operations.
Ken Caryl Senior Living
In 2014, Paradigm was engaged by Ken Caryl Senior Living to entitle and develop “The Lodge at Ken Caryl,” a 136-unit, 129,768 square foot senior living facility near the intersection of C-470 and Ken Caryl Avenue.
The Challenge: Re-zone and entitle the property for senior living, secure all necessary financing, oversee and manage the development process, and forge a partnership with a leading senior living operator and equity partners.
The Solution: Paradigm successfully rezoned and completed all entitlements with the completion of the Site Development Plan. Concurrently, the partnes negotiated and closed a favorable 40-year HUD loan, and secured an agreement with WellAge Senior Living to operate the facility. The project broke ground in late 2018. Paradigm is currently overseeing the project’s construction