Welcome!

News Feed Item

Zocalo Community Development Sells Cadence Union Station

DENVER, Feb. 24, 2014 /PRNewswire/ -- Zocalo Community Development and Principal Real Estate Investors have agreed to sell the 219-unit Cadence Union Station apartments to an institutional client of Invesco Real Estate. Cadence Union Station is the first multi-family project to open in Denver's emerging Union Station neighborhood.

Cadence Union Station, a 219-unit, luxury apartment building, is located in Denver's emerging Union Station neighborhood.

Cadence, which welcomed its first residents in January, is already 20 percent leased. The property was marketed to a small set of select buyers interested in owning the property for the long-term.

"We had a distinct advantage by being the first to build in the Union Station neighborhood, acquiring what's arguably the best location and building an asset that we believe will show itself to be one of enduring value," said David Zucker, Principal of Zocalo Community Development. "Invesco's focus on the strength of Union Station, the location of Cadence and its quality are aligned with our development ethics.  We sense in Invesco a shared commitment of stewardship, making them an apt purchaser of this incredible asset."

Zocalo will continue to mange and lease the property, which features unparalleled amenities, including a dramatic 13th story rooftop pool and fitness center and a community jazz room, complete with baby grand piano and original, classic jazz album artwork.

"These features and community-creating spaces make Cadence a wonderfully unique property, immediately distinguishable for its character and quality," said Zocalo Partner and Director of Real Estate Susan Maxwell. "It's an honor to continue to manage what we believe is Denver's finest high-rise apartment for Invesco."

The LEED Gold-registered building is located in the very heart of the 20-acre Union Station redevelopment, which includes a 22-bay underground bus terminal, eight-track commuter rail station and the renovation of the historic Union Station, all of which are scheduled to open in July 2014. Cadence sits equidistant between two sets of Light Rail tracks, only 250 feet from the station and a 30 second walk to the Denver International Airport rail line, where (once it opens in 2016), travelers will ultimately check their bags and pick them up at their final destination. Cadence residents are also minutes by foot, bike or bus from some of the most exciting and sought-after restaurant districts in the country. The popular free Mall Shuttle also offers access to virtually all of downtown in only minutes. 

"Invesco's investment in Cadence underscores the transformational impact that the redevelopment of Denver Union Station into the multi-modal transportation hub will have for the entire Rocky Mountain region," said Tami Door, President & CEO of the Downtown Denver Partnership.  "This transaction confirms what many developers have known for some time – an investment in Denver Union Station is a once in a lifetime opportunity that can't be missed."

Principal Real Estate Investors' Green Property Fund provided the equity for the project.  This is Principal and Zocalo's second of three joint ventures.  The first, Solera, sold in 2011 for what was then the highest price per unit in the state's history. The partners' third joint venture, located at the northeast corner of Steele and 1st Avenue in the Cherry Creek district of Denver, is three months from construction start.  Principal's Green Property Fund focuses on the development of LEED properties.  Cadence, Zocalo's fourth LEED property, delivers on Zocalo's commitment to greater sustainable design and development by offering features like the Velo Room, a complete repair shop for bikes, skis and snowboards, one-to-one bike-to-auto parking, a focus on indoor air quality and heating, cooling and lighting system that will likely reduce resident utility costs by 50 percent.   

Cadence was the first high-rise apartment building to break ground at the Union Station neighborhood. Cadence is the fourth LEED multi-family project developed by Zocalo in Denver. The company's other high-rise apartments include 2020 Lawrence, a 231-unit development, in Denver's Arapahoe Square neighborhood, and Solera, a 120-unit luxury project, which sold for a record price in October 2011. 

About Zocalo:

Zocalo Community Development is an award-winning, Denver-based development and management services company focused on creating sustainable communities that deliver for residents, investors and neighborhoods alike.  Locally produced and contextually sensitive are descriptors of Zocalo's commitment to community development. Zocalo seeks to reduce the impact residential and mixed-use buildings have on the earth and the environment by substantially reducing greenhouse gases generated both by the building itself and by the means and patterns of resident commuting.  Zocalo is ceaseless in its commitment to improving the design, sustainability, construction, development and marketing of its projects. The product of this complete integration is the development of real estate projects of greater enduring quality and sustainability.

The word Zocalo dates back to the Aztec culture and refers to a community center or plaza common to towns and cities throughout Latin America.

For more information visit www.zocalodevelopment.com

About Principal Real Estate Investors: 

Principal Real Estate Investors manages or sub-advises $37.3 billion in commercial real estate assets. The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.

About Invesco Real Estate:

Established in 1983, Invesco Real Estate manages $55.7 billion of real estate investments, which includes $20.4 billion in U.S. direct real estate portfolios, $7.3 billion in European direct real estate portfolios, $4.9 in Asian direct real estate portfolios, and $23.1 billion in real estate securities (as of December 31, 2013). With over 360 employees in 18 offices worldwide, the group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for over 25 years, contributing to the consistent implementation of Invesco's investment strategy and resulting performance.

Additional information is available at www.invescorealestate.com.

For more information contact:
Lu Stasko, The Stasko Agency
303/477-9902 (Office)
720/404-4507 (Mobile)

Photo: http://photos.prnewswire.com/prnh/20140224/LA71024

SOURCE Zocalo Community Development

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Phil Hombledal, Solution Architect at CollabNet, discussed how customers are able to achieve a level of transparency that e...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Cloud Expo, Inc. has announced today that Andi Mann returns to 'DevOps at Cloud Expo 2017' as Conference Chair The @DevOpsSummit at Cloud Expo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great t...