How this headline may connect to industries in Colorado. Technical scores are below — click any ? for what a metric means.
RiNo, Cherry Creek office developer buying a building in Lowry.Conner Pettengill and his crew are looking to redevelop a slice of Lowry for the second time in 30 years.The executive with Seattle, Washington-based developer Schnitzer West said his firm is under contract to purchase 7901 E.Lowry Blvd.in Denver.The 8-acre site is home to a 4-story office building and parking garage surrounded on all sides by asphalt.Pettengill is exploring knocking down the office building and erecting apartments in its place.In its submission to Denver’s planning department, Schnitzer West outlined plans to build nearly 300 apartments across five apartment complexes of between 3 and 4 stories.“We got this really cool dichotomy that’s rare in suburban Denver, where you can walk to many good restaurants and retail, but then you’re still just 12 minutes from Cherry Creek, 15 from downtown,” he said.The office building constructed in 1999 still has tenants, but their leases will expire in the next few years, Pettengill said.It comes with a parking garage that could be incorporated into any future apartment development.The site was part of the larger $1.3 billion redevelopment of the decommissioned Lowry Air Force Base, which closed in 1994.The property is currently owned by The Quad Partners LLC, which acquired the building in 2010 for $22.5 million.Pettengill said he’s considering keeping the office building for now.In the coming months, he said he’ll engage with the neighborhood, which will help him determine a course of action.“There’s not a ton of desire in the market to lease a ’90s vintage office building.… There’s still a path that we could renovate and make the office building more attractive again,” he said.Schnitzer West was founded in 1997 and entered the Denver market in 2007 with its purchase of an office building in Cherry Creek.Nearly 30 years later, and the company is constructing office buildings in the neighborhood.It expects to finish a new headquarters for oil and gas firm Antero Resources Corp.at 201 Fillmore St.later this year.The firm has built or invested in office and apartment projects from Boulder to Centennial and has eight employees in Denver, Pettengill said.The team works out of The Current, an office building it built in RiNo in 2023.“For such a small group here in Denver, we’re working on a lot.” Conner Pettengill and his crew are looking to redevelop a slice of Lowry for the second time in 30 years.The executive with Seattle, Washington-based developer Schnitzer West said his firm is under contract to purchase 7901 E.Lowry Blvd.in Denver.The 8-acre site is home to a 4-story office building and parking garage surrounded on all sides by asphalt.Pettengill is exploring knocking down the office building and erecting apartments in its place.In its submission to Denver’s planning department, Schnitzer West outlined plans to build nearly 300 apartments across five apartment complexes of between 3 and 4 stories.“We got this really cool dichotomy that’s rare in suburban Denver, where you can walk to many good restaurants and retail, but then you’re still just 12 minutes from Cherry Creek, 15 from downtown,” he said.The office building constructed in 1999 still has tenants, but their leases will expire in the next few years, Pettengill said.It comes with a parking garage that could be incorporated into any future apartment development.The site was part of the larger $1.3 billion redevelopment of the decommissioned Lowry Air Force Base, which closed in 1994.The property is currently owned by The Quad Partners LLC, which acquired the building in 2010 for $22.5 million.Pettengill said he’s considering keeping the office building for now.In the coming months, he said he’ll engage with the neighborhood, which will help him determine a course of action.“There’s not a ton of desire in the market to lease a ’90s vintage office building.… There’s still a path that we could renovate and make the office building more attractive again,” he said.Schnitzer West was founded in 1997 and entered the Denver market in 2007 with its purchase of an office building in Cherry Creek.Nearly 30 years later, and the company is constructing office buildings in the neighborhood.It expects to finish a new headquarters for oil and gas firm Antero Resources Corp.at 201 Fillmore St.later this year.The firm has built or invested in office and apartment projects from Boulder to Centennial and has eight employees in Denver, Pettengill said.The team works out of The Current, an office building it built in RiNo in 2023.“For such a small group here in Denver, we’re working on a lot.”