The redevelopment of Denver's Union Station and the expansion of the city's mass-transit system will be a catalyst for improving retail property operations along the rail network for the next several years, Marcus & Millichap's second-quarter retail report for Denver said Tuesday.
The renovation, scheduled for completion in early 2014, will turn Union Station into a multimodal transportation hub, where light rail, commuter rail and the intercity rail lines will connect regional, express and local bus service, said the real-estate investment-services company.
The report noted that the redevelopment is spurring mixed-use development nearby, as several residential, retail and office projects are underway.
With multiple rail projects underway, retailers will sign leases near stations, where heavy traffic will generate solid sales, "boding well for property owners," said the report.
The report forecast that 35,000 jobs will be added in metro Denver this year, a 2.8 percent annual increase, led by growth in the professional and business services and trade, transportation and utilities sectors.
In the metro area, local highlights include apartment developers completing more than 4,200 units by the end of 2013, expanding metrowide inventory by 2 percent.
Another highlight, said the report, is that University of Colorado Health purchased 66 acres at North Park in northern Broomfield and has announced plans for a new medical campus. The land is adjacent to Children's Hospital Colorado's North Campus and is expected to help address the need for medical care in that region.
Howard Pankratz: 303-954-1939, hpankratz@denverpost.com or twitter.com/howardpankratz
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