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. 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 Challenge: Balance the resources available to develop and successfully operate the portfolio. 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). Paradigm is currently handling pre-construction on the apartment parcel, including negotiating funding participation from the City of Wheat Ridge. The final development plan will include 63 townhomes on the north parcel, and 200 apartments on the south parcel. The property was acquired in December, 2016. 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.
Hedge the typical long-hold times associated with land transactions by locating an end-user. Negotiate these entitlement before the land owner required the property to be sold.
The Challenge: Create a land plan that was profitable given the City’s constraints for development of the property. 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. Hance Ranch – Trax at Ward Station – Land and Vertical Development
Parking shift workspaces bannock free#
Additionally, Paradigm and 17 th Avenue Development now own the third, 15,000 sf parcel free and clear, and Paradigm has been engaged to explore development opportunities. 17 th Avenue Development Group has partnered with Paradigm to own and manage the retail. 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. Paradigm also leveraged its existing network to locate and form a JV partnership with a national developer. These victories allowed for the successful assemblage, entitlement, and site plan approval of a single, contiguous parcel of approximately an acre. Paradigm organized the acquisition of the adjacent 12,000 sf land parcel, and tackled the City of Denver requirements to abandon the connecting alley. 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. Secure and negotiate a JV partnership with a national apartment developer to build a signature project that maximizes the site’s potential. The Challenge: Assemble and entitle three land parcels into a site large enough to attract an institutional development partner. In 2014, Paradigm was engaged by 17 th Avenue Development Group to analyze and complete the acquisition, syndication, and assemblage of property located at the intersection of Park and 17 th Avenue in Uptown Denver. 17th and Park – Land Assemblage – Joint Venture Development
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