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 January 1, 1998

CB Commercial adding Class A space to Promenade project

WESTMINSTER — With the office market so hot, another developer is building 150,000 square feet of speculative space.

Construction is slated to begin by May on the complex, developers say, as part of

the new Westminster Promenade.

The Class A office space will be part of the giant Promenade, a family entertainment center that includes a new Westin Hotel and Conference Center, movie theaters, an ice arena, retail shops and restaurants.

The office space will rent for about $18 per square foot, said Frank Kelley, first vice

president of CB Commercial, the commercial real estate firm handling the project. Completion of the building is expected by the end of 1998.

Large companies are the primary targets for leasing the office space, Kelley said.

Currently, the proposed office complex is going through the city of Westminster’s

permitting process, said Susan Grafton, economic development manager for Westminster.

The office complex will be one building with a 34,000-square-foot floor plate to

accommodate an entire business on one floor, said Tim O’Byrne, managing member of Inland

Pacific Colorado, the developer of the project.

Half the office complex will be four stories and the other half will be five stories high, he

said.

Located adjacent to a new Westin Hotel, the office complex will have the same exterior look as the hotel with native rock exterior on the first couple levels. Spaces also will feature decks, he said.

Construction cost for the office complex alone is estimated at $14 million, O’Byrne said.

He said construction of the office building is expected to be completed by the beginning of 1999.

A parking structure with about 700 spaces will be built next to the complex. “That’s

important to office users,” O’Byrne said.

He said there have been some preliminary discussions with potential tenants, but no

definitive agreements have been reached yet.

The pedestrian-oriented complex will be located near U.S. 36 and 104th Ave. The project

will be developed around a pedestrian walkway, or promenade. It will extend from the theaters

through a village setting of restaurants and stores across Pierce Street to the east side of the

project.

A brewpub is planned next to the ice arena, and a plant conservatory or arboretum also has been proposed. O’Byrne said the retail area within the Promenade itself will cover about 20,000 square feet.

The new 367-room Westin Hotel will be located next to the movie theater complex. It will include a 50,000-square-foot conference center. Cost of construction for the hotel complex is $59 million. It is expected to open by September 1999.

WESTMINSTER — With the office market so hot, another developer is building 150,000 square feet of speculative space.

Construction is slated to begin by May on the complex, developers say, as part of

the new Westminster Promenade.

The Class A office space will be part of the giant Promenade, a family entertainment center that includes a new Westin Hotel and Conference Center, movie theaters, an ice arena, retail shops and restaurants.

The office space will rent for about…

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