Adaptive reuse of Furchgott's Building proposed

[Captain Zissou]

This incentive deal will be the 2nd highest percentage of the project cost that the DIA has approved for a developer.  Highest is the Church & Hogan building that JWB received 46% of project cost.

[MusicMan]

$2300+ for a 1000 sf apartment.....

Is parking in the garage across the street?

[heights unknown]

Since Furchgotts closed doors in the 1980's I have always admired this building and had always hoped it would become something much better than night clubs, empty spaces, failed retail, etc. that have plagued it since then. This is really great news. It is a neat looking building that deserves much better than what it has been or now is.

[fieldafm]

Was given a rent roll this week for a 4plex, no recent renovations, with rents of $2,700/mo at 1,100 sq ft, and no on-site parking.  I don't know how sustainable that is over the long-term, so I passed on the offer, but that's apparently what the market is bearing for the moment, at least.

In the past month, I've also seen apartment complexes being refinanced in BFE Clay County with renewals at $2.75/sq ft.  There's no way I would live in that apartment, for that cost.... but apparently, people are.   


In more relevant news.... the DIA's historic renovation incentives are 100% why these buildings are coming back to life.  DIA deserves criticisms for certain things (including not extending the boundaries to this particular program into LaVilla), but the aggressive nature of this incentive program is something that is getting results. 

[Steve]

...the DIA's historic renovation incentives are 100% why these buildings are coming back to life.  DIA deserves criticisms for certain things (including not extending the boundaries to this particular program into LaVilla), but the aggressive nature of this incentive program is something that is getting results. 

That definitely seems clear - this program is probably the key to the North Core projects that JWB and others are taking on too.

Now, I am curious how "real" this project is. I mean it's great - perfect use for the building at that location; I just have this feel that it's like one of those renderings we never see come to fruition. Certainly hope I'm wrong!

[fieldafm]

Certainly hope I'm wrong!

Gladly, you will be wrong, my friend 

[Steve]

^Hope So!

Now, the JDR article mentions 3,872 SqFt of Retail Space. That seems incorrect (low). Are they possibly not including the current De Real Ting space?

[thelakelander]

Probably only counting those three first floor retail spaces and not the basement level.

[Steve]

Probably only counting those three first floor retail spaces and not the basement level.

Yea, I assumed that but I thought it would be much more than 4k SqFt. I just measured it with Google Maps and it's right. Surprising.

[JaGoaT]

Hogan street corridor is ripe with potential, very excited! That part of downtown is gonna look completely different in 5 years