Lowry Moves Forward on Former Janus Site

DENVER-Where mutual fund giant Janus Capital Corp. planned an 800,000-sf to 1.2-million-sf office campus in the heart of the former Lowry Air Force Base, a new, smaller master plans is rising. The Lowry Redevelopment Authority now plans a 600,000-sf office park called Crosswinds on the 35-acre site.

Janus would have brought thousands of jobs and a large tax base to Lowry, filling the last remaining major commercial site at Lowry.

”That doesn’t mean we have to lie down and take it,” says Anne Rosen, director of real estate for the Lowry Redevelopment Authority. ”In true Lowry style, we’re making big plans.”

The LRA tapped suburban developer Stephen Clarke for the first phase. Clarke, president of Prime West Development Inc., will develop two 90,000-sf, four-story buildings. But these aren’t spec buildings. He won’t start construction until 50% of the space is leased.

Clarke tells GlobeSt.com that Lowry’s central location and host of amenities — a wide range of housing, a new town center under construction adjacent to Crosswinds, schools, and parks – makes is likely he’ll lease 50% within the next 12 months.

”I think we might end up with one tenant that will take 50%.” Clarke tells GlobeSt.com. ”But it’s designed as a multi-tenant building (unlike Janus’ plans). We could go down to 3,000 or 5,000 sf.”

Clarke says rents will average $16.50 per sf, triple net. Expenses will likely run about $7.50 per sf, he says.

Denver-based Fentress Bradburn Architects will design the first two buildings and Greeley, CO-based Hensel Phelps will be the general contractor. They also were part of the team for the Janus project.