Denver

The “R-word” is back in the news. The rising cost of living coupled with a dip in the nation’s business output, declining stock prices and geopolitical worries suggest the economy is facing some real challenges. Personally, I wonder if this economic angst is more a symptom of this age of weaponized anxiety. There’s less than a 1% chance of a recession, according to a probability index by an Oregon professor who tracks economic variables. His work is charted above! However, I’ll note that recent surveys show 28% of…

A Dallas-based developer that proposed an apartment project in the heart of Cherry Creek last year has paid $29 million for the land. SW Cherry Creek Owner LLC purchased 219-255 Detroit St. in simultaneous transactions with multiple sellers. The combined site is 0.72 acres, meaning the buyer paid about $928 a square foot based on the land. That significantly outpaces the December sale of two corner lots a few blocks away for a combined $18.5 million, or about $740 a square foot. TBK Bank provided financing for the deal.…

Seven years ago, a newly formed hotel investment company in Denver proudly touted its purchase of a Best Western Plus in the Denver Tech Center for $15 million. “The property has all of the characteristics we are looking for in an acquisition — strong current yield, excellent location, superior branding and a variety of healthy demand generators,” Phillip Hutchins, co-founder of the company Rockies Lodging Capital, said in a news release. But on April 28, Hutchins, fellow co-founder Stephen Mills and RLC were sued in…

Russell Wilson and Ciara can finally call Colorado home after purchasing a record-smashing $25 million Cherry Hills mansion in April, earning the top spot on BusinessDen’s monthly top home sales list. A month after the NFL quarterback was traded to the Broncos, Wilson and his singer-songwriter wife Ciara bought a 20,060-square-foot mansion at 10 Cherry Hills Park Drive in Cherry Hills Village. It’s the most ever paid for a residential property in the metro area. BusinessDen was the first to report the news. Here are the…

NEW YORK — Last summer, Julio Carmona started the process of weaning himself off a fully remote work schedule by showing up to the office once a week. The new hybrid schedule at his job at a state agency in Stratford, Connecticut, still enabled him to spend time cooking dinner for his family and taking his teenage daughter to basketball. But in the next few months, he’s facing the likelihood of more mandatory days in the office. And that’s creating stress for the father of three. Carmona, 37, whose father died from…

The Bank of Denver will close one of its three branches at the end of August. The bank told customers in a flier that it will close its Golden Triangle location at 606 W. Colfax Ave. at the end of the business day Aug. 31. It has been open for more than 30 years. “We are closing our Golden Triangle Branch in August because the volume of customers using this branch has declined over the past two years,” Vice President Lisa Page said in an email. The bank’s locations at 800 E. 17th Ave. and 530 S. Holly St. will remain…

An auto repair shop at the edge of downtown since 1965 is being planned for redevelopment. Tennessee-based GBT Realty Corp. submitted a concept plan to the city of Denver last month proposing the construction of a 25-story residential building at 2000 N. Broadway, currently home to a Firestone shop. GBT already owns the approximately half-acre property, having paid $5.4 million in May 2021 to purchase it from Bridgestone Retail Operations LLC, records show. Bridgestone and Firestone merged in the 1980s. A GBT…

WASHINGTON — America’s employers added 428,000 jobs in April, extending a streak of solid hiring that has defied punishing inflation, chronic supply shortages, the Russian war against Ukraine and much higher borrowing costs. Friday’s jobs report from the Labor Department showed that last month’s hiring kept the unemployment rate at 3.6%, just above the lowest level in a half-century. The economy’s hiring gains have been strikingly consistent in the face of the worst inflation in four decades. Employers have added at least…

There may never be a better time for sellers to put their homes on the market. “If you need to sell because of marriage, divorce, having a baby, aging, or relocating, it’s a great time to take advantage of this seller’s market,” says Alan Smith, broker-owner and one of three partners at RE/MAX Professionals. But for buyers, it’s a different story. With limited supply and some buyers who have deep enough pockets to offer thousands over the list price, many average buyers feel squeezed out. Denver area real estate…

The federal government’s plan to provide a tax credit for electric bike purchases doesn’t appear to be coming off of life support any time soon, but that hasn’t stopped Denver from creating its own e-bike rebate program. In fact, the city might have done an even better job making these effective car alternatives more accessible to a wider range of incomes and budgets. That’s because Denver’s new electric bike rebate program is an actual point-of-sale rebate. Unlike the proposed federal tax credit that could…