DENVER—FEBRUARY 12, 2015—CIM Group and its partner Continuum Partners today announced the acquisition of the approximately 26-acre site of the former University of Colorado Health Sciences Center in Denver. Located at 9th Avenue and Colorado Boulevard, the currently vacant site is approximately three miles southeast of downtown Denver’s Central Business District and is part of the 9th and Colorado Urban Redevelopment Area.
The former campus is approved for a multi-phased redevelopment with a mix of uses including residential, retail, office and hotel. Surrounded by mature residential neighborhoods and the Colorado Boulevard commercial corridor, it is a prominent and highly anticipated urban infill project. Guidelines for the redevelopment call for the adaptive reuse of the historic Nurses’ Dormitory and Research Bridge buildings as part of the creation of a pedestrian-friendly environment with plazas and public spaces that complement and connect with the existing area.
CIM specializes in investing in and redeveloping urban communities throughout North America, and it has identified the greater Denver area as fitting with the firm’s longstanding investment strategy, which focuses on qualifying urban districts positioned for economic expansion with solid infrastructure and transportation networks. With the 9th Avenue and Colorado Boulevard project, CIM will also apply its investment philosophy that focuses on meeting the needs of the surrounding community in both the near and long term. CIM has been active in Colorado since 2006 and made its first investment in Boulder in 2007. The 9thAvenue and Colorado Boulevard project is CIM’s first investment in the Denver community. CIM is also currently developing a 2.3-acre site adjacent to the University of Colorado at Boulder, which includes a 138-unit Class A multifamily rental project.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within that risk profile. Headquartered in Los Angeles, CIM maintains regional offices in New York City, the San Francisco Bay Area, Bethesda, Maryland, and Dallas. For more information, please visit www.cimgroup.com
About Continuum Partners, LLC
Continuum Partners, LLC is a progressive development firm specializing in building urban mixed-use developments that create successful pedestrian environments and integrate effectively with the surrounding urban fabric. Founded in Denver, Colorado in 1997 with a deliberate mission to create sustainable human habitats of extraordinary character and enduring value, Continuum Partners has established itself as a national leader in urban, mixed-use, large-scale projects.