Denver's Union Tower West Moving Forward

Union Tower West, a vertically-stacked mixed-use development at 1801 Wewatta Street in Denver's Union Station neighborhood, will begin construction with a groundbreaking ceremony scheduled for April 9. The project is being developed by Portman Holdings, with John Portman & Associates providing architectural services, and general contractor Hensel Phelps, which plans to complete construction within 20 months. Canyon Capital Realty Advisors has provided equity financing and Regions Bank will provide a construction loan for the approximately $92 million development.

"Canyon is excited to be part of the transformation of Denver's downtown by partnering with an experienced development team," said Marti Page, Senior Director at Canyon Realty in a press release.

"We feel that the design of this building, and its vertically stacked multiple uses, complement and enhance the appeal of LoDo, where we're thrilled to be developing property," added Portman Holdings CEO Ambrish Baisiwala. "We know that the Hotel Indigo® brand approach will bring a strong local feel and the character of the Union Station neighborhood to life within this distinct property."

Plans for Union Tower West include a 210,000-square-foot mixed-use development featuring 100,000 sq. ft. of Class A office space and the Hotel Indigo® hotel accompanied by 10,000 sq. ft. of food and beverage concepts. Travis Garland of Portman Management Company is collaborating with Colliers International for office leasing activities.

For more news and information visit Blumberg Capital Partners.

Union Tower West Designs Unveiled

John Portman & Associates (JPA), the international design firm, has released a rendering of the Union Tower West project in Denver, a new $100 million mixed-use building. The project is being developed by Portman Holdings in partnership with Hensel Phelps, creating a new space across from Union Station and adjacent to The Commons. Construction is expected to begin later this fall; General Contractor Hensel Phelps plans to complete construction within 18 months of breaking ground. Portman Holdings acquired the development site in January of this year for an undisclosed amount.

The Union Tower West project features a 180-key select-service hotel, approximately 100,000 square feet of office space above the hotel, a parking garage for 216 cars, and extensive public spaces with linkage to the recently constructed pedestrian crossing at the new multimodal station, and an aim to use the landscaped plaza at the visual termination of Wewatta and 18th Streets for outdoor dining and events.

This location is unbeatable," said Ambrish Baisiwala, CEO of Portman Holdings. Denver is just the type of market we are bullish about, and we appreciate the dynamics of the Union Station neighborhood as well as the walkability and integrated transit."

Union Tower West represents the firm's first project in Denver, according to a company press release. Gordon Beckman, AIA, JPA principal and design director, explains the firm's vision for the building, "This project continues and expands the concepts promoted by The Commons master plan and Union Station redevelopment. The vitality of this district is the impetus for transforming this significant corner site in Denver. The project's hotel amenities and functions support and complement the office functions, as well as the neighboring residential projects, thus continuing the lively mixed-use community of The Commons. We are very pleased to contribute to this vital up-and-coming area of the city."

Click here to view more renderings of the project. For more news and information visit Blumberg Capital Partners.

Portman Holdings Buys 230 Peach Street

Portman Holdings, the Atlanta-based developer with over 60 years of experience developing over 50 million square feet of premium real estate across the world, announced this week that it had purchased the 27-story office building at 230 Peachtree Street. Portman first developed the 50 year old building in 1965 as part of the Peachtree Center mixed-use development. PCCP provided a senior loan to the Atlanta-based developer to purchase the property from Parmenter Realty Partners for an undisclosed amount.

"When I first developed the 230 Peachtree tower, I commissioned a Robert Helsmoortel sculpture for the plaza out front. It was titled 'Renaissance' to symbolize Atlanta's renewal," said John Portman, Jr., founder and chairman of Portman Holdings. "The sculpture, unfortunately, is long gone, but the 230 tower is once again set to help spark renewal in downtown Atlanta, and I could not be more proud or more pleased to be a part of it."

Portman plans to immediately begin renovating the property which, when completed in late 2015, will see a new 200-key Hotel Indigo® hotel occupy floors two through nine, with approximately 290,000 square feet of office space on floors 10 through 27. John Portman & Associates will provide architectural services for the development. The building will house the only hotel in downtown Atlanta that is directly above a MARTA station, providing access to some of the city's best attractions, convention locations, business districts and more.

For more news and information visit Blumberg Capital Partners.