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Construction

BMC and Rockpoint Begin Construction at 299 Milwaukee St.

2024-12-09

BMC Investments, a renowned Denver-based real estate firm, and Rockpoint, a prominent real estate private equity firm, have taken a significant step forward with the commencement of construction on The Oasis Apartments in Cherry Creek. This luxury mixed-use development is set to redefine the neighborhood and offer residents an exceptional living experience.

Transformative Partnership and Site Details

In April 2022, BMC and Rockpoint formed a strategic partnership to acquire and develop the site at 299 Milwaukee St. Situated on one of the last large mixed-use development sites in Cherry Creek North, the project will encompass 177 luxury residential units, 28,000 square feet of high-end ground-floor retail, and a 6,000-square-foot public park with fountains at the corner of Third Avenue and Milwaukee Street. The vertical construction is expected to start in February 2024, with completion anticipated in early 2027. Designed by Shears Adkins Rockmore and constructed by The Beck Group, this apartment project will transform nearly the entire west side of Milwaukee between Second and Third Avenues. Sam Zaitz of JLL and Julie McBrearty of SullivanHayes are responsible for leasing the retail space.

CEO's Perspective on Construction Financing

Matt Joblon, the founding partner and CEO of BMC Investments, expressed his excitement about securing construction financing from Bank OZK and commencing construction on this transformative project. He stated, "Alongside Rockpoint, we are thrilled to move forward with this trophy-level apartment development catering to residents who seek a best-in-class living experience in the Cherry Creek submarket. We believe this project will set a new standard for luxury living in the area."

Rockpoint's Enthusiasm for the Development

Aric Shalev, the managing member and co-president at Rockpoint, shared his enthusiasm for the partnership and the commencement of construction. He said, "We are pleased to partner with BMC and bring this exciting new development to life in Cherry Creek. This submarket is perfectly suited for luxury rental housing development, given its excellent location, high-end amenities, and adjacent high-quality retail. We believe this will become a signature property in the Denver community and attract residents who value quality and style."

Best-in-Class Amenities and Project Timeline

The Oasis is designed to meet the growing demand for apartments in Cherry Creek North and will feature an array of best-in-class amenities. These include a rooftop pool, a state-of-the-art fitness center, co-working areas, and a resident lounge. The start of this project follows BMC's recent groundbreaking on Fitzsimons Gateway, a 210-unit affordable housing project in Aurora in partnership with Mile High Development. Additionally, BMC has acquired a Cherry Creek North building, which is the next phase of the Clayton Lane redevelopment and is now renamed Cherry Lane. Furthermore, 255 Fillmore, a 100,000-square-foot office and retail building, has recently been completed in Cherry Creek North.

Medford is taking significant steps towards the construction of Fire Station 15. With a planned budget of $8.4M for the project, the local authorities have come up with an innovative funding approach. They aim to raise $6.5M through bonds and an additional $4M from general funds, resulting in a total of $10.5M. This amount will be used to cover the costs of the bonds and their associated interest payments.

Medford's Bold Move in Fire Station Funding

Details of the Funding Plan

The decision to use a combination of bonds and general funds showcases Medford's commitment to ensuring the timely construction of Fire Station 15. By leveraging bonds, the city can access a larger sum of money upfront, which is crucial for large-scale infrastructure projects. The $6.5M in bonds will provide the necessary financial boost, while the $4M from general funds ensures that the local community is also contributing to the cause. This balanced approach not only helps in meeting the financial requirements but also instills a sense of ownership among the residents.

Moreover, the repayment of the bonds and their interest is a crucial aspect of the plan. With a total of $10.5M to be paid back, Medford is setting a clear financial target. This ensures that the project is not only initiated but also completed within the stipulated time frame, without burdening the future generations with excessive debt. The local authorities are working closely to manage the finances and ensure that the repayment process is smooth and sustainable.

Benefits of the Fire Station Construction

The construction of Fire Station 15 is expected to bring several benefits to the community. Firstly, it will enhance the emergency response capabilities of the city. With a dedicated fire station in place, firefighters will be able to reach the scene of emergencies more quickly, thereby saving precious lives and property. This increased response time will be a game-changer during critical situations.

Secondly, the fire station will serve as a hub for community safety initiatives. It will provide a platform for conducting fire safety awareness programs, training sessions for residents, and organizing emergency drills. By actively involving the community in safety measures, Medford can create a more resilient and safe environment for everyone.

Impact on the Local Economy

The construction of Fire Station 15 is also expected to have a positive impact on the local economy. The project will create job opportunities during the construction phase, providing employment to local workers. This will boost the local economy and stimulate economic growth in the area. Additionally, the presence of a modern fire station will attract businesses and investments, as it indicates the city's commitment to infrastructure development.

Furthermore, the improved emergency response capabilities will indirectly benefit the local businesses by reducing the risk of fire-related losses. This will give businesses the confidence to invest and expand, leading to overall economic development in the region.

The town of Colchester has been grappling with significant issues regarding the housing of Vermont Construction Company workers. Last week, the company was issued an emergency order to vacate a portion of its office space at Hegeman Avenue. It was discovered that part of the building was being used to house an estimated 17 people without any approvals for life safety features in a public building. Town zoning and state fire marshal officials who visited the property found it to be "structurally unsafe," with no smoke or carbon monoxide detectors, no fire extinguishers, and several electrical violations.

Repeated Violations and Emergency Orders

This is not the first time Colchester has cited the company for housing its workers in unsafe and unpermitted conditions. In September, similar circumstances were found at a house at 28 Vermont Avenue, where 60 people were living in similar conditions. Tenants, who were seasonal workers employed by the company, were living in small, congregate sleeping areas, with no sprinkler or fire alarm systems in place as required by the state when more than 10 people are housed in a single space. Visible mold was also found at the Vermont Avenue home, with no carbon monoxide alarms and broken smoke detectors.The property at 28 Vermont Avenue was also issued an emergency order to vacate in September and has remained empty since then. Cathyann LaRose, Colchester's planning and zoning director, described it as "derelict."In an emailed statement, Dana Kamencik, one of the owners of Vermont Construction Company, said the company was "working closely with the appropriate authorities to address these issues and ensure compliance moving forward." The company, which was incorporated in early 2016, is a "young and growing business" and takes the recent violations seriously.Vermont Construction Company owns at least four other residential properties in the county, including two in Williston, one in Essex Town, and one in Shelburne. After the violations at the Colchester property, tenants were moved to a similar residential property it owns in Williston.Sponable said the state had identified "issues that we're working through" at both the Shelburne and Essex properties but had not identified hazardous conditions similar to those in Colchester.

Dormitory-Style Living and Safety Measures

Dormitory-style living is more common in areas closer to ski resorts that employ seasonal workers. However, most ski areas have buildings set up more like college dormitories with sprinkler systems and fire alarm systems.Vermont Construction Company purchased a single-family home at 281 Hedgerow Drive in Shelburne to house company employees. At one point, it had 15 residents, but it has since racked up several violations, including failing to provide sprinkler and fire alarm systems. A follow-up inspection found that the sleeping quarters had undersized windows and could not be occupied at that time.A representative for the company told fire marshal officials at the time that the plan was to find new housing for the majority of the residents, leaving two staff to rehab the house. The property has since generated numerous written complaints from residents, and police have an extensive call log originating from the property.In Williston, residents have similarly complained of trash at 192 Aspen Lane and the company also owns a residential property on White Birch Lane. Sharon Kelley, the zoning administrator and health officer for Essex Town, said there have been several verbal complaints about trash build-up at the property on River Road but no violations have been issued.Kamenick did not respond to an interview request or a follow-up email with detailed questions on Monday afternoon but said in his initial email that the company "would respond to any complaints promptly.""We view community feedback as a critical part of our growth, and we are committed to resolving any concerns and continuing to build trust with the people we serve," he said.VTDigger is a nonprofit newsroom that reaches nearly half a million readers each month, but only 2% of those who rely on our news donate to support it. A $15 gift could make a big difference this year. If everyone reading gave that amount, we’d reach our year-end goal today.We are so grateful to our small but mighty group of contributors who have helped VTDigger become Vermont’s most trusted in-depth news source over the past 15 years. If you haven’t already, please consider a special year-end gift and keep us digging.