Etkin Johnson Group Begins Construction On 74-acre Mixed-Use Broomfield Business Center Development

DENVER, Nov. 5, 2012 /PRNewswire/ -- Etkin Johnson Group announced today the official launch of construction of Broomfield Business Center, located off Via Varra and the Northwest Parkway in Broomfield, CO. The initial components of the 74-acre mixed-use development include construction of the 374-unit Retreat At The Flatirons luxury apartment community and the 4-acre Del Corso Park, which will be developed by Etkin Johnson Group and dedicated to the City of Broomfield. The first phase, which will total approximately $80 million, will also see construction of the infrastructure for the remaining 51 acres.

The balance of Broomfield Business Center will take shape with a wide array of restaurants, banks, retail, single and multi-story office/flex, structured and surface parking and a hotel. When complete, the walkable community will total more than 1.5 million square feet.

Bank of America Merrill Lynch provided the construction financing totaling approximately $53 million for the first phase of Broomfield Business Center, including the multi-family component and the master development infrastructure. "Bank of America Merrill Lynch is pleased to once again work with Etkin Johnson Group, a recognized leader in high-quality development in the Front Range," said Patrick Barnes, Senior Vice President, Commercial Real Estate Market Executive – Mountain West States. "Broomfield Business Center is a great example of the type of development we are committed to as a leader in commercial real estate lending," commented Chad Neubecker, Senior Vice President, Commercial Real Estate at Bank of America.

Barnes and Neubecker worked closely to close the complex transaction in August 2012 with Aaron Johnson, Vice President Investments at Etkin Johnson Group.

Initial occupancy for the Retreat At The Flatirons apartments is slated for July 2013. Residents will have 17 floor plans to choose from ranging in size from 703 square feet up to 2,023 square feet. Monthly lease rates for the one, two, and three-bedroom apartment homes are estimated to range from $1,000 to $2,235 monthly. The apartments at the Retreat will boast an unparalleled level of upscale finishes including nine-foot ceilings, full-size washer and dryer in each residence, stainless steel appliances, granite countertops in kitchens and baths, high-end plumbing fixtures, private patio or balcony with incredible views and available fireplace and garden tub in select plans. Other conveniences include walk-in closets, pre-wiring for intrusion alarms and telecommunications, individual heating, air conditioning and hot water. Garages are offered with several options including attached with direct access to residences as well as detached in standard and oversized configurations.

The Retreat At The Flatirons will offer one of the largest, most sophisticated sets of lifestyle enhancing amenities in the market. The welcoming Craftsman style of the apartments reference both traditional and contemporary architectural elements that will be carried through to The Club At The Retreat. Indoor and outdoor features will create a true resort-like atmosphere centered around health, fitness, relaxation, socializing and entertainment. Additionally, residents will have access to an adjacent 4-acre city park, which is being developed and donated to the City of Broomfield. Planned indoor amenities include a state-of-the-art fitness center, saunas, yoga center, Internet cafe, billiards room, business center and an expansive entertainment lounge. Slated outdoor amenities will include a shallow courtyard pool with lounge chairs, two-lane, 25-meter lap pool, outdoor kitchen, picnic arbor and grilling station, fire pit, bike repair shop and dog wash facility.

"We are very excited to see Broomfield Business Center taking shape in this outstanding location. The accessibility and views are amazing. The site infrastructure and residential component will set the spark for the 50 acres that will remain available for future development. Ultimately, Broomfield Business Center will result in a new pedestrian-friendly neighborhood with a vibrant mix of residential, retail, restaurant, banking, hotel, entertainment and office uses along with inviting public spaces including a city park and access to the adjacent trail system," said Bruce Etkin, Chairman of Etkin Johnson Group.

Other team members collaborating on the Retreat At The Flatirons include Lauren Brockman, Principal of the Denver office of Allied Realty, who is providing comprehensive development consulting services. He has sponsored the acquisition and development of approximately 9,500 multi-family units. Orion Real Estate Services, a subsidiary of Allied Realty, has a growing portfolio of more than 28,000 apartment homes under management throughout the nation and will provide property management and leasing services upon completion.

Etkin Johnson Group is a Denver-based development, investment, ownership and management company with a portfolio of more than 6 million square feet of office, retail, hotel and industrial holdings nationwide valued in excess of $500 million. For more information visit etkinjohnson.com.

SOURCE Etkin Johnson Group