Shorenstein Properties and Nichols Partnership Announce the Development of Mixed-Use Property in Denver's Central Platte Valley

SAN FRANCISCO and DENVER, Feb. 10, 2020 /PRNewswire/ -- Shorenstein Properties, LLC ("Shorenstein"), an owner and operator of high-quality office, residential and mixed-use properties across the U.S., in a joint venture with Nichols Partnership, Inc. ("Nichols"), today announced the development of One Platte (the "project"), a 5-story mixed-use project located at 1701 Platte Street in downtown Denver's vibrant Central Platte Valley neighborhood. The project resides on a 1.5-acre property purchased by Nichols from the City and County of Denver in February 2019, one of the last remaining development sites within the Central Platte Valley. One Platte will include approximately 240,000 square feet of office space along with 10,000 square feet of prime ground floor retail space.

The project, with design build delivery by The Beck Group, broke ground today. The 250,000 square feet building will feature the largest floorplates of any building in downtown Denver, floor-to-ceiling windows offering views of the Rocky Mountains and Denver skyline, and certifications from WELL, LEED® and WiredScore. Tenants will enjoy a range of on-site amenities including a lounge, a rooftop terrace, event spaces, a fitness center, abundant bicycle lockers and a secure underground parking facility. Shorenstein and Nichols expect to complete development and construction of One Platte in early 2022.

"The development at 1701 Platte Street provides a unique opportunity to deliver a differentiated mixed-use property in a dynamic market with attractive fundamentals," said John Boynton, Senior Vice President at Shorenstein Properties. "We are thrilled to be working alongside a talented Nichols team and leveraging their extensive local relationships and deep understanding of Colorado's commercial real estate market as we develop One Platte."

"The national reach and institutional investment expertise that Shorenstein brings to the table is invaluable in ensuring the smooth development, marketing and delivery of One Platte," said Randy Nichols, President and Founder at Nichols. "We are excited to bring this exceptional asset to a great neighborhood where Denver's professionals live, work and play."

"One Platte is the last remaining site of scale in the Central Platte Valley, and the market is expecting an innovative project from this powerhouse team," said Jamie Gard, Executive Managing Director at Newmark Knight Frank, the exclusive leasing agent on the project. "This project is being developed on one of the most coveted streets in Denver, and I am confident that One Platte will deliver as the premier location for office and retail tenants."

For further details regarding the project, visit www.OnePlatte.com.

About Shorenstein Properties LLC
Founded in 1924, Shorenstein Properties LLC is a privately-owned, real estate firm that owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has sponsored twelve closed-end investment funds with total equity commitments of $8.8 billion, of which Shorenstein committed $723.5 million. The firm uses its integrated investment and operating capabilities to take advantage of opportunities that, at the particular time in the investment cycle, offer the most attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. These funds have invested in properties totaling 67 million square feet in transactions with a gross investment value in excess of $16 billion.

About Nichols Partnership, Inc.
Founded in 1993 by Randy Nichols, The Nichols Partnership has been developing on the Colorado Front Range for more than two decades and has a portfolio that spans multifamily, residential, retail, office and hotel properties. The company takes a design forward and community-driven approach to its developments which range from $4 million to $200 million in size. Nichols is driven to responsibly enhance the communities in which we work by incorporating innovative design and quality materials in order to deliver projects that stand the test of time.

Media Contacts

Shorenstein
Jon Keehner / Jed Repko / Julie Oakes / Jack Kelleher
Joele Frank, Wilkinson Brimmer Katcher
212.355.4449 / 415.869.3950

Nichols
Dan Schuetz / Melissa Rummel
303.291.2200

SOURCE Shorenstein Properties LLC