Happy Canyon Update – April 12, 2019

No new court filings to report. The last relevant filings indicated that a local group (BPI, Inc) was under contract for $24.2 million on the existing retail shops and has made arrangements to buy some of the debt on the Happy Canyon marketplace building (former Safeway).

The Denver Post incorrectly reported the buyer was a “Golden-based company”.  BPI, Inc’s is actually the former Bradley Petroleum , Inc. based in Centennial according to Sec. of State filings and its president is Bradley Calkins Jr. You may remember the Bradley petroleum name from their eponymous chain of gas station/c-stores, which they sold in 2017 (Article). Calkins owns the Dunkin’ Donuts franchise that occupies the corner at Happy Shoppes and lives in the local are too so I would assume he is very vested in the success of shopping center.

Gart Properties reportedly sits in a backup position with a $24.1 million offer.  A separate out-of-state investor (Isabel Marina, managed by  Anthony Tarantino profile) is under contract on the smaller equity piece (9.4% ownership) of the marketplace building, after an initial potential buyer (Odyssey) terminated their agreement.

Denver Post ran a follow up to their somewhat misleading January 30th article (in which they reported “project representatives” assertions that would would start in February and the project could open by June).  The March 26th article reported the sale to BPI, Inc. “was expected to close next week.”  No record of a closing on the sale was reported by the receiver, so it is likely still undergoing due diligence as there is a lot to unpack there…

The Post’s most recent article said “Partners in the project, including officials with Tony’s, expressed optimism the work would start back up again this year, even projecting the hall could be open by this summer, but some neighborhood residents have expressed skepticism that the gutted building could be transformed that quickly.” (emphasis added) – the last part perhaps an acknowledgement by the author of my criticism of his January article for the false hope of a quick resolution it gave area neighbors in light of the reality of this project and construction in Denver these days.  

Denver’s Fox 31 interviewed me recently on the project:

Delayed construction project frustrating southeast Denver residents