Recent sales, listings, redevelopments around Evans/Colorado/I-25
Many of you have followed the saga of the Happy Canyon Shopping Center, whose past owner’s legal trouble resulted in the sale of the existing Happy Canyon retail shops to a new owner, and renewed hope that the former-Safeway building project can find new ownership that will move it forward.
Mr. Dragul had over $100 million in real estate assets, all of which are in the process of being sold by a court appointed receiver. These assets included his home (https://businessden.com/2019/04/12/embattled-real-estate-investor-lists-cherry-hills-village-mansion-for-sale/ ) and an additional 22 residential properties, most of which are in the metro area, including several in Belmont Heights which are currently listed for sale.
He also had an assemblage of 6 homes on Ash and Bellaire Street near Evans and Colorado which he had positioned for redevelopment. A prospective buyer – Songnare Development – now has those properties under contract. Local neighbors will likely welcome that news as, according to court filings and a BusinessDen article, those homes were in disrepair, had been taken over by squatters and were contaminated with methamphetamine.
Interestingly, this assemblage is one of many redevelopment projects in the Evans and Colorado area which will significantly transform this south side of Evans between Colorado and I-25. While some will welcome these changes, at a recent Visioning Workshop sponsored by Kendra Black, some neighbors expressed concerns about traffic impacts and pedestrian access along Evans Avenue. While those challenges will certainly be present, the amount of development activity is logical given the area’s proximity to I-25 and the RTD’s Colorado station.