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MAGNIFICENT 135,000 SQUARE FOOT HISTORIC BUILDING IN LODO TO GET $9 MILLION RESTORATION

 MAGNIFICENT 135,000 SQUARE FOOT HISTORIC BUILDING IN LODO
 TO GET $9 MILLION RESTORATION
 DENVER, Sept. 21 /PRNewswire/ -- A major renovation of the historic 135,000 square foot Streetcar Stables Building (formerly the Sheridan Heritage Building), located across from Union Station and the Oxford Hotel at 17th and Wynkoop, marks a significant development in the revitalization of Lower Downtown. The lofts at the Streetcar Stables project will create additional housing and retail services in the city's Historic Lower Downtown District.
 The building was placed under contract by Hensel Phelps Construction Co. in May 1992, after nine months of negotiations with the Resolution Trust Corp. (RTC). The Greeley-based construction firm chose a development proposal from Asset Investment Management Corp. (AIMCO) to develop the property, and will remain as a limited partner in the development, providing construction services for the project. AIMCO, headed by Stephen L. Owen, will be the general partner on the $9 million retail and residential loft project. Loft specialist Giv Mattingly of Lower Downtown Realty Group will serve as the listing broker for the lofts and commercial space. The project will be the third development for AIMCO on the 17th and Wynkoop block.
 Given the building's strong architectural quality and the overall size of the property, the Streetcar Stables is considered by many as the finest historic building remaining to be converted in Lower Downtown and by Richard R. Brettell, author of Historic Denver, to be one of the finest examples of 19th century warehouse architecture in the city. The building has a history as richly textured as its appearance. The Streetcar Stables Building is one of the few buildings in Denver to have received both national and state Historic Landmark designations.
 Built in 1882 by the Denver City Railway Co., the Streetcar Stables Building was strategically located directly across from the city's Union Station, where newly arrived travelers could pay 5 cents to travel by horse-drawn carriages over 15 1/2 miles of track to destinations throughout Denver. By the end of 1883, the building housed 200 horses and 45 streetcars and employed 100 men.
 The building was sold in 1892 to Mr. Sheridan, who had the exterior facade facing 17th Street redesigned by Barreson Brothers, and converted the property for mixed retail and commercial use. The building became known as the Sheridan Building, housing numerous shops and businesses until it was purchased by the Hendri-Bolthoff Co. in 1902. Hendri- Bolthoff, the largest supplier of equipment for the Colorado mining industry, occupied the site for the next 70 years.
 In the early 80s the historic property fell victim to the Savings and Loan debacle. Purchased by an office developer who partially renovated the building's shell and built an adjacent 330 space parking structure, the property went into default and remained vacant from 1983 until it was acquired by the Resolution Trust Corp. from the now-defunct Southwest Savings and Loan of Dallas.
 The architects for the project are Urban Design Group, with Peter Dominick and John Carney as principals on Streetcar Stables. Urban Design Group has been active in Lower Downtown renovation, particularly: Tabor Center, RTD Terminal, 18th Street Atrium, Acme and Edbrooke Lofts, Denver Dry and Tivoli. They are nationally renown with projects for clients such as Disney World and the Smithsonian Institution.
 In addition to exquisite lofts at the premier Lower Downtown address, planned uses for the restored building include two restaurants, specialty food market, gourmet coffee shop and liquor store. Retailers will be able to take advantage of the building's prime location directly enroute to the new baseball stadium and across the street from Union Station, with over 250,000 annual Amtrak passengers. The project also addresses one of the critical issues for Denver Mayor Wellington Webb: downtown urban housing.
 "Our intention to restore the historic Streetcar Stables Building into the premier luxury loft and commercial development in Lower Downtown Denver dovetails very well with the ongoing city plans to revive the urban center," said AIMCO President Stephen L. Owen. "We have changed the name of the building back to its original, because it more truly represents the historic significance of the property. It is an exciting project and an uplifting time for Lower Downtown. With plans for baseball, Elitch's and the 16th Street mall extension to Union Station, along with the infusion of new restaurants, art galleries and residential loft projects, Lower Downtown has become the driving force for the Denver core."
 Denver City Planning Specialist for Lower Downtown and the Central Platte Valley, Bar Chadwick, is delighted with this project and team, "There is no doubt that this is a key property in the Lower Downtown Historic District. We are very pleased to see a group of such caliber in charge of the renovation."
 Kathleen Brooker, Historic Denver's new executive director commented, "Physically, this is a quite handsome building. It is fair to say this is considered one of the finest 19th century warehouses in Denver."
 Mattingly, who has successfully sold lofts in the Edbrooke, Acme and Volker restorations, is confident that the Lofts at Streetcar Stables will be in instant demand. "The Streetcar Stables is clearly the trophy historic building yet to be re-developed in Lower Downtown. The building has virtually all the key features needed for luxury loft development and it's in a one-of-a-kind historic location. The building features heavy brick and timber construction, excellent views, hardwood floors, many private decks and balconies, heated underground parking and huge windows providing wonderful natural lighting."
 The first open house will be held the weekend of Sept. 27-28. Lofts will be priced from $148,000 to $350,000. Buyers will be able to reserve lofts for an estimated occupancy date of August 1993.
 -0- 9/21/92
 /NOTE TO EDITORS: Photos available upon request/
 /CONTACT: Rebecca Crosby of Crosby Partners, 303-297-9150, for Asset Management Corp./ CO: Asset Management Corp. ST: Colorado IN: SU:


MC -- DV001 -- 1578 09/21/92 10:30 EDT
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Date:Sep 21, 1992
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