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Sale of RiNo office

Two investment firms bought a 16,000 square-foot office building at 2734 Walnut Street in the River North Art District, the partnership announced Monday.

Denver developer Magnetic Capital and Texas-based Trinity Investors announced they bought the empty office building with plans to convert it into “experiential retail.” Renovations for adaptive reuse building are expected to begin this summer.

RiNo had the highest office vacancy rates in the metro area at 49%, according to CBRE’s first quarter report.

Magnetic Capital’s Dan Huml said they’re tapping into a “popular trend for people who want more activities than just dinner and drinks out with friends” to bring new life to the building.

The retail building will transform into a hangout space for visitors, he added.

The developers also said they are working with a “fast-growing national group” to open its first Denver location at the RiNo building — but didn’t say who or what they specialize in.

“We’re excited to be partnering with Trinity Investors on this concept and are looking forward to announcing the tenant and what they will be bringing to Denver,” Huml stated.

Details about the sale, like seller and price, were not disclosed. The Denver Assessor hadn’t logged the sale yet, but records show the building traded hands in 2019 for $5.97 million to Inca Development Inc.

Aspen restaurant replacing Citizen Rail in downtown Denver

Downtown Denver’s Citizen Rail is closing at the end of the month.

A new restaurant related to Aspen’s AJAX Tavern will open in its place at 1899 16th Street Mall, announced the hospitality division of the Aspen Skiing Co.

AJAX Downtown is set to open in August, offering a contemporary American cuisine menu.

Top staff at the Citizen Rail, which will close June 29, will stay on for the new restaurant. The restaurant’s executive chef Jared Becker will lead the new kitchen team through the transition. Director of food and beverage Jennifer Lordan, lead bartender Matthew Gotlin-Sheehan and pastry chef Gaby Navas will also stay on.

“My vision for AJAX Downtown is to push our culinary program into the highest level of competition within the Denver food scene,” Becker said in a statement. “We will utilize the culinary talents of our team and inspiration from Aspen to deliver an outstanding experience for each of our guests.”

The new concept near Union Station will mix upscale dining with a comfortable setting, according to Aspen One.

Food will be cooked over an open fire using coal-fired cooking techniques. AJAX Downtown will also source Colorado beef and will have its own dry aging room.

“We will honor an Aspen icon by bringing its lively atmosphere and energy to Denver, with its own unique culinary innovation,” said Alinio Azevedo, CEO of Aspen One’s hospitality division, in a news release.

OEDIT hires new director to manage Colorado’s tech hubs

The Colorado Office of Economic Development and International Trade created a new role to build up the state’s technology hubs.

OEDIT on Friday named its Chief Strategy Officer Laura Rodriguez to be Colorado’s first director of innovation ecosystems.

Her job will entail fostering the state’s economic hubs for startups with a focus on sustainability and inclusivity.

The new role shows the state’s commitment to supporting startups in Colorado, OEDIT said via news release. Rodriguez will lead projects to promote innovation within the state’s regional hubs such as the Elevate Quantum Tech Hub, the Colorado-Wyoming Climate Resilience Engine and three newly designated tech hubs.

“Laura’s extensive experience fostering business innovation, understanding of economic trends, and proven track record of success at OEDIT make her a perfect fit for this role,” said OEDIT Executive Director Eve Lieberman in a statement.

Rodriguez was also the vice president of economic competitiveness and corporate attraction for the Metro Denver Economic Development Corporation before joining OEDIT.

She was born and raised in Denver and earned an International Relations Bachelor’s Degree from the University of Colorado Boulder and a Masters Degree in International Economics from Johns Hopkins University’s School of Advanced International Studies.

“Laura’s leadership will be critical to ensuring Colorado remains a leading destination for innovation and entrepreneurship, and accelerates our national and global competitiveness,” Lieberman said.