Bank of Colorado and UMB Bank Provide Funding for McGregor Square
UMB Bank and Bank of Colorado today announced the origination of the credit facility for the construction of the McGregor Square project. Principal Owner of the Colorado Rockies, Dick Monfort, strategically made the decision for Bank of Colorado and UMB to be equal lead funders of the project because both banks know the market and have local decision-making expertise.
What was once the west parking lot for the Colorado Rockies, will be transformed into a mixed-use site that will be the new marquee place to eat, gather, and play in downtown Denver. Surrounding this community space will be 75,000 sq. ft. of restaurant and retail space. It will also boast an additional 655,000 sq. ft. of above-ground space, containing a hotel managed by Sage Hospitality, private residences, and office space. Upon completion, Bank of Colorado will be one of the first tenants in the
building, adding to its 49-branch network in Colorado.
Doing business locally, and with banks that the Monfort Family and Colorado Rockies have relationships with, was a key factor in Monfort’s decision to choose the two banks. “The McGregor Square project is something that will be a part of Denver forever, and will enhance the community and the game day experience,” stated Monfort. “This project means a lot to me and my family, and it will stimulate the next wave of Downtown Denver development. It was important for us to work with local banks we know and trust and who understand the surrounding community.”
Bank of Colorado and UMB know the value of this project to the local market and have confidence in what it will bring to the Downtown community. “We’re a hometown bank, for a hometown team,” says Shawn Osthoff, president of Bank of Colorado, “Being involved in a project like this is very exciting. As a local community bank, we target projects such as this that improve quality of life and enable businesses to thrive in communities that we serve.”
“We have a strong commitment to the Denver community and the businesses and residents who make it such a special place,” said Paul Williamson, Colorado region president of UMB. “We’re proud to demonstrate this commitment through our partnerships on this project and look forward to future opportunities to continue making a positive impact in Denver.”
A project of this magnitude, both in scale and importance, requires cooperation on many levels from many different partners. Patrick Walsh, general manager of McGregor Square commented, “It is always important doing business with partners who you trust and that are easy to work with. We have been very lucky to have great partners throughout the project whether it be Bank of Colorado and UMB on the financing side or Stantec and Hensel Phelps on the design and construction side of the project. Without our partners we could not make this project a reality and make McGregor Square a truly iconic project in Lodo.”
Rendering courtesy of Stantec