D.A. Davidson’s Special District Group has successfully priced and closed approximately $70 million of senior and subordinate bonds for Riverwalk Metropolitan District (MD) No. 2 in Glendale, for the development of Glendale Entertainment District, a master planned mixed-use retail, entertainment and commercial center located in the heart of downtown Glendale. The multi-million project will break ground in 2022 and Phase 1 is slated for a grand opening in late 2024.
The project is anticipated to include an Alamo Drafthouse Cinema, live concert venues, outdoor plazas, retail shops, fine dining and casual restaurants, sports bars, a hotel, two parking structures and a boardwalk along Cherry Creek. At full build-out, the Glendale Entertainment District is anticipated to consist of approximately 213,660 square feet of restaurant, retail, hospitality and commercial space. The Mulhern Group is the architect for the project.
D.A. Davidson’s Special District Group in Colorado focuses on financing public infrastructure for land development through the issuance of municipal bonds. The team partners with special districts and developers to structure turnkey and tailored bond transactions to optimize the best economic outcome for clients, driving groundbreaking financial solutions with hands-on partnerships from project inception to completion.
“This highly anticipated project required complex financing elements, deep team expertise and a visionary developer to help effectively build it out in a cost-effective and sustainable manner,” said Brooke Hutchens, managing director at D.A. Davidson. “It’s a pure example of how the right financing tools and team can ensure the successful delivery of a project of this scale that will support a thriving Denver and its community members long into the future.”
Central Street Capital, Inc. oversees the development entity and provides all administrative, management, accounting and oversight of the project. Central Street Capital invests in real estate development projects and healthcare-related companies and operates businesses across a wide range of industries.
“The Glendale Entertainment District is a big vision backed by years of thorough and diligent planning,” said Rob Salazar, founder and president of Central Street Capital. “Critical to this project’s success is aligning with the most intentional financial partners, and D.A. Davidson more than fit the bill with decades of experience, specialized expertise and the tools not easily found in our market.”
Bordered by E. Virginia Avenue to the north, Cherry Creek South Drive to the south, and S. Cherry Street to the east, Glendale Entertainment District sits along the pedestrian-friendly Cherry Creek trail and the banks of Cherry Creek.
The development will occur in two phases. The first phase will be anchored by the Alamo Drafthouse Cinema. Phase two contemplates a 120-room hotel, pool deck bar and retail and restaurant space.
The proposed hotel is a full-service lodging facility, which will be associated with an upscale, nationally affiliated brand. The property, which is anticipated to open in 2025, will feature a restaurant and bar/lounge and a pool bar, 4,000 square feet of meeting space, an outdoor pool and sundeck, a fitness room, a lobby workstation and a market pantry.