New Brighton Pavilions Owner Sees Great Downtown Opportunities
FOR IMMEDIATE RELEASE 11.30.11
MEDIA CONTACTS:
Raymond H. Gonzales, President and CEO, Brighton Economic Development Corporation, 303.655.2154, rgonzales@brightonedc.org
William R. West, Senior Vice President, Cantor Partners, 813.951.6388, bill@cantorpartners.com
Terra Lenihan, Terra Communications, 303-709-4774, terra@terralenihan.com
NEW BRIGHTON PAVILIONS OWNER SEES GREAT DOWNTOWN OPPORTUNITIES
Brighton, Colorado – Keeping the original vision of a charming downtown shopping area in mind, Cantor Partners – who recently purchased part of the Brighton Pavilions – sees the shopping destination as a tremendous asset for downtown Brighton.
“Every community needs a rich identity, and it starts with Downtown,” said Joel Cantor, owner of Florida-based Cantor Partners. His company purchased four in-line retail buildings in the shopping center, and would like to preserve the original purpose of the center as a core downtown area that will stimulate smart growth and enhance Brighton’s historic downtown.
As a real estate developer, Cantor understands the hardship that landlords have faced during the recent recession. Owners and landlords are often stuck with empty commercial space, because they are unable to lower rents to attract or retain businesses, often due to the owner’s inability to restructure the debt service.
The Brighton Pavilions has a chance to reset, according to Cantor. He sees the value of the shopping destination, and said, the “Pavilions have tremendous qualities which I intend to build upon.”
“There is incredible value for developers in downtown Brighton,” said James Vigaasa, chairman of the Brighton Economic Development Corporation. “Companies from across the country and around the globe are recognizing Brighton as a place to do business. The Brighton trade area is the fastest growing in the nation, but we also have a terrific workforce and a friendly, small-town essence.”
Cantor said, “I purchased BP (Brighton Pavilions) because I believe there is a tremendous opportunity to turn this asset into 'the' city's core destination spot as envisioned by the city leaders and original developer. Despite the circumstances that led to the troubles and challenges, BP has tremendous qualities which I intend to build upon.”
The Brighton Pavilions is currently home to Lone Star Steakhouse, a drive-thru Starbucks, Qdoba Mexican Grill and Cold Stone Creamery. Future retailers will be attracted by the success of these current operations as well as the pavilion’s anchor, an AMC 12 movie theater.
“We are happy to welcome Cantor Partners to downtown Brighton,” said Dave Rose, Chairman of the Brighton Urban Renewal Authority. “Over the last several years, our historic downtown district has thrived, with over $120 million in private investment, and over 900 jobs secured.”
“We are very encouraged and hopeful with this new venture and wish Cantor Partners great success,” Rose said.
Cantor was attracted to the visibility of the Pavilions from Highway 85, the ability to host outdoor community events, and the “Main Street” design.
The Pavilion’s retail center is important not only to the fast-growing city of Brighton, but the surrounding trade area. Brighton is the closest and largest retail hub for many smaller communities in the vicinity, including Ft. Lupton, Hudson, Keenesburg, Lochbuie, and northern Commerce City. There are over 83,000 people within a 10-minute drive of Brighton, with most households earning more than $70,000.
Established in 1990, Cantor + Partners LLC is a specialized boutique real estate firm with a focus on fund management, project development, and advisory practice. The firm is a leader in special situation “value-add” investments that involve purchasing high quality assets that require creative and aggressive hands-on management to re-tenant and reposition to maximize value. The firm participates in complicated project restructurings requiring intense focus and understanding of each particular situation. Joel Cantor is the principal owner of the firm and hands-on in every aspect of its operations. For more information visit www.cantorpartners.com.
Brighton Economic Development Corporation (BEDC) is a 501c (6) Colorado non-profit organization serving the Greater Brighton Area. BEDC is the primary agent for economic development services. BEDC offers relocation, retention and expansion assistance and support to businesses. BEDC works to expand and diversify the local tax base by facilitating the creation of quality jobs and the attraction of retail development. BEDC encourages responsible, diverse growth and development that enhances Brighton’s quality of life as a desirable place to live, work, learn and play. To learn more about Brighton Economic Development Corporation, visit www.brightonedc.org or call 303.655.2155.
