Developer Jim Neeman is teaming up with Kronenke Sports Enterprises to develop two office buildings southwest of the Pepsi Center at the light-rail station. The development will include two 150,000 square foot buildings developed in two phases. Neeman, president of NS West, said he expects to break ground on the first building in the third quarter of 2007. It is expected to cost more that $30 million.

We can see that the market would really embrace a project that had ample parking and was on the perimeter of downtown but not in the heart of downtown, Neeman said.

Several years ago, Kronenke Sports and Landric Corp. planned to take advantage of the site's proximity to the Invesco Field light-rail station by building retail, entertainment and housing there. They purchased the property from the Regional Transportation District. The current project, designed by Oz Architecture, will be built by M.A. Mortenson Co. Lease rates for the building are expected to be in the low $20-per-square foot range on a triple net basis. That's about $2 to $4 a square foot lower than the projected lease rates for the other buildings being developed in Lower Downtown, Neeman said.

Nearly 2 million square feet of office-space development has been announced for Lower Downtown. Two have already brokern ground: Hines building, 1515 Wynkoop St. and Opus Northwest's building, 1400 Wewatta St.