A tale of 5 cities.

• Author: Jackson, Margaret

FOLLOWING THE COLLAPSE that began in 2007, Colorado's residential real estate market has come roaring back, fueled by low interest rates, limited inventory coupled with buyer demand, and a gradually improving economy. Meanwhile, the commercial sector is at least on the mend, as evidenced by the redevelopment of Union Station in Lower Downtown Denver and other large-scale, transit-oriented developments spurred by light rail connections.

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According to the Colorado Association of Realtors, the median sales price for a single-family home across the state was up 8.8 percent--to $260,000--in the second quarter of 2013 compared to the same period a year earlier. Similarly, the price for townhouse-condo properties statewide was up 9.7 percent, to $170,000, in the second quarter.

But real estate is fundamentally local; what holds true for Denver might not apply to Durango. With that in mind, we went local with this issue's Quarterly Real Estate Report, highlighting key developments along with overviews of five areas: Denver, Boulder, Colorado Springs and Fort Collins along the Front Range; and Durango in the Southwest.

These five snapshots provide a glimpse of what's taking shape across the state as developers respond to pent-up demand and apply their vision to the Colorado landscape. Transit-oriented development is the big news on Denver's real estate scene, with the redevelopment of historic Union Station considered the mother of all TODs.

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When completed, Union Station and the 19.5 surrounding acres will be transformed into a transportation hub that includes commuter rail to north Denver metropolitan communities and Denver International Airport, Amtrak, bus service, and taxi and limousine services.

"Transportation alternatives are enormously important for the futures of our cities, and historic preservation is very important for the future of our cities," said Dana Crawford, a longtime developer who is on the team redeveloping the old train station. "This is a coming-together of two very important urban assets."

The historic building itself will include more than 22,000 square feet of retail space and a 112-room hotel; while the new Union Station neighborhood will include commercial, retail and residential add-ons to boot, thanks to a public-private partnership between the City of Denver, Regional Transportation District and master developers Continuum Partners and East West Partners.

"We're coming in on time and on budget," managing partner at East West Partners, Chris Frampton, said of the $480 million project. "We're looking at about 700,000 square feet of new office space and 2,000 new apartment homes. Good things happen in good markets."

Frampton called the 16th Street Mall the "spine of downtown Denver," and added his assertion it is "the best public space in the country," listing off competitors such as Rodeo Drive and Madison Avenue. In addition, 17th Street will become a new public gathering place with "an outdoor waiting room set with gardens and cafes, bridging transit, retail, offices, hospitality and residential users all together in one place," Frampton said.

The build-out projects and RTD additions are scheduled for completion in 2016.

Excitement surrounding the transit hub has prompted several companies to stake claims and prime office space in the surrounding area. IMA Financial Group and Antero Resources are building new headquarters just blocks from their existing locations in Lower Downtown, and DaVita Inc. opened its new headquarters near Union Station last year after relocating from Los Angeles.

Denver Union Station may be the centerpiece of RTD's FasTracks expansion program, but other stops along the line also are seeing a flurry of activity.

Front Range Land and Development Co. has plans for 2.2 million square feet of office space, 1,800 residential units, two hotels and 300,000 square feet of walkable retail space at its 42-acre site at Belleview Station.

The first 653-unit apartment complex is already underway, and Denver developer Prime West earlier this year announced plans to complete the first 340,000-square-foot office building at the Belleview station site.

"It's clearly the best location in southeast Denver for a corporate...