Main Facts
The Colorado business and real estate landscape is experiencing a dynamic period of growth, characterized by significant multifamily investments, high-profile commercial leases, industrial expansions, and mission-driven retail developments. At the forefront of local retail news is Convict Coffee Co., a rapidly expanding, mission-driven enterprise that announced plans to open its third location later this year. Founded in Parker in 2024 by Dan Klehm—who previously served time at Vacaville State Penitentiary—the brand serves "coffee with conviction" while prioritizing second-chance employment and community outreach.
The new storefront will occupy 2260 E. Colfax Ave. at the edge of Denver’s historic Cheesman Park neighborhood, taking over the former space of Savageau Coffee and Ice Cream, which opened in 2023. Notably, the cafe will sit directly adjacent to R&R Head Labs, a barbershop known for employing ex-convicts, creating a synergistic hub for second-chance advocacy along the bustling Colfax corridor.
Beyond the retail sector, the state’s commercial real estate (CRE) market is humming with activity. Major capital investments include:
- San Antonio-based Embrey acquiring an 18-acre parcel in Lafayette for $38.5 million to develop 324 multifamily units.
- California-based JB Matteson making its inaugural Colorado acquisition by purchasing a 288-unit Loveland multifamily complex for approximately $72.3 million.
- Substantial corporate expansions, such as Ursa Major’s new 25,000-square-foot manufacturing facility in Longmont, which is projected to generate up to 1,850 new jobs.
Chronology of Recent Developments
To understand how these commercial transactions and local business milestones unfolded, the following timeline highlights key events across the Front Range:
- Early 2024: Convict Coffee Co. is officially founded in Parker by Dan Klehm, establishing its mission to provide second-chance employment and premium coffee.
- Early 2025 (Year-to-Date): Convict Coffee successfully opens its first Denver location, setting the stage for rapid brand recognition across the metropolitan area.
- August 2025: Ursa Major officially opens its advanced 25,000-square-foot manufacturing facility in Longmont, featuring specialized welding, avionics testing labs, and a clean room.
- Mid-2025:
- Embrey purchases an 18-acre parcel at the northwest corner of Northwest Parkway and Highway 287 in Lafayette for $38.5 million, with CBRE representing the seller, Milestone Development Group.
- JB Matteson acquires a 288-unit multifamily property in Loveland for $72.3 million from Vintage Communities, supported by a $40 million loan secured through JLL.
- Fall 2025 (Projected): Vertical construction is slated to begin on the Waldorf Astoria luxury condominium project in Cherry Creek North, following the completion of basement and ground-floor concrete pours by general contractor Hyder Construction.
- Late 2025 (Upcoming): Convict Coffee Co. plans to open its third location at 2260 E. Colfax Ave., replacing Savageau Coffee and Ice Cream and joining forces with the neighboring R&R Head Labs.
- First Quarter 2028 (Projected): The Waldorf Astoria Cherry Creek North development is scheduled for completion.
Supporting Data and Market Metrics
Data from regional transactions and national housing studies illustrate the robust health and shifting dynamics of Colorado’s economy:
Multifamily and Investment Sales
- Lafayette Land Acquisition:
- Buyer: Embrey (San Antonio, TX)
- Purchase Price: $38.5 million
- Property Size: 18 acres
- Proposed Yield: 324 multifamily units
- Brokerage: CBRE (representing seller Milestone Development Group)
- Loveland Multifamily Complex:
- Buyer: JB Matteson (California-based real estate investment firm)
- Purchase Price: ~$72.3 million
- Financing: $40 million loan secured via JLL
- Seller: Vintage Communities
- Property Details: 288 units; marks JB Matteson’s debut investment in the Colorado market.
Commercial Leases and Corporate Growth
- Illumine Legal (Denver Tech Center):
- Lease Size: ~14,000 square feet (a 71% expansion from its previous 8,200 SF footprint)
- Location: Belleview Tower (12-story office building)
- Representation: TRE (Denver-based)
- Thompson Thrift (Denver Tech Center):
- Lease Size: 10,000 square feet
- Location: Terrace Tower
- Context: Established a Denver regional office in 2022; has developed 22 multifamily properties statewide.
- Ursa Major (Longmont):
- Facility Size: 25,000 square feet
- Amenities: Welding and manufacturing labs, environmental test lab, clean room
- Economic Impact: Estimated creation of up to 1,850 jobs focusing on in-space and avionics propulsion systems.
Construction and Education Infrastructure
- Waldorf Astoria (Cherry Creek North):
- Scope: 37-unit luxury condominium complex
- General Contractor: Hyder Construction
- Current Status: Basement slabs and ground-floor concrete pours completed; vertical construction scheduled for autumn.
- Douglas County School District: Completed Phase 2 of the Legacy Campus in Lone Tree, offering high schoolers technical training in advanced manufacturing, construction, and auto mechanics.
- St. Vrain Valley School District: Opened Big Sky PK-8, a massive 145,000-square-foot educational facility in Longmont constructed by Centennial-based JHL Constructors.
Demographics and Housing
- According to recent data from RentCafe, Denver stands out as one of the most balanced millennial housing markets in the United States.
- Homeownership vs. Renting: More than 50% of millennials in Denver own their homes, while 49.4% rent, signaling a remarkably even split that defies national affordability trends seen in coastal metros.
Official Responses and Stakeholder Insights
The integration of community-focused business ventures and large-scale commercial expansions relies heavily on the vision of local leaders and founders.
When discussing the unexpected expansion of Convict Coffee Co., founder Dan Klehm shared his enthusiasm via social media:
"To be honest, me and my kids weren’t even looking for location number three. When this fell into our lap, we knew this had to be it."
Klehm’s personal journey—transitioning from incarceration at Vacaville State Penitentiary to serial entrepreneurship—imbues the brand with a distinct ethos. By establishing a physical footprint right next door to R&R Head Labs, a barbershop dedicated to employing formerly incarcerated individuals, Convict Coffee is actively curating a supportive ecosystem along East Colfax Avenue. This corridor is increasingly transforming into a destination for inclusive commerce and community rehabilitation.
On the industrial front, clean-tech and aerospace stakeholders have emphasized the importance of localized manufacturing infrastructure. The opening of Ursa Major’s Longmont facility highlights the region’s rising status as a hub for next-generation aerospace engineering, providing specialized laboratory spaces that are critical for advancing national defense and commercial space propulsion.
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Implications for the Colorado Economy
The convergence of mission-driven small businesses, multimillion-dollar real estate acquisitions, and massive corporate expansions points to a resilient and maturing Colorado economy.
1. Urban Revitalization and Socially Conscious Retail
The arrival of Convict Coffee Co. in the Cheesman Park/Colfax corridor demonstrates how real estate development can align with social impact. By co-locating with enterprises that hire ex-convicts, these businesses help reduce recidivism while revitalizing urban commercial strips. This trend suggests that consumers and landlords alike are increasingly valuing storefronts that offer authentic community engagement alongside traditional goods and services.
2. Investor Confidence in Colorado Real Estate
Despite national economic headwinds and fluctuating interest rates, institutional capital continues to pour into the Centennial State. Out-of-state firms—such as San Antonio’s Embrey and California’s JB Matteson—demonstrate immense confidence in Colorado’s population growth and housing demand. JB Matteson’s entry into the Loveland market signals that secondary and tertiary markets along the Front Range are just as attractive to institutional investors as core urban centers like Denver and Boulder.
3. Diversification Through Aerospace and Tech Manufacturing
Ursa Major’s expansion in Longmont, coupled with major educational investments like the Douglas County School District’s Legacy Campus and St. Vrain’s Big Sky PK-8, illustrates a holistic approach to workforce development. By pairing state-of-the-art manufacturing facilities with vocational and higher-education training pathways, Colorado is proactively building the talent pipeline required to sustain long-term economic growth in high-tech sectors.
