Ventura Enterprises buys Centennial land for $3 million garage condo project

Leor Rozen and his family business, Ventura Enterprises, bought a 7-acre parcel in Centennial for $3 million earlier this month. The 30-year-old developer plans to construct a 100,000-square-foot commercial condo project on the site. This will be the first Colorado development for the Las Vegas based company.

The project, named My Dream Storage Co., will consist of 63 units ranging from 500 to 4,000 square feet. Rozen said the development targets a missing market for small businesses and personal car collectors who want to own their workspace. Prices for the units are listed between $150,000 and $1.3 million.

Rozen purchased the land at 6507 S. Racine Circle for nearly $10 per square foot. Glenn McWilliams, the seller, had previously entitled the site for a similar development called GarageCondos. McWilliams is now a part-owner and investor in the new project. He will also serve as a consultant to help sell units and manage the property.

Charlie Cummings, Rozen’s broker at Innovate Commercial Real Estate, searched the metro area for a suitable site before finding the Centennial lot. Cummings said he looked as far north as Broomfield. He described the location as prime because of its proximity to the airport. Rozen said he has been knocking on warehouse doors in Denver for a year and a half to gauge interest from potential tenants.

Rozen reported that 30 percent of the units have already sold. Each space includes its own electrical meter, and larger boxes feature mezzanines. In the company’s existing Las Vegas facility, customers have used the spaces for diverse purposes. One owner converted a garage into a car showroom and turned the mezzanine into a karaoke bar. Others have installed golf simulators or used the space for niche industries like dry ice car detailing.

Ventura Enterprises was founded by Rozen’s grandfather, who immigrated from Israel 40 years ago. The company specializes in industrial development and has also built retail strip centers. Rozen said the business is expanding into Colorado because land costs in Las Vegas are rising and development opportunities there are scarce. He stated that the company prefers building small, tiny, and medium sized boxes.

Rozen hopes to build more of these projects in the future. The development is located near Centennial Airport. The seller and developer began working together on the project immediately after the land purchase. Rozen said the potential users were enthusiastic about the opportunity to own their units.