My guess is they have employees concerned about the folks in the area that lack housing. There are people who have to live on and off under the cantilever at the abandoned Love Link Ministries building across the street. Honestly, though, I walk through that area all the time and I've never felt any threat to my safety from that, so that's just a guess.
It could also be due to employees that have to cross NW 5 at either Western or Classen. That wouldn't explain the fencing but would explain closing the street. Of course, they could ameliorate the problem with better crosswalks, traffic signals, and removing a lane or two from that block of NW 5.
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