DENVER | Main Development Thread #7

[TakeFive]

Originally Posted by laniroj

Anyone know what's going on in Fox Station?!?! I'm anxious to see what happens with all that ground RTD employees bought decades ago that they've yet to monetize!

This is an 'urban talking point' I've seen before. Would you care to add any context and substantiate?

I've only found one fairly decent piece on the topic when Megan Arellano wrote about it at Denverite back in August of 2016.

“In the last several years, we’ve acquired over a thousand properties,” Altes said ... the agency has more surplus property that likely will be sold in the coming years, says Susan Altes, RTD manager of real property. Right now, it’s about 132 acres spread out over about 25 properties.

Sounds like a lot and how did RTD accumulate this land?

“RTD only buys property that it needs for its projects,” Altes said, “So if we have surplus properties, they’re remnant pieces. We may have had to buy a whole property and only use pieces of it.”

Does RTD have any plans for what they do have?

But RTD is taking advantage of all the property it owns to control what gets built near some of its stations. There are four pilot sites where RTD takes this more active approach: Alameda Avenue Station, Old Town Arvada, a piece of property on the Welton corridor and the Federal station out in Lakewood.

Some of this has already been sold and developed since 2016.

Here's your challenge
Find one site that your company would be interested in that RTD owns? It just might bring you business.

NOTE: We've previously discussed the RTD owned parcel next to the Civic Center Station. Since it's entirely possible that at some point in the future Denver would consider a subway through downtown and/or light rail along So Broadway and Speer Blvd they really need to hang on to this land.

Urban Myth
What about all those Park N Rides? Wouldn't they better serve as TOD? Maybe... some day... but it's not that simple. Those Park N Rides were required by the FTA in the process of securing ~$1.5 billion in grants. Any proposed changes would have to be approved by the FTA. Good luck with that. It's also true that stations within the city center are different than suburban stations.

Being well familiar with the ridership numbers at rail stations it's a fact that Park N Rides have created ridership. Stations with NO parking tend to have lower ridership numbers. Stations like Mineral Station, Nine Mile Station and others are used to capacity.

[TakeFive]

Originally Posted by coolmandan03

No missing dogs...

......
Source One, Two, Three

[TakeFive]

Sold out! Denver 334-unit luxury condo development inks final sale
Feb 19, 2020 By James Rodriguez – Reporter, Denver Business Journal

All 334 residences at the 19-story luxury condo building have now been claimed by buyers, developer East West Partners announced Wednesday in a joint press release with its partner Ascentris, a Denver-based real estate private equity firm.

Nathan MacKinnon bought one of the penthouse units (Colorado Avalanche Star)

Video Link

[SirLucasTheGreat]

Great news regarding the Coloradan. Hopefully, that will entice other condo developers to enter the market

[laniroj]

Originally Posted by TakeFive

This is an 'urban talking point' I've seen before. Would you care to add any context and substantiate?

I'm referring to the many entities which own land near TOD sites that are controlled by current, and now former, RTD employees. They had a hunch the fasttracks would pass and they speculatively bought ground - I'm all for it and applaud them because they could have lost their bums! In my own experience, many TOD adjacent land owners are ready to cash out, but most of them want to sell at a TOD price without TOD zoning. Some areas have the zoning in place but I'd say most do not (definitely outside CCD). That's the land availability conundrum I often refer to.

The dredging of the Platte for River Mile is eternally exciting to me, would be so great to activate that river moreso than today. I swear I saw an old picture once which showed steam ships on the Platte adjacent to dtown. I'll see if I can dig it up. Anyone else recall having seen that? I am doing a project now on a river and am two years in - not super efficient working with the federal government on all that stuff, so I'm sure River Mile has many years ahead before they dredge - but I do hope they leave the dredge in place after!

Fun note, there also used to be steam ships on Sloan's Lake! I say we park a steam ship on Sloan and start casino gambling again (can you imagine that Council hearing?!?!). It wouldn't even have to pay property taxes!

[TakeFive]

Originally Posted by laniroj

I'm referring to the many entities which own land near TOD sites that are controlled by current, and now former, RTD employees. They had a hunch the fasttracks would pass and they speculatively bought ground - I'm all for it and applaud them because they could have lost their bums! In my own experience, many TOD adjacent land owners are ready to cash out, but most of them want to sell at a TOD price without TOD zoning. Some areas have the zoning in place but I'd say most do not (definitely outside CCD). That's the land availability conundrum I often refer to.

The dredging of the Platte for River Mile is eternally exciting to me, would be so great to activate that river moreso than today. I swear I saw an old picture once which showed steam ships on the Platte adjacent to dtown. I'll see if I can dig it up. Anyone else recall having seen that? I am doing a project now on a river and am two years in - not super efficient working with the federal government on all that stuff, so I'm sure River Mile has many years ahead before they dredge - but I do hope they leave the dredge in place after!

Fun note, there also used to be steam ships on Sloan's Lake! I say we park a steam ship on Sloan and start casino gambling again (can you imagine that Council hearing?!?!). It wouldn't even have to pay property taxes!

Ah sorry; I had no clue about any of that so I assumed what I was aware of.

River Mile is definitely exciting to think about but looks to be a very slow slog from here to there. Props to steam ships.

[laniroj]

Originally Posted by TakeFive

Here's your challenge
Find one site that your company would be interested in that RTD owns? It just might bring you business.

NOTE: We've previously discussed the RTD owned parcel next to the Civic Center Station. Since it's entirely possible that at some point in the future Denver would consider a subway through downtown and/or light rail along So Broadway and Speer Blvd they really need to hang on to this land.

Urban Myth
What about all those Park N Rides? Wouldn't they better serve as TOD? Maybe... some day... but it's not that simple. Those Park N Rides were required by the FTA in the process of securing ~$1.5 billion in grants. Any proposed changes would have to be approved by the FTA. Good luck with that. It's also true that stations within the city center are different than suburban stations.

Point 1 - RTD requires their owned ground to be determined "excess property" before they can sell it. All of the ground that's been sold has already been determined surplus. The legislature could really help out here by mandating RTD defend why their existing land isn't excess land. The list is only available through a written request. The legislature could mandate they publicly market such excess ground or even auction it off.

Point 2 - as recently as the first week of January (I check twice per year), RTD had no excess land development property being offered for sale - nor have they since at least 2014 when I started checking with regularity.

Point 3 - You can submit a joint development plan if your plan lines up with existing zoning (major issue). To my knowledge, this hasn't yet been done but for a couple of shared parking garages at park n rides facilities and the JD was done with local governments. If any have been completed, certainly let me know - maybe Alameda?

Fox Station is a great candidate for removing the park n' ride and putting 200 units/acre on that ground. RTD selling parcels to stimulate development at first-in areas makes all the sense in the world to me.

So any news of Fox Station? The lack of response leads me to believe the new owner of the DP building doesn't have any immediate plans...

[Robert.hampton]

Originally Posted by SirLucasTheGreat

Great news regarding the Coloradan. Hopefully, that will entice other condo developers to enter the market

I'm surprised it took that long --- I feel like half of those slot home going up Jefferson park go under contract before they break ground.

[TakeFive]

Originally Posted by laniroj

Point 1 - RTD requires their owned ground to be determined "excess property" before they can sell it. All of the ground that's been sold has already been determined surplus. The legislature could really help out here by mandating RTD defend why their existing land isn't excess land. The list is only available through a written request. The legislature could mandate they publicly market such excess ground or even auction it off.

Point 2 - as recently as the first week of January (I check twice per year), RTD had no excess land development property being offered for sale - nor have they since at least 2014 when I started checking with regularity.

Point 3 - You can submit a joint development plan if your plan lines up with existing zoning (major issue). To my knowledge, this hasn't yet been done but for a couple of shared parking garages at park n rides facilities and the JD was done with local governments. If any have been completed, certainly let me know - maybe Alameda?

Fox Station is a great candidate for removing the park n' ride and putting 200 units/acre on that ground. RTD selling parcels to stimulate development at first-in areas makes all the sense in the world to me.

So any news of Fox Station? The lack of response leads me to believe the new owner of the DP building doesn't have any immediate plans...

I love it when you tell me stuff I don't know as I never get tired or learning.

I wouldn't automatically be suspicious of RTD. I suspect in many cases the excess land is undesirable, places where developers would have little or no interest.

With respect to 41st and Fox Station it has been determined that a Park N Ride is warranted. In fact the longer range plan is to build a 4-story parking structure. Currently the ridership is so low I'm not sure...

Given this station is part of the P3 that received a $1.03 billion grant, I suspect selling the Park N Ride for development could be very complicated, perhaps impossible at this time.

[TakeFive]

As if DenverInfill didn't have enough on their plate
on top of all the wild rumors about them migrating whether to Kansas to be with Toto or where nobody knows.

But speaking of 41st and Fox Station it would be really nice if the time could be found for an update on Zia by Confluence. I'm sure a lot has happened since November of 2018. I don't yet find any apartments for rent though.

I know what the rendering looks like.


Courtesy of Apartment Home Living

[Ich]

https://www.bizjournals.com/denver/n..._news_headline

1,850 jobs plus capital investment. Hope we win this one!

[Ich]

Originally Posted by Ich

https://www.bizjournals.com/denver/n..._news_headline

1,850 jobs plus capital investment. Hope we win this one!

Looks like we landed it. Pax8 will expand in Denver adding 1,800 jobs.

They are currently in DTC, wonder if they will stay down there or move to DT with the other big tech companies.

[HighRanch]

Originally Posted by Ich

Looks like we landed it. Pax8 will expand in Denver adding 1,800 jobs.

They are currently in DTC, wonder if they will stay down there or move to DT with the other big tech companies.

Excited to see more tech companies moving to the Denver area!

Not sure how you define "big tech companies"
You may not be aware of the tech in the DTC as there are not many big signs on the buildings. Here is just a small list of some of the "Big Tech" companies that have a significant presence in the DTC.

Arrow Electronics, SAP, Oracle, HP, Cisco, Zoom, EMC, Ciber, ULA, Microsoft, Agilent Technologies, Teletch, and many more.

[laniroj]

Originally Posted by HighRanch

Excited to see more tech companies moving to the Denver area!

Not sure how you define "big tech companies"
You may not be aware of the tech in the DTC as there are not many big signs on the buildings. Here is just a small list of some of the "Big Tech" companies that have a significant presence in the DTC.

Arrow Electronics, SAP, Oracle, HP, Cisco, Zoom, EMC, Ciber, ULA, Microsoft, Agilent Technologies, Teletch, and many more.

The tech employment base is very strong and incredibly diverse throughout the SE corridor, downtown, interlocken, and boulder. That tech has driven significant development in all of those areas as well, mini TOD areas waiting to happen if we can figure out the last mile. Some VERY cool projects going on in Interlocken/Louisville area especially the Partners Group project and their Swiss focus on quality design. They spent a ton of money building out an awesome facility. I think it is done or very close.

https://www.denverpost.com/2019/10/3...oomfield-rino/

Then there is Medtronic in Louisville and some other secret players who are slowly creeping their way through planning. Those are MASSIVE users for the former Phillipps 66 site and methinks they will be a magnet for additional medtech in the entire Denver-Boulder corridor and hopefully the Phillips site gets its own Flatiron Flyer station. Medtronic is a magnet for patents and I suspect our patent office in Denver is a major reason they are consolidating out of Boulder and closer to Denver (not to mention other obvious reasons). I can see a facility of the size they are considering drawing major ancillary uses downtown as well, especially medical related tech, which is so ripe for some tech disruption. Here's to hoping for some dtown action!

https://www.dailycamera.com/2020/01/...in-louisville/

[laniroj]

Does anyone have an update on the Sherman Street rezone that Tryba was working on with the Dikeou family; does that still have motion? I haven't seen any updates on that since last fall but they submitted in March of 2019. Sure seems it should be wrapped up yay/nay by now. Rezone #17i-00167 - it's still on the City's rezone map but not listed as a current application in the text descriptions of current cases.

https://www.denvergov.org/content/de...rezonings.html

If Cdebacca torpedoed it, at least the Dikeou's can apply for a grant to put some damn trees in their ROW.

https://www.downtowndenver.com/urban...-applications/

[The Dirt]

There was a public meeting 3 or 4 months ago. It's still moving along slowly. I think there's some thoughts around incorporating it into the first leg of the 5280 trail. CdeBaca did torpedo the 5280 trail funding for 2019, but the rezoning is in Hinds' district, and he's on board, as far as I know. Some typical NIMBY RNOs are trying to throw the baby out with the bathwater because they hate the Dikeous.

[SirLucasTheGreat]

Why did CdeBaca torpedo funding for the 5280 trail?

[Robert.hampton]

Originally Posted by Ich

Looks like we landed it. Pax8 will expand in Denver adding 1,800 jobs.

They are currently in DTC, wonder if they will stay down there or move to DT with the other big tech companies.

Hmmm....a company with around 250 current employees that seems to pay most employees between 30-60k according to glassdoor. Color me skeptical about this turning into 1,800 jobs at 100k.

[TakeFive]

Originally Posted by laniroj

The tech employment base is very strong and incredibly diverse throughout the SE corridor, downtown, interlocken, and boulder.
https://www.denverpost.com/2019/10/3...oomfield-rino/

Then there is Medtronic in Louisville and some other secret players who are slowly creeping their way through planning. Those are MASSIVE users for the former Phillipps 66 site.
https://www.dailycamera.com/2020/01/...in-louisville/

Great post!

Nice follow-up to the original release showing not only progress but budding building mania.

Originally Posted by SirLucasTheGreat

Why did CdeBaca torpedo funding for the 5280 trail?

Because she could. (Sorry, couldn't help myself)

Speaking of some missing middle

Welcome to Observatory Row:



https://www.bizjournals.com/denver/n...bruary-20.html

The fifth and final building of Observatory Row, a new residential community of six duplex units and 14 townhomes in University Hills, is scheduled to be completed in May. Prospect Real Estate is developing the project, which is located at 4100 E. Iliff Ave.

The three-bedroom, three-and-a-half-bathroom homes range in size from 1,731 square feet to 1,885 square feet, and start in the low $500,000s.

Sounds fairly reasonable given the square footage.

[The Dirt]

Originally Posted by SirLucasTheGreat

Why did CdeBaca torpedo funding for the 5280 trail?

Something along the lines of this being a line item in a large funding package and that she had an ideological objection to something and was unwilling to compromise.