DENVER | Main Development Thread #7

[wong21fr]

Originally Posted by bunt_q

That is awfully sexy.

True, but guess what bureaucratic entity doesn't like the plethora of arches?

[RyanD]

Reminds me of something that would be built in the D.C. area. I like it!

[TakeFive]

I'm neutral on the arches but is the idea for that part of the project to be office space and the rest will be apartments?

[mr1138]

The brick arches are sexy indeed! They remind me of the architecture at the NE corner of One City Block. I hope they're allowed to keep them.

I'm not so sure about all of those arches above the brick portion of the structure though - somehow it feels a bit cluttered and like it doesn't come together quite right.

[TakeFive]

This will never be confused with Bell Tower

but at least Kairoi Residential has financing in hand for 419 unit project in an Opportunity Zone and a three minute walk to a light rail stop.

Kairoi Metro Center
September 6, 2023 - Mile High CRE


Image courtesy Kairoi Residential

laniroj should find the financing arrangement interesting.

JLL Capital Markets recently arranged a 55% LTC construction loan and advised on the joint-venture equity placement for Kairoi Metro Center, a 419-unit Aurora apartment community. JLL represented the borrower, Kairoi Residential ... to secure the six-year, floating-rate loan through a two-bank syndication that JLL arranged.

“While the current capital markets environment continues to demonstrate signs of volatility, strong sponsorship and great locations can still attract capital,” said McBroom. “The thoughtfully designed project will transform the area and be highly complementary to the surrounding employment and amenity drivers.”

--------------------------

Side Topic

Originally Posted by bunt_q

I'll be in Boulder Saturday. Most excited I have been for a game in a long, long time. But there's more real about Coach Prime than there is a renaissance in commercial office.

Talk about crazy.

Prior to the season the Pro's weren't buying the hype on Prime Time. The betting on under/over season wins for CU was 3 1/2. Colorado received more bets than any other college in the country and IIRC over 80% took the over. That's looking like a slam dunk now.

[rds70]

The latest proposal for the Denargo Market project located at the corner of Denargo and Delgany: 16 stories, 200 feet, 336 residential units and +/- 4,000 square feet of retail. Architect is Goettsch Partners.

[bunt_q]

Residential project? Or generic 1980s conference/airport hotel plucked straight out of Dallas?

[TakeFive]

Originally Posted by rds70

The latest proposal for the Denargo Market project located at the corner of Denargo and Delgany: 16 stories, 200 feet, 336 residential units and +/- 4,000 square feet of retail. Architect is Goettsch Partners.

Ah hah; a Golub & Co. and Formativ sighting? Given that large patch of dirt it's good to see them at least visualizing something real.

[laniroj]

Originally Posted by TakeFive

This will never be confused with Bell Tower

but at least Kairoi Residential has financing in hand for 419 unit project in an Opportunity Zone and a three minute walk to a light rail stop.

Kairoi Metro Center
September 6, 2023 - Mile High CRE


Image courtesy Kairoi Residential

laniroj should find the financing arrangement interesting.



--------------------------

Side Topic

Talk about crazy.

Prior to the season the Pro's weren't buying the hype on Prime Time. The betting on under/over season wins for CU was 3 1/2. Colorado received more bets than any other college in the country and IIRC over 80% took the over. That's looking like a slam dunk now.

55% construction financing...yikes. I guess the new normal is being proud that you got ANY financing whatsoever! Sign of the times - le boom is le over, sadly.

[big&tallshort&small]

Hi everyone. Long time lurker, first time poster.

I was wondering if anyone with the inside scoop had an update on:
2000 Broadway and the Champa Tower. Are they both dead and gone?

Thanks

[Whereveryougo]

Bayer Square on Dakota and Bannock has finally opened this week

[TakeFive]

Denver Suburbs Hot As Multifamily Development Downtown Has Become 'Death By 1,000 Cuts'
September 8, 2023 By Robert Davis, Bisnow Denver

The Denver area’s suburban submarkets are seeing a flurry of multifamily development activity as residents seek more affordable housing options outside of the city’s urban core. Most of that activity was concentrated in suburban submarkets like East Denver, which includes north Aurora and east Arapahoe County.

East Denver’s average rent is $417 cheaper per month than downtown, which is one factor driving residents to the area.

I had a bit of an 'inside' chuckle as it was only a few months ago that laniroj was trying to explain exactly this. It's all the little things; it's 'all of the above.'

Bisnow’s Multifamily Annual Conference held at XD2


Photo courtesy Bisnow/Robert Davis -- McConaughy & Sarkissian's Ivan Sarkissian, Columbia Ventures Ivan Anaya, VTBS' Erik Hall, Milender White's Albus Brooks, DHA's Erin Clark and Cushing Terrell's Randy Rhoads.

But there's even more trouble ahead potentially.

But the trend isn’t likely to last. Experts said during Bisnow’s Multifamily Annual Conference held at XD2 on Wednesday that high interest rates and affordable housing regulations pose myriad challenges for multifamily investors and developers, which could lead to a slower construction pipeline over the next several years.

---------------------------------

Speaking of affordable housing

Mayor Johnston sure likes to Talk the Talk
Sep 14, 2023 By: Jeff Anastasio - 7Denver

Says he's gonna build 25,000 permanently affordable units at a cost of ~$100 million.
Sounds impressive; how he's going to manage that?
Word on the street is they're going to invest $millions in Lottery tickets. It only takes one Big Winner to fund all that housing.

[TakeFive]

That's what we need; more 'missing middle' housing

Newly Constructed Townhome Project in Denver Sells for $10.5M
September 7, 2023 -- Mile High CRE

2566-2598 S. Delaware Street and 351-375 W. Vassar Ave.








Images courtesy of Hill Street Realty

Delaware Street Townhomes, a recently constructed 22-unit townhome property in Denver South Broadway neighborhood, has sold to Hill Street Realty for $10.45 million. Built in 2022, the townhomes are fully leased with three-bedroom floorplans averaging 1,272 square feet and high-end finishes.

Unfortunate or not for more affordable 'missing middle' housing you go to the suburbs.

[TakeFive]

How Crazy is This?



Should Denver be the First City in the country to make right turns on Red lights illegal - City-wide

The notorious Jill Locantore and friends are leaning into Mayor Mike Johnston to do just that.

Committee recommends mayor ban right turns on red lights in Denver
Sep 14, 2023 By: Colette Bordelon -- 7Denver

Jill Locantore is part of the transition committee for the Department of Transportation and Infrastructure...

“Banning turns on red was something that the committee identified as something that is very quick and low-cost that the mayor could do immediately to make our streets safer for everybody," said Locantore, who is the executive director of the Denver Streets Partnership. “The recommendation from the transition committee is just to simply ban turns on red city-wide. That makes it super simple for people to understand what the rules are, and to follow them rather than having to think about does it apply here, but not there.”

Has any other city done this?

• In NYC - "Within the five boroughs, this movement is permitted only where posted and has been most prevalent in Staten Island" ...
• In Seattle - "Not allowing drivers to make a free right turn at a red light ... will be the default setting for any new or modified traffic signal, (SDOT)
• Indianapoplis allows right turns on red EXCEPT where posted otherwise. A proposal was made to exclude downtown specifically.
• San Francisco allows drivers to take turns on red lights unless 'No Turn On Red' signs are installed at the intersection.

[bunt_q]

State law wouldn’t allow a blanket ban, I don't think. They’d have to sign “no right turn” at every intersection in the City; otherwise, the presumption statewide (the "rules of the road") is that you can.

[DenverInfill]

Let's hope they begin the RTOR ban downtown and extend it out to the rest of the city over the next few years. Good riddance!

[laniroj]

Originally Posted by TakeFive

Denver Suburbs Hot As Multifamily Development Downtown Has Become 'Death By 1,000 Cuts'
September 8, 2023 By Robert Davis, Bisnow Denver

I had a bit of an 'inside' chuckle as it was only a few months ago that laniroj was trying to explain exactly this. It's all the little things; it's 'all of the above.'

Bisnow’s Multifamily Annual Conference held at XD2


Photo courtesy Bisnow/Robert Davis -- McConaughy & Sarkissian's Ivan Sarkissian, Columbia Ventures Ivan Anaya, VTBS' Erik Hall, Milender White's Albus Brooks, DHA's Erin Clark and Cushing Terrell's Randy Rhoads.

But there's even more trouble ahead potentially.


---------------------------------

Speaking of affordable housing

Mayor Johnston sure likes to Talk the Talk
Sep 14, 2023 By: Jeff Anastasio - 7Denver

Says he's gonna build 25,000 permanently affordable units at a cost of ~$100 million.
Sounds impressive; how he's going to manage that?
Word on the street is they're going to invest $millions in Lottery tickets. It only takes one Big Winner to fund all that housing.

Yep, that's why I'm leaving Colorado (for now). If anyone believes anything this Mayor says, I feel sorry for them. He literally can't help but promise everything and he has ABSOLUTELY NO CLUE what he is talking about. It's getting old with these promising politicians. People need to wake up - this isn't a Jimmy Stewart sketch where he asks if we want the moon!

It would easily take 4-5 times the amount he suggests to get that many units OR if he knew something about this he would open up the PLETHORA of land that the City owns, stop doing RFPs for each parcel, deed it over to developers while slapping on a 20 year land use restriction for affordability, and let the market build housing of all types on that land. The land alone is probably an easy half a billion worth of support to generate housing (affordable or otherwise) and it doesn't require cash and it's ready to go TODAY! Politicians think money solves problems and it most certainly doesn't. Process reform, regulation easing, and more efficient government is what solves problems. Money typically means growing government which means it's harder to do everything! SO FRUSTRATED - RANT OVER.

[laniroj]

Originally Posted by TakeFive

That's what we need; more 'missing middle' housing...

What we need is more housing of all types including, yes, luxury apartments and mcmansions. There is excess housing demand across the entire spectrum of housing affordability and type.

[bunt_q]

Originally Posted by DenverInfill

Let's hope they begin the RTOR ban downtown and extend it out to the rest of the city over the next few years. Good riddance!

I might need to email Jill so they can bring this fight to the legislature next year, flip the "rules of the road" presumption statewide. There is no way to do a ban. You just have to sign "No RTOR" at every intersection. Practically, maybe that's the same thing. But it's more costly and annoying.

§ 42-4-604(1)(c)

(c) Steady red indication:

(I) Vehicular traffic facing a steady circular red signal alone shall stop at a clearly marked stop line but, if none, before entering the crosswalk on the near side of the intersection or, if none, then before entering the intersection and shall remain standing until an indication to proceed is shown;  except that:

(A) Such vehicular traffic, after coming to a stop and yielding the right-of-way to pedestrians lawfully within an adjacent crosswalk and to other traffic lawfully using the intersection, may make a right turn, unless state or local road authorities within their respective jurisdictions have by ordinance or resolution prohibited any such right turn and have erected an official sign at each intersection where such right turn is prohibited.

[Denver]

Originally Posted by rds70

The latest proposal for the Denargo Market project located at the corner of Denargo and Delgany: 16 stories, 200 feet, 336 residential units and +/- 4,000 square feet of retail. Architect is Goettsch Partners.

Denargo market has to be to biggest disappointment in Denver. It is full of suburban looking apartment in what should
be an urban area. Add that to the mediocre architecture of most of the building and you end up with what has to be the most uninspired neighborhood in the city.