DENVER | Main Development Thread #7

[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.

[DenverInfill]

Originally Posted by bunt_q

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.

I think the city would need to sign each intersection anyway. RTOR is so deeply embedded in society's collective car-brain that a change in the law alone wouldn't be enough to enforce the ban. Today, where RTOR is not permitted and signs are posted, drivers routinely ignore the signs as it is. Adding automated enforcement cameras would help enforce RTOR and red-light running, which is equally pervasive.

[bunt_q]

Originally Posted by DenverInfill

I think the city would need to sign each intersection anyway. RTOR is so deeply embedded in society's collective car-brain that a change in the law alone wouldn't be enough to enforce the ban. Today, where RTOR is not permitted and signs are posted, drivers routinely ignore the signs as it is. Adding automated enforcement cameras would help enforce RTOR and red-light running, which is equally pervasive.

Maybe whichever bollard factory DOTI bought (operating under the trade name, Visual Clutter, LLC, I believe; a subsidiary of Ugly Cities, Inc.) can add a production line for No RTOR signs too.

[BG918]

Originally Posted by 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



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

Sold for $475k/unit and renting for $2.50/sf. The developer likely built this for under $300k/unit.

[TakeFive]

Interesting

Originally Posted by BG918

Sold for $475k/unit and renting for $2.50/sf. The developer likely built this for under $300k/unit.

So roughly $3,400 per unit rent then. Nice option for renters; the units have a private garage, a private (if small) yard for — sunbathing and how 'bout that gas stove.

Gas stoves are taking political heat but not in Oklahoma - or New Mexico but if you live in Albuquerque leave your — at home. But once you come to the desert it's been mostly all-electric for long time. It's like politics is All Over the Map.

My guess is this size of project is suitable for a wide variety of more modest-sized investors.

[mojiferous]

Buckle up, because the development community despises lessons and some people would rather recreate the Skyline Urban Renewal Project than lose any margin! https://businessden.com/2023/09/18/veter...fice-buildings-likely-need-to-be-demoed/

If you think upper downtown is not great because of the junkies and crime, wait until those buildings are either a) empty lots waiting for something to be built or b) rotting and boarded up while the owner determines whether it can be demolished. And because these buildings are over 2 stories and aren't single-family homes all the "historical preservation" NIMBYs won't fight to save them (they'll probably hold a little fair and expect all the lots to be turned into dog parks and then cry about how the city was at fault when they're just junkie-filled dirt lots).

In 50 years people will be on this board complaining about how short-sighted we were to tear down such beautiful mid-mod office blocks - "this building was clad in local marble and had this amazing brutalist lobby, why would they tear it down?"

[TakeFive]

Well said; interesting-fun post

Originally Posted by mojiferous

Buckle up, because the development community despises lessons and some people would rather recreate the Skyline Urban Renewal Project than lose any margin! https://businessden.com/2023/09/18/veter...fice-buildings-likely-need-to-be-demoed/

If you think upper downtown is not great because of the junkies and crime, wait until those buildings are either a) empty lots waiting for something to be built or b) rotting and boarded up while the owner determines whether it can be demolished. And because these buildings are over 2 stories and aren't single-family homes all the "historical preservation" NIMBYs won't fight to save them (they'll probably hold a little fair and expect all the lots to be turned into dog parks and then cry about how the city was at fault when they're just junkie-filled dirt lots).

In 50 years people will be on this board complaining about how short-sighted we were to tear down such beautiful mid-mod office blocks - "this building was clad in local marble and had this amazing brutalist lobby, why would they tear it down?"

Denver Mayor Mike Johnston's proposed 2024 budget aims to revitalize downtown
Sep 18, 2023 By: Colette Bordelon -- 7Denver

Mayor Johnston said downtown Denver has one of the highest commercial vacancy rates in the country. The proposed budget invests $58 million in downtown revitalization. Vibrant, affordable and safe are the goals of Mayor Mike Johnston's 2024 budget proposal.

"We know that a vibrant city starts with a vibrant downtown," Johnston said at a press conference where he outlined the proposal. "We want to convert downtown Denver from being a centralized business district to being a centralized neighborhood district..."

It appears Denver needs additional funding to finish the revitalized 16th street mall as well as more funding for the CCC.

The money slated for revitalizing downtown includes funding for an extended tree canopy along 16th Street Mall and new pedestrian spaces, as well as stabilizing businesses that have been impacted by construction and attracting new ones. It would also aim to ensure the success of the Convention Center in both operations and maintenance.

[TakeFive]

Doing a Deep Dive into Right Turn on Red lights

I sorta knew it was a 'thing' but I was ignorant as to why it was a 'thing.'

Like "Twenty is Plenty" I assumed it wasn't about reducing traffic deaths. Common sense told me this 'feel good' move would be a waste of time - although I haven't checked to see if deaths are trending down or why.

Of the Top 25 Causes of Vehicle Crashes, RTOR is listed.... Umm, actually it's not even on the list.

RTOR 'should be' one of the safer maneuvers in a vehicle. You start from 0 mph and turn right onto a street where there should be no pedestrians since they would be walking against the flow of traffic and staring at a sign that says: "Do Not Walk."

Things that are more dangerous than RTOR

• Right turn on GREEN light
• Left turn on GREEN light
• Right turn at any intersection with NO traffic lights
• Left turn at any intersection with NO traffic lights
• Running Red lights never a good thing

What's it All About, Alfie
Obviously it's about potential conflicts with pedestrians and/or bike riders.
Fair enough

Should Downtown be different?
Perhaps

[DenverInfill]

Originally Posted by TakeFive

Doing a Deep Dive into Right Turn on Red lights

I sorta knew it was a 'thing' but I was ignorant as to why it was a 'thing.'

Like "Twenty is Plenty" I assumed it wasn't about reducing traffic deaths. Common sense told me this 'feel good' move would be a waste of time - although I haven't checked to see if deaths are trending down or why.

Of the Top 25 Causes of Vehicle Crashes, RTOR is listed.... Umm, actually it's not even on the list.

RTOR 'should be' one of the safer maneuvers in a vehicle. You start from 0 mph and turn right onto a street where there should be no pedestrians since they would be walking against the flow of traffic and staring at a sign that says: "Do Not Walk."

Things that are more dangerous than RTOR

• Right turn on GREEN light
• Left turn on GREEN light
• Right turn at any intersection with NO traffic lights
• Left turn at any intersection with NO traffic lights
• Running Red lights never a good thing

What's it All About, Alfie
Obviously it's about potential conflicts with pedestrians and/or bike riders.
Fair enough

Should Downtown be different?
Perhaps

RTOR isn't about vehicle crashes, it's about drivers blocking the crosswalks with their cars and/or generally being oblivious to pedestrians about to cross in front of them because the are so intently staring to their left in anticipation of that gap in cross traffic where they can zip out and save 8 seconds before the light would have turned green for them anyway.

I've walked to work everyday for nearly two decades, and at least once a day I have to cross in front of a car that's blocking the crosswalk, putting me mere feet in between their front bumper and the vehicles zipping along at 30+ MPH parallel to me, while I have the pedestrian signal. Some motorists don't even stop. If the sight line allows, they will take the RTOR at 10 MPH and if you were about to step off the curb into the crosswalk, good luck to you.

RTOR is just one of the many ways in which we have normalized the idea that people can operate 2-ton machines that occupy 85 square feet in area at remarkable speeds without much concern for anything other than their own convenience.

[mhays]

Well said, Ken.