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  #15501  
Old Posted Nov 7, 2024, 1:12 PM
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Apartment Community Spanning One City Block Sells for $95M
November 4, 2024 -- Mile High CRE
Quote:
Appropriately named One City Block, the property spans across an entire city block in the heart of Denver’s Uptown neighborhood. One City Block has 302 units spread across four separate buildings with four floors each, over 10,000 square feet of ground floor retail, and one of the city’s highest parking ratios with a two-and-a-half-level, below-grade parking structure across the entire site.

“One City Block is one of the most unique assets in Denver that will not be replicated. Although it is over 300 units, it is low density for that size of site in the heart of the city as you could have seen twice as many units built on the 106,722-square-foot site,” said Terrance Hunt.

Cord Ernst who represents Pamera North America added, “We intend to hold long term as we strongly believe in this location and the quality/design of the asset.”

Courtesy R&R Engineers/Red Peak Properties

Click to see awesome photo

This was one of those favorite projects on this site as well DenverInfill.

One City Block Final Update
March 25, 2014 By Ryan Dravitz -- DenverInfill
Quote:
Now for a look at the finished product. Prepare yourself, this is a very large tour with a lot of photos! First off, we are going to walk around One City Block looking at each corner of the project.

In the two and a half years DenverInfill has been following One City Block, I have personally seen it slowly transform the Uptown neighborhood on a daily basis. This project is adding 350-units to Uptown, more retail, and is greatly contributing to help repair the urban fabric of this neighborhood. The fact we were able to get a project that took up an entire block of surface parking is great. Having the project split up into four unique buildings with different styles of brick and architecture is absolutely phenomenal. One City Block, in no way, has an overbearing presence and has near perfect urban form. Welcome to Downtown Denver and Uptown, One City Block!
Davis Partnership Architects
Quote:
RedPeak Properties held a competition to find a Denver architecture firm that could design a mixed-use development to honor the rich history of Uptown Denver–a design that would fit in to the neighborhood but also stand out from other newly-developed apartment complexes. One City Block was awarded to Davis Partnership Architects based on a plan that creates a new neighborhood with the appearance of having evolved over time.

Award Winning Project
  • 2014 ENR Mountain States Best Projects: Colorado/Wyoming/Kansas Winner - Residential/Hospitality
  • 2016 Mayor’s Choice Design Award: Category - Density by Design
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  #15502  
Old Posted Nov 7, 2024, 2:06 PM
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In the News

HSR Completes 301-Unit Community in Central Park
October 23, 2024 -- Mile High CRE
Quote:
High Street Residential (HSR), the residential subsidiary of Trammell Crow Company, and its JV Partner, PGIM Real Estate, announced today that construction is complete and leasing is underway at Elevon, a 301-unit apartment community situated in Central Park, one of Denver’s most desirable master-planned communities.

“Elevon is an incredible transit-oriented development in Central Park, a vibrant, active, and well-located Denver neighborhood,” said Lee Ferguson, senior vice president and multifamily lead for HSR’s Denver office. “This community features abundant retail, entertainment, and dining venues, as well as parks, trails, and opportunities to connect outdoors or indoors.
Elevon -- 3650 Uinta St, Denver (Up to 8 weeks FREE)


Courtesy High Street Residential

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

Garrison Garden Paseo and adjacent Ralston Gardens affordable housing development now open
October 31, 2024 By Rylee Dunn -- Arvada Press
Quote:
Arvada’s Ralston Fields tract — which was designated for urban renewal over two decades ago — is two steps closer to completion, as the city’s newest park, Garrison Garden Paseo, and newest affordable housing complex, Ralston Gardens, opened with ceremonial ribbon cuttings.

Courtesy City of Arvada

Quote:
Upon its completion, Garrison Garden Paseo immediately becomes one of the most unique parks in the city. The linear park creates a previously nonexistent cut-through that connects Ralston Road and 57th Avenue, which were previously linked by a steep, undeveloped alleyway.

AURA Director Maureen Phair said the Paseo — which translates to “leisurely walk” in Spanish — helps to transform what was formerly a car-centric area into a more pedestrian and bike-friendly neighborhood.
----------------------------------

Monaco Inn Restaurant, popular spot for Greek food in Denver, closing after 38 years
Oct 24, 2024 By: Kristian Lopez -- Denver7 News
Quote:
The owners of Monaco Inn, which has been a staple in the community for nearly four decades, have announced they will be retiring. Mike Tsikoudakis and Terry Vaidis said the closure is a bittersweet good-bye.

"We have a lot of memories here, a lot of celebrations, family and customer celebrations, so it's hard to leave it, but it was time for us," said Tsikoudakis.
Yes, I know the place well.

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

Shoutout to Holland Partner Group

They have been involved in many Denver projects since forever. But for 2024 they decided to stay close to home and Broke Ground on a 45-story apartment project in Seattle.
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  #15503  
Old Posted Nov 7, 2024, 4:23 PM
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Elevon

Is it just me, or did that Elevon project take over 3 years to build? It seemed incredibly slow! But it turned out nice. Hopefully there are more plans for the empty area just to its west.
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  #15504  
Old Posted Nov 8, 2024, 5:17 PM
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Originally Posted by COtoOC View Post
Is it just me, or did that Elevon project take over 3 years to build? It seemed incredibly slow! But it turned out nice. Hopefully there are more plans for the empty area just to its west.

It took a ton of time to build- the banner that was on the side that states a Fall 2023 delivery was an indicator of that.


HSR has plans for another project just north of Elevon that includes some ground floor retail, but I don't recall seeing any permitting movement on that one for the last few months.
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  #15505  
Old Posted Nov 10, 2024, 1:17 AM
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Pickleball, anyone? Seems like an odd space to put alongside Colfax and Lincoln.

https://www.instagram.com/reel/DCIcj9WP4II/?igsh=MTVyb2U4bnRtaXhyMA==
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  #15506  
Old Posted Nov 10, 2024, 2:27 AM
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Originally Posted by Fritzdude View Post
Pickleball, anyone? Seems like an odd space to put alongside Colfax and Lincoln.

https://www.instagram.com/reel/DCIcj9WP4II/?igsh=MTVyb2U4bnRtaXhyMA==
Hey, tweakers need court time too…
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  #15507  
Old Posted Nov 11, 2024, 4:21 PM
laniroj laniroj is offline
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Originally Posted by TakeFive View Post

Courtesy City of Arvada
Yikes - we need to send landscape architects and city planners to europe to see what a real park looks like. I can barely see past all the concrete.
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  #15508  
Old Posted Nov 11, 2024, 4:25 PM
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Quote:
Originally Posted by wong21fr View Post
It took a ton of time to build- the banner that was on the side that states a Fall 2023 delivery was an indicator of that.


HSR has plans for another project just north of Elevon that includes some ground floor retail, but I don't recall seeing any permitting movement on that one for the last few months.
Thanks!!
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  #15509  
Old Posted Nov 11, 2024, 6:08 PM
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Originally Posted by laniroj View Post
Yikes - we need to send landscape architects and city planners to europe to see what a real park looks like. I can barely see past all the concrete.

It's always funny to see what is a flood channel get repurposed into a "park".
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  #15510  
Old Posted Nov 12, 2024, 1:40 AM
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BLOCK 162 -- says Update Me, please.

675 15th Street -- Courtesy of Gensler





Quote:
Block 162 is a highly efficient building offering first-class amenities in a central location positioned to create the next generation of high-rises in Denver. The 30-story, Class-A office tower draws its inspiration from the natural beauty of its surroundings, with its building crown referencing the mountain tops of the nearby Rockies. At the base, the building engages with the downtown pedestrian realm and draws a connection to the nearby retail, restaurants, and entertainment of 16th Street.
Snell & Wilmer’s Denver Office Relocates to New Downtown Space
Oct 21, 2024
Quote:
DENVER – Snell & Wilmer is proud to announce the relocation of its Denver office to the 25th floor of Block 162, situated at 675 15th Street in the heart of Denver’s Central Business District.

“Our firm is excited to celebrate the growth of our expanding Denver practice,” shares Jim Kilroy, managing partner of the Denver office. “Since establishing our presence in Denver in 2000, we’ve grown alongside this dynamic city. As our team and community have evolved, so has our office, reflecting our unwavering dedication to delivering exceptional service to our clients and contributing to the vibrancy of the local community.”
With respect to Block 162 occupancy following this lease, per previous announcement November 15, 2023
Quote:
The project has executed more than 390,000 square feet of leases since opening in 2021 and has 35% remaining vacancies.
Patrinely Announces Retail Lease at Block 162
November 2, 2023 -- Mile High CRE
Quote:
Patrinely, a national real estate firm with a proven 40-year track record, announced this week it has leased 6,600 square feet of retail space at Block 162 to Leven, a new concept from Colorado-based restaurateur known for Leven Deli. Leven will occupy the property’s largest ground level retail space, located at 1520 California Street adjacent to the RTD light rail station.
Inside the Office Tower Designed by Gensler and MaRS

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  #15511  
Old Posted Nov 12, 2024, 2:13 AM
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More Law Firm Shuffle

Growing Law Firm Signs New Lease at 1125 Seventeenth Street
October 30, 2024 -- Mile High CRE

1125 Seventeenth Street


Courtesy Hines

Quote:
Garnett Powell Maximon Barlow & Farbes (GPMBF) has signed a new long-term lease for 21,040 square feet at 1125 Seventeenth Street, a Class A office tower in downtown Denver owned by global real estate investment manager, Hines.

GPMBF is a boutique trial and litigation firm specializing in complex commercial and real estate disputes, employment law, personal injury, and criminal defense. The firm was most recently ranked as one of the Best Law Firms in the United States in 2024 and 2025 by Best Lawyers®, a highly respected legal rankings company.
BTW, this was reported back in 2017 following the building's completion by the DBJ:

Goldman Sachs buys downtown Denver office tower for $169 million
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  #15512  
Old Posted Nov 12, 2024, 2:56 AM
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Good guess that Westside Investment caught the office buying bug back in 2022

Westside buys Denver Club building downtown for $52.80 a foot
November 15, 2022 By Thomas Gounley -- BusinessDen

Per The Denver Post in June
Quote:
Further north in the heart of Denver’s Upper Downtown, Westside snagged the 24-story Denver Club building two years ago at 518 17th St. for $14.5 million, or $52.80 a foot.
DC Building -- 518 17th St




Courtesy Westside

Quote:
The DC Building – formerly known as the Denver Club Building – was constructed in 1954, and celebrated as Denver’s first iconic skyscraper. The building is a wonderful example of International Style modern architecture and design. It is still recognized as one of Denver’s architectural landmarks.

The DC Building offers a historic and architecturally significant place for Denver’s top businesses to call home. Westside Investment Partners is bolstering the amenities at the building and modernizing building systems to suit tenants’ business needs in the twenty-first century. With a premier, “nothing-else-like-it” amenity package, the DC Building is redefining the downtown office experience.





Courtesy Westside

Feds lease 36K in Westside’s Denver Club building downtown
April 25, 2024 By Thomas Gounley -- BusinessDen
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  #15513  
Old Posted Nov 12, 2024, 5:21 AM
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With Respect to the Elections...

Here's some inspiration from Daniel Herriges from Strong Towns via X

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  #15514  
Old Posted Nov 12, 2024, 7:56 PM
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Originally Posted by wong21fr View Post
It's always funny to see what is a flood channel get repurposed into a "park".
It is definitely a stretch to call this a "park," but it still a VERY nice addition to the neighborhood, and that aerial photograph really doesn't do justice to what they built here.

This isn't really a "flood channel" so much as a hillside that includes the outlet for an irrigation ditch that historically supplied the Arvada town reservoir (now the community garden) with water. This space isn't really there for storm drainage as much as it is just the line in the grid where Garrison Street would otherwise have gone through. The ditch probably would have been abandoned years ago, except Arvada still owns the water rights and allows the community garden to pull from the ditch, but only when the region isn't facing any water restrictions. This drainage also captures some storm runoff, but isn't really a significant part of the neighborhood's storm sewer network. That said - what was there before was concrete, and now the drainage flows over a semi-permeable surface that will encourage groundwater infiltration.

I would not consider this a "park," but the new paseo is a MUCH better walking path and a better use of the space than what was there before. An actual photograph of the improvements (such as below) shows what a huge aesthetic and functional improvement this actually is. It also provides better pedestrian and bicycle access to the Ralston Central Park(and the upcoming Beer Garden), just north of Ralston Road.


Last edited by mr1138; Nov 12, 2024 at 9:37 PM.
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  #15515  
Old Posted Nov 21, 2024, 5:07 AM
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That is a much nicer photo
Quote:
Originally Posted by mr1138 View Post
It is definitely a stretch to call this a "park," but it still a VERY nice addition to the neighborhood, and that aerial photograph really doesn't do justice to what they built here.
And your description is well done also.

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

Major Denver employer to move HQ to 16th Street Mall
November 19, 2024 By Analisa Romano via the Denver Post
Quote:
DENVER — Tech company Ibotta is betting long-term on Denver's downtown core. The digital cash-back rewards company has signed a multiyear lease for office space with an entrance on the 16th Street Mall, the company exclusively told the Denver Business Journal.

Ibotta (NYSE: IBTA) is slated to move into 85,000 square feet of office space in the 16 Market Square building, at 1400 16th St., next September. The redesigned space should accommodate more than 500 employees who commute into downtown to work three days per week, per Ibotta's hybrid work policy, Leach said.

The move was motivated by plans for growth that will rely heavily on having a downtown office that is accessible from all parts of the Front Range, Ibotta CEO Bryan Leach said in an interview.
16 Market Square building -- 1400 16th St.


Courtesy Continuum Partners
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  #15516  
Old Posted Nov 21, 2024, 5:38 AM
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Award winning writer Robert Sanchez has a well written piece in 5280 Mag

Inside the Plan To Save Denver’s Central Business District
September 2024 By Robert Sanchez -- 5280
Quote:
After Mayor Mike Johnston laid out his plan to revitalize downtown Denver, our reporter spent 18 consecutive hours in Union Station to better understand the post-pandemic obstacles the Mile High City still faces.
It's a bit long but it's a fun, good read.

Susan Chong, who lives and works in LoDo.


Photo by Fernando Gomes

On the skeptical side

Quote:
Avison Young, a global commercial real estate services firm with an office downtown, reported this summer that vacancy rates in the city continued to climb from previous months, most notably downtown. “I have six or seven tenants downtown, and all of them have given me a mandate that basically says, ‘We want out of here,’ ” says Howard Schmidt, an Avison Young vice president who expected a post-pandemic real estate rebound that has yet to materialize. “Everyone loves Denver,” he adds. “I figured people would be flocking back downtown. But that’s not been the case at all.”
On the optimistic side

Quote:
“We have to be optimistic about the possibilities,” Walter Isenberg, the president and CEO of the Sage Hospitality Group, told me later on that warm June day at the Oxford Hotel. Isenberg operates more than 90 hotels across the country, including four in LoDo. The Oxford—his crown jewel—has returned to its pre-pandemic numbers, he says, as have Sage’s three other hotels nearby. That Sage properties have lagged elsewhere is proof, Isenberg says, that the DDA that funded Union Station’s revitalization worked and can succeed as an expanded entity to drive other development in the city center. “People want to be in LoDo because there’s a high quality of life, there’s always something going on,” says Isenberg, who also helped create projects for both McGregor Square and the Dairy Block—two developments that are examples of modern, dense, mixed-use gathering spots in LoDo.
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  #15517  
Old Posted Nov 21, 2024, 5:46 AM
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The Value of Activating Public Spaces First
November 19, 2024 By Sean Campbell, CEO of FORMATIV -- Mile High CRE
Quote:
At what point should a development team prioritize the public realm? In Denver’s current development landscape of high inflation, persistently elevated construction costs s, and ongoing permitting hurdles, is it better to take the traditional route for a large-scale, mixed-use and wait until core structures are in place to fill in the ground plane?

Or is there a distinct advantage to early activation — adding parks, gathering spaces, and facilities before vertical construction — to build community (and investor) confidence and create compelling, development-ready pads with a tangible sense of place on day one? For Denargo Market, the largest infill project currently underway in Denver, the development team is betting on the latter.

Courtesy Tryba Architects
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Last edited by TakeFive; Nov 21, 2024 at 5:59 AM.
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  #15518  
Old Posted Nov 25, 2024, 1:13 AM
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Twofers

According to JLL
Quote:
Asset Description

621 & 633 17th Street (the “Property”) is a dynamic project offering maximum optionality to investors. The total Property includes two office buildings totaling 973,000 square feet, one of which is an ideal candidate for a multifamily or hotel conversion. Additionally, the project includes a structured 391 stall parking garage.

The Property’s front door at the prominent 17th & California intersection features a transformative Plaza renovation that creates a highly differentiated and welcoming first impression. Additional capital improvements have been executed at 633 17th Street, which primes this building to capitalize on the increasing leasing velocity in Denver’s CBD.

At 621 17th Street, a programmatic de-leasing plan has nearly emptied the entire building, making the asset an ideal target for residential or hospitality conversion or redevelopment. The historically low acquisition basis and high levels of optionality with the business plan allow the Investor maximum flexibility, in a highly centralized location in Denver’s CBD
Colorado Plaza Tower II -- 621 17th Street
633 17th Street

....
Courtesy LoopNet

Downtown’s deepest discount yet: Two office towers sell for $7M
November 21, 2024 By Thomas Gounley -- BusinessDen
Quote:
The reset of office valuations in downtown Denver just hit an eye-popping low. EQ Office, a Chicago-based real estate investment firm managed by Blackstone, sold the office towers at 621 and 633 17th St. earlier this month, according to public records.
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Last edited by TakeFive; Nov 25, 2024 at 2:37 AM.
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  #15519  
Old Posted Nov 25, 2024, 2:07 AM
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Just for Grins, Let's Make an Apples to Horses comparison
(H/T to mhays)

Dem Horses

Downtown Denver has a little over 28 million square feet of office space. If there's roughly 33% vacancy then that means ~9.3 million vacant space.

Dem Apples

According to Colliers
Quote:
The Chicago Central Business District (CBD) has about 165 million square feet of office space, which is almost half of the total office stock in the region
Also according to Colliers Chicago's CBD vacancy continues to increase approaching 30%. At 30% vacancy the CBD has 49.5 million square feet of vacant office space. The CBD retail vacancy is also rising, now near 30%.

Yeah, Chicago a big city with a big CBD but can you imagine needing to find tenants for 5.3X as much space as Denver? I also read that their trophy buildings are doing fairly well and better than B or C quality space. Chicago still struggles mightily with lots of debt and budget issues. They keeps wanting to tax businesses ever more. But there's an undercurrent of concern that could cause a business exodus whether out of the city or out of the state.

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

On the Positive Side

Strong Office Conversion Pipeline Will Boost Business-Centric Downtowns
November 11, 2024 -- CBRE
Quote:
Office conversions have had a banner year to date in 2024, with 73 of them already completed and another 30 scheduled for delivery by year-end—the most since CBRE began tracking conversion projects in 2016.

Much of this activity is being driven by historically high office vacancy rates and falling asset values, prompting public/private partnerships that are incentivizing conversions. The pipeline of office conversions is expected to grow as cities offer more incentives and sellers of troubled assets further discount prices, particularly for older buildings.

Demand for multifamily units, particularly in tight downtown housing markets, has motivated developers to convert largely vacant office buildings.
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  #15520  
Old Posted Nov 25, 2024, 7:07 PM
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Owner gives downtown Denver office tower to lender
November 25, 2024 By Thomas Gounley -- BusinessDen
Quote:
The owner of a 22-story office tower in Denver's Upper Downtown has handed the keys to its lender rather than face foreclosure. Los Angeles-based Rising Realty Partners executed a deed-in-lieu of foreclosure last week for the Civic Center Plaza building at 1560 Broadway, according to public records.
Civic Center Plaza -- 1560 Broadway


Courtesy Rising Realty Partners

According to Rising Realty Partners
Quote:
Civic Center Plaza is an iconic 22-story Class A office building situated at 1560 Broadway in the Uptown district of downtown Denver. With its 598,592 square feet of space, Civic Center is a landmark building that has become a symbol of Denver’s thriving business community.
A LEED Gold certified building Rising and BentallGreenOak had acquired this property in July of 2021 for $124.6 million. It was over 97 percent leased to investment grade and government tenants including the Regional Transportation District (RTD), the State of Colorado, Sheridan Ross when they bought it.
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