DENVER | Main Development Thread #7

[TakeFive]

Speculating

Originally Posted by wong21fr

Wouldn't be surprised if they are moving the Greenwood Village office. IIRC, that is a fairly antiquated space.

Though the same can be said of the Denver office given it's a bit over a decade old.

I wouldn't be surprised if Jacobs Engineering is considering "right-sizing" and consolidating to their new space at Belleview Station - if they suspect that infrastructure investment will be noticeably less over the next decade than over the last 10 - 15 years in the state and metro area.

The one exception

that could ramp up their infrastructure investment would be Xcel Energy. (BTW, have you started packing yet?)

Xcel energy future investments Denver

Xcel Energy is planning significant investments, totaling $45 billion over five years, with $22 billion specifically allocated for Colorado to modernize the grid and expand renewable energy capacity. A substantial portion of these investments will be in Denver and the surrounding area to address growing energy demands and support the state's clean energy goals.

Hot off the Press
Colorado economists say the risk of a recession in the state is growing
June 18, 2025 By Shaun Boyd -- CBS News

The Governor's Office of State Planning and Budgeting says there is a 50-50 chance that Colorado will experience a mild recession this year -- up from 40% in March, while the risk of a more severe recession is 25%.

"We have a lot of downside risk," budget director Mark Ferrandino told lawmakers on the Joint Budget Committee. Economists from both the budget office and Legislative Council say Colorado's economy is slowing.

This is a little ominous.

Economists are expecting a $700 million shortfall in the state's general fund this year and Ferrandino says it could triple depending on what happens at the federal level.

Not sure about all that but the obvious drawback for me is that among the bundles of $billions that will be invested over the next decade nationally - for the most part Colorado isn't in the game.

For example: Texas Instrument recently announce a $60 billion investment In U.S. Facilities creating more than 600,000 new jobs. Outside of Texas, Utah will be getting its 2nd facility in addition to the current project which is in the testing phase for production.

It's always hard to predict things and I'd guess that over the next decade Colorado, especially the Front Range from Colorado Springs up to Fort Collins will continue to grow.

[mhays]

I wouldn't fight too hard for a bunch of data centers. They don't add many jobs once they're built. Mostly it's sprawl and huge resource usage.

That said, small sodium-cooled nuclear plants might soon power data centers. https://www.geekwire.com/2025/terrapower...s-investment-fund-bill-gates-and-others/

[TakeFive]

Who knew; Who knows; someone has to be smarter than me

Dual-Concept to Debut Atop The Penrose Apartments
June 20, 2025 -- Mile High CRE

Rose & Thorn, an upscale, dual-concept bar and restaurant located within The Penrose at 1740 36th Street in Denver’s River North Arts District, will open its first phase to the public on Saturday, July 12. The venue blends two distinct experiences in one location: Rose, a rooftop bar and restaurant with sweeping views and a reservation-only pool, will debut in July, while Thorn, a sultry underground cocktail lounge, is set to open later this summer.

This project is the first of its kind in Denver, blending residential development with elevated food, beverage and lifestyle experiences open to the public.

The Penrose -- listed originally as 3595 Wynkoop Street; now listed as 1740 36th Street






Images courtesy The Penrose/Snavely Group

The Apartment web site lists Snavely Group as the leasing agent?

I find no information on the construction/development history for this project. Box of chocolates for anyone who can fill in the blanks?

[mhays]

It's pretty unusual to have a public business on top of apartments...usually apartments keep outsiders out (including alcohol-filled ones), and dedicated elevators are expensive.

[BrIced_Tea]

Originally Posted by TakeFive

I find no information on the construction/development history for this project. Box of chocolates for anyone who can fill in the blanks?

Ryan covered it in a few of his RiNo (North) Roundups on Denver Infill. Check the info below Wynkoop Street. https://denverinfill.com/2023/07/river-north-north-roundup-jul-2023.html

[RiNo Randy]

Originally Posted by mhays

It's pretty unusual to have a public business on top of apartments...usually apartments keep outsiders out (including alcohol-filled ones), and dedicated elevators are expensive.

Seems to be a bit of a trend, at least in Five Points.

Sorry Gorgeous is located on the twelfth floor of Novel RiNo. Cocktails are pricey, but the views are amazing.

https://www.sorrygorgeousrooftop.com/

[Cirrus]

Originally Posted by mhays

I wouldn't fight too hard for a bunch of data centers. They don't add many jobs once they're built. Mostly it's sprawl and huge resource usage.

Suburban jurisdictions love data centers. They pay millions in property taxes, generate zero traffic, and require zero city services. Getting a bunch of data centers is like printing money.

Loudoun County, typically considered the wealthiest county in the US, is also the US capital of data centers, and it's not a coincidence.

Loudoun spent billions to extend the Washington Metro out to themselves, dedicated years of planning to TOD around their stations, and then said "fuck it, let's just print more money and not have any NIMBYs complain by doing data centers instead.

[RiNo Randy]

Also, definitely construction activity underway at 38th & Blake.

Weitz now has office trailers on site, excavation is underway and a crane was brought on site today.

It appears that they will begin with the 3850 Blake apartment building as the office trailers are on the site where the hotel is planned.

[mhays]

Good point about property taxes. Probably not much road usage either.

But at what point do the tax revenues overcome the resource and land concerns?

And how much of Loudon's success is due to its unique position at the center of the nation's (and world's?) data lines?

[Cirrus]

The municipality doesn't care how much energy the data centers use. That's the energy company's problem.

There is a calculation on land value, which is why you don't see these things in center cities. But out in the exurbs they're one of most valuable things you can put on the land anyway, so it's not a concern.

And yes, Loudoun was successful before the data centers, and has endless demand for as many data centers as they can build. But finding a way to haul in tax revenue without paying any costs is unquestionably a big part of their affluence calculation.

[TakeFive]

Data center developer "Rowan Digital Infrastructure" is moving their HQ to 16th Street

According to Joe down at the bar, the un-branding made all the difference. They have ~48 employees total including an office in Seattle.

Quinbrook’s Rowan Digital Infrastructure Secures $1.24 Billion Financing for Hyperscale Campus in Maryland

Second Phase Expansion Takes Total Financing Closed for Maryland Campus to $2.2 billion

DENVER (February 25, 2025) – Rowan Digital Infrastructure (“Rowan”), a sustainable hyperscale data center developer and portfolio company of Quinbrook Infrastructure Partners, today announced it closed a further $1.24 billion of construction financing to build the second phase of a flagship hyperscale data center campus in Maryland, United States. The financing builds on the $975 million of financing for the first phase of the project, bringing total debt raised for the campus to $2.2 billion.

[mhays]

The data center equation sounds good from a municipal perspective, but my point was about whether locals (not necessary of that municipality) should root for a lot more of them.

[TakeFive]

Well done; Thanks

Originally Posted by BrIced_Tea

Ryan covered it in a few of his RiNo (North) Roundups on Denver Infill. Check the info below Wynkoop Street. https://denverinfill.com/2023/07/river-north-north-roundup-jul-2023.html

I did a search of the address with "construction project" which would often bring up a Denver Infill post. I notice that DI did not have an address listed with their info. Anywho, I had like ten tabs going trying to create that post and ultimately ran out of patience. Finding images that will fit the pages here has become trickier and time consuming - it varies.

Originally, this project was floated September 2018; The owner/developer is listed as RiNo Vertical Development LLC. The only info, an address and agent is likely just their attorney so I have no clue who the players were (not that it's all that critical). The Architect is Studio 646 out of Golden usually working on homes or small apartments. Perhaps they were a part of the ownership?

The builder was I-Kota; Kota Construction LLC went thru bankruptcy; not sure if this project was impacted or not.

Not sure of the current ownership; but in any case they seem to now be doing well. I'll guess the backstory is interesting but I'm moving on, lol.

[TakeFive]

I'm a believer

Originally Posted by RiNo Randy

Also, definitely construction activity underway at 38th & Blake.

Weitz now has office trailers on site, excavation is underway and a crane was brought on site today.

It appears that they will begin with the 3850 Blake apartment building as the office trailers are on the site where the hotel is planned.

FORMATIV develops transformative real estate with a focus in high-growth markets

3850 Blake is an urban-centric multifamily development located in the heart of Denver’s sought-after River North Art District (RiNo) neighborhood. The development answers the need for more diverse living options for those seeking to live in Denver’s epicenter of culture and acclaimed food and beverage concepts.

3850 Blake Street’s 310-units will be a mix of studios, one-beds, and two-beds, intended to attract both current residents and recent coastal transplants who are keen on functionality, attainability, and design.

[TakeFive]

LoDo office complex’s new owner says it’s unsafe, only half-occupied
June 23, 2025 by Justin Wingerter -- BusinessDen

Denver Market Center -- 2669 Larimer Street


Courtesy Denver Central Market

The Denver Market Center is a collection of historic brick buildings located in the LoDo (Lower Downtown) historic district, specifically along Market Street. It has been renovated to house a mix of office and retail spaces. The Market Center is known for its revitalization efforts, which include enhanced pedestrian areas, updated storefronts, and improved building amenities.

The new owner says it needs a new Roof and a new Elevator which will cost $6.5 million and he's looking for help.

Word on the street is that somebody suggested they pass the hat to all Skyscraper Forum guys and gals.

[DenvertoLA]

Originally Posted by RiNo Randy

Also, definitely construction activity underway at 38th & Blake.

Weitz now has office trailers on site, excavation is underway and a crane was brought on site today.

It appears that they will begin with the 3850 Blake apartment building as the office trailers are on the site where the hotel is planned.

There are new cranes at 800 Lincoln St. and 1040 E. Colfax Avenue. Well, new to me I was out of town for a bit. Also Akin Bonnie Brae is underway.

Can we get one more grounbreaking before fall??

[RiNo Randy]

I'm confused by the construction activity in block one of Skyline Park. They have removed the sod and are replacing it with turf for a sports park. The plans called for an "event lawn" in that space. Any ideas on why it changed?

[RiNo Randy]

Originally Posted by DenvertoLA

There are new cranes at 800 Lincoln St. and 1040 E. Colfax Avenue. Well, new to me I was out of town for a bit. Also Akin Bonnie Brae is underway.

Can we get one more grounbreaking before fall??

There's also a new tower crane at the Fox Park redevelopment site.

[Cirrus]

Denver Central Market: That looks great. I assume it's a food hall? I don't remember anything like that there. Checking old Street View imagery and yep, that's what I remember. Well, nice change.

What's up with this Lyft-branded bike rack? Are they common? Does Denver have a lock-to requirement for ebikes but not scooters?

[RiNo Randy]

Originally Posted by Cirrus

Denver Central Market: That looks great. I assume it's a food hall? I don't remember anything like that there. Checking old Street View imagery and yep, that's what I remember. Well, nice change.

What's up with this Lyft-branded bike rack? Are they common? Does Denver have a lock-to requirement for ebikes but not scooters?

It opened as a food hall in the fall of 2016. Ii believe there are 11 vendors inside.

There are a number of dedicated parking stalls/spaces for scooters & e-bikes. Don't believe it is a requirement yet.