DENVER | Main Development Thread #7

[TakeFive]

Things can be confusing and it's easy to conflate stuff

Originally Posted by RiNo Randy

In any case, to me, it seems that the overlay at 38th and Blake is doing exactly as intended. Several new properties have used it. Should I name them? Not to mention, there are still lots of infill opportunities within that zone, including the majority of Brighton Blvd, the Pepsi Bottling property, Denver Rock Drill, etc.

Originally Posted by TakeFive

Housing Affordability?

Note -- RiNo Randy mentioned (above) the incentive offered to builders in specific areas that for adding affordable units they can gain additional height for their project. (Normally) Incentives are a good thing. One can take it or leave it but it provides a builder additional density allowances.

That to reiterate is totally different from this:

AI Overview

Denver's Expanding Housing Affordability (EHA) policy requires new residential developments of 10 or more units to designate 8% to 12% of units as affordable (or 15% in high-cost areas) for 99 years. Developers must target income levels between 60% and 90% of the area median income (AMI). The policy also mandates linkage fees for commercial developments.

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

Very Fair Question

Originally Posted by RiNo Randy

A head scratcher? In your response (right above this) you just claimed that "two Denver based builders have done very well by building in Castle Rock and Parker." So what do you mean?

I'm not aware that these builders 'canceled' projects in Denver to build somewhere else. I haven't spoken to either of them. My point was that two LOCAL builders did well outside of Denver and that others could make a similar decision and avoid the hassle of building in Denver.

Fair Point

Originally Posted by RiNo Randy

Who cares if they are market rate or not. It's a fact that we need more housing - across all levels. We won't achieve affordable until there is too much.

I have nothing against "designated" affordable housing; in fact I'm a Big fan. But it's important to understand the differences.

I haven't typically posted about 'affordable' projects except in unique cases. That's because the interest from others has historically not been there. Of course anybody is free to post about affordable projects.

Designated affordable projects can have issues. Sometimes the quality is a bit sketchy. Sometimes the management and maintenance can be a bit sketchy.
OTOH, DHA's redevelopment of Sun Valley was very well done.

I am also a fan of market rate more affordable units as I've clearly posted.

Originally Posted by RiNo Randy

So cyclists in cities other than Denver don't need this type of protection?

Why would think that cities can't handle their own business.

BTW, the State isn't going be doing any monitoring. It was an unnecessary expression of ideological egos and a waste of time.

[TakeFive]

Originally Posted by RiNo Randy

I also forgot.

Cherry Creek falls within the City Limits of Denver.

Why hasn't redevelopment in that area slowed down? Some might also say it is accelerating.

There's a wee bit of difference from Cherry Creek and the rest of Denver. It's the Scottsdale of Denver.

I also haven't posted regularly about Cherry Creek projects as many don't care. (wong as an example couldn't care less about Cherry Creek) but again anybody is free to post about Cherry Creek projects and I've covered some of them.

[RiNo Randy]

Originally Posted by TakeFive

There's a wee bit of difference from Cherry Creek and the rest of Denver. It's the Scottsdale of Denver.

I also haven't posted regularly about Cherry Creek projects as many don't care. (wong as an example couldn't care less about Cherry Creek) but again anybody is free to post about Cherry Creek projects and I've covered some of them.

Semantics.

Still within the city, so subject to same or similar rules.

I'm no fan of Scottsdale, except possibly Old Town, so that comparison means little to me.

And I'm unsure why anyone would be against this: Blocking Bike Lanes: The new law explicitly prohibits motor vehicles from occupying bike lanes, which previously had ambiguities in state statute.

[TakeFive]

Much more than mere semantics

Originally Posted by RiNo Randy

Semantics.

Still within the city, so subject to same or similar rules.

I'm no fan of Scottsdale, except possibly Old Town, so that comparison means little to me.

Not unlike Scottsdale many are more than willing, even eager to pay whatever the going price is.

AI Overview

The Cherry Creek office market in Denver is a tight, high-demand submarket. While one source indicates a very low vacancy rate of 4.7%, another recent report places the Cherry Creek vacancy rate at 12.6%, which is still significantly lower than the 38.2% vacancy in downtown Denver.

Cherry Creek is also known for its high-end retail.

Originally Posted by RiNo Randy

And I'm unsure why anyone would be against this: Blocking Bike Lanes: The new law explicitly prohibits motor vehicles from occupying bike lanes, which previously had ambiguities in state statute.

I am not aware of any cities being against "no blocking" but the State has no intentions of enforcing city bike lanes -- that I'm aware of. Some cities may choose not to strictly enforce it but that's their right to do.

I could make a case that perhaps they could block out the time between 9:00 AM and say Noon when bikers are scarce so that those that need to make deliveries to BUSINESSES would have better access during those times. But forget being business-friendly, right?

[mhays]

That's a lot of gyrations for saying "I don't care about bicyclist safety."

Don't freaking park in bike lanes, period. We're all reasonably intelligent here, right?

[TakeFive]

US DOT wants states to build more roads and take space away from bikes and give it to cars

Originally Posted by mhays

That's a lot of gyrations for saying "I don't care about bicyclist safety."

Don't freaking park in bike lanes, period. We're all reasonably intelligent here, right?

[RiNo Randy]

Originally Posted by TakeFive

Cherry Creek is also known for its high-end retail.

Are you kidding me!?!? Who knew?

Originally Posted by TakeFive

I could make a case that perhaps they could block out the time between 9:00 AM and say Noon when bikers are scarce so that those that need to make deliveries to BUSINESSES would have better access during those times. But forget being business-friendly, right?

You realize that bikes can and do utilize the bike lanes throughout the day, right? Some of them even make deliveries!

[RiNo Randy]

Is Downtown Denver Office Dead?

Well, here is another lease announcement...https://milehighcre.com/law-firm-signs-full-floor-lease-at-1801-california/

[TakeFive]

'We Don't Have Certainty Yet': Inside Denver's Affordable Housing Strategy
April 08, 2026 -- Otten Johnson Robinson Neff + Ragonetti PC -- Emily DeNardo, Studio B Writer

Note One: This article was 'sponsored' by the listed local law office.
Note Two: This concerns Market Rate apartments and not designated affordable apartments.

Twenty-five percent of renters in Colorado spend more than 50% of their monthly income on housing expenses, with the state now ranking as the third-most expensive in the U.S.

To alleviate cost-of-living concerns, cities such as Denver have enacted inclusionary zoning programs in which a certain percentage of new housing developments are set aside as affordable units.

What else is important?

But what was enacted four years ago as a tool to increase housing affordability has drawn some criticism. Critics argue that forcing developers to include affordable units in their projects can discourage new construction and potentially raise overall housing costs. Denver’s Expanding Housing Affordability Ordinance is one of the most extensive programs.

“I appreciate what folks in Denver are doing to deliver more affordable housing, but it is certainly the case that everyone I'm aware of who has had a chance to avoid complying with EHA is seeking to do that,” Peters said. “Everyone is trying to extend their pre-EHA approvals to avoid having to comply with these regulations.”

And The Bottom Line?

Peters said developers seem displeased with the policy because it hits their balance sheets. These mandatory regulations and fees also come at a time when high construction costs and elevated interest rates are affecting a developer’s bottom line — making it difficult to get deals to make financial sense. A project that doesn’t get built doesn’t deliver any affordable units, he said.

“Construction costs are the single biggest barrier right now,” he said. “They've been rising dramatically, and tariffs have added to construction costs, too.”

Increasing construction costs are as much a problem in the suburbs as in the city. HOWEVER, it's usually less expensive to build in the suburbs due to lower land costs and because apartments generally are not any more than five stories high.

[TakeFive]

Originally Posted by RiNo Randy

You realize that bikes can and do utilize the bike lanes throughout the day, right? Some of them even make deliveries!

And deliveries on bikes can not stop and block the bike lane, right?

AI Overview -- Per Denverite

Approximately 2.2% of commuters in Denver, CO, use bikes as their primary mode of transportation to work, according to 2017 U.S. Census Bureau data. ... this figure is still below the city's aspirational goal of 8% to 9% for biking and walking commuting by 2030

Postscript: Denver is very much a bike-friendly city. I found this piece from 2025.

Denver Named One of Most Bike-Friendly Big Cities in the U.S.
June 23, 2025 By Hannah Metzger -- Westword

Note: this isn't exclusive to commuters.

Denver is one of the top major cities for biking nationwide, even though it can’t crack the top ten in Colorado. That’s according to a new study from Buycycle, which named the Mile High City the fourth best cycling city in the United States for 2025.

“Known for its wide-open spaces, scenic parks, and access to mountain trails, Denver caters to cyclists of all levels,” the study concludes. “Whether you’re cruising along the city’s heart, or tackling the rugged mountain paths just outside the city, the city delivers a thrilling cycling experience.”

[RiNo Randy]

Originally Posted by TakeFive

And deliveries on bikes can not stop and block the bike lane, right?

AI Overview -- Per Denverite

Thanks for missing the point.

Maybe if you actually lived in Denver, you'd see there is much more cycling activity than reported.

But I'm sure Scottsdale is far better in some key metric that you can share related to this....

[TakeFive]

Check my Postscript update above

Originally Posted by RiNo Randy

Thanks for missing the point.

Maybe if you actually lived in Denver, you'd see there is much more cycling activity than reported.

But I'm sure Scottsdale is far better in some key metric that you can share related to this....

BTW, I don't care about Scottsdale. I gave up biking years ago; I'm now a member of the "walkers."

[RiNo Randy]

Originally Posted by TakeFive

Check my Postscript update above


BTW, I don't care about Scottsdale. I gave up biking years ago; I'm now a member of the "walkers."

Guess where those "other" cyclists ride????

[Fritzdude]

Originally Posted by RiNo Randy

Demolition of the small building at 2524 Larimer began today. IMAC Building on the corner of 26th and Larimer likely soon to follow. SullivanHayes has a sign and banner on site, but no listing on their website. It appears to be a retail focused single story building. Seems a bit wasteful to me.

Hey, I’m a RiNo guy as well. What’s going on with this corner? The banner shows a pretty cool redevelopment that will replace this IMAC building and extend further down the block. I thought it was a 2-story development, though.

[TakeFive]

I hadn't yet read about these announcements

Originally Posted by RiNo Randy

Is Downtown Denver Office Dead?

Well, here is another lease announcement...https://milehighcre.com/law-firm-signs-full-floor-lease-at-1801-california/

Law Firm Signs Full-Floor Lease at 1801 California
April 22, 2026 -- Mile High CRE

FBT Gibbons is reinforcing its long-term commitment to Denver with a full-floor lease at Brookfield Properties‘ 1801 California Street, one of the city’s most iconic office towers. The investment positions the firm alongside a growing number of companies choosing best-in-class buildings as part of a broader return-to-downtown movement reshaping Denver’s commercial core.

Interesting story:

Since launching in Denver in April 2024 with nine attorneys, the office has nearly tripled in size... The firm will occupy the entire 49th floor, totaling 22,131 square feet. The renovation follows the firm’s recent combination, which brought together Frost Brown Todd and Gibbons to form FBT Gibbons... Owned and operated by Brookfield Properties, 1801 California is widely recognized as a cornerstone of Denver’s skyline.

A bit of a Puff Piece but that's standard. Since they were already located in the building, Brookfield had an edge for keeping them. It was also easier for the firm to just move 'upstairs' but it shows they were happy with the location.

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

Originally Posted by RiNo Randy

Why hasn't redevelopment in that area slowed down? Some might also say it is accelerating.

Case in point: https://milehighcre.com/first-office-building-at-cherry-creek-west-begins-leasing/

First Office Building at Cherry Creek West Begins Leasing
April 22, 2026 -- Mile High CRE

Denver-based real estate and community developer East West Partners and its Denver-based private equity partner Ascentris has announced the launch of leasing for the first office building at Cherry Creek West... Dubbed One Cherry Creek, the eight-story building will offer 200,000 square feet of Class A office space and 19,000 square feet of retail in the center of one of the most sought-after commercial markets in the country.

THOUGHTS:

Obviously their best prospects would be tenants whose current lease expires in ~ three years. But do they need a certain amount of space commitments (in the form of a "Letter of Intent") before they can break ground? Or are they capable of breaking ground as a 'speculative' project? Guessing that the earliest they could break ground would be in six months with a two-year buildout?

[RiNo Randy]

Originally Posted by Fritzdude

Hey, I’m a RiNo guy as well. What’s going on with this corner? The banner shows a pretty cool redevelopment that will replace this IMAC building and extend further down the block. I thought it was a 2-story development, though.

Cool! If you ever want to meet up, let me know.

Much like the redevelopment on the adjacent block (current VOA building/warehouse) that is also owned by Edens, my understanding is that there was significant pushback from the neighboring community on increasing the height/density in that corridor.

Here is an article about the VOA side of that: https://www.denverpost.com/2025/09/16/denver-rino-redevelopment-edens/

Personally, I'm kinda torn. On one hand, with land being so valuable in this area, I'm surprised a one story building pencils. The other is excited about the prospect of more retail in this area.

I think I mentioned that the small building on the SW side of that lot is currently coming down (by hand). I imagine a more mechanical process will be involved when IMAC comes down shortly.

[TakeFive]

Litera Opens New Denver Office at the Triangle Building, Bringing Its Legal AI Footprint to the Mile High City

DENVER and CHICAGO – Apr. 14, 2026 – Litera, a leading legal AI platform provider that unifies the practice and business of law, is celebrating the grand opening of its new Denver office located at the Triangle Building, 1550 Wewatta Street, Suite 510, with a ribbon-cutting ceremony on Wednesday, April 22, 2026, featuring Chief Technology Officer Greg Ingino and EVP, Operations & CFO Priyanka Singh.

The new office will house 50 employees, including members of Litera's technology team, making Denver a key hub for the engineering and innovation work driving Litera's legal AI platform forward.

Courtesy Litera

[RiNo Randy]

Originally Posted by TakeFive

THOUGHTS:

Obviously their best prospects would be tenants whose current lease expires in ~ three years. But do they need a certain amount of space commitments (in the form of a "Letter of Intent") before they can break ground? Or are they capable of breaking ground as a 'speculative' project? Guessing that the earliest they could break ground would be in six months with a two-year buildout?

I haven't been down that way in a while, but didn't you post about the pending demolition on the existing site?

Elway's Steakhouse that was there needs a new home. I'm guessing there may be others that were displaced in the area looking for a new spot?

Also, I believe that pre-leasing activity in the CC area has been fairly prominent lately?

[Fritzdude]

Originally Posted by RiNo Randy

Cool! If you ever want to meet up, let me know.

Much like the redevelopment on the adjacent block (current VOA building/warehouse) that is also owned by Edens, my understanding is that there was significant pushback from the neighboring community on increasing the height/density in that corridor.

Here is an article about the VOA side of that: https://www.denverpost.com/2025/09/16/denver-rino-redevelopment-edens/

Personally, I'm kinda torn. On one hand, with land being so valuable in this area, I'm surprised a one story building pencils. The other is excited about the prospect of more retail in this area.

I think I mentioned that the small building on the SW side of that lot is currently coming down (by hand). I imagine a more mechanical process will be involved when IMAC comes down shortly.

Yeah, I heard they had to skinny down the VOA remodel in order to get financing approval. Hope it progresses because the neighborhood stands to benefit from their vision.

On a nearby topic, I wish there was a collaboration to extend the alley walkway from Broadway all the way to 30th - or potentially further if new developments maintained the alley right-a-way. What a cool destination to glue the neighborhood together. It would definitely be something unique to RiNo and for a low investment, this would bring dividends with increased foot traffic..

[TakeFive]

Originally Posted by RiNo Randy

I haven't been down that way in a while, but didn't you post about the pending demolition on the existing site?

Don't believe so.

Also, I believe that pre-leasing activity in the CC area has been fairly prominent lately?

Yes pre-leasing has been good. That doesn't mean it's an endless bucket.

The Broe Group Commences Second Phase of $225 Million Cherry Creek North Development

DENVER, April 22, 2026 /PRNewswire/ -- Broe Real Estate Group (BREG), the multi-billion-dollar Colorado based investment company, has engaged Cushman & Wakefield to bring the second phase of its $225 million Cherry Creek North development to market. 250 Clayton will be an iconic eight story, 175,000 SF mixed use project in the heart of Cherry Creek North. With the construction loan secured and site prep complete, demolition of the building is proceeding. Project delivery is expected Q3 2028.

250 Clayton begins project construction having pre-leased 24% of the new development.

250 Clayton


Courtesy The Broe Group

Note: Here's a nice article by Mortenson on Cherry Creek West

Postscript: Also, some of Cherry Creek's gain will likely come at a loss for downtown. For example, Antero Resource is moving from downtown into a new eight-story building at 201 Fillmore by the end of the year