DENVER | Main Development Thread #7

[RiNo Randy]

Originally Posted by TakeFive

ALSO THIS:

Denver tourism sets records in 2025 with 37.6M visitors
May 25, 2026 By: Shannon Ogden -- Denver7 News

A slight dip in 2024, but steady growth over the last five years:

2025 37.6M
2024 37.1M
2023 37.4M
2022 36.3M
2021 31.7M

Source: https://visitdenver.com/about-visit-denver/visitor-impact/

[TakeFive]

Why 2026 Could Mark a Turning Point for CRE Deal Activity
May 27, 2026 By Amy Aldridge, partner, TRE -- Mile High CRE

Very well written article even if a bit optimistic. Denver, of course benefits from one of the healthiest sub-markets in the country with Cherry Creek.

Few of my observations:

Lenders have become more active as the market clarifies itself. So-called trophy office buildings are all the rage but the other positive is that many properties have been reassessed so low that lenders find them not-so-risky. Many of these are candidates for an office to residential conversion.

Chicago - recently announced the completion of the last office building under construction. The outlook is for no new construction for ~ 5 years and any new projects are likely to be modest in size - like what Cherry Creek is building.

Dallas - for decades and continuing is a magnet for new HQ's as well as company expansions. The trouble with downtown vacancy is now attributed to Not Enough Parking (that's what they're saying).

Nashville - while hardly a trailblazer, has benefited from steady demand from company expansions; their vacancy is ~ 18%.

[TakeFive]

Coming Soon... to Denver???

Waymo opens Ojai robotaxis to select riders as company aims to lower cost of fleet expansion
May 28 2026 By Jennifer Elias -- CNBC

Waymo is starting to offer select customers rides in its new Ojai robotaxis, which are designed to work better in snowier conditions and are cheaper to manufacture than the company’s older fleet of cars.

Rides will be available to some public passengers in San Francisco, Los Angeles and Phoenix, before opening up in San Diego, Las Vegas and Denver this summer, Waymo said in a statement on Thursday.

The vehicles, integrating new hardware and software, are made by China’s Geely, and cost significantly less to manufacture than earlier Waymo cars made by Jaguar and others.

Courtesy Business Insider

[RiNo Randy]

Originally Posted by TakeFive

Dallas - for decades and continuing is a magnet for new HQ's as well as company expansions. The trouble with downtown vacancy is now attributed to Not Enough Parking (that's what they're saying).

Do you have a source for this? I didn't see any reference to Dallas in the article you posted.

Based on my experience living in the DFW area for 6 years (I was in the suburbs, but visited Downtown Dallas often), there is more than enough parking there. But just like in the CBD of cities like Denver, much of that parking is in structure or below grade. So is it actual parking they are missing or street/surface parking they desire?

[TakeFive]

Originally Posted by RiNo Randy

Do you have a source for this? I didn't see any reference to Dallas in the article you posted.

Based on my experience living in the DFW area for 6 years (I was in the suburbs, but visited Downtown Dallas often), there is more than enough parking there. But just like in the CBD of cities like Denver, much of that parking is in structure or below grade. So is it actual parking they are missing or street/surface parking they desire?

Why Downtown Dallas Can’t Fill Its ‘Zombie’ Office Towers
May 11, 2026 By Ben Swanger -- D Magazine

The downtown Dallas office market is at a crossroads. Overall vacancy is near 30 percent, but the city’s 10 largest office towers are half-empty, with a 48.8 percent vacancy rate, according to data from Downtown Dallas Inc. and Dallas CAD. In all, they account for 6.26 million square feet of empty.

THIS:

But many developers, brokers, and downtown investors argue the story is more complicated. In some cases, they say, the issue is not demand—it’s infrastructure. More specifically, parking.

Take Bank of America Plaza for example. Technically, the tower is roughly 70 percent leased. But the building is effectively full. That’s because it can’t accommodate additional tenants under modern parking expectations.

“You want to fix downtown?” Ablon says. “Go build 10 parking garages.”

[TakeFive]

I really like what they're doing with this adaptive reuse conversion

Financing and Construction Partner Secured for Park Hill Holiday Inn Conversion
May 20, 2026 -- Mile High CRE

HotelShift, the firm converting the Park Hill Holiday Inn at 3333 Quebec Street in Denver, has assembled a team that will provide the financial support and design and
construction expertise to provide future residents with A-grade apartments and amenities at attainably priced rental rates.

3333 Quebec Street


Courtesy HotelShift

HotelShift purchased the 11-story, 310-key hotel with fellow Texas hotel company Voyage Capital for approximately $9 million, according to property records. The duo will
deliver approximately 240 apartments from the existing rooms, with studios starting at $1,100. The hotel’s existing gym, pool, handball court and steam/sauna rooms are
all planned to be preserved for future residents. Its restaurant space is expected to be leased to a new tenant, and the firms are looking to add a golf simulator on-site.
All units will come with a balcony and a full-size fridge, range and dishwasher.

[TakeFive]

Small business owners look to the future as Aurora's Stanley Marketplace changes hands
May 22, 2026 By Tori Mason -- CBS News Denver

Nearly a decade after becoming one of Colorado's most recognizable gathering spaces, Stanley Marketplace is preparing for a major transition.

The mixed-use marketplace in Aurora is under contract to be sold to a new ownership group, something current operators acknowledge may sound scary to longtime customers and tenants, but insist will not change the identity that made Stanley successful in the first place.

Originally opened in 2016, the marketplace has grown into a destination filled with locally owned restaurants, boutiques, fitness studios and service providers.

Stanley Marketplace




Courtesy CBS Denver

"The original vision was really a community hub," said Jonathan Alpert, managing partner with Westfield Company, which manages Stanley Marketplace. "A place for entrepreneurs, first-time business owners to gather and break all the rules and just be an awesome place for the community to come and hang out."

"There's a million reasons to come here," Alpert said, pointing to everything from restaurants and retail to childcare and service businesses. "This is a daily trip for a lot of families and people that live in and around the marketplace."

[RiNo Randy]

Originally Posted by TakeFive

Why Downtown Dallas Can’t Fill Its ‘Zombie’ Office Towers
May 11, 2026 By Ben Swanger -- D Magazine

THIS:

So glad it is a parking they created by having the entire metroplex be a series of bedroom communities.

It's always parking though, isn't it? Never, let's expand the *insert mass transit system of choice here* to connect more people to the places they want or need to be.

As an example. I used to take DART to downtown Dallas on a regular basis. But I needed to take a rideshare from my townhouse in McKinney, to the Parker Road stop as that was where the line ended. I believe may be on an old/obsolete freight line, so most of the infrastructure is there to extend it to McKinney, but that hasn't happened yet.

Here's an article about that opportunity. Full disclosure, I wasn't aware that McKinney isn't part of the funding zone for DART, so I can see the trepidation. But it would be a key connector. US75 typically is a traffic nightmare, as is the Woodall Rodgers Freeway.

https://www.keranews.org/transportation/...-study-new-rail-line-plano-mckinney-dart

[RiNo Randy]

And to follow up on that, here is one example of a parking garage in a Berkshire Hathaway developed project called Grandscape in The Colony, TX. Yes, a northern suburb, but you can find parking garages of this stature all over the metro.

https://maps.app.goo.gl/UWkPPKtAwftjWJJ77



Image from @livegrandscape

And maybe a quick reminder that there are something like 2B parking spaces in the USA. For about 300M registered vehicles. So there are always about 6 empty spaces for your car. Are they ever always in the right place? Of course not.

[TakeFive]

It's "mostly" all about land values

Originally Posted by RiNo Randy

And maybe a quick reminder that there are something like 2B parking spaces in the USA. For about 300M registered vehicles. So there are always about 6 empty spaces for your car. Are they ever always in the right place? Of course not.

Setting aside ideology there are pragmatic reasons why Sunbelt states sprawl so much.

Consider costal cities on the West Coast and in the NE; land is expensive so parking lots are viewed as a wasted opportunity. However in Sunbelt states land is generally very cheap (in comparison) so if there's more than necessary parking, who cares? It's also wise to remember that a parking lot is simply vacant land waiting to be developed.

While Denver doesn't have the greatest density (although that has been changing especially in the core part of the city) land has always been on the expensive side.

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

That article was quite good although I don't know the area. The problem with transit in general is usually a first- and last-mile issue. As in your case, Rideshare can be an easy fix for this. For example, in Denver, I'm aware that many in DougCo take rideshare to County Line Station in order to hop on the train into Denver.

[TakeFive]

It's My Opinion and I'm Sticking to it

Downtown Atlanta Is Poised For Revival. Businesses Are Still Leaving
May 28, 2026By Jarred Schenke -- Atlanta Bisnow

A handful of developers have spent billions of dollars to revitalize Downtown Atlanta. Those projects are now close to realization.

The projects aim to draw visitors and consumers back into Downtown Atlanta. But office tenants are still moving out, turned away by the city’s aging office stock, struggling owners and a perception among tenants of crime and vagrancy.

FLASHBACK

Nothing against the plight of the Homeless but going back to COVID they had more rights than the businesses in downtown Denver. Encampments sprouted up wherever; it was especially bad for Upper downtown which also had some of the oldest office buildings. But the scene was also bad at DUS. The Homeless also brought along vandalism and theft.

CHANGE WAS IN THE WIND

Finally the city started dealing with the homeless issue; first they cleaned up encampments - made them move. But credit to Mayor Mike who finished the job by chasing the homeless out of downtown and creating a downtown-specific police squad.

PERFECT STORM

Call it more of a Perfect Storm but between the attraction of clean and safe Cherry Creek there was also the allure for nicer new office buildings in RiNo. There was also office space consolidation. So who knows what reasons businesses used to exit downtown; it's all a piece of the puzzle.

FAST FORWARD:

Completed 16th Street redevelopment. Downtown is now much more appealing. But you can't undo what has already been done. All you can do is move forward.

[RiNo Randy]

"Chasing" the unhoused from downtown is not a long term viable solution. Particularly for those chased away from services they need to get by.

[TakeFive]

.....


https://www.milehighreport.com/denver-br...ium-with-burnham-yard-purchase-agreement

Good morning, Broncos Country!

On Friday, the Broncos announced they have finalized a formal purchase agreement with the state of Colorado for Burnham Yard. 9News included in its report of the announcement a statement by Broncos Chief Communications Officer Patrick Smyth:

The agreement, obtained by 9NEWS, puts the price tag of Burnham Yard at $45.8 million. As 9News added, that is exactly what the state still owed on its loan for the property. The Colorado Department of Transportation bought Burnham Yard from the Union Pacific Railroad for $50 million in 2021.

[TakeFive]

'The Bar Is Higher': Inside JLL's Hospitality-Driven Approach To Mixed-Use Property Management
May 27, 2026 by Emily DeNardo -- Bisnow Content Partner: JLL

Expectations for a live-work-play lifestyle are surging as millennials and Generation Z now make up the biggest cohort of the U.S. workforce.

According to a 2025 JLL research report, two-thirds of people worldwide expect the places they spend their time to be highly amenitized, catering to their desire for personalized experiences. Sixty-nine percent of respondents were even willing to spend extra for it...

Looking Ahead

Over the next 15 years, office space in mixed-use developments is expected to make up nearly 30% of the entire U.S. office market. In 2025, this number stood at just 4%. Multifamily residences and retail spaces within these developments also command higher rent.

A mixed-use development in Cary, North Carolina


Courtesy Wileydoc / Shutterstock.com via Urban Land Magazine

Mixed-use is not a new concept but has become more prominent over the last decade.

Examples in Denver would include 9+CO at 9th and Colorado Blvd; Lone Tree has done a nice job on a more suburban Scale and up next is Cherry Creek West !!

All these developments are different from each other but all emphasize being "Mixed-Use".

[TakeFive]

Denver mayor says future BRT projects won’t look like Colfax
May. 22, 2026 By Kyle Harris, Ryan Warner --Denverite

Mayor Mike Johnston says the city of Denver will make some significant changes as it considers future bus rapid transit projects on Colorado Boulevard, Federal Boulevard and other locations around the city.

I want to make sure we really hear from all the residents on these corridors to know that they're deeply supportive before we go forward, because it does have an impact,” Johnston said in an interview with Denverite and Colorado Matters on Wednesday.

Johnston signaled that the city’s support for those projects would hinge on local feedback. “I just want to really make sure that the businesses know exactly what the design is, the residents know exactly what the design is and they really want it...

[TakeFive]

NDHC Breaks Ground on Pearl Street Uptown Apartments
May 29, 2026 --Mile High CRE

On May 29, the Northeast Denver Housing Center (NDHC), alongside public and private partners, celebrated the groundbreaking of Pearl Street Uptown Apartments, a transformative mixed-income housing development that will deliver new housing opportunities, sustainable design, and community-focused amenities in the heart of Uptown Denver.

Located at 1616–1630 N. Pearl Street, the development will include both new construction and preservation of an existing residential building, creating a vibrant residential community designed to serve residents across a range of income levels.

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

Formativ Real Estate Group to Break Ground on Rowan, a Multifamily Development in Denver’s RiNo District

Formativ Real Estate Group will celebrate the start of construction on Rowan, a new 358-unit multifamily community located at 3875 Walnut Street in Denver’s River North Art District. The project is positioned near RTD’s 38th & Blake A-Line commuter rail station, placing it within one of Denver’s most connected transit-oriented development areas.

A groundbreaking ceremony for Rowan will take place on Wednesday, June 3, 2026, from 11:00 to 11:45 a.m. at the project site. Representatives from Formativ Real Estate Group, The Weitz Company and the City and County of Denver are expected to provide remarks, followed by a ceremonial groundbreaking and photo opportunity.

[RiNo Randy]

Always fascinating to hear how much downtown Denver "has changed" (usually with a negative connotation) from people who don't know or remember the history here. And to be honest, I first visited in late 1994. I've seen a lot of change, but this big scar had already been somewhat healed at that point.

"Urban Hell: Downtown Denver in the 1970s"

https://www.instagram.com/p/DYtLkjsNWUT/?utm_source=ig_web_copy_link&igsh=NTc4MTIwNjQ2YQ==

[wong21fr]

Originally Posted by RiNo Randy

"Chasing" the unhoused from downtown is not a long term viable solution. Particularly for those chased away from services they need to get by.

While it's a common refrain from homeless advocates, there's less chasing from downtown and more targeted reduction in homelessness by geographic area. The broader YoY trends using both the PIT survey and the MDHI Annual Report demonstrate this trend (not that Housekeys would care about this data since they are distinctly a pro-homelessnes organization and won't rest until the camping ban in overturned). Denver did certainly mainly target downtown and the surrounding area for rehousing in the temporary solutions (noncongregate shelters and micro-communities) which has increased homelessness visibility in the neighborhoods where these facilities were established, but the aggregate decrease is clear.

Now Denver needs to work on the neighborhoods that are impacted by the shift. Central Park/North Park Hill has taken a disproportionate hit since two large facilities were put there in close proximity and you now have several encampments due to individuals who can't handle the minimum level of rules in place in the shelters being kicked out but remaining in the area.

[RiNo Randy]

Originally Posted by wong21fr

While it's a common refrain from homeless advocates, there's less chasing from downtown and more targeted reduction in homelessness by geographic area. The broader YoY trends using both the PIT survey and the MDHI Annual Report demonstrate this trend (not that Housekeys would care about this data since they are distinctly a pro-homelessnes organization and won't rest until the camping ban in overturned). Denver did certainly mainly target downtown and the surrounding area for rehousing in the temporary solutions (noncongregate shelters and micro-communities) which has increased homelessness visibility in the neighborhoods where these facilities were established, but the aggregate decrease is clear.

Now Denver needs to work on the neighborhoods that are impacted by the shift. Central Park/North Park Hill has taken a disproportionate hit since two large facilities were put there in close proximity and you now have several encampments due to individuals who can't handle the minimum level of rules in place in the shelters being kicked out but remaining in the area.

Thanks for proving my point.

How many people have died at the shelter on Quebec? You know, the one that forced the closure of the Credit Union adjacent to the site.

[mr1138]

Originally Posted by RiNo Randy

Thanks for proving my point.

How many people have died at the shelter on Quebec? You know, the one that forced the closure of the Credit Union adjacent to the site.

Seven - as of two years ago (Mar 28, 2024). It's not as easy to quickly google how many there have been since then.

But while we are asking that question, a full inquiry would also consider how many deaths would have occurred amongst the individuals in this facility had they NOT been offered supportive housing. The answer is not 0, and quite likely higher than the number of deaths at that shelter.

The same goes for the closure of adjacent businesses. Sure, one credit union may have closed down. But the encampments downtown weren't exactly good for business down there either. I seem to recall The Triangle closing in 2023 because of the size of those encampments.