DENVER | Main Development Thread #7

[TakeFive]

Interestingly, Retail along with Industrial are the two healthiest sectors of Commercial Real Estate

Stockdale Capital Unveils Transformation of The Shops at Northfield
August 7, 2025 -- Mile High CRE

Stockdale Capital Partners, a vertically integrated real estate investment firm, has announced a redevelopment plan for The Shops at Northfield—Colorado’s No.1 most visited open-air lifestyle and retail center located in the heart of Denver’s Central Park community.

“After listening to the metro Denver community, we saw an incredible opportunity to evolve The Shops at Northfield into a destination that reflects the way people want to live, shop, and connect today,” said Bastian Peters, co-head & managing director of retail at Stockdale Capital Partners. “We are not just reinvesting in the property—we’re investing in the future of Central Park and Northeast Denver by introducing first-to-market retail, diverse amenities, and thoughtfully designed public spaces.”

The Shops at Northfield


Rendering courtesy Stockdale Capital Partners

FWIW

AI Overview

Stockdale Capital Partners is led by Co-Founding and Managing Principals Steven Yari and Shawn Yari, who have directed the firm's massive real estate and entertainment district developments in Downtown Scottsdale since the late 1990s.

Note: Their headquarters is in Los Angeles.

[COtoOC]

I'm excited for the Northfield redevelopment. At this point there seems to be the critical mass needed for expansion. Now there are so many apartments and hotels nearby (not to mention the north end of Central Park is close to build out) that expansion makes sense.

I finally got around to walking 16th St. last week and was impressed. It was Tuesday afternoon between lunch and dinner crowds, so not all that crowded. But there were people everywhere and definitely a police presence. I only saw a couple homeless people minding their business and one guy playing guitar who appeared to have a city permit. DUS was quite busy. Overall, a definite improvement. My only complaint was that a few of the trees already could use a little trimming with branches in the way as we walked by.

[RiNo Randy]

Originally Posted by COtoOC

I finally got around to walking 16th St. last week and was impressed. It was Tuesday afternoon between lunch and dinner crowds, so not all that crowded. But there were people everywhere and definitely a police presence. I only saw a couple homeless people minding their business and one guy playing guitar who appeared to have a city permit. DUS was quite busy. Overall, a definite improvement. My only complaint was that a few of the trees already could use a little trimming with branches in the way as we walked by.

They really did do a good job with it, even though most of the work is "behind/under the scenes" if you will.

I made a similar comment about the eye-pokers on the street about a year ago. Really shouldn't trim trees while they are actively growing. I know that they are monitoring the health of the trees as one that was placed along the street between Tremont and Court and didn't survive has already been replaced. I am glad that they didn't go cheap when they picked the trees for that project. Most were about 30' tall when installed and the base of all of them is about 18-24" below the surface.

But, one of those hidden reasons why the tree canopy is growing in so nicely is due to the strata vault system that is well below the surface of the street/sidewalks.

Here is what it looks like:

And here is how it works: https://citygreen.com/product-category/soil-vault-systems/

[RiNo Randy]

Originally Posted by TakeFive

Rising costs putting pressure on Denver restaurants, report finds
March 4, 2026 By Shallima Maharaj -- 9News

I wonder if anybody over at Denver City Council is aware of this or gives two chits.

Guess who was the largest voice against changing the current tipped/regular wages at restaurants in Denver? Side note that I believe that tipping culture has long outlived it's usefulness and should go the way of the dodo bird and other extinctions.

Surprise, surprise! It was the Denver Independent Restaurant Coalition. And the issue is now dead.

Their op/ed in Westword from late April: https://www.westword.com/opinion/wage-cuts-no-solution-to-rising-denver-restaurant-costs-40876681/

insta profile if you're interested: https://www.instagram.com/denverindierestaurantcoalition/

[TakeFive]

Good to Hear

Originally Posted by COtoOC

I finally got around to walking 16th St. last week and was impressed. It was Tuesday afternoon between lunch and dinner crowds, so not all that crowded. But there were people everywhere and definitely a police presence. I only saw a couple homeless people minding their business and one guy playing guitar who appeared to have a city permit. DUS was quite busy. Overall, a definite improvement. My only complaint was that a few of the trees already could use a little trimming with branches in the way as we walked by.

June and July into August should be the best months for visitors. Interestingly, some wait until the kids are back in school before they decide to go traveling like September and October should still see people coming through.

Otherwise. it's dependent on what conventions are in town at other times of the year.

You have to assume that having 16th Street now finished, fresh and new is helping quite a bit with everybody including locals.

Interesting post and nice pictorial

Originally Posted by RiNo Randy

They really did do a good job with it, even though most of the work is "behind/under the scenes" if you will.

[TakeFive]

Tipped wages are Goofy

Originally Posted by RiNo Randy

Guess who was the largest voice against changing the current tipped/regular wages at restaurants in Denver? Side note that I believe that tipping culture has long outlived it's usefulness and should go the way of the dodo bird and other extinctions.

Surprise, surprise! It was the Denver Independent Restaurant Coalition. And the issue is now dead.

Reading that Westword piece one fallacy jumped off the page for me. They talk as if Minimum Wage = Maximum Wage.

To state the obvious perhaps

• Some places do really well, make tons of money - so long as they remain popular.
• If a business can generate a consistent lunch business they can do well enough.
• For Sports Bars, their slower times are well compensated by days when they're packed with fans on 'game day.'

The problem comes in for those businesses that are more borderline or the mom & pop types.

BTW, everybody outside of Denver couldn't care less about all the wage rationalizing. They just gonna continue to benefit from those who choose to avoid Denver.

The biggest issue remains that there isn't likely to be the demand needed to fill all the space that's available, maybe not even half of it within Denver.

Note: Especially in the suburbs fast food places benefit immensely from Drive-through service. Reportedly in Denver "drive-through's" are heavily regulated. Why am I not surprised.

[wong21fr]

Originally Posted by TakeFive

Note: Especially in the suburbs fast food places benefit immensely from Drive-through service. Reportedly in Denver "drive-through's" are heavily regulated. Why am I not surprised.

Ehhhh... they're regulated, but of the dozen or so restaurants that have gone in my little slice of Central Park in the past three years, only two don't have drive-throughs. So it's not that hard. Maybe in the Highlands, but who gives a damn about those yuppies' driving needs?

Heck, the first Chick-Fil-A in the Colorado (not sure about nationally) that a) doesn't have a dining room, and b) is open past 12P is located in Denver.

Is it a suburban hellscape? Sure. But I won't complain a bit about the substantial sales tax revenue these places collect off those suburban commuters.

[TakeFive]

Interesting Point

Originally Posted by wong21fr

Is it a suburban hellscape? Sure. But I won't complain a bit about the substantial sales tax revenue these places collect off those suburban commuters.

It's not the gas taxes but the retail sales taxes that are impressive at Quik Trips. BTW, Quik Trip is starting to roll out their new Gen 4 format in new stores -- their first redesign in 15 years.

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

Still sorting a few things out

AI Overview

U.S. Bankruptcy Judge Kimberley Tyson ruled that lenders can foreclose on a 24-story downtown Denver office tower at 700 17th St.. The judge granted a relief of stay to loan trustee Wilmington Trust, effectively rejecting a reorganization plan submitted by the building's owner, an affiliate of Denver-based Toma West.

• Occupancy & Revenue: It is approximately 40% occupied and generates around $172,000 in monthly rent.
• The Financial Deficit: The property operates at a $50,000 monthly loss, which the lender has been actively covering.
• Rejection Details: Toma West's reorganization proposal sought to pay the lender $23.3 million over a 30-year span. The debtor argued that nearby office-to-apartment conversions would ultimately increase demand for their office space, an assertion the judge deemed "not credible"

[TakeFive]

AI Overview

New York City-based HLW International officially opened a Denver office to support Los Angeles developer The Luzzatto Co. on the $315 million "High Fidelity" downtown office-to-residential conversion project. The ambitious adaptive-reuse initiative will transform two distressed towers into 700 residential units and mixed-use spaces.

The expansion into the Denver market highlights a major trend in repurposing hollowed-out central business districts, with HLW establishing a local presence to help navigate the complexities of office-to-housing design

[TakeFive]

If you're looking for a nice Quiet Place
Jun 11, 2026 -- Denver7 News

that has no homeless, no bike lanes, all retail space taken, great chocolate chip cookies, a relaxing kind of place.... Check it out.

Haven't lived there but I've been there a number of times.

[RiNo Randy]

Originally Posted by TakeFive

If you're looking for a nice Quiet Place
Jun 11, 2026 -- Denver7 News

that has no homeless, no bike lanes, all retail space taken, great chocolate chip cookies, a relaxing kind of place.... Check it out.

Haven't lived there but I've been there a number of times.

Glad to see your advocacy of the unhoused continuing.

[TakeFive]

RidgeGate Marks 25 Years of Progress
June 11, 2026 -- Mile High CRE

25 Years of Building a Complete Community

Over the past quarter century, RidgeGate has grown into a dynamic community now home to more than 7,500 residents and approximately 10,000 jobs in its West Village alone. The community features a broad range of residential options—including affordable housing, luxury rentals, senior living, townhomes, condominiums, and single-family homes—designed to support every stage of life.

Three anchored retail centers provide essential services and gathering spaces, while major employers such as HCA HealthONE Sky Ridge Medical Center, Charles Schwab, and Kiewit Corporation contribute to a strong economic foundation.

More jobs than residents? That's impressive although that will change as they develop the east side.

This is hard to believe or not?

AI Overview

The office vacancy rate in Lone Tree, CO, is roughly 5%, which is significantly lower than the broader Denver metro and South I-25 corridor averages.

[wong21fr]

Originally Posted by TakeFive

This is hard to believe or not?

No spec office project and three campuses built for specific clients with long-term leases? Yeah, it's believable, but not exactly a ringing endorsement of demand.

[RiNo Randy]

Originally Posted by wong21fr

No spec office project and three campuses built for specific clients with long-term leases? Yeah, it's believable, but not exactly a ringing endorsement of demand.

I also recall Lincoln Avenue being torn up at least five times during that time span (hasn't been altered in a while), so not sure it was always the best planned out development..,.

[TakeFive]

Originally Posted by wong21fr

No spec office project and three campuses built for specific clients with long-term leases? Yeah, it's believable, but not exactly a ringing endorsement of demand.

I recalled buildings being sold back in 2024 (?) that were advertised as being offered "below replacement cost." Lockheed vacated one building and it was bought by another defense contractor whose HQ is or was in Aurora. Currently there's 30 listings for misc. office space.

BUT, generally speaking your thinking is solid.

[TakeFive]

"Coming Soon" -- February 2020 - The Denver Business Journal

Consolidated Investment Group’s Route 40 Apartments Go Vertical
June 15, 2026 -- Mile High CRE

Consolidated Investment Group (CIG) ... has proudly announced that wood framing is underway for Route 40, a multifamily property located at 1040 E. Colfax Avenue in Denver.
Three levels of above-ground structural concrete were recently completed, allowing wood framing to begin.

The new seven-story building will include 210 apartment units, 6,900 square feet of retail, and robust amenities....

Route 40 -- 1040 E. Colfax Avenue


Courtesy CIG

[TakeFive]

Multifamily Financing In 2026: How Are Projects Moving Ahead?
June 10, 2026 By Capital One Julia Troy, Studio B Editor -- Bisnow

After a dramatic few years, pressure seems to be easing on the multifamily market... That doesn’t mean developers should be scrapping their plans for new developments, however, particularly if they are interested in the affordable market.

SIDE POCKET:

A week ago I 'worked' the dinner crowd from a convention at the JW Marriott Desert Ridge. It concerned Commercial Real Estate lending -- with respect to the Tech side. 1st trip was a guy from Boston who also reads Bisnow; 2nd trip was a couple of guys from Florida. Fun conversations. Last trip was a guy from Utah going all the way to downtown Phoenix. I happen to have read about the recent 'Executive Order' from the Utah Governor concerning Data Centers so we had a good conversation. BTW, best thing about rideshare for me is meeting people from all over the country/world.

[TakeFive]

A June Groundbreaking

U.S. FDA, HHS, GSA break ground on $228M food lab at the Denver Federal Center
Jun 17, 2026 By: Katie Parkins -- Denver7 News

DENVER — The U.S. Food and Drug Administration (FDA), U.S. Health and Human Services (HHS) and U.S. General Services Administration (GSA) broke ground on a $228 million food lab at the Denver Federal Center Wednesday, the GSA announced.

Rather Interesting

The new lab will expand the FDA's research capability to manage foodborne illness outbreaks and ensure food, drugs and cosmetic safety specifically, according to the GSA. The project will replace what the GSA calls an aging, outdated workspace to bring the Denver lab up to 21st-century operations capability.

Even More Interesting

It will be the FDA’s only Biosafety Level 3 facility west of the Mississippi River, the GSA said in its Wednesday announcement.

The construction project is expected to be completed by early 2029.

[TakeFive]

GOOD NEWS

Denver Post reaches deal with city to buy out long-term lease for namesake building
June 16, 2026 By Elliott Wenzler -- The Denver Post

The owner of The Denver Post will pay the city that shares the newspaper’s name $13.5 million to end its master lease in a downtown building under a settlement announced Tuesday.

That settlement is less than 40% of what the company would have paid the city under its original lease, which was set to end in 2029. If the company had continued paying that rent through the remainder of the lease, it would have paid the city $34.5 million, including the missed rent since 2025.

He said; She said

Mayor Mike Johnston called the agreement “a great deal for Denver” in a news release.

“When we said we would recover every cent owed, we meant it,” he said. “We look forward to forging a new future for the property that serves the city and preserves this building’s iconic place downtown.”

Since both parties are delighted with the outcome it is a delightful day in Denver.

Now that the city is responsible for upkeep and any updating it will be interesting to see what they do going forward.

Not one of Mayor Mike's shining moments but nobody is perfect. We'll settle for today's delightful outcome.

[RiNo Randy]

Here is an interesting article with renderings by Sasaki on what they are proposing for Denver Pavilions. Unfortunately, I'm not about to grab a link to repost a photo for some reason.

It definitely would change things up dramatically!

https://www.developingmycity.com/denver/...ver-pavilions-become-sasaki-design-study