DENVER | Main Development Thread #7

[TakeFive]

The Guys and Gals of Industrial Denver


Avison Young's Dawn McCombs, Trammell Crow Co.'s Megan Kranichfeld, Logistics Property Co.'s Brad Cushard and Brinkmann Constructors' Yuriy Gorlov
Courtesy Bisnow

Denver's Population Slowdown Is A Hurdle For Otherwise Stable Industrial Market
July 10, 2026 By Cassidy Ritter, Denver

The local industrial market has remained stable amid economic uncertainty, but experts speaking at Bisnow’s Denver Industrial Outlook said population growth is needed
to make Denver a top-tier market.

“The No. 1 thing that has to change is population growth,” Colliers principal TJ Smith said at the June 30 event, held at Four Seasons Hotel Denver.
“Industrial is the tail. We need to fill office buildings. If we don’t get people back to work down here, restaurants close. If restaurants close, we don’t stock our warehouses
with food. If we’re not building homes, we’re not filling up yards with roofing materials.”

Even these industrial guys are a little cranky

“Denver is the most expensive noncoastal city,” he said, “and you’ve got restaurants that are as expensive as Manhattan. That’s really hard for people to come and
move here, and for the service class to continue to live here.”

“We just had a deal that was over 300K SF where the operating expenses were more than the base rent,” he added. “That dog don’t hunt, right? When it comes time,
those guys are looking at Reno or [Las] Vegas or Salt Lake [City]. They’re going to go find cheaper space, and so we have to be very sensitive to that, particularly
because we don't have population growth.”

Treading Water?

On the flip side, there have been “quite a few” investment sales, and “capital partners are slapping 6% cap rates on Denver,” Baron Properties Managing Director
Tommy Dirks said.

“[Denver is] still obviously a very appealing and attractive market, but it’s just kind of at a tipping point right now,” Dirks said. When projects trade in Salt Lake City,
investors show up in “droves,” something that isn’t happening in Denver, Rockefeller Group Director Matt Burns said.

[RiNo Randy]

OMG! Huge picture alert!

[TakeFive]

Deflation can be a Good Thing

AI Overview -- Credit DBJ

UCHealth recently purchased the One and Two Greenwood Plaza office buildings (at 6550 and 6560 Greenwood Plaza Blvd. in Centennial) for $19.36 million. The health
system plans to consolidate its Denver-area administrative operations into these two buildings over the next two years.

The two properties consist of a three-story and a five-story building situated on over 8 acres near Fiddler's Green Circle. This acquisition will provide UCHealth employees
with modern office amenities, adequate parking, and access to public transit.

One & Two Greenwood Plaza


Per LoopNet

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Touché

Originally Posted by RiNo Randy

OMG! Huge picture alert!

Last two images were "1350" as apposed to "1024" but since they don't stretch that much more they work pretty good. Choice between a little stretch and nothing.

Originally Posted by TakeFive

Just a Head's Up that by searching Google Images you can find a better image for fitting the page on our site. Ideally, max width is about "1024"
or as close to that as you can find.

NOTE: Oddly the photo at BusinessDen states that it's "1024x768" but then it blows up when you post it here. Have no clue and it makes it more difficult.

[TakeFive]

Positive economic growth is what Colorado needs more of

Colorado-based Sierra Space awarded $798M defense contract
July 15, 2026 By Caitlyn Kim -- CPR News

Colorado-based Sierra Space was awarded a federal Department of Defense contract this week that could net it $798 million. The contract is for the design, manufacturing and delivery of 18 missile warning/missile tracking /missile defense space vehicles for the “Golden Dome,” a federal national missile defense system.

“This contract demonstrates Sierra Space’s capabilities as a formidable player in American national security,” said Dan Jablonsky, CEO of Sierra Space, of the award from the Space Development Agency.

That's a whole lot of money being invested into Colorado.

He was enthusiastic about the future of the company, which has 1,300 employees across the country, including about 1,000 in Colorado and buildings in Louisville and Centennial, and says the company is in a growth phase, and will hire more people

[TakeFive]

For sentimental reasons

Bonnie Brae Conoco in Denver for sale after more than 80 years of family ownership
June 17, 2026 By Michael Spencer -- CBS News Denver

When you walk inside the Conoco station at the corner of University Boulevard and Bonnie Brae Boulevard in Denver, you can't help but notice the history on the walls. "Here's the 40s. The 50s and my dad and uncle in the 70s," says owner Ken Wilson pointing to the pictures on the wall.

When asked what he'll miss most, Ken points to his relationship with his customers.

.....
Courtesy Ken Wilson / Bonnie Brae Conoco

[TakeFive]

Survey Says:

RTD has been in the news and I'm curious what feedback some may have? Here's the Denverite Story.

BACKSTORY -- Show me the Party Tray

When COVID hit Team Biden was very Transit friendly and that was a cool and important thing - at that time.

AI Overview

Federal COVID-19 funding for public transit was provided through three major bills: the CARES Act, the CRRSAA (Coronavirus Response and Relief Supplemental Appropriations Act), and the American Rescue Plan Act.

• CARES Act: Signed on March 27, 2020, this act provided $25 billion in emergency relief to transit agencies.
• CRRSAA: Signed on December 27, 2020, this supplemental appropriations bill provided an additional $14 billion to support the transit industry.
• American Rescue Plan Act (ARP): Signed on March 11, 2021, this $1.9 trillion package included over $30 billion in emergency relief specifically for public transportation systems.

AI Overview

The Infrastructure Investment and Jobs Act (IIJA) authorizes approximately $108 billion for public transportation programs through 2026, representing the largest federal investment in U.S. transit history

FAST FORWARD:

Post-COVID costs faced by transit agencies have gone up and up. According to a recent quote from Portland's Trimet costs have gone up ~ 50%. I assume this is typical across the country.

Transit agencies across the county generally had wide discretion on how they allocated and spent the various COVID pots of money. Many will soon be in much worse condition than RTD is.

Now that the Party Tray is almost spent what should RTD do?

Another question is should RTD try to generate more revenue through a tax increase?

[TakeFive]

A sense of normalcy is settling into the Tech Center

This was interesting:
Come-to-you clothier doing $9M a year locally gets new DTC office
July 20, 2026 By Max Scheinblum -- BusinessDen

Tom James brings an old-school mentality to the world of suits. “We’re the largest custom clothing manufacturer in the country and we’re in our 60th year in business,” said Jim Ziemer, the company’s regional director in Denver. “The model has always been we come to you.”

This is what caught my attention:

Come September, the local Tom James is also getting a new office at 8181 E. Tufts Ave. in the Denver Tech Center, right down the road from its current digs at 4610 S. Ulster St. “They really jacked up our lease,” he said of his landlord at the soon-to-be old space. “Usually leases go up 5% or whatever, but this was like 40%.”

So who owns the building they're moving from?

Koelbel Makes Another DTC Office Buy At Deep Discount
September 08, 2024 By Bruce Kennedy, Denver Bisnow

Koelbel and Co. and Real Capital Solutions purchased two office properties in the Denver Tech Center for $22M, 73% less than the last time the buildings traded hands.

The joint venture purchased Metropoint I and II at 4600 and 4610 S. Ulster St. The buildings total 433K SF and sit on 14.5 acres.“ We’re seeing opportunities to acquire incredible real estate at just 10% to 30% of their replacement cost,” Real Capital Solutions Chief Acquisition Officer Adam Abeln said in a press statement. “This is a classic scenario where exceptional assets are struggling due to weak capital structures, but are located in robust submarkets.”

Koelbel and Company, a multi-generational family business has been involved with the Tech Center for forty years. Back in 2024 they bought a number of office buildings in the Tech Center.

[TakeFive]

Denver Tech Center -- Part Two

Cherry Creek School District Signs Lease at Metropoint Office Tower
May 28, 2025 -- Mile High CRE

Koelbel and Company, in a joint venture with Real Capital Solutions (RCS), has announced a long-term lease agreement with Cherry Creek School District (CCSD) at Metropoint II, a class A office building in the North Denver Tech Center (DTC). Cherry Creek School District will be moving its administrative offices into the building in 2026–occupying 57,000 square feet of space across three floors.

Being part of the CCSD family didn't hurt.

“This is a full circle moment for the Koelbel family as we have a long history with Cherry Creek School District,” said Dean Koelbel, vice president of leasing and operations for Koelbel and Company. “My siblings and I all attended Cherry Creek High School and have nine of our own kids attending schools in the district. We are proud supporters of these amazing schools and excited to be a part of building the future for CCSD.”

Metropoint II is the smaller building

Metropoint I and II


Courtesy Koelbel and Company

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DTC office building could be demolished to make way for apartments
February 14, 2026 By Matthew Geiger | BusinessDen/The Denver Post

From hundreds of parking spots and offices to hundreds of bedrooms. That’s what Dallas, Texas-based developer Trammell Crow Residential wants to see just east of the Interstate 25-Interstate 225 interchange.

On Monday, the company submitted development plans to Denver proposing 660 apartments across two 5-story buildings to be constructed on the 10-acre site at 7601 E. Technology Way.

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Previously posted was Shea Properties mixed-use redevelopment of Marina Square


Courtesy Shea Properties

Note: All the above properties lie east of I-25 and north of Belleview so they are in the City of Denver

[TakeFive]

Tech Center -- Part Three

Previously posted above was UCHealth's purchase of two office buildings near Fidler's Green.

Note: It's magic... I've found a way that sometimes results in smaller images. This includes the UCHealth post above so I switched it out from the previously larger image.

Fidler's Green has to be the nicest part of the Tech Center within Greenwood Village. Longtime tech center developer John Madden Jr (RIP) built a trophy office building there. They still have concerts there and just to the west are three apartment complexes where you could sit out on your balcony and hear the music. Directly to the south is retail along Arapahoe Rd. The Arapahoe light rail station is right there as well.

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Separating the wheat from the chaff

The tech center still has a ways to go and there may be other buildings scooped up at bargain prices many of which will be torn down for redevelopment presumably for new apartments. But it's fair to say that bottom is mostly behind and things are clearly stabilizing.

[TakeFive]

Denver residents react to Mayor Johnston's 'Mile High Line' housing plan
Jul 22, 2026 By: Claire Lavezzorio -- Denver7 News

DENVER — Denver residents are weighing in on Mayor Mike Johnston's ambitious new housing plan — and many say the need is urgent. The average Denver home sells for nearly $635,000, according to the online real estate site Redfin, leaving many residents priced out of the market.

During his State of the City address Tuesday, Johnston unveiled his solution: the "Mile High Line" plan. The project targets seven major development sites across 150 acres of city-owned land, promising 20,000 new housing units including homes, townhomes and condos.

The mayor's office says construction timelines will vary by location.

I have no clue how viable any of this is and it is Campaign Season for being re-elected.

It is none-the-less a fascinating plan.

[TakeFive]

Hanging out in the suburbs

Nation’s First Nature Library Opening in Thornton
July 14, 2026 -- Mile High CRE

Anythink Nature Library, located at 6811 E. 136th Ave. in Thornton, will open its doors on Saturday, August 8, introducing the nation’s first public nature library and a bold new model for what a public library can be. Located on a 15-acre campus... Thornton, the library blends traditional library services with immersive nature experiences that inspire curiosity, environmental stewardship and lifelong learning.

Designed by Davis Partnership Architects in collaboration with THK Associates, the 33,000-square-foot project was constructed by GH Phipps.

Anythink Nature Library


Courtesy City of Thornton

[TakeFive]

People been sleeping on Thornton

AI Overview

Thornton, Colorado features several prominent master-planned communities offering modern residential designs and shared amenities, headlined by Parterre... (Heritage Todd Creek, and Arras Park).

• Parterre: An 800-acre master-planned project developed by Hines near E-470 and Quebec Street. It features single-family homes, paired homes, and townhomes built by Lennar and Taylor Morrison, with onsite pickleball courts, community gardens, trails, and planned commercial spaces

.

Parterre






Courtesy Hine, Lennar and Taylor Morrison

[TakeFive]

Mayor Mike is nice enough to help a lady...


Courtesy CBS News Denver

Denver's West Colfax Avenue project complete with new pedestrian crossings, traffic slowing measures
July 24, 2026 By Jasmine Arenas -- CBS News Denver

A years-long effort to make one of Denver's busiest corridors safer for pedestrians, cyclists and drivers is now complete. The $15.5 million West Colfax Pedestrian Crossing & Transit Improvements, funded through the Elevate Denver Bond Program, add landscaped medians, curb extensions and upgraded transit stops along the corridor from Irving Street to Sheridan Boulevard.

The new landscaped medians provide a protected refuge, allowing pedestrians to cross in one direction of traffic at a time rather than navigate multiple lanes at once.

A nearby Jewish summer camp that buses children throughout the week welcomed the improvements. "It looked messy," said Rabbi Yisrael Kellner, who runs the camp. Kellner said the redesigned corridor not only improves safety but also helps campers and families move through the area more efficiently.

Courtesy CBS News Denver

This was the project where they wanted to drop the "landscaping" due to increased costs. But the residents complained loudly and Mayor Mike found the necessary extra money to follow the original plan.

[TakeFive]

Interesting article in the Denver Gazette

Downtown Denver’s office market is at an ‘inflection point’
July 24, 2026 By Bernadette Berdychowski -- The Gazette

Fast Forward to most interesting

There are opportunities to poach companies from other cities where office rents are more expensive, he said. There’s also a few leases expiring in Cherry Creek, and, with rents going up, Welsh said he’s gotten wind of several companies looking at downtown again.

One of the key programs to watch is Open Denver, which the Denver Downtown Development Authority approved using up to $40 million to help attract companies to the city as part of Mayor Mike Johnston’s wider $100 million investment to spur job growth.

One of the first winners of this new program is Colorado’s Alterra Mountain Company, the ski resort company behind the Ikon Pass. On Wednesday, the DDDA authorized lending up to $7 million to the company if it chooses to move its headquarters to Upper Downtown.

Also nice photo by Mark Samuelson / Denver Gazette

[wong21fr]

Originally Posted by RiNo Randy

Interesting development. Kyle Zeppelin has regained control of Zeppelin Station.

Good luck, Kyle.

Colorado approves $3.9 million in incentives to assist Alterra Mountain Co.

The ski resort company is looking at moving from RiNo to Upper Downtown and to create an outdoor recreation hub

Sounds like either way this plays out, Zeppelin will need to figure out how to make his loan payments with one less tenant.

[RiNo Randy]

Originally Posted by wong21fr

Good luck, Kyle.

Colorado approves $3.9 million in incentives to assist Alterra Mountain Co.



Sounds like either way this plays out, Zeppelin will need to figure out how to make his loan payments with one less tenant.

Grab your popcorn!

Unfortunately, both of these are behind paywalls. But if Alterra was serious about leaving the state, I'd say it is money well spent to keep them here.

Might even wake up some of the landlords in RiNo Art District....

"Zeppelin says DDDA offer to Alterra amounts to ‘civil war of neighborhoods’"

https://businessden.com/zeppelin-says-ddda-offer-to-alterra-amounts-to-civil-war-of-neighborhoods/

"Alterra told Denver it might move out of Colorado, sources say"

https://businessden.com/alterra-told-denver-it-might-move-out-of-colorado-sources-say/

[TakeFive]

Originally Posted by wong21fr

Good luck, Kyle.

Colorado approves $3.9 million in incentives to assist Alterra Mountain Co.

Talk about one impressive article (plus linked article) with lots of good background detail.

So the idea of moving goes all the way back to 2022 when Alterra listed their space for sublease. Things started getting real when they took a close look at moving to Steel House back in December, 2025 according to BusinessDen.

Somewhere along the line they were enticed into looking at Upper Downtown.

Alterra applied to the DDDA on July 21 and was approved a day later. Normally, DDDA applicants have to wait months to know the fate of their requests for assistance.

Previously...

The EDC met on July 16... In a rare move, the EDC held a 7 a.m. Monday morning meeting, likely reflecting the urgency of the approval, after the DDDA had committed funds.

“This project would help revitalize a vacant building to create a hub for outdoor businesses in the metro area,” said Sean Gould, deputy director of financial analysis in OEDIT’s Business Funding and Incentives Division. Besides supporting the growth of Alterra’s own operations, the building is expected to serve as a landing place for other outdoor recreation companies

Let's get specific...

The loan is conditioned on Alterra taking a long-term office location in Upper Downtown, which stretches between Broadway and Speer Boulevard, and between Colfax Avenue and 20th Street.

Lastly, consider everything else that is 'in the works' for Upper Downtown -- brick by brick.

PS - Not sure if relevant but Steel House was developed by Boston-based Beacon Capital Partners and Denver-based Elevation Development Group. Beacon Capital Partners also owns office buildings in Upper Downtown.

[TakeFive]

Work Begins on Mural at Denver Pavilions
July 27, 2026 -- Mile High CRE

The Denver Pavilions announced today that work has begun on a new large-scale mural at the property, marking another milestone in the retail center’s ongoing revitalization. Following approval by the Denver Downtown Development Authority (DDDA) Board last month, crews removed the existing vinyl display from the south-facing walls along 15th Street to prepare for a mural designed by Denver artist Olive Moya.

Originally planned for a single wall along Welton Street, the project has expanded to include the adjacent Tremont Street wall, significantly increasing the mural’s scale and visibility. The mural was privately commissioned by the DDDA in collaboration with Denver Arts & Venues.

Courtesy artist Olive Moya.

[RiNo Randy]

Originally Posted by TakeFive

Work Begins on Mural at Denver Pavilions
July 27, 2026 -- Mile High CRE



Courtesy artist Olive Moya.

I find it interesting that a lot of entities around the area have put out calls for large format mural like this. DDDA, Welton BID, Colfax BID, I think I saw one from Littleton, etc.

Oddly the RiNo Art District and the RiNo Art District BID are investing in anything but art (yes, music is art, but not much other art in conjunction with the recently completed UMS...).

[TakeFive]

Mayor Mike's favorite office building now qualifies for DDDA funding

https://milehighcre.com/denver-greenlights-major-office-tenancy-and-ground-floor-activation/

Expanding the DDDA’s Reach at 101 W Colfax Avenue

The DDDA also approved a petition to bring the city-owned property at 101 W Colfax Avenue into the DDDA boundaries, a proactive step to raise the property’s visibility and make it more attractive to prospective office tenants. The supports this move as part of a broader, sustained push to reactivate underutilized office space in Upper Downtown.

Now that the Denver Post's name is off the building it is the full responsibility of the City; apparently they could use a few good tenants?

Originally Posted by RiNo Randy

I find it interesting that a lot of entities around the area have put out calls for large format mural like this. DDDA, Welton BID, Colfax BID, I think I saw one from Littleton, etc.

Oddly the RiNo Art District and the RiNo Art District BID are investing in anything but art (yes, music is art, but not much other art in conjunction with the recently completed UMS...).

That is a bit ironic and humorous.