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  #4461  
Old Posted Jun 16, 2015, 10:03 PM
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Originally Posted by DenverPoke View Post
Found this today:

***According to Redfin’s Denver broker, Michelle Ackerman, Twitter has reportedly begun looking for 60,000 feet of office space to accommodate 400+ employees; Twitter currently employs about 83 in the Denver area.

https://www.redfin.com/blog/2015/06/what...nologists-come-to-town.html#.VYCLxPlVhBc
Thanks, that's an interesting article despite any limitations it might have.

With respect to Twitter and by using my favorite mechanical calculator the search for 60,000 sq. ft. for 400 employees divides out to 150 sq. ft. per employee. That would be very efficient so it will be interesting to see where they locate?


In other news, Molly Armbrister of the Denver Business Journal writes about Trammell Crow's new 322 unit apartment project at 38th Ave. and Lowell Blvd. That's a sweet location I'd think. Approved by the city for a 5-story project they were nice enough to include a rendering for an 8-story.
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  #4462  
Old Posted Jun 17, 2015, 5:22 PM
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Yup that eight story rendering is for the apartment complex in Cherry Creek. Nothing really special in its design of course. Cherry Creek continues to amaze.
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  #4463  
Old Posted Jun 17, 2015, 8:51 PM
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  #4464  
Old Posted Jun 18, 2015, 3:15 AM
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Looks like all of the office space at the Art Hotel has been leased to Four Winds Interactive. Four Winds is currently located on Huron but has apparently outgrown its space.

http://www.bizjournals.com/denver/news/2...nks-on-visitors-seeking-luxury-away.html
     
     
  #4465  
Old Posted Jun 18, 2015, 2:24 PM
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Side Topic: Quality of construction important?

Interesting read
about the apartment in Berkeley where the balcony collapsed. Project was new in 2007. Was it an engineering issue; a construction issue; a maintenance issue; or all of the above?
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  #4466  
Old Posted Jun 18, 2015, 3:26 PM
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The comments for Ken's Multifamily post on DenverInfill are slightly concerning. Some saying we don't have a need for condos because the millennial age group can't afford them anyway. Or that this is a natural maket, especially for Denver. Can't blame construction defects for lack of condos. It's natural for the core of a city to push middle class out to the suburbs.

Isn't this what we're all against? Am I missing something lately here in Denver?

Check it out:

http://denverinfill.com/blog/2015/06/dow...-projects-june-2015-update.html#comments
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  #4467  
Old Posted Jun 18, 2015, 4:23 PM
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I feel like the issue of the expense of central Denver is a separate issue from the lack of condos. The lack of condos, to be sure, affects supply and demand, but I feel like it's only one factor, the much larger factor simply being demand.

I'm concerned by the lack of condos, but don't understand nearly enough about the financing of such projects to take a side on whether the construction defects issue is playing a role. I tend to feel that, like all real estate cycles, it will work itself out in time (remember 8 years ago how everybody was concerned that all the new infill was expensive condos, and almost no apartments?).

As for the issue of the middle class being pushed out of the center, it is a concerning trend to be sure, but I don't think it's an unexpected one at all. And I'm not really sure what can be done about it short of massive social engineering (rent controls, enormous amounts of subsidized or public housing targeted at multiple income levels, etc.). Not that we couldn't try these tools, but they would be difficult, controversial, and not guaranteed to work. This phenomenon of a wealthy city center surrounded by working class neighborhoods has been the case in most European cities for decades now, and plays out in many large American cities too. It isn't a good thing, it's just a thing.

This kind of economic sorting is nothing new either, this is how things have always worked. I've yet to see a really good solution to the problem. Our cities have always been segregated, in fact it used to be much more deliberate and destructive... the center used to be neglected by people with wealth, and they were building nasty gated communities and segregated suburbs on the fringe of town instead, with no real attempt to connect the suburbs to the city center with anything other than highways. I don't see it as a bad thing that the free market has decided that downtown is a place worth investing in again. It represents only a tiny fraction of the metro Denver housing market, and is one of the most desirable fractions of the market at that.

This is not to say that the issue of affordable housing shouldn't remain on the forefront of people minds. But that we need to acknowledge that the housing market is bigger than the City of Denver, and we cannot demonize the entire revitalization effort just because our geographic patterns of wealth seem to be inverting. It seems the only alternative would have been to never reinvest in the city center at all. Sure, it might still have been gritty and affordable; but it would also still be crumbling, even more historic structures at risk, and the majority of people (and people of economic means for that matter) would still be 100% invested in suburban growth and design.
     
     
  #4468  
Old Posted Jun 18, 2015, 5:03 PM
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Quote:
Originally Posted by mr1138 View Post
I'm concerned by the lack of condos, but don't understand nearly enough about the financing of such projects to take a side on whether the construction defects issue is playing a role. I tend to feel that, like all real estate cycles, it will work itself out in time (remember 8 years ago how everybody was concerned that all the new infill was expensive condos, and almost no apartments?).
That is really weak, come on. That's the same as saying climate change will "just work itself" as all cycles do. Review the evidence and draw conclusions - attributing patterns to "simple cycles" is intellectually lazy.

I assume also that President Obama won in 2008 merely because the pendulum was swinging. It had nothing at all to do with irresponsible wars and terrible economic policies. Or at least, that's what folks will say the next time they want to go to war. Because you can't learn from mistakes if you refuse to accept they have any impact on fate.

Last edited by bunt_q; Jun 18, 2015 at 5:15 PM.
     
     
  #4469  
Old Posted Jun 18, 2015, 5:10 PM
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Originally Posted by RyanD View Post
The comments for Ken's Multifamily post on DenverInfill are slightly concerning. Some saying we don't have a need for condos because the millennial age group can't afford them anyway. Or that this is a natural maket, especially for Denver. Can't blame construction defects for lack of condos. It's natural for the core of a city to push middle class out to the suburbs.

Isn't this what we're all against? Am I missing something lately here in Denver?

Check it out:

http://denverinfill.com/blog/2015/06/dow...-projects-june-2015-update.html#comments
Interesting to hear a variety of opinions. Seems like only a couple people out of nearly twenty comments contained the bullet points you listed, though.

I don't see any problem with the bit about the city's core naturally being the most expensive part of the city. That's just rational economics going back to Roman times (and prior no doubt). Look at European cities today for comparison. Denver is seeing a shift to historical norms after six decades of inverted demand. If the construction defect issues can be solved/overturned, that would help a lot. On the other hand, the affordable/subsidized housing requirements that cities like Denver champion are also a factor in rising market-priced rents (hard to determine how much though).
     
     
  #4470  
Old Posted Jun 18, 2015, 5:14 PM
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On the other hand, the affordable/subsidized housing requirements that cities like Denver champion are also a factor in rising market-priced rents (hard to determine how much though).
We don't have any affordable requirements for rental, do we? I could be wrong on that.
     
     
  #4471  
Old Posted Jun 18, 2015, 5:27 PM
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We don't have any affordable requirements for rental, do we? I could be wrong on that.
No. Just for condos.
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  #4472  
Old Posted Jun 18, 2015, 5:31 PM
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Originally Posted by bunt_q View Post
That is really weak, come on. That's the same as saying climate change will "just work itself" as all cycles do. Review the evidence and draw conclusions - attributing patterns to "simple cycles" is intellectually lazy.

I assume also that President Obama won in 2008 merely because the pendulum was swinging. It had nothing at all to do with irresponsible wars and terrible economic policies. Or at least, that's what folks will say the next time they want to go to war. Because you can;t learn from mistakes if you refuse to accept they have any impact on fate.
I'm not saying that action isn't needed to make the pendulum shift, I just am not sure that this is completely in the court of urban planning, and everybody has to pick their battles and focus their energy where they can best make a difference. Construction defect reform might actually really help, but that's something that has to happen at the state house and will need to be hammered out by a bunch of different interest groups. Or, the problem may also require changes in the business practices of banks all the way from local mortgage lenders straight up to the top of Wall Street (I'm still pretty well convinced that lending practices are the main reason we aren't seeing condos). These fields of expertise and the tools they could use to fix the problem are outside the realm of local land use planning.

Planners can certainly try to understand the problem and advocate for a certain solution (though it's a complicated problem, and I'm not confident that I, nor many others for that matter, fully understand its ins and outs). But short of changing profession and diving into the nitty-gritty details of the problem, they can only do so much with the tools at hand. And the toolbox of city planners is quite a bit more limited. The city can require permanently affordable units (or at least a buyout charge to build affordable units elsewhere), it can start doing things like manipulating the size of units or number of bedrooms, or potentially other unexplored avenues. But these things have been shown to barely move the needle on the larger problem of affordability. Factor in the fact that a city planning department only has control over it's own jurisdiction, and the metro housing market dwarfs the housing potential of even the largest city, and the toolbox becomes even more limited.

The city certainly can't force a developer to build a certain kind of product. It could, theoretically, just stop issuing new building permits until the lenders and developers decide they want to start building condos again. But is this really what we want? An all out moratorium on growth and development until other sectors of our society figure out how to build and sell condos again? I don't think that it is. To some extent, I feel we have to just roll with the punches and make due with the circumstances at hand - the circumstances are never perfect. It does no good to be paralyzed in the face of these problems and just throw our hands up in disgust.

Last edited by mr1138; Jun 18, 2015 at 5:50 PM.
     
     
  #4473  
Old Posted Jun 18, 2015, 5:34 PM
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We don't have any affordable requirements for rental, do we? I could be wrong on that.
You are probably right about that. I'm not a Denverite. IMO, it's still a factor since the pre-defect law housing supply affects current pricing, and it will be a factor again once condo construction resumes (someday). If Denver voters agree that those policies are worth the cost, then so be it.
     
     
  #4474  
Old Posted Jun 18, 2015, 6:05 PM
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What the downtown demographic profile happens to be is one thing and can change.

The (condo) construction defects situation needs a fix, badly. It's a mess. It's screwing up the marketplace. Condo price points can run from low to high; they're not just for affordable housing; nor are they limited to downtown.

What might be considered affordable for downtown is likely not the same as at the Wadsworth LRT Station, for example. How much demand for condos there might be is best determined by free flowing capital markets, builders and opportunity to buy. That's not currently the case.
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  #4475  
Old Posted Jun 18, 2015, 7:22 PM
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So it looks like Colorado Center Tower III (15 stories, ~230') will start next week:

Big expansion planned at Denver's Colorado Center off I-25

Quote:
Work will begin next week on a 450,000-square-foot phase at Colorado Center, the sprawling office and retail development at 2000 S. Colorado Blvd. off Interstate 25.

Lincoln Property Co. and ASB Real Estate Investments will break ground on the expansion of Colorado Center, which currently consists of 500,000 square feet of office space and 120,000 square feet of entertainment space. The complex is home to Dave & Buster's and the United Artists Colorado Center 9 & IMAX theater...
     
     
  #4476  
Old Posted Jun 18, 2015, 7:55 PM
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So it looks like Colorado Center Tower III (15 stories, ~230') will start next week:

Big expansion planned at Denver's Colorado Center off I-25
Oi vey:

Quote:
The new office space will break ground first, with the goal of adding 210,000 square feet of Class AA office space in eight stories over five levels of parking.
TOD? Ha.
     
     
  #4477  
Old Posted Jun 18, 2015, 9:14 PM
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That would come out to about 1.78 spaces/1,000 SF of space. That's a higher parking ratio than Hines at 1144 15th (1.27/1,000) but a lot less than One Belleview Station just down the highway (3.5/1,000 SF).
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  #4478  
Old Posted Jun 18, 2015, 9:37 PM
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Did the article say how many spaces it was? I looked, couldn't find it. The footprint on the parking structure looks significantly larger than the building itself, so I was estimating much higher, over 3.0. (8 floors/5 floors at ~twice the footprint)
     
     
  #4479  
Old Posted Jun 18, 2015, 9:44 PM
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Did the article say how many spaces it was? I looked, couldn't find it. The footprint on the parking structure looks significantly larger than the building itself, so I was estimating much higher, over 3.0. (8 floors/5 floors at ~twice the footprint)
That's the apartment portion with the larger parking footprint. It's supposed to have 40,000 sq ft of retail in the base.
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  #4480  
Old Posted Jun 18, 2015, 9:45 PM
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Originally Posted by bunt_q View Post
Did the article say how many spaces it was? I looked, couldn't find it. The footprint on the parking structure looks significantly larger than the building itself, so I was estimating much higher, over 3.0. (8 floors/5 floors at ~twice the footprint)
I think you might be looking at the residential component in the foreground?



I think the office tower is the one behind it where the parking footprint is the same size of the building. That's a lotta parking regardless.
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