DENVER | Main Development Thread #6

[Denver Dweller]

http://www.businessden.com/2015/08/12/curtis-park-floated-for-100-new-homes/

[TakeFive]

Originally Posted by Denver Dweller

Curtis Park floated for 100 new homes
http://www.businessden.com/2015/08/12/curtis-park-floated-for-100-new-homes/

Rotten tomatoes to all you high-density geeks. Pshaw

Srsly, this sounds like an awesome addition to the landscape in Curtis Park. Kudos to the Denver Housing Authority for being cool with selling their land for this.

[TakeFive]

Originally Posted by bunt_q

But I do like me a new King Soopers, even if the food quality is still leagues behind Whole Foods.

Interestingly, Mr. (stock) Market is currently loving Kroger (I own some); Whole Foods Market - not so much, as in setting new (52 week) lows.

[bunt_q]

Originally Posted by TakeFive

Interestingly, Mr. (stock) Market is currently loving Kroger (I own some); Whole Foods Market - not so much, as in setting new (52 week) lows.

$6 jarred asparagus will do that. But Wall Street will realize soon enough that the only reason Whole Foods sells that garbage is that plenty of Americans are dumb enough to buy it. (I'm sure John Oliver would agree; if they didn't, it wouldn't be quite as funny to the rest of us semi-smarter liberal elitists.) I'd buy now, that stock will come back. If there were problems with the fundamentals, that'd be different. But an aggressive push to lower prices is positive, so it sure smells to me like an overreaction to a series of (admittedly terrible) bad press reports.

[BG918]

Originally Posted by lumos

Although it seemed that the new downtown King Soopers was totally filled with very excitable Kroger staff, the store is modern, bright and well stocked. If you stood in the right place and opened your eyes you could believe that you were in Wholefoods. Managed to do a weekly shop including lots of organic fruit, veg, eggs, meat. What a fabulous addition to Downtown.

My blender is a Blendtec.

I went by too, really nice store. Is the KS parking just in the covered lot to the south, and all of the underground parking for apartment residents? I was hoping for a cart escalator, maybe the new Whole Foods will have one.

What is slated for the rectangular parcel just east of Elan/King Soopers along Wewatta? It looks about the same size as the affordable housing site on Chestnut.

Oh and if what I heard today is true 999 17th is actually going to get built.

[The Dirt]

Originally Posted by BG918

999 17th is actually going to get built.

Both the apartment and office portions?

[Denver Dweller]

http://www.bizjournals.com/denver/blog/r...mA+ElKTwGoSbqOBYu5F/O7W7Amf&t=1439419763

[lumos]

Originally Posted by BG918

I went by too, really nice store. Is the KS parking just in the covered lot to the south, and all of the underground parking for apartment residents? I was hoping for a cart escalator, maybe the new Whole Foods will have one.

What is slated for the rectangular parcel just east of Elan/King Soopers along Wewatta? It looks about the same size as the affordable housing site on Chestnut.

Oh and if what I heard today is true 999 17th is actually going to get built.

Yes the parking is the 70 or so spaces on the ground level. I believe that the Elan residents have an elevator from the store level for their own use.

[Fritzdude]

Originally Posted by Denver Dweller

http://www.bizjournals.com/denver/blog/r...mA+ElKTwGoSbqOBYu5F/O7W7Amf&t=1439419763

Interesting. I wonder if this is the corner lot in Denargo Market, or will this be on the east side of Brighton? If so; I imagine that they'll have to raze the old warehouse that is currently built up alongside the road.

[TakeFive]

Originally Posted by Denver Dweller

http://www.bizjournals.com/denver/blog/r...mA+ElKTwGoSbqOBYu5F/O7W7Amf&t=1439419763

This is good...

Virtually 5 months after rds70 posted a rendering suggesting an end of the year groundbreaking they're looking at a September start. I thought this was also interesting from the linked article:

... using equity funding raised by ARA, A Newmark Company through its capital markets group.

Nothing like funding to grease the skids. Being the second largest apartment developer behind Alliance Res. doesn't hurt but it still takes securing a construction loan.

Just to review: There's The Crossing at Denargo Market with 321 units by Cypress, Broadstone at RiNo with 270 units by Alliance Res. and soon Modera River North with 362 units. That's 953 apartment units that will soon be under construction along Brighton Blvd.

Photo via Pinterest

[rds70]

Originally Posted by TakeFive

This is good...

Virtually 5 months after rds70 posted a rendering suggesting an end of the year groundbreaking they're looking at a September start. I thought this was also interesting from the linked article:

Nothing like funding to grease the skids. Being the second largest apartment developer behind Alliance Res. doesn't hurt but it still takes securing a construction loan.

Just to review: There's The Crossing at Denargo Market with 321 units by Cypress, Broadstone at RiNo with 270 units by Alliance Res. and soon Modera River North with 362 units. That's 953 apartment units that will soon be under construction along Brighton Blvd.

Don't forget about the 277 units at Industry.

[Denver Dweller]

http://www.denverrealestatewatch.com/2015/08/12/downtown-apartment-building-boom/

[comoneymaker]

Originally Posted by Denver Dweller

http://www.bizjournals.com/denver/blog/r...mA+ElKTwGoSbqOBYu5F/O7W7Amf&t=1439419763

What does that roughly boil down to for rent ranges ?

[TakeFive]

Originally Posted by rds70

Don't forget about the 277 units at Industry.

Thanks, I wondered if I wasn't missing one but my quick search didn't show this one.

Originally Posted by Denver Dweller

http://www.denverrealestatewatch.com/2015/08/12/downtown-apartment-building-boom/

More discussion of the obvious regarding construction defect litigation risk. From the linked article I also found this interesting.

Housing consultant S. Robert August said that developers are meeting the demand by building apartments instead of for-sale homes in downtown Denver.

He also said he thinks the apartment market has become overbuilt.

That will become clear as more renters leave apartments to buy homes at a time when more units come on-line, he predicted.

“Based on demand, I think we have reached the point where apartments are coming to the end of this cycle,” August said.

“We are seeing apartments starting to offer more incentives, which is a signal they can no longer keep raising rents,” he said.

Presumably Robert August is aware of the market but the more relevant point is not just whether the market is changing but whether new product is still being absorbed even if more slowly.

My assumption is that many developers having experience in other markets besides Denver aren't dismayed by the prospect of a slower absorption rate. I did give a little cheer in learning of Mill Creek's pending groundbreaking though knowing future projects could be more dicey. I'd guess that Mill Creek would rather come out of the ground now than have to wait a couple of years.

[corey]

Mark Rinaldi had an interesting idea in his Denver Post editorial. A permanent beer garden in Civic Center Park. I think a beer garden, since this is Denver, would be a nice addition to the park. The lawn opposite the McNichols building (where the Colorado History Center was proposed) would be an ideal location. Otherwise it could be an addition to the McNichols building. If it were something like the Dushanbe Tea House in Boulder or the Russian Tea Room in NYC it could be a major attraction. Maybe a structure with both a tea house and a beer garden so that it appeals to everyone. I've always thought an elaborate and unique play structure for children would be a nice addition that would bring families to the park. I would place it directly across from the library, just north of the Greek Theater. Civic Center Park is a City Beautiful movement type formal space, but it really lacks vitality unless there is an event taking place.

[wong21fr]

Originally Posted by BG918

Oh and if what I heard today is true 999 17th is actually going to get built.

More rumor-inducing information or it didn't happen.

[seventwenty]

Wow even zillow is calling Denver unaffordable.

That's because in Denver, it takes a whopping 35 percent of a person's monthly income to afford rent in the city, way above the national average of paying less than a quarter of monthly income for rent.

Buying a home? In Denver, it's forecasted that it will take 28 percent of your monthly income to pay for a mortgage, which is above the 15 percent figure that buyers should expect to pay, according to Zillow.

“Our research found that unaffordable rents are making it hard for people to save for a down payment and retirement, and that people whose rent is unaffordable are more likely to skip out on their own healthcare,” said Zillow Chief Economist Svenja Gudell, in a statement.

[mojiferous]

Originally Posted by corey

If it were something like the Dushanbe Tea House in Boulder or the Russian Tea Room in NYC it could be a major attraction. Maybe a structure with both a tea house and a beer garden so that it appeals to everyone.

Or something like the Chinesischer Turm in Munich, a public beer garden and tourist destination all wrapped up in one. Something like that would be great for the dancing alien park next to the DPAC too, it could act as a beer garden for GABF and any events, and maybe activate the park on the 350 days when there isn't something there...

[Denver]

Is there a trick to checking building permits online? I have not been able to get the system to work since they upgraded it despite following the instructions on the website. Has anyone else had any success?

[Denver]

Possible rendering of the planned hotel at 222 Milwaukee St. in Cherry Creek. The image is from the Cherry Creek North Website. It is labeled as 245 Columbine (which this project clearly is not). From the rendering, it appears as if the hotel could be the Milwaukee one (right location on the block and the massing of the other buildings fit. Further, I do not know of any other active Cherry Creek hotel projects beyond this and Columbine so by process of elimination it would make sense. Anyone have any insight?



http://cherrycreeknorth.com/visit/hotels