DENVER | Main Development Thread #6

[comoneymaker]

Originally Posted by Stonemans_rowJ

$18 to park for 2 hours downtown in Denver? Um, no. Maybe if you valet your car at a hotel.

Cheap arse lol

[TakeFive]

Easy Like Sunday Morning

BOOM BOOM BOOM - Can't stop my Boom

Analysts See Multifamily Market Remaining Strong for Several More Years
"Freddie Mac: Increase in Multifamily Demand More than a Temporary Correction Stemming from Great Recession"
October 14, 2015 By Mark Heschmeyer, CoStar

Despite concerns over the large number of new apartment units being built across the country and high market valuations, the multifamily rental market continues to hum and may be on track for several more years of growth, according to the latest Freddie Mac Multifamily Outlook.

Freddie Mac doesn’t see that abating any time soon. In fact, the government-sponsored entity reports supply will continue to enter the market at elevated levels and reach higher levels of apartment completions not seen since the 1980s.

Renter demand for the new units has kept pace with new supply, calming concerns that growth might start to decelerate, Freddie Mac said.

So what does Mr. Guggenmos think?

"It is now clear that the increase in multifamily demand is more than a temporary correction...” said Steve Guggenmos, senior director of Freddie Mac Multifamily investments and research. “Favorable demographic trends will support strong multifamily growth for several years. Individual market performance will vary based on the pace of new supply delivered to the market and local economic strength.”

That makes for a nice segue to this:

Construction-defects debate likely to focus on whether there's condo demand
Oct 16, 2015 by Ed Sealover, Denver Business Journal

As proponents and opponents gear up to battle over Denver’s proposed construction-defects reform ordinance, both sides believe a City Council vote may swing on the issue of whether there really is demand for the affordable condominiums that the law is aimed at bringing into production.

Just a (good) guess that the vote within Denver's city council is a little trickier to predict than other cities and that the opposition plans to be active in this debate.

Ed covers the topic well and my personal view is that the arguments from the opposition are losing steam and credibility. Focusing too much on "affordability" muddies the argument. Certainly lack of a normal "free" market discourages construction of ALL larger condo projects across the affordability spectrum.

Sunday's photo is Ken's "junkie" fave.

courtesy DenverInfill

Did you know this?
I didn't and it's pretty cool.

Xcel blows through Colorado wind-energy records
Oct 15, 2015 by Mark Harden, Denver Business Journal

“For the first time, wind generation supplied more than half of our (Colorado) customers’ energy for an entire day, reaching a daily average of 54 percent,” said Drake Bartlett, senior trading analyst in Xcel's Commercial Operations area. “Most notably, wind energy served more than 50 percent of our customers’ load every hour that Friday, except during the last hour of the day when it served about 49 percent of the load.”

[blm3034L!fe]

I don't have the link but Stapleton has a massive dense development coming up. It was just approved! It'll be Real Nice

[FunctionForm]

http://www.block162.com/

[rds70]

Originally Posted by FunctionForm

http://www.block162.com/

Just checked Whois. The site was updated October 1st.

[PLANSIT]

^ And it's consistent with other sources. Sweet.

[TakeFive]

^ Houston money but not Hines. 32 stories with 600,000 SF - 29,000 SF floor plates sounds nice.

Another speculative office building or will they need tenants?

[Stonemans_rowJ]

What do you guys think condos on Block B would command?

Here's some figures for reference. Sales data since January 1, 2015

Glasshouse

37 Sales Total- Average $474/ft
25 One bedroom sales- Average $479/ft
12 Two bedroom sales- Average $463/ft

Spire

59 sales- Average $556/ft
38 One Bedroom Sales $495/ft
21 Two Bedroom Sales $546/ft

[bcp]

162 looks nice...love the cantilever on 16th side...that second tower sure looks residential...but no mention of it on the site?

[rds70]

Originally Posted by bcp

162 looks nice...love the cantilever on 16th side...that second tower sure looks residential...but no mention of it on the site?

I noticed that on the second rendering that there is an "H" at the top of the building. I had heard a rumor that Hyatt was looking to expand onto the site. Maybe that is still the case.

[Tykendo]

162 looks nice. Not the mega project we hoped would bring a new centerpiece to the city. But nice just the same.

[wong21fr]

Originally Posted by rds70

I noticed that on the second rendering that there is an "H" at the top of the building. I had heard a rumor that Hyatt was looking to expand onto the site. Maybe that is still the case.

That wod be a pretty big expansion. The rendering shows a structure that would be a 500-room hotel easily. Not that it's not unfeasible, but a flagship Hilton seems more likely to me.

[TakeFive]

Originally Posted by wong21fr

That would be a pretty big expansion. The rendering shows a structure that would be a 500-room hotel easily. Not that it's not unfeasible, but a flagship Hilton seems more likely to me.

Hyatt has such a cash cow going with their status as the convention center HQ hotel that I could see them wanting to do it but I like the idea of a Hilton flagship.

[Matt]

Something is clearly wrong with this project. It isn't a brown and red box with 1970s flare. Back to the drawing board!

[Robert.hampton]

Originally Posted by rds70

I noticed that on the second rendering that there is an "H" at the top of the building. I had heard a rumor that Hyatt was looking to expand onto the site. Maybe that is still the case.

Or the Hilton Canopy?

[Scottk]

The project looks nice but both of the buildings are pretty boxy.

Hope it gets built.

[DenvertoLA]

That's a real cop-out for 162 if it's true. That website is so crappy, it's hard to believe it's legit. What development company would allow themselves to advertise their next big project in such a bad quality?

[DenvertoLA]

and the fact that they are calling it 'block 162' is just weird.

[Scottk]

ok, this made me laugh.

A Texas woman called police because she thought the zombie crawl downtown was actually a zombie apocalypse.


http://www.imfromdenver.com/texas-women-dials-911-because-of-bloody-zombies-in-downtown-denver/

[wong21fr]

Originally Posted by DenvertoLA

That's a real cop-out for 162 if it's true. That website is so crappy, it's hard to believe it's legit. What development company would allow themselves to advertise their next big project in such a bad quality?

One that just threw something together as a placeholder while they work on a real website once the sucker goes vertical (along with some elegant, corporate-sounding project name). 1144 15th Street's website was equally crappy when it first went live. The website is registered to the Patrinely Group and they do seem to be legit. Also keep in mind that the website is just for the office portion.

I'm thinking that the hotel portion has to be a new full-service hotel proposal. The cantilevered portion would make for a large amount of ballroom space for such a facility and you can see what appears to be a porte-cochère behind the Sage Building. Something like this screams Hyatt, Hilton, Sheraton, etc. And there's only one of those flags that doesn't have a downtown location....