DENVER | Main Development Thread #6

[Keesy9]

Originally Posted by DenverPoke

That is a bit odd considering the anchor tenant was still on board. I believe the hotel was rumored to be an ACE, maybe that fell through and they are now looking at 19th and Grant.

Two thoughts I have:

1. The City recently upzoned blocks around 38th & Blake if the developers include an affordable component. I believe that could take the zoning from 8 stories to 16 stories.

2. It does seem odd that they put it on hold with an anchor tenant lined up. Maybe they are waiting for the World Trade Center to move forward? I would think the hotel portion would require the WTC next door to be successful.

[twister244]

Originally Posted by Keesy9

Two thoughts I have:

1. The City recently upzoned blocks around 38th & Blake if the developers include an affordable component. I believe that could take the zoning from 8 stories to 16 stories.

2. It does seem odd that they put it on hold with an anchor tenant lined up. Maybe they are waiting for the World Trade Center to move forward? I would think the hotel portion would require the WTC next door to be successful.

All good points. Perhaps this project is either waiting for WTC, or has it's own issues independent of micro/macro economic forces. The article does seem a bit biased against RiNo, making it sound like it's not that attractive yet for high-end office investment. However, given recent movement on the WTC proposal, I would tend to disagree.

[DenverPoke]

Originally Posted by twister244

All good points. Perhaps this project is either waiting for WTC, or has it's own issues independent of micro/macro economic forces. The article does seem a bit biased against RiNo, making it sound like it's not that attractive yet for high-end office investment. However, given recent movement on the WTC proposal, I would tend to disagree.

WTC is going to be a game changer if built. Did you see the new renderings just posted on Denverinfill? What an ambitious project!

And good points Keesy9 on the upzoning, that could certainly change some of current plans of developers in the area.

[PLANSIT]

WTC has it's own hotel component.


Edit:
DENVER INFILL just released some renderings and an update.

[Sam Hill]

I was bored yesterday so I decided to wander around and snap some crappy cellphone pictures of the construction projects in my neck of the woods (City Park West). Then today I decided I would bore you with my crappy cellphone pictures of these boring little projects. You're welcome. This first one is The York. It’s huge (for this neighborhood) – five stories and stretching a full block.

From the park near 18th and York:


From 17th and Gaylord:


From 18th and Gaylord:


Some new town homes - also at 18th and Gaylord. I fear they're going to be hideous:


I live on Gaylord about 1/2 block from 18th, so I walk through that intersection daily. Those two projects combined have really given the area around that intersection a more urban feel:


Some more townhomes. These ones are at 21st and York. Not the most original design in the world but much more attractive than those hideous things down on 18th. They're just about finished. Somebody happened to be mounting the address numbers when I snapped this:


This ugly little guy popped up almost overnight. On York between 18th and 20th (there is no 19th here). Three units I'm guessing. Probably not worth mentioning since it's tiny and looks like it belongs in Arvada, but I snapped a picture of it so...


Here's the new rec center at Colfax and Josephine:


From 16th and Josephine:


And finally, it looks like construction is about to start on a project at 20th and Vine. (The address would have you think it's at 19th, but again, there is no 19th in this neck of the woods, so some of the addresses are funky.) Apparently it's going to be five units judging by the signage. I really hope they use some nice materials so it looks better than all the freaking stucco surrounding it.


The End

[Fritzdude]

Originally Posted by Sam Hill

I was bored yesterday so I decided to wander around and snap some crappy cellphone pictures of the construction projects in my neck of the woods (City Park West). Then today I decided I would bore you with my crappy cellphone pictures of these boring little projects. You're welcome.

I live on Gaylord about 1/2 block from 18th, so I walk through that intersection daily. Those two projects combined have really given the area around that intersection a more urban feel:

The End

Good photos! Interesting- my girlfriend lives on Gaylord, half a block from 18th as well. Cool neighborhood. I think you're going to see a lot more urban development around the park in years to come. It's amazing how much that park has transformed in the last 10 to 15 years. I remember it being very sketchy and unsafe, but it's turned into one of my favorite parts within the city. If you see a guy running with his girlfriend early in the morning trying to keep up, that's probably me.

[Agent Orange]

Originally Posted by Sam Hill

I was bored yesterday so I decided to wander around and snap some crappy cellphone pictures of the construction projects in my neck of the woods (City Park West). Then today I decided I would bore you with my crappy cellphone pictures of these boring little projects. You're welcome. This first one is The York. It’s huge (for this neighborhood) – five stories and stretching a full block.

The End

Hey, that's my hood too! Maybe see ya at Vine Steet someday? Disappointed that 20th and Vine seems to be yet more townhomes.

Fritz, as a newer resident, it's real hard for me to imagine this area, or the park, being sketch. I walk through City Park at night with headphones on all the time, usually on my way to and from Sprouts. I wouldn't have dreamt of doing that in my old city even in the "nice" neighborhoods, haha.

[CastleScott]

^ Those are nice pics and I remember when City Park was real rough back in the late 80s and early 90s.

[RyanD]

Happy Holiday's / Merry Christmas everyone! Took this one today, such an amazing project!


Country Club Towers - Christmas Eve by Ryan Dravitz, on Flickr

[rds70]

^ Great photo, Ryan!

In addition to all the proposals last week, a number of building permits where submitted to the City as well. Here's what was submitted:

7th and Grant:


13th and Delaware:


Colorado Center Residential:


Market Street Station:

[CastleScott]

Gorgeous pic and update Ryan!! Great update too rds70-sure wish that 13th and Delaware was replacing a surface parking lot instead of those bailbonds offices in those historic old homes (I agree we need some grit to keep some character).

Oh and btw for those city park guys-as a 57 year old Denver native I remember the good the bad and the real ugly of city park- the real ugly being in the late 80s early 90s when the Crips and Bloods had city park as a turf war battleground (the DPD took a defensive stance and pretty much by 1995 many of those gang members who were hardened toughs from places like LA, the Bay Area, Chicago, Detroit and NYC were either dead or behind bars and thus the park got a lot better).

Merry Christmas-Happy Holidays everyone!!

[enjo13]

Is Market Street station leaving a parking lot on that block? Otherwise, love love love.

[mishko27]

Originally Posted by enjo13

Is Market Street station leaving a parking lot on that block? Otherwise, love love love.

It's a tiny bit of parking for RTD - majority of the parking lot RTD has on side of its building will be build on, from what I understand around 3-5 spaces are to remain.

[Fritzdude]

Originally Posted by mishko27

It's a tiny bit of parking for RTD - majority of the parking lot RTD has on side of its building will be build on, from what I understand around 3-5 spaces are to remain.

Does anyone know how they're going to use the underground bus garage - or what will happen to it? I'm assuming they're going to raze it and dig another couple stories below ground to increase the scale of parking.

I wonder when the digging will begin?

[CastleScott]

I'm assuming they're going to raze it and dig another couple stories below ground to increase the scale of parking.

I believe this will be the out-come as much more parking will be needed. They could perhaps go down three levels and even use some of the existing concrete outer walls.

[wong21fr]

Originally Posted by Fritzdude

Does anyone know how they're going to use the underground bus garage - or what will happen to it? I'm assuming they're going to raze it and dig another couple stories below ground to increase the scale of parking.

I wonder when the digging will begin?

I believe that they're planning to use the existing structure without going any deeper- this is the reason why you don't have a structure that's 10 stories or so on the entire block (lack of marketable parking ratios).

[DenverInfill]

Originally Posted by wong21fr

I believe that they're planning to use the existing structure without going any deeper- this is the reason why you don't have a structure that's 10 stories or so on the entire block (lack of marketable parking ratios).

You are right about the use of the existing garage without going any deeper. However, the reason that only part of the project goes up to 10 stories is because it is only the parcels facing 16th Street that are in the Special Review District 2 that allows for that extra height (130'). The rest of the block not in the Special Review District 2 has a standard LoDo 55-foot height limit.

[wong21fr]

Originally Posted by DenverInfill

You are right about the use of the existing garage without going any deeper. However, the reason that only part of the project goes up to 10 stories is because it is only the parcels facing 16th Street that are in the Special Review District 2 that allows for that extra height (130'). The rest of the block not in the Special Review District 2 has a standard LoDo 55-foot height limit.

Thanks for the clarification!

[twister244]

Nice article from the NYT highlighting the boom in RiNo.

http://www.nytimes.com/2016/12/27/reales...r-could-become-its-new-gateway.html?_r=0

[TakeFive]

Oh Boy


Rendering courtesy of Ziegler Cooper Architects via DenverInfill

South Carolina developer planning 16-story apartment complex in Golden Triangle
Dec 28, 2016 by Molly Armbrister - Denver Business Journal

The South Carolina-based company plans to break ground on the project in January and anticipates completion in the second quarter of 2019, said Trent Connor, managing director of development for Greystar.

The importance of today's announcement is confirmation of funding.

...a release Tuesday from New York Life Real Estate Investors indicates that a $119 million construction-to-permanent mortgage has been originated for the project, with a term 10 years.

It appears that New York Life Real Estate Investors is an equity investor as well and may intend to be a long term holder.

I should also temper my previous cautionary comments as there are other developers who also have access to non-bank institutional capital. Additionally, the most secure investment in Europe is the German Bund which still has a ridiculously low rate so I'm sure some capital will continue to flow across the pond. Perhaps not all proposals will pass muster but it's likely many will.