DENVER | Main Development Thread #7

[twister244]

All good points. I know nothing else about this project, other than the rendering I saw. Who knows if this thing gets off the ground or not. Rest assured though, I put my name in the hat for a 25% discount

[DenverPoke]

Originally Posted by Denver

Sorry to be buzz-killington but I am not convinced for a few reasons:

1) The "25%" off for a $20,000 down payment. This seems like a pretty steep discount attempted to get a bank interested in the building by getting pre-sales. However, having to offer this type of discount would most likely scare off any bank.

2) This is a major project. An unknown developer would not be able to undertake this type of project without a major partner (such as EastWest). I do not see any evidence of such partnership.

3) It does not look like the POC for the building has any development experience.

If I had to guess, who ever is proposing this has the land under contract and is trying to piece a deal together that they will then try to sell to an outfit that can handle this type of project. Until I see more concrete info, I am filing this in with El Jebel.

Good points, but I believe Paradise is working with Hines on the Bell Park project, so it is conceivable that they could work together on something like this as well. Trevor Hines is building condos in Denver so they are obviously bullish on that market.

At the very least, Buzz Geller SEEMS like he is attempting to do something other than land bank.

[rml213]

Both the rendering and program I know of is different than the website, from the overall design to the Development team. I'm assuming Twister and I saw the same concept - a more South Beach-esque design? In any event, I don't think this deal will ever get off the ground - it'll take a few million dollars of investment just to try and get the pre-sales needed to get a construction loan.

[wong21fr]

Originally Posted by rml213

Both the rendering and program I know of is different than the website, from the overall design to the Development team. I'm assuming Twister and I saw the same concept - a more South Beach-esque design? In any event, I don't think this deal will never get off the ground - it'll take a few million dollars of investment just to try and get the pre-sales needed to get a construction loan.

Like a few million that can be gained from selling off putting under contract multiple parcels in your portfolio? Buzz probably has about ~$25M in the bank from deals done over the last couple of years.

But it's still probably a Buzz Geller project..... not a great history of success there.

[RyanD]

Originally Posted by CastleScott

Great update and pics too Ryan!! Welton is really going to have a nice street canyon once those projects are in and its gonna be a nice sight to see then. Was your drone up around 250 feet for those Union Station pics? I've been busy getting use to my drone and I hope to have some pics of downtown Sacramento sometime soon..

Thanks everyone!!

CastleScott, the higher perspective was about 180ft, the other about 100ft.

[twister244]

Looks like "stuff" is being delivered to the Ascent site in the Union Station neighborhood if you zoom in from the Coloradan construction cam. Appears construction is imminent!

https://app.oxblue.com/open/buildmark/thecoloradan

[seventwenty]

Colorado Rockies, Stadium District reach lease agreement for Coors Field

Originally Posted by 9News

Essentially, the Rockies’ lease at Coors Field was coming to an end, and in negotiations for a new lease, the team wanted to buy the “West Lot,” a parking lot that sits south of the stadium, which is now owned by the Metropolitan Baseball Stadium District.

. . .

The Rockies have proposed creating a Hall of Fame there, or some sort of ballpark experience area, as well as apartments and offices.

Money from those businesses would help pay for maintenance costs at Coors Field. Those are often paid by fees from naming rights, but Coors made a deal when they put their name on the stadium; after a one-time payment in the early 90s, they owned the naming “in perpetuity,” meaning for life.

And that takes us to the negotiations Wednesday, when the Rockies and the Stadium District announced that they reached a 30-year lease agreement for Coors Field. It’s a $200 million dollar lease, with $2.5 million paid each year.

The team and the District also reached a 99-year ground lease agreement for the land, meaning that officially, the Rockies can develop the land during that time. Once the ground lease ends, the land is essentially turned back over to the District. The Rockies will pay $125 million during the first 30 years of the agreement, and a nominal fee each year that follows.

[Fritzdude]

I wonder if a skyscraper hanging from an asteroid would meet a design board specifications.

http://www.cnn.com/2017/03/29/living/analemma-tower-orbiting-skyscraper-trnd/index.html

[semiurban]

Originally Posted by Fritzdude

I wonder if a skyscraper hanging from an asteroid would meet a design board specifications.

http://www.cnn.com/2017/03/29/living/analemma-tower-orbiting-skyscraper-trnd/index.html

That will happen just before Tabor II.

[rds70]

Originally Posted by rml213

Both the rendering and program I know of is different than the website, from the overall design to the Development team. I'm assuming Twister and I saw the same concept - a more South Beach-esque design? In any event, I don't think this deal will ever get off the ground - it'll take a few million dollars of investment just to try and get the pre-sales needed to get a construction loan.

Interesting that you would say "more South Beach-esque", since the developer is apparently Renzi Development of Naples, Florida. Doing a search on the name leads to a number of articles about bankruptcy, however.

[bunt_q]

Originally Posted by seventwenty

Colorado Rockies, Stadium District reach lease agreement for Coors Field

--Developing that lot - GREAT. (As an aside, I think that lot actually falls outside the LoDo district. Would be fascinating to get something modern and glassy plopped right there, ha.)

--Tying the Rockies to Coors Field for 30 more years - GREAT. (By the time that lease expires, that ballpark will be legitimately historic and nobody will ever think to tear it down.)

--Not coming back to the voters again - GREAT.

[CherryCreek]

Originally Posted by bunt_q

--Developing that lot - GREAT. (As an aside, I think that lot actually falls outside the LoDo district. Would be fascinating to get something modern and glassy plopped right there, ha.)

--Tying the Rockies to Coors Field for 30 more years - GREAT. (By the time that lease expires, that ballpark will be legitimately historic and nobody will ever think to tear it down.)

--Not coming back to the voters again - GREAT.

Agree with all that. The amazing things is that stadiums the same age or younger than Coors Field are now being torn down. Damn, that makes me feel old when a stadium I think of as still relatively "new" (Turner Field, Rangers Stadium), has gone through its entire "life cycle" and is now being replaced.

While on the one hand it shows that Coors Field was extremely well designed and continues to be economically useful and successful 23 years later, it also shows the level to which taxpayer subsidies of sport owner billionaires has gone: not only must tax payers build billionaires stadiums, but in many cases they will be expected to tear down the old one and build yea another new one 20 years later!

[Robert.hampton]

Originally Posted by wong21fr

Like a few million that can be gained from selling off putting under contract multiple parcels in your portfolio? Buzz probably has about ~$25M in the bank from deals done over the last couple of years.

But it's still probably a Buzz Geller project..... not a great history of success there.

Does the uber professional email address of [email protected] not give you confidence? The dude owns a bar, so there's that.

A 2 bedroom 2 bath condo at 320 does sound awfully nice, though!

[twister244]

Another RiNo apartment project in the works....

http://www.businessden.com/2017/03/30/four-rino-acres-trade-19m-apartment-towers-planned/

[twister244]

Also, not sure if this project has been discussed on here or not... hard to keep up these days....

https://www.multihousingnews.com/post/denver-mixed-use-project-lands-construction-loan/

[TakeFive]

Originally Posted by twister244

Another RiNo apartment project in the works....

http://www.businessden.com/2017/03/30/four-rino-acres-trade-19m-apartment-towers-planned/

...and the beat goes on. So amazing.

Originally Posted by twister244

Also, not sure if this project has been discussed on here or not... hard to keep up these days....

https://www.multihousingnews.com/post/denver-mixed-use-project-lands-construction-loan/

Impossible to track everything.

I know this project has been mentioned but the confirmation of construction funding is always Great News.

[Robert.hampton]

Originally Posted by twister244

Also, not sure if this project has been discussed on here or not... hard to keep up these days....

https://www.multihousingnews.com/post/denver-mixed-use-project-lands-construction-loan/

Heavy equipment was on the site last week, a nice site after that hole was sitting in the ground for many years.

[enjo13]

Originally Posted by CherryCreek

Agree with all that. The amazing things is that stadiums the same age or younger than Coors Field are now being torn down. Damn, that makes me feel old when a stadium I think of as still relatively "new" (Turner Field, Rangers Stadium), has gone through its entire "life cycle" and is now being replaced.

Coors field is the 3rd oldest park in the national league. Which is nuts.

[enjo13]

12th/Grant yesterday.

[COS]

Was able to walk through downtown between meetings today, more core drilling at 17th and California. No public info on this one still?

If Denver can't get a new tallest there, how about 17th and Welton, 18th and Welton, or 18th and Glenarm? Any or all of those will do, please and thank you.