DENVER | Main Development Thread #7

[comoneymaker]

What is weird to me too is they pulled it because they didn't want people to know about it yet???? Seems to me that if you put something out there and it immediately generates buzz that would be a bigger motivator to show investors.

[navyweaxguy]

Watching the video, it looks like it's closer to the low 900' range than 800'. Dominion Plaza is 367'. I eye balling it, it looks roughly 2.5 times taller than DP.

[CONative]

PLEEEEASE let this one happen exactly as it is!

This would be the best thing that ever happened to the Denver skyline.

Instead of being cynical, let's all pray to the skyscraper Gods that this happens.

[bflatflat9]

Originally Posted by DenverPoke

Awesome find. The building is simply stunning for Denver.

So fucking jealous.

[twister244]

[Denver Dweller]

http://www.denverpost.com/2017/05/24/lakehouse-condominium-tower-breaks-ground/

[Denver]

Originally Posted by comoneymaker

What is weird to me too is they pulled it because they didn't want people to know about it yet???? Seems to me that if you put something out there and it immediately generates buzz that would be a bigger motivator to show investors.

The Greenwich Capital Partners (or whatever their name is) do not appear to be the developers. Rather they look like they are assisting with debt and equity placement. As such, if this is not their project, they likely did not have the authority to make it public.

Further for those worried about the group's lack of prior projects, again, they do not appear to be the developer. As the project look for funding, the last thing they want is bad information being spread around. Banks and LPs will do a lot of due diligence for a project like this and get worried when they see rumors (such as what is being said on this forum) being spread that might not properly describe the final project.

A project like this will also likely not go out to high net worth individuals but rather have PE companies, insurance companies, and other funds as their LPs. As such it is not as important to get a buzz going. If this project needs high net worth LPs, then it is already doomed. No way you can raise what will likely be 30-40 million in equity without using funds.

[Robert.hampton]

Originally Posted by Denver

The Greenwich Capital Partners (or whatever their name is) do not appear to be the developers. Rather they look like they are assisting with debt and equity placement. As such, if this is not their project, they likely did not have the authority to make it public.

Both the Crown Architecture and Greenwich Realty Capital websites referred to Greenwich Realty Capital as the 'developer' before they were taken down. So if Greenwich Realty Capital isnt the developer afterall its an even bigger cluster than expected.

As you get correctly, potential funders are loathe to see the missteps this inexperienced team has made in the first weeks of the project. Pretty sure we can already make a headstone for this project.

[Denver]

Originally Posted by Robert.hampton

Both the Crown Architecture and Greenwich Realty Capital websites referred to Greenwich Realty Capital as the 'developer' before they were taken down. So if Greenwich Realty Capital isnt the developer afterall its an even bigger cluster than expected.

As you get correctly, potential funders are loathe to see the missteps this inexperienced team has made in the first weeks of the project. Pretty sure we can already make a headstone for this project.

This is hardly a missteps. This was an architect releasing a rendering early. This happened a while ago with block 162 and that is moving forward. I am not sure what you issue with the project is, but you analysis is pretty off. Their is nothing to suggest that this isn't moving forward. Also they can call themselves part of the development team without being the developer. There is likely another party acting as the development manager.

[Robert.hampton]

Originally Posted by Denver

This is hardly a missteps. This was an architect releasing a rendering early. This happened a while ago with block 162 and that is moving forward. I am not sure what you issue with the project is, but you analysis is pretty off. Their is nothing to suggest that this isn't moving forward. Also they can call themselves part of the development team without being the developer. There is likely another party acting as the development manager.

Your analysis is pretty far off. The architect is Davis Partnership. The architect did not release the rendering early. The self proclaimed developer released the rendering early (by several months if you see the youtube video) and then responded by saying "JK----this isnt in Denver its somewhere else. LOL!" If thats not a misstep I dont know what is. Block 162 is being developed by a nationally recognized developer with a ton of experience in vertical development, so there is zero equivalence to this scenario.

And unless you are involved in the project I don't know why you keep insisting the party calling itself the 'developer' is not in fact the 'developer'.

FWIW I, like everyone else would love to see this project happen. But there is very little to suggest that this 'team' is positioned to do it.

[TakeFive]

Originally Posted by Robert.hampton

Block 162 is being developed by a nationally recognized developer with a ton of experience in vertical development, so there is zero equivalence to this scenario.

FWIW I, like everyone else would love to see this project happen. But there is very little to suggest that this 'team' is positioned to do it.

Yes, yes... now Block 162 is one worth wrapping our hopes around. Houston-based Patrinely Group and USAA Real Estate Co also have experience working together on other projects. Per DBJ: http://www.bizjournals.com/denver/news/2...owntown-denver-office-project-moves.html

“Block 162 will be the only significant high-rise structure entering the marketplace in 2019-2020.”

Block 162 will need site plan approval, which the developer expects to occur in the second quarter of 2017, with construction beginning in early 2018.

So initial site plan should be released soon. Other than specific timing which is always a bit messy, everything looks solid with this project.

[pregersthehobo]

Originally Posted by Robert.hampton

Your analysis is pretty far off. The architect is Davis Partnership. The architect did not release the rendering early. The self proclaimed developer released the rendering early (by several months if you see the youtube video) and then responded by saying "JK----this isnt in Denver its somewhere else. LOL!" If thats not a misstep I dont know what is. Block 162 is being developed by a nationally recognized developer with a ton of experience in vertical development, so there is zero equivalence to this scenario.

And unless you are involved in the project I don't know why you keep insisting the party calling itself the 'developer' is not in fact the 'developer'.

FWIW I, like everyone else would love to see this project happen. But there is very little to suggest that this 'team' is positioned to do it.

I would also like to point out that Davis Partnership is a very established firm that has been around a very long time. While this project is a bit high profile for them I very much doubt that this leak came from Davis. In fact, a cursory google search of the video uploader reveals Stephen Drew, Managing Director at Greenwich Realty Capital.

[TakeFive]

Since micro-units are becoming more of a thing, I thought some might find this at least a bit interesting.

High-profile Denver micro-apartment complex sells for $31 million
May 25, 2017 by Molly Armbrister - Denver Business Journal

“In 2013, Derek Ahrens and I looked at the then-VQ Hotel and had the idea for a micro-unit conversion," said Randy Nichols, president and CEO of Nichols Partnership. “Other interested buyers were looking to tear down the outdated hotel; we had a very different approach in mind and the market embraced this concept beyond our expectations."

Images: JAMES FLORIO via Modern In Denver

And the beat goes on
Boutique Apartments:

The year was 1967. The Rolling Stones appeared on the Ed Sullivan show, The Beatles released “Magical Mystery Tour,” and near downtown Denver, a cylindrical hotel was built in the fashionable modernist style.

Fast-forward 48 years, and the former hotel finds itself starting a new revolution: the first micro-apartments in Colorado. Say hello to Turntable Studios — completely renovated, space-efficient, and oh so groovy. Each studio has been redesigned with clever built-in storage, a juliet balcony, and brand new kitchenettes.

[Sam Hill]

Originally Posted by Robert.hampton

...and then responded by saying "JK----this isnt in Denver its somewhere else. LOL!"

Wait, what?!! That actually happened?!! I thought you guys were just joking! Yikes. That's beyond unprofessional.

[Sam Hill]

I wonder how long that video is going to last before somebody takes it down. Don't anyone leave a comment on it. The user who posted it will get an auto-generated email whenever someone leaves a new comment (unless they've gone out of their way to turn that feature off).

[Denver]

Originally Posted by Robert.hampton

Your analysis is pretty far off. The architect is Davis Partnership. The architect did not release the rendering early. The self proclaimed developer released the rendering early (by several months if you see the youtube video) and then responded by saying "JK----this isnt in Denver its somewhere else. LOL!" If thats not a misstep I dont know what is. Block 162 is being developed by a nationally recognized developer with a ton of experience in vertical development, so there is zero equivalence to this scenario.

And unless you are involved in the project I don't know why you keep insisting the party calling itself the 'developer' is not in fact the 'developer'.

FWIW I, like everyone else would love to see this project happen. But there is very little to suggest that this 'team' is positioned to do it.

Have you ever worked on a major development project? Releasing a a rending early is a fuck up- but of everything that can wrong it is pretty minimal.

Further when a development team: files with the city, takes core samples, goes under contract with a land owner, and hires an architect it reasonable to think the project is moving forward. Is there something I have missed that overshadows these facts?

[TakeFive]

Originally Posted by Denver

Further when a development team: files with the city, takes core samples, goes under contract with a land owner, and hires an architect it reasonable to think the project is moving forward. Is there something I have missed that overshadows these facts?

Fair enough point; but wait... what is your source on all that? Forget the architect part but the last, best thing I've read was Sam Hill's linked piece by Adrian D. Garcia in Denverite above.

[COS]

^^IMO, your last paragraph nails it, and they can make up whatever excuse they want for the rendering issue but you don't mistakenly render into the Denver skyline in that detail. The mistake is simply releasing the rendering early which has nothing to do with the details of the project process that actually get shovels in the ground.

[TakeFive]

Population growth slows in Denver
May 25, 2017 by Mark Harden - Denver Business Journal

The city of Denver gained fewer people in the year that ended July 1, 2016 than in previous years, according to new U.S. Census Bureau data. The city added a net 13,028 people over the more recent one-year span. As of last July 1, Denver had a record 693,060 residents, the agency estimates.

Is this a change from last year? I get confused between city and MSA's.

The Census Bureau ranks Denver as the 19th largest U.S city by population within the city limits, just behind Seattle and ahead of El Paso.

FWIW, Phoenix topped all U.S. cities for population growth and is now the 5th largest city. Lot of people down here.

Comment:
Something I've groused about before is Colorado not supporting higher education nearly as much as Arizona does. This year's AZ legislature found yet another $billion to support university construction projects. ASU especially has added - I've lost track - lots of new academic buildings over the last decade. They've doubled their engineering dept and are still going. In fact they've grown all of their STEM degree programs dramatically.

Given the Colorado and metro area's dynamic economy it's hard to be too concerned. Plus, I'm not sure AZ has gotten as much direct benefit as they had hoped for - yet, but if you believe in the process they ultimately will. ASU has become a strong recruiting focus for Silicon Valley and there is significant evidence of growing synergies between Silicon Valley and Silicon Desert.

To be fair metro Phx does have a significant position in hardware like microprocessors, memory chips and electronics. But at least in one market segment, Arrow Electronics (Denver's larges Fortune 500 company) is kicking Avnet's butt so there's that.

[EngiNerd]

Originally Posted by Matt

Video tour of the elusive tower proposal. I LOVE the base of this building!!!

https://youtu.be/lloqw7_wWck

I'm confused, the video says its from Davis Partnership, but the one who posted it before is Crown architecture/consulting group. So maybe Crown didn't have the authority to post it, since it was a Davis rendering. That would make a lot more sense.

Fantastic building, really hope this one isn't just a pipe dream.