DENVER | Main Development Thread #7

[CherryCreek]

Speaking of Cherry Creek apartments, I was checking out the website for the the St. Paul Collection at 2nd and St. Paul, as it begins leasing apartments and see that most of their 2 bedrooms are in the $5,000 to $7,000 range with a three bedroom topping out at nearly $13,000 per month.

Ho-lee cow!

These prices have to be new records for Denver.. Just wow.

[TakeFive]

Hello Theo


Image courtesy: Continuum Partners/Gables Residential via CREJ

Luxury apartments open at former CU Health Sciences Center
Aug 20, 2018 By Denver Business Journal Staff

Once home to starving students and cutting-edge scientists, the former CU Health Sciences Center is now a luxury apartment community. Theo Apartments, a joint venture between Continuum Partners and CIM group, opened recently. Theo, located at 985 North Albion St., fills the former University of Colorado Health Sciences Center. The nine-story apartment building offers 275 units above 40,000 square feet of ground retail. It was designed by Shears Adkins Rockmore Architects, and offers studio, one-, two- and three-bedroom apartments.

CIM did not ring a bell so I wondered who they were. They appear to have a 'trust' model perhaps for wealthy investors. Headquartered on Wilshire Blvd they have a regional office at 24th St and Camelback in Phoenix which certainly would fit the trust image.

Little digging and the L.A. Times had the answer. http://articles.latimes.com/2009/dec/26/business/la-fi-calpers-cim26-2009dec26

Founded in 1994 by two Israeli immigrants and an investment banker who once worked with junk-bond king Michael Milken, CIM has made its mark on some of the more recognizable developments in Southern California, including Santa Monica's Third Street Promenade.

Along the way, Hollywood-based CIM has secured billions of dollars in pension fund investments and tens of millions of dollars in public subsidies -- chiefly by locating many of its projects in struggling neighborhoods where grants, loans and other forms of taxpayer help were readily available.

CIM states (one of) their strategies is:

CIM's Opportunistic Strategy focuses on repositioning and developing properties in established and transitional urban communities

It would seem that Continuum found the perfect equity partner.

[CherryCreek]

Originally Posted by TakeFive

Hello Theo


Image courtesy: Continuum Partners/Gables Residential via CREJ

Luxury apartments open at former CU Health Sciences Center
Aug 20, 2018 By Denver Business Journal Staff

CIM did not ring a bell so I wondered who they were. They appear to have a 'trust' model perhaps for wealthy investors. Headquartered on Wilshire Blvd they have a regional office at 24th St and Camelback in Phoenix which certainly would fit the trust image.

Little digging and the L.A. Times had the answer. http://articles.latimes.com/2009/dec/26/business/la-fi-calpers-cim26-2009dec26

CIM states (one of) their strategies is:

It would seem that Continuum found the perfect equity partner.

I like the building, but not sure I'd want to be on the Colorado Blvd. side! The overall development is pretty cool, but apartments just a few feet off the busiest six lane street in Denver doesn't sound fun.

https://www.google.com/maps/@39.7292609,...cbrPb0Sd-W5JnnZnPp3RQ!2e0!7i16384!8i8192

On the other hand, the interior courtyard and pool look nice.

http://theoapartments.com/?gclid=EAIaIQobChMIsufG4M383AIVyAOGCh208wiYEAAYASAAEgKcIfD_BwE



At the least, with two bedrooms around $2500 and 1 bedrooms from 1600 to low 2300 or so, they are "affordable."

[Robert.hampton]

17th and Pearl. Errr....ahem INDE Uptown. Think the color scheme could have been more bold (especially the paneling portion along 17th) but I think she'll turn out alright! Good deal of masonry and the preservation of the tavern and step-down to 5 stories on 16th helps break things up nicely.

Ill go ahead and assume INDE, is a hipster salute to IN DENVER.

[DenverInfill]

Originally Posted by Robert.hampton

17th and Pearl. Errr....ahem INDE Uptown. Think the color scheme could have been more bold (especially the paneling portion along 17th) but I think she'll turn out alright! Good deal of masonry and the preservation of the tavern and step-down to 5 stories on 16th helps break things up nicely.

Ill go ahead and assume INDE, is a hipster salute to IN DENVER.

Image source?

[Robert.hampton]

Originally Posted by DenverInfill

Image source?

Southern Land's recent facebook post.

[CherryCreek]

Originally Posted by Robert.hampton

[/img]

17th and Pearl. Errr....ahem INDE Uptown. Think the color scheme could have been more bold (especially the paneling portion along 17th) but I think she'll turn out alright! Good deal of masonry and the preservation of the tavern and step-down to 5 stories on 16th helps break things up nicely.

Ill go ahead and assume INDE, is a hipster salute to IN DENVER.

It does look better than the wire frame drawings we've seen previously. Lot's of brick... the 17th Street side (cement board?) is disappointing but otherwise not bad for such a large project.

[Robert.hampton]

Originally Posted by CherryCreek

It does look better than the wire frame drawings we've seen previously. Lot's of brick... the 17th Street side (cement board?) is disappointing but otherwise not bad for such a large project.

The site development plan has that section as metal paneling so it could look high quality.

One other thing I noticed -- if you look at the right corner of the tavern building you can see umbrellas -- which I guess is going to be the tavern rooftop area.

[fleury]

Was looking through the projects under review on the city website: (project status report lower right)

https://www.denvergov.org/content/denver...-find-/site-development-plan-review.html

and noticed a few interesting projects. Line items 127 (81 story MU on 17th st) is still there, item 162 (16 story branded hotel on 18th st) is new to me, 362 (2100 Lawrence 32 story MU) also new next to kenect, and 484 Sherman El Jebel tower 61 levels MU popped up.

I only skimmed it quickly - that list is a gold mine. If 50% of this gets built...damn.

[twister244]

So this Denverite article suggests that Giambrocco isn't really dead, but as mentioned earlier, is probably still more conceptual right now. It's possible this could be built out over several years by multiple developers.

https://303magazine.com/2018/08/how-rino-will-change-in-the-next-five-years/

[Robert.hampton]

Originally Posted by fleury

Was looking through the projects under review on the city website: (project status report lower right)

https://www.denvergov.org/content/denver...-find-/site-development-plan-review.html

and noticed a few interesting projects. Line items 127 (81 story MU on 17th st) is still there, item 162 (16 story branded hotel on 18th st) is new to me, 362 (2100 Lawrence 32 story MU) also new next to kenect, and 484 Sherman El Jebel tower 61 levels MU popped up.

I only skimmed it quickly - that list is a gold mine. If 50% of this gets built...damn.

More interesting on El Jebel is it looks like they submitted 2 new site plans in 2018 -- one for the tower and one for the historic building renovation with an addition. So still some movement.

[BG918]

Originally Posted by fleury

item 162 (16 story branded hotel on 18th st) is new to me

That's a Hyatt Centric at 18th & Champa. 16 stories, no parking.

[CherryCreek]

Originally Posted by BG918

That's a Hyatt Centric at 18th & Champa. 16 stories, no parking.

Couldn't find anything on that. Is that an unannounced project? A 16 story hotel replacing this small parking lot would be sweet. That would be about the height of the bottom part of the City Center Hilton, you can see in the background in Google streetview.


https://www.google.com/maps/place/Champa...a408ab2f6!8m2!3d39.748394!4d-104.9915136

[TakeFive]

Almost Urban Denver


Rendering courtesy CU Anschutz

Historic $120 million gift from The Anschutz Foundation

The University of Colorado Anschutz Medical Campus has received a $120 million gift, the largest private philanthropic commitment in its history, to further elevate its stature as one of the country’s top medical destinations

The Anschutz Foundation and its founder and chair, Philip Anschutz, made the unprecedented commitment to accelerate the campus’s growth and development as one of the newest and most prominent academic medical campuses in the United States, the only one in the Rocky Mountain region, and the largest from Chicago to the West Coast. This gift brings The Anschutz Foundation’s total investment in the University of Colorado Anschutz Medical Campus to nearly $300 million since 2000.

[TakeFive]

Who Knew?

Originally Posted by CastleScott

The former Qwest building (1801 California St) sells for 285 mil:
http://www.9news.com/article/money/busin...tower-sells-for-285-million/73-534568196

I happen to miss both the news and this post when it occurred. For anyone who might be interested in the highlights.

A Baltimore-based investment firm purchased 51 percent of the 54-story 1801 California St. tower in downtown Denver for $285 million.

The remaining 49 percent of the building is still owned by New York-based Brookfield Property Properties Inc. (Nasdaq: BPY), a subsidiary of Toronto-based Brookfield Asset Management Inc. It paid $215 million for 1801 in December 2011. It took over the master lease from CenturyLink Inc. (NYSE: CTL), which bought Qwest Communications International, in April 2012.

Brookfield refurbished the tower through late 2013, attracting new tenants. Tenants today include Molson Coors Brewing Company, Denver-based healthcare rating site Healthgrades, accounting firm BKD, Denver-based app maker Ibotta and Baltimore-based insurance and financial giant Transamerica Corp., to name a few.

It was also mentioned that 1801 California St is now 95% leased.

Speaking of downtown office towers

Downtown Denver office tower sells for $238 million
Aug 21, 2018 By Kelcey McClung – Denver Business Journal

1670 Broadway, anchored by TIAA, has sold for $238 million, per Denver County public records. CBRE confirmed it handled the sale of the 36-story tower, but declined to comment.

The building at the intersection of Broadway and 17th Avenue features 697,555 square feet of Class-A office space. In 2017, TIAA said it was renovating the building and would occupy 350,000 square feet when the project was complete.

[TakeFive]

So much for the notion of a 2nd CCC Big Anchor Hotel?


Photo credit: Kevin J. Beaty/Denverite

Historic Emily Griffith school building could become a 250-room hotel
Aug 20 2018 by Esteban L. Hernandez/Denverite

A public hearing for an updated plan turning the Emily Griffith Opportunity School into a 250-room hotel could come before City Council this fall.

The resolution document formally requesting the change shows the entire area includes about 5 acres in the vicinity of the Colorado Convention Center and the Denver Civic Center, bounded by Welton Street in the northwest, 13th Street in the northeast and Glenarm Place in the southeast.

What about the rest of the block?

The historic school building was purchased by hotel developers Stonebridge Companies last year... The company has been working to put together a redevelopment plan for the entire block.

Additionally, the project would also convert an existing building into a parking structure with 120 stalls. It will also reuse buildings on the Glenarm side of the block for retail and office spaces. This would support about 37,500 square-feet of mixed-used space.

I'm content and respect Stonebridge Companies success and regard for Denver's history.

[TakeFive]

No more CDOT so why not mixed-use density?


Photo credit: Andrew Kenney/Denverite

Colorado Boulevard could have a new, more urban identity down south
Aug 20 2018 by Andrew Kenney/Denverite

In some ways, Colorado Boulevard still looks like it’s 2005. “Change is very rare in south Denver,” said Jimmy Balafas, a 41-year-old developer. “It’s a very stable, stable street.”

But Balafas, working with his family business, sees a chance to make a breakthrough. Kentro Group has won the rights to buy about 13 acres at Arkansas Avenue where the Colorado Department of Transportation once had its headquarters.

Will the neighbors buy into the vision?

Now, they’re preparing a plan that would create the kind of “mixed use” development that is more common in the city center, with at least 150 below-market apartments and enough retail to fill a large city block. A proposal that would go before the Denver City Council this year would allow buildings to reach eight floors on parts of the Arkansas property, which is in Virginia Village.

Stay tuned.

[BG918]

Originally Posted by CherryCreek

Couldn't find anything on that. Is that an unannounced project? A 16 story hotel replacing this small parking lot would be sweet. That would be about the height of the bottom part of the City Center Hilton, you can see in the background in Google streetview.


https://www.google.com/maps/place/Champa...a408ab2f6!8m2!3d39.748394!4d-104.9915136

That's the lot. More density in upper downtown. It's been discussed on here but I haven't seen any renderings. I expect it will look similar to Hyatt Place at 14th & Glenarm.

[Chucolo]

Closing its doors, according to Denverite. Wonder if that means that old proposal to renovate the Cable Railway Building and plop a hotel on top of it is back in play?

And on a unrelated note; has anybody heard of any updates to the plan to renovate the 16th Street Mall? Rode my bike down there Sunday. Those pavers are in really bad shape....

[CherryCreek]

Originally Posted by Chucolo

Closing its doors, according to Denverite. Wonder if that means that old proposal to renovate the Cable Railway Building and plop a hotel on top of it is back in play?

And on a unrelated note; has anybody heard of any updates to the plan to renovate the 16th Street Mall? Rode my bike down there Sunday. Those pavers are in really bad shape....

Wow, 45 years in that location. Back in the day the Spaghetti Factory was a lonely outpost downtown, one of the few downtown restaurants that anyone would bother to go to. Where there are now hundreds of bars and restaurants today - RiNo, LoDo, LoHI, Union Station, there was virtually nothing through much of the 70s, 80s and into the early 90s.

On the other hand it was always a crappy chain restaurant. Lol.