DENVER | Main Development Thread #7

[CONative]

Reported on 9news today that the historic designation application was withdrawn for Tom's Diner.

[laniroj]

Originally Posted by mojiferous

Yes, the GDR was terrible and oppressive. Let's get that out of the way. And yes, these apartments might be ugly and soulless, but they helped give Berlin the lowest housing costs of any western European capital until very recently... Not only that, but Berlin was an amazing place because of the cheap rent and available space. And the western sectors have a lot of really fugly housing too, because most of the city was in ruins in 1945 and a lot of people had to be housed quickly.

I would love if Denver emulated Berlin and actually built housing for everyone. I don't care if everything looks like it was built from used concrete, because the cultural advantages when people aren't worried about housing costs far outweigh any other arguments.

Personally, I don't really care about what the Welton container ships look like, because they're a billion times better than the empty lots that were there before, and it's more city-center housing. If we start bickering about what's replacing empty lots and fighting for more expensive designs we're only going to guarantee empty lots stay empty longer. We still have a lot of dead space to fill before we get to that point.

Spot on Mojiferous, couldn't agree more. Gem designs come when scarcity factors in, ie Union Station, which got the best of it's architecture on the last couple of parcels developed. It is good to know that others believe having people living in and enjoying cities should be the primary concern for all land use decisions - not if it's a hotel or apartment or condo or office, just that people of all types can experience the urban way of life. Maybe that's our new zoning code - do more PEOPLE BENEFIT than not from this development? I'm sure Candi and the commies would say no to everything because, apparently, they value crappy right of way as "open space" in the downtown core...

[The Dirt]

Originally Posted by Stonemans_rowJ

What's the time frame for any amendments to the current zoning code/zoning code update? I'm looking to develop a duplex and the zoning is restricted to very specific/less desirable blocks in the areas I'm looking at, and don't want to buy something only to have the whole neighborhood opened up. Anybody have insight into this.

I'm in the East/Central Area, nimby central.

Did you mean East Central? That's pretty much wrapping up. You're free to pursue a rezoning now though. What block?

EDIT: be prepared to have every rezoning in the city go to super majority vote from now until the city charter is changed.

[twister244]

Nice little article on the status of the Meow Wolf....

https://303magazine.com/2019/08/update-meow-wolf-denver/

[TakeFive]

Originally Posted by CONative

Reported on 9news today that the historic designation application was withdrawn for Tom's Diner.

https://www.bizjournals.com/denver/news/...lition.html?iana=hpmvp_den_news_headline

At a city council committee meeting last week, though, Messina said he’s closing Tom’s Diner, regardless of any historic status decisions.

Now, the applicants are hoping for an alternative solution. “We have agreed to withdraw our application in an effort to find alternative solutions for this site and hope that the property owner and the current developer will engage with us in good faith moving forward,” their letter reads.

Not sure what this means? Apparently little but perhaps there was an indication of preserving some sense of the history within the new development.

Originally Posted by twister244

Nice little article on the status of the Meow Wolf....

https://303magazine.com/2019/08/update-meow-wolf-denver/

Fun read.

[rds70]

New concept plan submittal for the Golden Triangle - NE corner of Bannock and 11th:

Proposed multi-use building located at 11th Avenue and Bannock Street. The project is intended to be a 19-story residential building with ground level residential lobby fronting Bannock Street and the ground level retail fronting 11th Avenue. Currently the site has a one-story building at the corner of 11th Avenue and Bannock Street with most of the site being a paved parking lot.

[SirLucasTheGreat]

Originally Posted by rds70

New concept plan submittal for the Golden Triangle - NE corner of Bannock and 11th:

That's a biggin. I didn't know GT was zoned for 19-stories.

[Stonemans_rowJ]

Originally Posted by The Dirt

Did you mean East Central? That's pretty much wrapping up. You're free to pursue a rezoning now though. What block?

EDIT: be prepared to have every rezoning in the city go to super majority vote from now until the city charter is changed.

9/CO area. 1400 block. For instance I heard maybe 1200-1700 blocks will be TU zones. If that’s the case I would not go for 1400 block however that’s the only block that allows it now.

[The Dirt]

Pm me the details so you don't have to be too coy.

[BG918]

Originally Posted by rds70

New concept plan submittal for the Golden Triangle - NE corner of Bannock and 11th:

Wow any more info on this one? Developer/architect?

[SirLucasTheGreat]

Originally Posted by BG918

Wow any more info on this one? Developer/architect?

I think Lennar owns that lot. I might be wrong. They have three 16-19 story apartments in Golden Triangle in the planning phase if I recall correctly. I'll be interested to see if any get started this cycle. Golden Triangle has been booming, which I imagine is driven by the fact that it has some of the most expensive rents in the entire city.

[rds70]

650 17th Street Site SOLD....

From the Denver Business Journal:

A prime piece of downtown Denver real estate where a developer once proposed to build an 81-story skyscraper — the tallest building by far in the city — has a buyer who’s well aware of the former plans for the site and has plenty of experience in large-scale projects.

On Friday, Denver-based Paradise Land Company sold its 25,000-square-foot parcel of land at 650 17th St. for $17.5 million, according to property records. Buzz Geller, managing partner at the firm, confirmed that deal to Denver Business Journal. He purchased the site in 2002 for $3.5 million.

The buyer was Harbinger Development, a Boston-based firm with a number of projects in Beantown and across the East Coast, including hotels, office buildings and multifamily projects.

In an interview with Denver Business Journal, Eamon O’Marah, managing partner of Harbinger, confirmed the purchase and said it’s the firm’s first buy west of the Mississippi.

“We’re very excited to purchase this property,” he said. “We think it’s the most valuable and impactful site in the downtown core.”

[TakeFive]

Originally Posted by rds70

650 17th Street Site SOLD....

From the Denver Business Journal:

Everybody can at least that Buzz no longer owns the site.

Their portfolio is made up mostly of 2nd tier hotels but my guess is that's not likely their intent for this site assuming they have any particular vision.

For whatever reason it popped into my mind that this might have been a result of a 1031 exchange.

I also suspect this could take awhile.

[BG918]

Originally Posted by SirLucasTheGreat

I think Lennar owns that lot. I might be wrong. They have three 16-19 story apartments in Golden Triangle in the planning phase if I recall correctly. I'll be interested to see if any get started this cycle. Golden Triangle has been booming, which I imagine is driven by the fact that it has some of the most expensive rents in the entire city.

Lennar's 10th & Acoma project should be starting before the end of the year. Another half block of density.



www.sararch.com

And 955 Bannock (10 story office) should also be starting within the next couple months, just as Parq on Speer is finishing up.

[enjo13]

They were doing some sort of site work (I think core samples) on the lot at Welton/Park Ave. on Friday. So that looks like it's moving along.

[TakeFive]

Originally Posted by enjo13

They were doing some sort of site work (I think core samples) on the lot at Welton/Park Ave. on Friday. So that looks like it's moving along.

Source

[laniroj]

Originally Posted by TakeFive

https://www.bizjournals.com/denver/news/...lition.html?iana=hpmvp_den_news_headline

Not sure what this means? Apparently little but perhaps there was an indication of preserving some sense of the history within the new development.

I think it is with reference to Alberta's sketch design, which has a good component of googiness to it on that ground floor design...an appropriate throwback to the history of the site - we seem to get that from local developers time and again, not as much from the out of state folks...

[Agent Orange]

650 17th Street has apparently sold to a Boston developer: https://businessden.com/2019/08/19/downt...s-proposed-sells-to-different-developer/

The developer doesn't have a big portfolio, but at least Geller can't find a way to screw this up.

[CherryCreek]

Interesting story in the DBJ (courtesy of Financial Times) about the risk that the WeWork model creates for WeWork's landlords:

Hundreds of landlords are exposed to WeWork via $47.2bn of rental commitments, with little recourse if the office space company fails to pay.

* * *

WeWork sublets the space to businesses from start-ups to large corporations on a short-term basis. The mismatch in rental periods is seen by many in the industry as a potential weakness in its model during a recession.

* * *

If WeWork does hit trouble, there are limits to what landlords can do to enforce rental commitments. The company, like others in the shared office sector, creates special purpose vehicles for its leases, meaning landlords do not have direct recourse to the parent company if it fails to pay rent.




https://www.bizjournals.com/denver/news/...eave-landlords-exposed-to-40bn-rent.html

As one of Denver's biggest tenants, Denver is certainly one of many markets which may well realize that risk, when the recession ultimately comes. Even with this shifting of recession risk from tenant to landlord, I note that WeWork continues to bleed cash. Is it a house of cards that will come crashing down when tested with the first global recession?

No idea - but a lot of analysts are pretty bearish.


MKM Partners’ Rohit Kulkarni said in a note Friday that investors would “have to take a big leap of faith in order to believe that WeWork would show signs of a sustainable economic model” given the rising costs across its 528 locations. He said WeWork could soon find itself strapped for cash.

“At an estimated $1500-200mn in cash burn per month, we believe the company has about six months in execution runway ahead before facing a cash crunch,” Kulkarni wrote in a research note.

https://www.cnbc.com/2019/08/17/wework-ipo-filing-strangest-and-most-alarming-things.html

[TakeFive]

Can we make this place a little more engaging, please?

Coming Soon


A rendering of a more lively Platte Street Plaza. (Unico Properties) via Denverite

https://denverite.com/2019/08/19/highlan...s-about-to-get-some-new-vibes-and-wi-fi/

Unico Properties will spend about $1.7 million to spruce up the area and lure lingerers to, you know, chill and what not. Benches, plants, trees, flowers, overhead lighting and, of course, the internet will be publicly available in the district of bars, restaurants, shops and office buildings.