DENVER | Main Development Thread #7

[CherryCreek]

Originally Posted by wong21fr

That's because this sexy project is for-sale. For-sale = sexier than apartments.

Doh!

Well, would be one of the sexiest residential developments of any kind built in Denver!

Hope it happens.

[rds70]

Originally Posted by SirLucasTheGreat

When you say moving forward, what stage are you referring to? I didn't see a site development plan for this project.

It was reviewed by the new Downtown Design Advisory Board on Tuesday.

[SirLucasTheGreat]

Originally Posted by rds70

It was reviewed by the new Downtown Design Advisory Board on Tuesday.

Thanks!

[jbssfelix]

Originally Posted by EngiNerd

[RyanD]

^ Hm, I don't see anything filed with the city for this one besides design review. Not even a concept, or site development review.

[Denver Dweller]

https://businessden.com/2019/10/23/indus...m_term=0_e8b1506f0c-012004d7ad-147998669

[rds70]

Originally Posted by RyanD

^ Hm, I don't see anything filed with the city for this one besides design review. Not even a concept, or site development review.

2019-CONCEPT-0000209 - 22-story, 314 unit residential condominium building. Ground level retail with above grade parking garage on level 2-5 with approximately 278 parking spaces; 18 upper levels with (2) 7,600 sf towers each; total building area approximately 280,000 SF.

[wong21fr]

Originally Posted by rds70

A permit has also been submitted for the X Denver 3 project as well - about a block away at 21st and Arapahoe. 22 stories, 250 feet, 401 units.

Property Markets Group isn't messing around. They also have shoring permits in place for X Denver 2 right next to X Denver 1.

Ugly as hell- six stories of apartments on top of six stories of parking. I feel as if this is primarily meant to be overflow parking for X Denver 1 which has 203 parking spaces for 579 units (579 bedrooms in this quasi dorm) and both projects combined would have 813 units and 428 parking spaces. So .53 parking spots per unit.

[CastleScott]

Wow great project looks like the Denver economy is staying HOT!

[laniroj]

Originally Posted by rds70

It was reviewed by the new Downtown Design Advisory Board on Tuesday.

Do you know if they had a favorable reaction?

[CastleScott]

Just recently I happened to think of you a couple of times wondering how you were doing and if you'd come back around so it's nice to see you.

This site has enough A-holes like me so its always nice to have someone who is always pleasant.

BTW, aside from the Nuggets, Kings are my next favorite NBA team. They are tons of fun to watch.



__________________

Thanks Take Five, haven’t been on here much as I was very ill this past spring and summer. I was diagnosed with Parkinson’s disease, it got to stage 4 and through the grace of God, modern medicine and CBD/THC oil I’m here today to talk about it as I’m barely at stage 2-I kicked its (Parkinson) ass after getting my clock cleaned at first. I had to take an early disability retirement from work, I lost almost 50 pounds and 3 inches in height so the damage was bad. My wife and I visited Denver recently in late September/early Oct but for just 8 days as upcoming doctors appointments cut our trip short (it was great to see my dad, and my siblings. We hope to stay longer next time as my wife and me are both retired-sometime we’ll have to head down to Phoenix to see relatives and look you up.

Btw I hope to have a Denver forumer pow-wow the next time I’m back as that would be fun to meet some new faces-thanks everyone and God Bless.

[Robert.hampton]

Originally Posted by UrbanT

Can’t post the pics from my mobile but here’s a link for some renderings ^
https://www.ubuntupartnersllc.com/current

If this, Kenect and the Shelby's project all get built we will finally have some critical mass of great projects in the urban core. I just hope the rest of the A Square fabric can get filled with such inspiring projects to help the barges drift in to the backdrop.

[RyanD]

Originally Posted by rds70

2019-CONCEPT-0000209 - 22-story, 314 unit residential condominium building. Ground level retail with above grade parking garage on level 2-5 with approximately 278 parking spaces; 18 upper levels with (2) 7,600 sf towers each; total building area approximately 280,000 SF.

Well I massively failed at researching that.

838 Park is the address filed. Just for reference.

[TakeFive]

Originally Posted by CastleScott

Thanks Take Five, haven’t been on here much as I was very ill this past spring and summer. I was diagnosed with Parkinson’s disease, it got to stage 4 and through the grace of God, modern medicine and CBD/THC oil I’m here today to talk about it as I’m barely at stage 2-I kicked its (Parkinson) ass after getting my clock cleaned at first. I had to take an early disability retirement from work, I lost almost 50 pounds and 3 inches in height so the damage was bad. My wife and I visited Denver recently in late September/early Oct but for just 8 days as upcoming doctors appointments cut our trip short (it was great to see my dad, and my siblings. We hope to stay longer next time as my wife and me are both retired-sometime we’ll have to head down to Phoenix to see relatives and look you up.

Btw I hope to have a Denver forumer pow-wow the next time I’m back as that would be fun to meet some new faces-thanks everyone and God Bless.

So sorry to hear of your personal challenges but delighted to hear of your success in dealing with such an awful situation. I'll for sure keep you in my prayers.

And glad to see you back on the blog.

[Sam Hill]

I fear we may not have enough projects in the pipeline and could be in for more skyrocketing rents.

The third quarter apartment scene: Vacancies down, rents up in metro Denver

The average vacancy rate fell to 4.7 in the third quarter, just under 1 percent less than in the same quarter last year. It was the lowest vacancy rate across the Denver area since the second quarter of 2015, according to the results of the survey conducted for the association by the University of Denver’s Daniels College of Business and Colorado Economic and Management Associates.

In a statement accompanying the release of the survey results, Terrance Hunt, vice chair Newmark Knight Frank Multifamily’s Denver office, said corporate moves to the area increased demand for apartments. Meanwhile, he said, the number of building permits decreased 24 percent in the past year.

“It does create a concern that the lack of future deliveries (of completed buildings) combined with already low vacancy will put upward pressure on rents,” Hunt said.

[twister244]

Originally Posted by Sam Hill

I fear we may not have enough projects in the pipeline and could be in for more skyrocketing rents.

The third quarter apartment scene: Vacancies down, rents up in metro Denver

Wow, that's pretty interesting. It's interesting as everyone keeps expecting the bottom to fall out in the economy, yet here we are......

Not saying a recession won't happen, but I'm still waiting for that initial spark to show itself. Part of me thought it might start in the tech startup arena with the WeWork disaster showing that some of these companies are not profitable and a correction is imminent. But.... not all companies are created equal. Some tech companies are losing money like crazy (I'm looking at your Bird/Lime). But other companies are showing profits and beating expectations (Tesla's latest results).

It's great to see so many condo projects coming into the city, but if vacancy rates are going back down... then things really aren't improving on the imbalance side.

[SirLucasTheGreat]

Originally Posted by twister244

Wow, that's pretty interesting. It's interesting as everyone keeps expecting the bottom to fall out in the economy, yet here we are......

Not saying a recession won't happen, but I'm still waiting for that initial spark to show itself. Part of me thought it might start in the tech startup arena with the WeWork disaster showing that some of these companies are not profitable and a correction is imminent. But.... not all companies are created equal. Some tech companies are losing money like crazy (I'm looking at your Bird/Lime). But other companies are showing profits and beating expectations (Tesla's latest results).

It's great to see so many condo projects coming into the city, but if vacancy rates are going back down... then things really aren't improving on the imbalance side.

I'm interested to see if more residential projects break ground soon with news of this sort. My understanding is that Denver expanded its apartment inventory by a larger percentage in 2018 than any other major US city. However, it really does not seem like many significant projects have broken ground in 2019.

[TakeFive]

Originally Posted by Sam Hill

I fear we may not have enough projects in the pipeline and could be in for more skyrocketing rents.

The third quarter apartment scene: Vacancies down, rents up in metro Denver

I think most of this is tied to the suburbs. There was was a slew of projects several years ago and then they dropped off to a trickle. There's a few scattered around but still not very much in the suburbs.

The supply in downtown feels more balanced. Just the same it's still good news for more groundbreakings.

[Sam Hill]

Originally Posted by TakeFive

I think most of this is tied to the suburbs. There was was a slew of projects several years ago and then they dropped off to a trickle. There's a few scattered around but still not very much in the suburbs.

The supply in downtown feels more balanced. Just the same it's still good news for more groundbreakings.

If you don't live here, I don't know how you can think you know any of this. The suburbs are booming hard everywhere I look. What trickle? A 24‰ decrease in new permits is not a trickle. You're making wild guesses.

[laniroj]

Originally Posted by Sam Hill

If you don't live here, I don't know how you can think you know any of this. The suburbs are booming hard everywhere I look. What trickle? A 24‰ decrease in new permits is not a trickle. You're making wild guesses.

I'll make a wild guess: we don't have enough residential zoning! My company has capacity for probably 500 units a year in 2-3 projects. We can barely find enough land to support half that. So, we dabble in annexation and rezonings, many of which fail and the successful ones take years. I keep saying it...if we want housing affordability, we need more medium and high density zoning everywhere, not just Denver where land costs $100/sf+ MINIMUM out of the core, $200/sf+ in the central core.

Our company's issue is not unique. Everyone we know has ample capital sitting around doing literally nothing because it doesn't want to chase a 5% return on cost for core development projects - risk reward isn't there. Our suburbs need to step up and proactively rezone large swaths of land for medium and higher density development. I'm still fine with SFH, but for crying out loud we need stronger leaders everywhere who will stand up to SFH owners afraid of ANY change! A project that will be super interesting is the one at Colorado and Evans. 5 to 12 story zoning change is proposed with partial intent being to create a more interesting building design while maintaining the same density as the current 5-story zoning. Not to mention, it's a TOD site on a major arterial with ample amenities within walking distance. It's also next to a bunch of old SFH. I'll be following that one closely.