DENVER | Main Development Thread #7

[Robert.hampton]

Originally Posted by SirLucasTheGreat

Great news regarding the Coloradan. Hopefully, that will entice other condo developers to enter the market

I'm surprised it took that long --- I feel like half of those slot home going up Jefferson park go under contract before they break ground.

[TakeFive]

Originally Posted by laniroj

Point 1 - RTD requires their owned ground to be determined "excess property" before they can sell it. All of the ground that's been sold has already been determined surplus. The legislature could really help out here by mandating RTD defend why their existing land isn't excess land. The list is only available through a written request. The legislature could mandate they publicly market such excess ground or even auction it off.

Point 2 - as recently as the first week of January (I check twice per year), RTD had no excess land development property being offered for sale - nor have they since at least 2014 when I started checking with regularity.

Point 3 - You can submit a joint development plan if your plan lines up with existing zoning (major issue). To my knowledge, this hasn't yet been done but for a couple of shared parking garages at park n rides facilities and the JD was done with local governments. If any have been completed, certainly let me know - maybe Alameda?

Fox Station is a great candidate for removing the park n' ride and putting 200 units/acre on that ground. RTD selling parcels to stimulate development at first-in areas makes all the sense in the world to me.

So any news of Fox Station? The lack of response leads me to believe the new owner of the DP building doesn't have any immediate plans...

I love it when you tell me stuff I don't know as I never get tired or learning.

I wouldn't automatically be suspicious of RTD. I suspect in many cases the excess land is undesirable, places where developers would have little or no interest.

With respect to 41st and Fox Station it has been determined that a Park N Ride is warranted. In fact the longer range plan is to build a 4-story parking structure. Currently the ridership is so low I'm not sure...

Given this station is part of the P3 that received a $1.03 billion grant, I suspect selling the Park N Ride for development could be very complicated, perhaps impossible at this time.

[TakeFive]

As if DenverInfill didn't have enough on their plate
on top of all the wild rumors about them migrating whether to Kansas to be with Toto or where nobody knows.

But speaking of 41st and Fox Station it would be really nice if the time could be found for an update on Zia by Confluence. I'm sure a lot has happened since November of 2018. I don't yet find any apartments for rent though.

I know what the rendering looks like.


Courtesy of Apartment Home Living

[Ich]

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

1,850 jobs plus capital investment. Hope we win this one!

[Ich]

Originally Posted by Ich

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

1,850 jobs plus capital investment. Hope we win this one!

Looks like we landed it. Pax8 will expand in Denver adding 1,800 jobs.

They are currently in DTC, wonder if they will stay down there or move to DT with the other big tech companies.

[HighRanch]

Originally Posted by Ich

Looks like we landed it. Pax8 will expand in Denver adding 1,800 jobs.

They are currently in DTC, wonder if they will stay down there or move to DT with the other big tech companies.

Excited to see more tech companies moving to the Denver area!

Not sure how you define "big tech companies"
You may not be aware of the tech in the DTC as there are not many big signs on the buildings. Here is just a small list of some of the "Big Tech" companies that have a significant presence in the DTC.

Arrow Electronics, SAP, Oracle, HP, Cisco, Zoom, EMC, Ciber, ULA, Microsoft, Agilent Technologies, Teletch, and many more.

[laniroj]

Originally Posted by HighRanch

Excited to see more tech companies moving to the Denver area!

Not sure how you define "big tech companies"
You may not be aware of the tech in the DTC as there are not many big signs on the buildings. Here is just a small list of some of the "Big Tech" companies that have a significant presence in the DTC.

Arrow Electronics, SAP, Oracle, HP, Cisco, Zoom, EMC, Ciber, ULA, Microsoft, Agilent Technologies, Teletch, and many more.

The tech employment base is very strong and incredibly diverse throughout the SE corridor, downtown, interlocken, and boulder. That tech has driven significant development in all of those areas as well, mini TOD areas waiting to happen if we can figure out the last mile. Some VERY cool projects going on in Interlocken/Louisville area especially the Partners Group project and their Swiss focus on quality design. They spent a ton of money building out an awesome facility. I think it is done or very close.

https://www.denverpost.com/2019/10/30/partners-group-broomfield-rino/

Then there is Medtronic in Louisville and some other secret players who are slowly creeping their way through planning. Those are MASSIVE users for the former Phillipps 66 site and methinks they will be a magnet for additional medtech in the entire Denver-Boulder corridor and hopefully the Phillips site gets its own Flatiron Flyer station. Medtronic is a magnet for patents and I suspect our patent office in Denver is a major reason they are consolidating out of Boulder and closer to Denver (not to mention other obvious reasons). I can see a facility of the size they are considering drawing major ancillary uses downtown as well, especially medical related tech, which is so ripe for some tech disruption. Here's to hoping for some dtown action!

https://www.dailycamera.com/2020/01/15/d...r-eyeing-phillips-66-site-in-louisville/

[laniroj]

Does anyone have an update on the Sherman Street rezone that Tryba was working on with the Dikeou family; does that still have motion? I haven't seen any updates on that since last fall but they submitted in March of 2019. Sure seems it should be wrapped up yay/nay by now. Rezone #17i-00167 - it's still on the City's rezone map but not listed as a current application in the text descriptions of current cases.

https://www.denvergov.org/content/denver...velopment/zoning/proposed-rezonings.html

If Cdebacca torpedoed it, at least the Dikeou's can apply for a grant to put some damn trees in their ROW.

https://www.downtowndenver.com/urban-forest-initiative-grant-applications/

[The Dirt]

There was a public meeting 3 or 4 months ago. It's still moving along slowly. I think there's some thoughts around incorporating it into the first leg of the 5280 trail. CdeBaca did torpedo the 5280 trail funding for 2019, but the rezoning is in Hinds' district, and he's on board, as far as I know. Some typical NIMBY RNOs are trying to throw the baby out with the bathwater because they hate the Dikeous.

[SirLucasTheGreat]

Why did CdeBaca torpedo funding for the 5280 trail?

[Robert.hampton]

Originally Posted by Ich

Looks like we landed it. Pax8 will expand in Denver adding 1,800 jobs.

They are currently in DTC, wonder if they will stay down there or move to DT with the other big tech companies.

Hmmm....a company with around 250 current employees that seems to pay most employees between 30-60k according to glassdoor. Color me skeptical about this turning into 1,800 jobs at 100k.

[TakeFive]

Originally Posted by laniroj

The tech employment base is very strong and incredibly diverse throughout the SE corridor, downtown, interlocken, and boulder.
https://www.denverpost.com/2019/10/30/partners-group-broomfield-rino/

Then there is Medtronic in Louisville and some other secret players who are slowly creeping their way through planning. Those are MASSIVE users for the former Phillipps 66 site.
https://www.dailycamera.com/2020/01/15/d...r-eyeing-phillips-66-site-in-louisville/

Great post!

Nice follow-up to the original release showing not only progress but budding building mania.

Originally Posted by SirLucasTheGreat

Why did CdeBaca torpedo funding for the 5280 trail?

Because she could. (Sorry, couldn't help myself)

Speaking of some missing middle

Welcome to Observatory Row:



https://www.bizjournals.com/denver/news/2020/02/20/deals-dealmakers-february-20.html

The fifth and final building of Observatory Row, a new residential community of six duplex units and 14 townhomes in University Hills, is scheduled to be completed in May. Prospect Real Estate is developing the project, which is located at 4100 E. Iliff Ave.

The three-bedroom, three-and-a-half-bathroom homes range in size from 1,731 square feet to 1,885 square feet, and start in the low $500,000s.

Sounds fairly reasonable given the square footage.

[The Dirt]

Originally Posted by SirLucasTheGreat

Why did CdeBaca torpedo funding for the 5280 trail?

Something along the lines of this being a line item in a large funding package and that she had an ideological objection to something and was unwilling to compromise.

[SirLucasTheGreat]

She sounds like she is a pleasure to work with.

[SirLucasTheGreat]

DenverInfill was all over this but X Denver 3 has broken ground. I believe this is the tallest project to break ground since 2018.

[TakeFive]

Originally Posted by SirLucasTheGreat

DenverInfill was all over this but X Denver 3 has broken ground. I believe this is the tallest project to break ground since 2018.

Thanks for the update. So tallest since 'Block 162'? That sounds about right.

These guys are Smooth Operators. They paid a high $ for the land that also needed demolition. But with previous experience with Denver planning they were comfortable moving much faster than the typical developer. Actually they seem to move faster in any case.

No parking
This is the type of project that can more easily justify not having any parking but this is easily the largest project of any note that will go this route. Good for them. This also explains why cost of land wasn't as critical.

Affordable
The X Social concept is designed for affordability including smaller units as well as renting by the bedroom not unlike a dorm concept.

DenverInfill has the latest and only real rendering. Be curious to see if there's an updated rendering when PMG makes a formal announcement - if they even bother doing so?

I see where they've used mezzanine financing for site and planning procurement purposes. These guys are experienced, creative and efficient operators.

[RyanD]

Originally Posted by SirLucasTheGreat

DenverInfill was all over this but X Denver 3 has broken ground. I believe this is the tallest project to break ground since 2018.

It has taken a lot of self control to not punch it and celebrate X3 but I'm glad it's finally going.

Now let's hope I'm not wrong about Kenect.

[twister244]

Originally Posted by RyanD

It has taken a lot of self control to not punch it and celebrate X3 but I'm glad it's finally going.

Now let's hope I'm not wrong about Kenect.

This is great to hear! I love these projects in AS only because they will help stretch the skyline to the North a bit. Plus, AS is a neighborhood that badly needs TLC and these projects (along with the land barges completed last year will help spark the neighborhood a bit.

I am keeping an eye on 26th/Alcott for any activity there since I live a few blocks away. Still no movement.

[bulldurhamer]

I admit I was wrong. Candi appears to genuinely hate white people. Her performance on Twitter is a sight to behold.

[TakeFive]

Originally Posted by TakeFive

What could possibly go wrong?

A Black Swan event is by definition impossible to predict.

A Gray Swan can be unexpected like the coronavirus which can have more short term negative impacts of lesser consequence. Gray Swans aren't obvious until they happen but at some point the party tray will be taken away.

Originally Posted by bushw00d

Is this some sort of elaborate performance art?

Certainly many things are as much art as science. We've certainly entered into shades of gray.

When coronavirus took unexpected root in South Korea and then clusters popped up Italy and Iran then recalculations have to be made.

Even worse is simply the growing uncertainty; markets have a bigger distaste for the unknown than (known) bad news. It's what makes the DOW drop over a 1,000 points in a day and the 10-year T-bill dive below 1.4% after a steady decline recently.

For now, until a higher threshold of new pain, the markets are likely to stabilize and indeed futures are showing a bounce. Specific winners and losers can be sorted out (Clorox stock was up). With respect to Denver and construction at this point it's not an issue - other than for investors becoming nervous about increased potential risks.