DENVER | Main Development Thread #7

[mr1138]

Originally Posted by Curtis Park

Actually, because nitpicking about neighborhoods is fun, it's in the Curtis Park RNO boundaries, not RiNo. But RiNo sells. Or we could just always say Five Points.
Avalon calling it Avalon RiNo isn't too disingenuous since it's a block outside. Better than the Marriott calling it's South Colorado Blvd Courtyard "Cherry Creek".

Well, not to totally re-hash an old conversation, but according to Denver's RNO map technically it's in both with RiNo's boundary extending all the way to Arapahoe. I suppose these organizations can overlap because they focus on different things - Curtis Park isn't an arts district. Unfortunately, this isn't a neat and tidy system that satisfies a desire for places to be either in one neighborhood or another.

[TakeFive]

Originally Posted by Curtis Park

Actually, because nitpicking about neighborhoods is fun, it's in the Curtis Park RNO boundaries, not RiNo. But RiNo sells. Or we could just always say Five Points.
Avalon calling it Avalon RiNo isn't too disingenuous since it's a block outside. Better than the Marriott calling it's South Colorado Blvd Courtyard "Cherry Creek".

This can be the new 'home-town' test. If you don't know where Curtis Park and Five Points are then you haven't been around the block more than once.

Originally Posted by mr1138

Well, not to totally re-hash an old conversation, but according to Denver's RNO map technically it's in both with RiNo's boundary extending all the way to Arapahoe. I suppose these organizations can overlap because they focus on different things - Curtis Park isn't an arts district. Unfortunately, this isn't a neat and tidy system that satisfies a desire for places to be either in one neighborhood or another.

RiNo is an interloper; it's a Johnny-come-lately; it's a buttinsky; it's like a bad land deal.

Originally Posted by DenvertoLA

https://denverite.com/2020/05/27/the-rec...-city-hall-is-getting-an-artful-glow-up/

Can’t wait to visit this once it’s finished

Looks to be pretty cool. Hope it weathers reasonably well.


Meanwhile...

The guys over at DenverInfill have gotten busy with their Spring Roundups; love me some roundups and there's lots of flowers a-bloomin'.

Along the Brighton Blvd corridor I plum forgot that Carmel was building DriveTrain. There's three biggie apartment projects with only Denargo Market 3 having a chance to complete this year.

Speaking of Bespoke Uptown at 17th and Pearl, there's many good photos of one of my favorite projects - renting soon.

[TakeFive]

Celebrating Denver's Great Outdoors


Rendering courtesy Dynia Architects via Mile High CRE

The Source is Headed Outside, Introducing “Out Source”
May 28, 2020 - milehighcre

The Source Hotel + Market Hall will be bringing The Source experience outdoors this summer, coining it “Out Source.” Each Saturday and Sunday Smōk Barbecue will expand its services into the large front lot and the program will give you exactly what you’ve been craving: human connection, great food, cocktails, wine, amazing service, and finally putting the first part of this year behind us.

In addition to Smōk’s specialty menu being offered outdoors, you can also visit your favorite Source tenants including Safta, Reunion Bread, Acorn, Grabowski’s, and more, and enjoy your meal in the new patio seating.

Final approval of the expanded seating area for “Out Source” is still pending with the City of Denver, but we anticipate an early-June launch.

Party like it's 1999


Rendering of six-story, 112-key Vīb hotel, courtesy of TWC Management via Mile High CRE

New Denver Hotels Opening in 2020/2021
May 28, 2020 - milehighcre

Downtown Denver is currently home to more than 11,000 rooms within a short walking distance of the Colorado Convention Center. Despite recent events that have forced Denver’s beloved hotels to temporarily close their doors, many new hotels are still on track to open in 2020/2021.

Not sure of the veracity but they do provide a list of eleven hotels along with their projected opening date. At the least it's interesting to see a list of all the hotels that have been announced.

[RyanD]

Got some fresh renderings of 19th and Chestnut!

https://denverinfill.com/2020/06/more-details-on-19th-chestnut-project.html

[bunt_q]

No masks, no distancing, no fires, broken glass, or graffiti visible, lush greenery, apparent social harmony; this must be a proposal for a foreign city someplace? Confused why this is posted in this thread; this is clearly not Denver.

[BG918]

That 19th & Chestnut project looks great. Odd it's planned for the back lot right there, is there anything planned for the actual 19th & Chestnut intersection next to the HGI?

[tommyboy733]

Hours of aerial Denver footage here https://www.youtube.com/watch?v=b4992g-1ONU&t=2482s

Such as this screenshot, basically they scan every block the protesters cover which was most of the CBD, LoDo. pretty much every project and building is featured at some point!

[IMG]Denver [/IMG]

[tommyboy733]

and here's Block 162 from 9 news:

https://www.youtube.com/watch?v=c_oFD7l718A

[IMG]Denver_2 [/IMG]

[TakeFive]

Originally Posted by bunt_q

No masks, no distancing, no fires, broken glass, or graffiti visible, lush greenery, apparent social harmony; this must be a proposal for a foreign city someplace? Confused why this is posted in this thread; this is clearly not Denver.

That 'photo' is a week old.

Now that the CiC has spoken, this is tomorrow's photo shoot - as we ping-pong from one extreme to the other.

Originally Posted by TakeFive

Arbitrary and capricious - so of course it doesn't makes a lick of sense.

Confused by what their philosophy and policy should be around affordable housing they take what should be a simple re-zoning decision and punt.

'Everything pointed to city support, until the end'
Jun 2, 2020 By James Rodriguez – Reporter, Denver Business Journal

When a developer's rezoning request for a parcel in Denver's River North Arts District went before City Council on May 11, the final vote seemed destined to be little more than a formality.

So what happened?

Perhaps no one was more surprised than Chase Hill, a principal at Cypress who oversaw the rezoning proposal and was present at the May 11 session.

"Everything pointed to city support, until the end," Hill said.

For every action, expect a reaction.

Hill said the amount of outreach he's received from the development community — zoning and land-use attorneys and consultants, civil engineers and other developers — has been "mind boggling."

"A lot of developers are calling me saying, 'Look, we have city staff support, we have an agreement with HOST. Are we still in jeopardy of being rejected on our rezone application?'" Hill said. "And my answer is, 'Yes.'"

This is just stupid. If City Council wants more affordable housing then they should take responsibility; don't put it on the back of developers who are risking $millions to do your dirty work. Find the funding. Incentivize developers by offering a property tax abatement for 20 years. Without the city putting their own skin (and risk) in the game nothing will ever change.

[The Dirt]

Originally Posted by TakeFive

This is just stupid. If City Council wants more affordable housing then they should take responsibility; don't put it on the back of developers who are risking $millions to do your dirty work. Find the funding. Incentivize developers by offering a property tax abatement for 20 years. Without the city putting their own skin (and risk) in the game nothing will ever change.

Probably the smartest and most concise thing you've ever said here.

[wong21fr]

Originally Posted by The Dirt

Probably the smartest and most concise thing you've ever said here.

Have you had a talkin' with Chris Hinds yet on what an 🞵🞵🞵🞵🞵🞵 he's being backing Saywer and CdeBaca on 🞵🞵🞵🞵 like this? Seems to go right against his push for more housing.

[TakeFive]

Ding, Ding, Ding; Ring the Bell

What does an article in the Denver Business Journal by the New York Times that is not about Denver tell us about Denver, if anything?

Office towers are still going up, but who will fill them?
Jun 3, 2020 by Kevin Williams – The New York Times

Ding, ding, does the name Riverside Investment and Development ring a bell?

The prospect that workers may want to continue working from home does not worry John O’Donnell, chief executive of Riverside Investment and Development, which is developing a 55-story tower at 110 North Wacker Drive in Chicago. The tallest building erected in the city since 1990, it is scheduled to open in August and will be anchored by Bank of America. Other tenants include law firms, many of which are doing business from home.

The building is 80% leased ahead of its August opening. One tenant signed for 40,000 square feet of office space at the height of the lockdown, which O’Donnell took as an encouraging sign.

Riverside Investment and Development has Buzz Geller's land at what is now being called 1900 Lawrence St. under contract for a proposed 30-story tower. Afaik, Riverside has no other buildings under construction or plans in Chicago. Here's to hoping Riverside decides to close on the land in Denver even if they wait to proceed with development.


Ding, ding does the name Endeavor Real Estate Group ring a bell?

But others say it is too early to tell when demand for office space will return. Jamil Alam, managing principal of Endeavor Real Estate Group, said the situation would vary by city.

“There will be winners and losers,” Alam said, explaining that he thinks denser metro areas like New York and Boston, which have been ravaged by the coronavirus, could find their luster lost in favor of smaller markets.

Endeavor, which is based in Austin, Texas, has a portfolio that includes 15.6 million square feet of commercial real estate in cities like Dallas, Denver and Nashville. One of its projects, the 20-story Gulch Union, will be the largest office tower in Nashville when it opens in August with 324,254 square feet of office space.

Endeavor has plans for the Gates site in Denver. Good news is that their plans are to start with multi-family development.

Smaller markets like Nashville are well-positioned for companies wishing to pull up stakes from major metropolitan areas with higher density and costs, Alam said. Gulch Union has leased 27,000 square feet, and four more deals totaling 40,000 square feet are near completion.

“Deals are still being done,” he said.

Denver is more likely to pull business from the west coast. Then again, VF Corp moved from the east coast so who knows.

Comment

Let's hope that the current pandemic slows the rush for both the state and City of Denver to pass loads of business-unfriendly initiatives.

From my perch in the desert I can now see how the $billions invested into ASU STEM degree course expansion and the state's effort to lower taxes and be more business-friendly is now paying off Big-Time. In addition to Chicago which has long been a player most of the developers and capital is coming from the SE sunbelt states.

I still see Phoenix as different from Denver so they are not necessarily direct competitors but I can see what is working well down here. It feels like the pandemic has hardly made a ripple in future investment.

[The Dirt]

Originally Posted by wong21fr

Have you had a talkin' with Chris Hinds yet on what an 🞵🞵🞵🞵🞵🞵 he's being backing Saywer and CdeBaca on 🞵🞵🞵🞵 like this? Seems to go right against his push for more housing.

We sure did. He's (mis)calculating that because his district went for Bernie in the primaries that his constituents are leaning more towards Candi's "So Woke" cdeBaca's position. Pretty disappointing that Wayne New turned out to be the more progressive council person in hindsight. Personally, if I stay in his district I'll be backing a challenger, but it looks like I'll end up in Torres' (who also voted no) district soon enough.

[bunt_q]

Originally Posted by The Dirt

We sure did. He's (mis)calculating that because his district went for Bernie in the primaries that his constituents are leaning more towards Candi's "So Woke" cdeBaca's position. Pretty disappointing that Wayne New turned out to be the more progressive council person in hindsight. Personally, if I stay in his district I'll be backing a challenger, but it looks like I'll end up in Torres' (who also voted no) district soon enough.

I'll still be in his district. And agree with this 100%.

[laniroj]

The development world is interesting right now. I keep hearing from GC's that they are still super busy and baking in 5% inflation per year to their estimates. When I talk to developer friends they are saying they are taking a breather in the near term on smaller projects but pursuing longer term planning pipeline for massive projects - but then we see the big merchant builders still announcing yuuge projects in the here and now (at least for multifamily, not so much retail, office, hospitality). Then on the debt/equity side the equity seems to have half the players it used to have interested in funding projects and banks are sort of isolating to established relationships only, not new lending. All signs point to a marked slowdown in project pipeline, but GC's are still pushing that cost threshold and, to their credit, seemingly still getting away with it. We are three months into corona (and now civil protests) with seemingly no stop to the cost creep. Not sure what to make of it all. Are we living in a twilight?!?

[TakeFive]

Originally Posted by laniroj

The development world is interesting right now.

Are we living in a twilight?!?

YES! Very definitely.

Many lenders including larger banks have exposure to the oil patch or other sectors that have suffered the most so they are holding back by necessity. Interestingly, the oil patch is looking up with crude oil now priced ~$38 which is double what it was two months ago.

Interesting Story

Vancouver-based Intracorp had secured construction funding for their 49-story condo tower in Austin’s Rainey Street district prior to coronavirus; then they lost one of their lenders. Forty-five percent of the 309 condos were spoken for and none of the buyers backed out. Construction funding closed in May after Arkansas-based Bank OZK joined Michael Dell's investment group to provide $194 million.

The other huge issue is the confused landscape from $3 trillion which is a 🞵🞵🞵🞵-ton of money.

Speaking of Austin

Kansas City-based JE Dunn Construction has been hired as the general contractor for Apples's $1 billion campus development.

JE Dunn made news last year when it moved into its new Western Regional Headquarters at Colorado Center Tower III. It made news this year when they were chosen to build the CSU System’s new Spur campus at National Western Center site.

[TakeFive]

How smart is it to build co-living projects in the age of social distancing?


Courtesy of PMG via Bisnow

Largest Co-Living Project In The U.S. Debuts In Fort Lauderdale
June 3, 2020 By Deirdra Funcheon, Bisnow South Florida

Last week, move-ins began at Society Las Olas, a 34-story, 639-unit development on the Fort Lauderdale Riverfront that has taken the title of the largest co-living development in the country.

The first building is just Phase 1; when its Phase 2, another similarly sized building, gets constructed, it will feature more than 1,200 units. Property Markets Group Brand and Marketing Director Brian Koles said 20% of its units are rent-by-the-bedroom.

How's the lease-up going?

"We were pleasantly surprised by the leasing velocity over the last, totally unprecedented three months," Koles said. "We somehow have been able to achieve pre-COVID pre-leasing expectations."

Why the (new) name of Society Las Olas?

Society Las Olas is part of PMG's new brand, Society Living, that has the tagline of “Share Your Best Self." Society Living is similar to, but separate from, the X brand of apartments that PMG developed with a partner.

One of the things Koles has been focused on is making sure that the brand feels welcoming to people of all demographics, not just young ones. It has especially resonated with flight attendants and people who travel a lot for work, he said.

I wonder if PMG's site on Arapahoe St in Arapahoe Square might carry this new brand name?

PMG has other Society locations under construction in downtown Miami, Orlando and Phoenix. More than 7,500 units are planned in the next five years.

[DenvertoLA]

It looks like something was proposed at 14th & Court according to the city's development map. Does anyone have more info on this?

[BG918]

Originally Posted by DenvertoLA

It looks like something was proposed at 14th & Court according to the city's development map. Does anyone have more info on this?

I know a 12 story Yotel (first in the U.S. outside the East Coast) was proposed here. Studio Gang out of Chicago is the architect. I don't have any other info but would be shocked (in a good way) if this actually breaks ground

[PLANSIT]

Originally Posted by DenvertoLA

It looks like something was proposed at 14th & Court according to the city's development map. Does anyone have more info on this?

I believe that's the old residential proposal now turned hotel. I think some renderings were floating around awhile back. Triangle parcel.