DENVER | Main Development Thread #7

[coolmandan03]

Originally Posted by kemachs

Ok so we're celebrating Hines because they want to demolish a beautiful, historic part of Denver's fabric and build...another generic residential building?

As someone that lives 2,790 feet from this property, I am very OK with that. Especially since the exterior is crumbling and would cost hundreds of thousands to repair/replace. I would be pissed if my 1924 bungalow had a crumbling foundation and I wanted to scrap/rebuild but instead I had to spend 10x that AND devalue the property because some person from a totally different community thinks it's cute.

[DenvertoLA]

As someone who gets Dave's Hot Chicken weekly almost, you all should be excited. Their fries suck, but that's not what you go there for.


https://businessden.com/2020/11/05/nashv...to-open-on-south-broadway-platte-street/

[SirLucasTheGreat]

That is exciting! I was not expecting much movement on the new restaurant front for a while but that will be great!

[The Dirt]

Does anyone know what's happening on the west side of Logan between Colfax and 16th? I remember hearing mention of a new project a long time ago, but I don't remember what that was. The old 3 story house was just demolished yesterday.
https://www.google.com/maps/@39.7411767,...frzQNo0_tRY7qLfMm2e4g!2e0!7i16384!8i8192

[wong21fr]

Originally Posted by The Dirt

Does anyone know what's happening on the west side of Logan between Colfax and 16th? I remember hearing mention of a new project a long time ago, but I don't remember what that was. The old 3 story house was just demolished yesterday.
https://www.google.com/maps/@39.7411767,...frzQNo0_tRY7qLfMm2e4g!2e0!7i16384!8i8192

A beautiful parking lot?

[Robert.hampton]

Originally Posted by wong21fr

A beautiful parking lot?

12 story 281 unit complex from Carmel Partners was proposed there this year. They did great work on The Henry in Platte Park so I hope this happens as there really is a nasty gap between downtown and uptown there and this could help facilitate that transition. Im fairly surprised there wasn't more of an opposition to tearing down that existing building.....

[TakeFive]

Originally Posted by Robert.hampton

12 story 281 unit complex from Carmel Partners was proposed there this year. They did great work on The Henry in Platte Park so I hope this happens as there really is a nasty gap between downtown and uptown there and this could help facilitate that transition. Im fairly surprised there wasn't more of an opposition to tearing down that existing building.....

Since I had the privilege of knowing Kal Zeff (only casually) I often made a mental note on projects by Carmel but The Henry escaped my radar; that is a nice project.

[ams5280]

Westend by Carmel Partners leaves a lot to be desired. I’d have rather seen the area integrated as TOD for the 41st and Fox station, but until then I just don’t know what the thought process was behind the neon green. That being said, I have high hopes for the uptown development.

Speaking of demolition, there’s a notice for demolition posted at 21st and Larimer. I know the building has been vacant for a while, is there anything proposed there? It’d be a shame for a decent corner building to become a parking lot if nothing is going to replace it.

[rds70]

Some new information about the Avalon Governor's Park project from the Denver Business Journal today:

https://www.bizjournals.com/denver/news/...nors-park-apartments-racines-denver.html

The building will now only encompass the old Racine's site and the single story commercial building on 7th Avenue. It will not extend to Grant as originally planned.

The number of units will drop to 305. Commercial space will still be provided along 7th Ave.

Construction is proposed to start in mid-2021.

Neighbors (of which there are none for several blocks) are complaining about traffic, parking, noise, etc., etc.

Here is the latest rendering:

[BG918]

Originally Posted by rds70

Some new information about the Avalon Governor's Park project from the Denver Business Journal today:

https://www.bizjournals.com/denver/news/...nors-park-apartments-racines-denver.html

The building will now only encompass the old Racine's site and the single story commercial building on 7th Avenue. It will not extend to Grant as originally planned.

The number of units will drop to 305. Commercial space will still be provided along 7th Ave.

Construction is proposed to start in mid-2021.

I've been impressed by the recent build-up of this part of Capitol Hill around Governor's Park. So this will take up half the block with the Wendy's on the 6th Ave. side. I noticed the homeless have created a new tent city across the street from this site by the Denver7 parking lots.

[TakeFive]

Come on down, contestant number four

X Denver marks its new X spot.

18-story apartment tower planned to replace surface parking lot in downtown Denver
Nov 9, 2020 By James Rodriguez – Reporter, Denver Business Journal

An 18-story, 409-unit multifamily tower has been proposed at the intersection of 20th and Welton streets in downtown Denver, according to a concept plan recently submitted to the city. The roughly half-acre site at 2000 Welton St. is currently home to a surface parking lot.

X Denver 4, as currently proposed, would total roughly 320,000 square feet, with 3,174 square feet of retail space on the ground floor. Levels 2-5 would include a mix of residential units and 144 parking spaces, according to the concept plan.

The X Social Communities brand, which offers both full-unit rentals and rent-by-the-bedroom options, was originally created by Property Markets Group, a New York-based developer. PMG and The X Company have partnered on three other projects in Denver, according to The X Company's website:

Earlier PMG had indicated they had gone off on their own - well, at least with respect to Miami with "Society Las Olas." But in Denver (and Phoenix) it's obvious that PMG and X Company are still combining their talent and resources.

Originally Posted by rds70

The Downtown Design Advisory Committee will be reviewing the final design for the Evolve Towers at next weeks meeting. The project is at Park Avenue West and Champa Street.

Evolve Towers Receives Unanimous Approval
November 4, 20200 - Mile High CRE

Evolve Towers, 23-story residential development in Arapahoe Square, designed with a “net zero” energy goal, received unanimous approval by Arapahoe’s Downtown Design Advisory Board (DDAB) last week.

---------------------

Originally Posted by rds70

Some new information about the Avalon Governor's Park project from the Denver Business Journal today:

https://www.bizjournals.com/denver/news/...nors-park-apartments-racines-denver.html

The building will now only encompass the old Racine's site and the single story commercial building on 7th Avenue. It will not extend to Grant as originally planned.

Here is the latest rendering:

With respect to nosy neighbors a couple of things worth mentioning.

Travis Leiker, president of CHUN, told Denver Business Journal... Because AvalonBay's plans match the zoning for the site, he said CHUN's role will focus less on the zoning and more on partnering with the developer to discuss and perhaps address some of the neighbors' concerns.

"The zoning really is what it is," Leiker said.

"Everything about the development will comply with the City’s requirements," Nicotra said. "That said, we value input from the neighbors and are committed to working with them as we advance the design of the building."

Nicotra added that he thinks some of the concerns will be mitigated by the quality and design of the building. The project is on pace to achieve LEED Gold status, he said.

I have owned stock in "AvalonBay Communities Inc. (NYSE: AVB)" in the past so it's fun to see them make a nice investment in Denver. They own some reeeally nice projects back east.

[rds70]

A building permit application has been submitted for the 18th and Glenarm condo project.

[wong21fr]

Originally Posted by rds70

A building permit application has been submitted for the 18th and Glenarm condo project.

Well that's a nice surprise. Between this, the momentum on Evolve Towers, X3 hopefully getting underway by the end of this year, and the X4 I'm optimistic about downtown Denver recovering and getting back to normal in 2021.*


*Assuming that the downtown workforce does start returning as well.

[TakeFive]

Originally Posted by rds70

A building permit application has been submitted for the 18th and Glenarm condo project.

[twister244]

Yawn....... Just like WTC, I am very very skeptical of the Amacon condo dev getting off the ground. They STILL do not have a sales website for this project. I really don't see this getting off the ground right now.

[EngiNerd]

Originally Posted by twister244

Yawn....... Just like WTC, I am very very skeptical of the Amacon condo dev getting off the ground. They STILL do not have a sales website for this project. I really don't see this getting off the ground right now.

Permits are expensive and time consuming though, you don't typically pull them unless you mean to actually perform some work.

[twister244]

Originally Posted by EngiNerd

Permits are expensive and time consuming though, you don't typically pull them unless you mean to actually perform some work.

Except this proposal (along with WTC) have been going through the process now for years. WTC's website still says "Delivering in 2021". I drove by the WTC site today, and it looks exactly as it did in late Spring. I get the process can take a while, but I have seen other proposals move much more quickly than these two have.

[SirLucasTheGreat]

Originally Posted by twister244

Except this proposal (along with WTC) have been going through the process now for years. WTC's website still says "Delivering in 2021". I drove by the WTC site today, and it looks exactly as it did in late Spring. I get the process can take a while, but I have seen other proposals move much more quickly than these two have.

Would we expect the two tower project on glenarm to have any marketing materials at this point if it is at least two years away from delivery? Do condo developers typically need to presell a certain number of units before breaking ground? I asked these questions because I honestly do not know.

[mhays]

Yes, usually.

For most developers, presales are essential to prove demand to get financing, and at decent rates. The bar would be especially high with Covid-era uncertainty.

Of course, 2008-2010 showed that "presales" don't necessarily turn into sales, even with $10,000 or whatever the earnest money is. But it's the only way of being relatively sure.

Some developers can do it without presales because they're very well capitalized with strong equity and proven records. This is a great place to be, because they can build at today's prices but sell at tomorrow's prices.

[TakeFive]

Originally Posted by twister244

Except this proposal (along with WTC) have been going through the process now for years. WTC's website still says "Delivering in 2021". I drove by the WTC site today, and it looks exactly as it did in late Spring. I get the process can take a while, but I have seen other proposals move much more quickly than these two have.

With respect to the WTC, Golub and Co etal were to build the office tower and some outfit from Tennessee will build the hotel. I have to assume both are on COVID hold. Golub and Co has submitted a land site plan for approval for the large site they purchased along Brighton Blvd (across from Denargo Market I believe). That is pegged as a mixed use plan but presumably with an emphasis on residential.

Originally Posted by mhays

Yes, usually.

For most developers, presales are essential to prove demand to get financing, and at decent rates. The bar would be especially high with Covid-era uncertainty.

Checking Amacon's website they are in presales for their next condo project in Mississauga, a 38-story tower. A construction start has not yet been announced for that project - so I'll assume they'll want to attain some level of pre-sales before starting construction in Denver.