DENVER | Main Development Thread #7

[Paulopolis]

The DBJ is only $140/year for an individual. I think. It’s better than the Post when it comes to development news.

Originally Posted by coolmandan03

Now that Business Den is officially subscription based, what are your alternatives? There is no way I can justify $100 a year for mostly mansion listings and irrelevant news; 2 articles a day. For that price you can get print and digital of the Denver Post and that includes a digital subscription to the NY Times.

[Paulopolis]

Also, the Capitol Square Apartments on the SW corner of 13th & Sherman are under construction. The lot has been fenced off for a couple weeks, and when I drove past last night, the older buildings on the south side of the big building on the corner had been demolished.

[wong21fr]

Originally Posted by Robert.hampton

Not bad for a land barge! Certainly a step in the right direction for A Square and way better than the Alexan 🞵🞵🞵🞵 piles down Welton.

Agreed- though the funny thing is that both the Alexan projects have far more intricate brickwork than the majority of projects that have gone up. Just goes to show you how much massing and facade breakup can go towards humanizing projects with long frontages.

[BG918]

Originally Posted by Paulopolis

Also, the Capitol Square Apartments on the SW corner of 13th & Sherman are under construction. The lot has been fenced off for a couple weeks, and when I drove past last night, the older buildings on the south side of the big building on the corner had been demolished.

Yeah they are making good progress tearing down the old buildings on-site. Those buildings have been vacant for at least a decade, maybe longer. This will be a significant improvement along the Sherman corridor by the Capitol. Now the SLB just needs to develop its parking lots to the south..



Speaking of demolition, the massive 375 unit AMLI Broadway Park project at Alameda & Bannock is well underway with the old K-Mart parking lot demolished and a large excavation happening for their underground parking garage.

[spr8364]

Originally Posted by rds70

A building permit application has been submitted for the proposed 13 story hotel at 14th and Court across the street from the City/County Building.

The developer is Urban Villages and the architect is Studio Gang.

The permit application indicates 297 rooms and a height of 158 feet.

I still haven't been able to find a good rendering, only this elevation from an encroachment permit on the City's site:

I presume that is an elevation showing all three sides of the building. It looks like the right and left tops are at the same height.

[BG918]

Originally Posted by spr8364

I presume that is an elevation showing all three sides of the building. It looks like the right and left tops are at the same height.

Looks like it, that is an odd triangular postage-stamp lot. I'm getting Geo Ponti vibes which is appropriate considering the location. I have heard this will be a Yotel.

[Ich]

Originally Posted by BG918

Looks like it, that is an odd triangular postage-stamp lot. I'm getting Geo Ponti vibes which is appropriate considering the location. I have heard this will be a Yotel.

That would make sense. Looking at their site - it says Denver is supposed to get a Yotel Pad for their 2021 expansion plans. It’s even starred meaning it’s “taking off”

[spr8364]

Originally Posted by BG918

Looks like it, that is an odd triangular postage-stamp lot. I'm getting Geo Ponti vibes which is appropriate considering the location. I have heard this will be a Yotel.

I agree, this could be pretty cool. That building was the site of my first project as an architect. I did a remodel in there for the City Court Child Care Center.

[TakeFive]

Some projects are important for their 'utility'

Renaissance Veterans Apartments at Fitzsimons - 1753 North Quentin Street, Aurora


Image courtesy Colorado Coalition for the Homeless via Denverite

Some veterans will start moving out of homelessness and into an apartment complex in Aurora
Nov. 13, 2020 By Donna Bryson/Denverite

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

Originally Posted by bunt_q

Has there ever been a Supreme drop in Denver?

Believe I've read that part of their mystique is as an online company. For now the latest Supreme drop is HERE.

Which begs the question: "Did anybody (else) catch your reference?"

Originally Posted by wong21fr

Agreed- though the funny thing is that both the Alexan projects have far more intricate brickwork than the majority of projects that have gone up. Just goes to show you how much massing and facade breakup can go towards humanizing projects with long frontages.

I do like (intricate) brickwork, always have.

I just figure there's something wrong with people who can't appreciate good barge art.


Not much to see here but if it's fit to print...

https://www.bizjournals.com/denver/news/2020/11/19/denver-rock-drill-saunders-owner-part-ways.html

It was supposed to be one of the largest and most ambitious developments to hit Denver since Union Station and Dairy Block.

Developers teased grand visions for the roughly 7-acre site, located along 39th Avenue between Franklin and Williams streets in the Cole neighborhood. Plans called for a more than $300 million project, dubbed Denver Rock Drill, with hundreds of thousands of square feet of office, retail, restaurant and hotel space, alongside European-style public areas.

I vaguely remember that one.

Byron Weiss, owner of the site, recently told Denver Business Journal that he and Saunders Commercial Development — which had been brought on to handle development of the site — parted ways earlier this year.

The future isn't now but rather sometime in the future.

Weiss said he isn't in a rush to find a new partner.

For all of us preservation fans there's this:

He added that any plans would "absolutely" need to preserve the existing structures, which are more than a century old.

"There's amazing architecture inside. It's pretty unusual," Weiss said. "It would just be a real shame [to tear it down]. Nobody has ever looked at this with the idea of scraping it."

[TakeFive]

MOAR Shorenstein dots drop (mostly off-topic)

Did I ever mention how 'social dynamics' fascinate me? While politics is always a little crazy, have you ever witnessed such craziness? The preponderance of disinformation and conspiracy 🞵🞵🞵🞵 is off the charts. I started reading an excellent piece on Politico. If you're not into politics then don't bother.

So I'm reading along and a couple of times Joan Donovan is referenced. She's the the research director of the Harvard Kennedy School’s Shorenstein Center for Media, Politics and Policy, which studies and monitors the spread of misinformation. Given that "Shorenstein" is not the most common of names, I wondered "what are the odds?"

Shorenstein Center on Media, Politics and Public Policy

In March 1985, Joan Shorenstein, a producer of the CBS Evening News with Dan Rather, died of cancer at age 38. Her parents, Walter H. and Phyllis J. Shorenstein, were interested in creating an initiative that would honor their daughter's passion for journalism and politics and spoke with Edward M. Kennedy... The Shorensteins' gave an initial gift of $5 million, and the Joan Shorenstein Center on Press, Politics and Public Policy officially opened in September 1986.[23][24]

And yes, Walter Shorenstein is the founder of Shorenstein Properties; Walter Shorenstein died in 2010 at age 95

More or less on-topic

Canada housing squeeze: Buyers moving up 'handcuffed' by hard-to-sell condos
November 17, 2020 By By Nichola Saminather, Julie Gordon/Reuters

This is relevant (perhaps) to Amacon's 18th and Glenarm condo project given that Amacon is Canadian. But who can predict the future?

[TakeFive]

Originally Posted by coolmandan03

Now that Business Den is officially subscription based, what are your alternatives? There is no way I can justify $100 a year for mostly mansion listings and irrelevant news; 2 articles a day. For that price you can get print and digital of the Denver Post and that includes a digital subscription to the NY Times.

It's more than a bit frustrating although I figured that eventually this would happen - especially after the DBJ put up a paywall.

Originally Posted by twister244

Nice ^^^

So, am I the only one that is a bit unhappy with the recent real estate trends in Denver?

https://www.westword.com/news/denver-average-home-price-passes-625000-update-11839417

I kinda feel like we are approaching a tipping point where more and more people are going to be priced out of Denver in place of coastal folks moving in with equity. I bought my condo a couple years ago and was hoping to eventually upgrade to a townhome, but at this rate, it will never happen. I know rising housing values are great for homeowners, but at some point, it's not good for everyone overall, even with the lower property taxes compared to other cities.

It is a bit sad but it seems in hindsight this was most likely to be Denver's destiny.

I'm lucky; I can cling to my memories of "cow town" Denver. When I want to remember the good old days.

Speaking of the Ball Center and Ball Corp, they are currently building a new (modern) can manufacturing facility in west metro Phoenix. With Phoenix, it's partly the advantage of "sprawl" and partly it's the advantage that Phoenix is home to a fair amount of manufacturing. That and its huge warehouse business lends to a more affordable environment. The difference is that while Phoenix has its higher end business and real estate, it also has lower-end economic drivers while Denver doesn't favor that.

[Paulopolis]

It looks like earth is being moved at the site of The Current in RiNo (corner of 36th & Delgany).

[Ejjwheel]

Ciao tutti,

I know we are all sad that BusinessDen is now subscription based. I haven't seen these sites mentioned yet, so I would like to post the following two development and real estate sites (did I mention they are free?):

Mile High Commercial Real Estate

https://milehighcre.com/

Colorado Real Estate Journal

https://crej.com/

Enjoy!

[TakeFive]

With your handy recommendation, "Let's get the ball rolling."

Originally Posted by Ejjwheel

Mile High Commercial Real Estate

https://milehighcre.com/

Cool River Mile Update


River Mile rendering courtesy of Wenk Associates via Mile High CRE

Major Restoration on Tap for Denver’s South Platte River
November 19, 2020 - Mile High CRE

A leader in river restoration and development, S2O Design and Engineering has been selected to execute a signature component of downtown Denver’s River Mile development—the restoration of the iconic South Platte River. The effort will incorporate sustainability, aquatic and riparian habitat enhancements, and flood control along a more than 1-mile-long stretch of the waterway.

Where's the money, Honey?

“With $80 million in federal matching funds, river restoration is the project’s fundamental purpose, and it will be one of the most significant river restorations ever undertaken by a private enterprise, anywhere,” says Gregory V. Murphy, president of Calibre Engineering, The River Mile’s civil engineer. “S2O is helping us develop a design solution that’s in alignment with all the stakeholders’ interests.”

Do we have a Big Team effort to add confidence to this undertaking?

In a major commitment by the developer, in partnership with the City of Denver, the Greenway Foundation, and other environmental experts, the project’s goal is to return the river to a more natural state ecologically and physically. The project will also improve recreational access via a trail system leading to new fishing and paddling features. The restoration will add 27 acres of riverside parks and open spaces while energizing this new downtown neighborhood.

🞵🞵🞵🞵-load of new apartments proposed


Image courtesy of CBRE via Mile High CRE

Multifamily Development Coming to Central Park Master Plan
November 18, 2020 - Mile High CRE

Mid-America Apartment Communities, a publicly traded real estate investment trust based in Memphis, Tennessee, has purchased a 26.92-acres of vacant land at the South East Corner of Central Park Boulevard and Northfield Boulevard in Denver. The tract is in the Central Park master plan, formally known as Stapleton, and is entitled for multifamily development. A sale price was not disclosed.

Also according to the Denver Business Journal:

The land is entitled for multifamily development, according to CBRE, and is zoned for buildings up to five stories in height. In September, MAA submitted a concept plan to the city proposing 1,001 dwelling units across twelve residential buildings. The plans also call for three clubhouse buildings, three two-story parking decks and a 3-acre park.

Yet one more REIT wanting a significant apartment footprint in Denver except instead of being scattered around (downtown) MAA will create one huge apartment development site. Reminds me of 'home' as this is similar to what Camden Properties (also a REIT) is developing down the street from the Mayo Clinic in Phx/Scottsdale.

[DenvertoLA]

https://www.bizjournals.com/denver/news/...x_testVariant=cx_26&cx_artPos=2#cxrecs_s

National apartment developer chooses Denver for regional HQ

Related Development, the multifamily and mixed-use division of Miami, Florida-based Related Group, has selected Denver as the headquarters for its West Coast operations, the company recently told Denver Business Journal.

Related Development is currently working to build out a Denver team and vetting potential ground-up apartment projects in the Denver metro ahead of opening an office in the first quarter of 2021, according to president and CEO Steve Patterson.

The new regional headquarters in Denver is part of a $2 billion expansion for Related, which plans to begin construction on roughly 6,700 housing units across the country in 2021.

Patterson said Related chose Denver for both its local market fundamentals and the ability to quickly travel via Denver's airport to other markets in the western U.S., such as Salt Lake City and Las Vegas.

Related Group's portfolio includes more than 60 multifamily communities totaling roughly 25,000 units, mostly clustered in the southeastern U.S.

As the company continues to expand geographically, a new headquarters in Denver will help diversify investment opportunities within the company, Patterson said.

Patterson said that by the first quarter of 2021, he aims to be able to name a regional partner to lead the company's operations in the area, and perhaps announce a deal or two in Denver. He said he likes the Denver Tech Center area, as well as Highlands Ranch and Broomfield.

He didn't rule out pursuing opportunities downtown, although he indicated Related would approach the urban core with some caution given the amount of supply there.

Patterson said that because Related is well-capitalized, it can continue to pursue deals despite the current pandemic.

"We're not totally reliant on third-party capital for deals, although we do bring on partners in everything we do," Patterson said.

Related's projects in Denver will likely be luxury rentals, although Patterson said the company will also be looking at ways to build more "attainable" housing.

"I wouldn't call it affordable, but certainly more attainable," Patterson said.

Patterson noted that he and Jorge Pérez, chairman and CEO of Related Group, have been through "a lot of real estate cycles."

"The best deals he and I have done in our careers have typically been deals we've initiated in downturns, not the peak," Patterson said.

Related plans to maintain a long-term presence in the Denver market, Patterson said.

"A lot of merchant developers will bounce into a market, do a few deals, and then leave," Patterson said. "That's not our business plan. We're making a decision to have a presence in Denver and the Rocky Mountain region for the long term, for multiple generations."

https://relatedgroup.com/

Sounds like they are more keen in the metro area to start...

[Ejjwheel]

The Arapahoe Square X3 development has a website to apply for an apartment, with an advertised opening date of Spring 2022.

https://xliving.co/communities/x-denver-3-0/

[SirLucasTheGreat]

Has X3 begun any real site work yet? It has been quiet through through the pandemic.

[DenvertoLA]

that's nuts! Who applies for an apartment 16 months in advance?

[rds70]

Looks like the Opus Group is going to take over the project located at 575 E 20th Avenue. The project will still be 12 stories, and will include 270 units and 5-6,000 square feet of retail. Here is the original project proposed by NAVA Real Estate:



This would be the third Opus multifamily project proposed in the past year, including the 12 story project just north of Empower Field and the 7 story project at Colfax and Kalamath.

[Robert.hampton]

Originally Posted by rds70

Looks like the Opus Group is going to take over the project located at 575 E 20th Avenue. The project will still be 12 stories, and will include 270 units and 5-6,000 square feet of retail. Here is the original project proposed by NAVA Real Estate:



This would be the third Opus multifamily project proposed in the past year, including the 12 story project just north of Empower Field and the 7 story project at Colfax and Kalamath.

Aggggghhhh what a bummer. The NAVA project was incredible and that opus project out by mile high is baaaaaaaaaad. And it’s such a prominent lot for Benedict park...