DENVER | Main Development Thread #7

[Ich]

Originally Posted by Agent Orange

I'm excited for all the GT density, but man I wish we had some height variety down there. Did the point tower zoning not work out as intended? This could be our South Lake Union area, but instead we have this boring tabletop/

In all fairness, Denny Triangle and South Lake Union have the same issue expect it’s capped at 40-42 stories, not 13-17. Due to the Space Needle and Cap Hill peeps not wanting there view blocked…. Notice how the Seattle skyline starts really high and slopes down to a table top? Unless things have changed since I lived there.

[mhays]

South Lake Union is full of stubby buildings. It's starting to get residential towers up to 30 stories north of John Street, but generally it's about 160' and now sometimes 175', mostly office/tech/lab.

Until recently, Denny Triangle residential towers were max 40 stories. A couple years ago, 44s started going up due to a 10% upzone. (Living units can now get to 440', with 10% more that can include amenities or just architecture/mechanical.) There's a somewhat taller area in the Triangle but nothing is underway currently. The 484' zoning extends one block past Denny Way, i.e. into SLU.

The Capitol Hill residents lost their argument. They're far less than 484' above the Triangle and have no protected views of the Space Needle south of John.

Denver's getting some impressive density, and I'm also glad to see some jobs with lower parking volumes.

[Ich]

Originally Posted by mhays

South Lake Union is full of stubby buildings. It's starting to get residential towers up to 30 stories north of John Street, but generally it's about 160' and now sometimes 175', mostly office/tech/lab.

Until recently, Denny Triangle residential towers were max 40 stories. A couple years ago, 44s started going up due to a 10% upzone. (Living units can now get to 440', with 10% more that can include amenities or just architecture/mechanical.) There's a somewhat taller area in the Triangle but nothing is underway currently. The 484' zoning extends one block past Denny Way, i.e. into SLU.

The Capitol Hill residents lost their argument. They're far less than 484' above the Triangle and have no protected views of the Space Needle south of John.

Denver's getting some impressive density, and I'm also glad to see some jobs with lower parking volumes.

Ah that’s good to hear! I helped with the lease up of Cirrus and that was a common complaint about Denny triangle… most of the new buildings were topping out at 440’ and designed by the same architect firm. Glad to hear there is some diversity of heights and style.

[mhays]

The Canadians have moved in and started using other architects and doing swoopier shapes. We'll see if that business model works over time. Denver might get the same effect.

[DenverInfill]

coolmandan3 -- that crane is the first of three cranes that will help construction the expansion of the Colorado Convention Center.

[Sam Hill]

Originally Posted by Agent Orange

I'm excited for all the GT density, but man I wish we had some height variety down there. Did the point tower zoning not work out as intended? This could be our South Lake Union area, but instead we have this boring tabletop/

I’ve been sort of following it here:

https://www.denvergov.org/Government/Dep...dments/Golden-Triangle-Zoning-and-Design

Every great once in a while that page gets updated.

Apparently the Planning Board recommended approval of the new zoning on May 19th and City Council had a meeting on June 8th. There will be a public hearing scheduled “soon.”

What does this mean exactly? I don’t know. How many more times will City Council meet? How many more public hearings will there be? It seems like it’s been going on like this for a few years now. Admittedly, I don’t know anything about how this process works or why it takes so long.

[xpristavos]

https://www.investmentpropertiesjll.us/h...LNGX09ru_kXrf4hLETJ4q1RTTKrS9g6u5bGaYJr-

Some new images and videos from 17th and California that I haven't seen yet. I'm not sure whether they are a proposal or just a concept.

[SirLucasTheGreat]

Originally Posted by xpristavos

https://www.investmentpropertiesjll.us/h...LNGX09ru_kXrf4hLETJ4q1RTTKrS9g6u5bGaYJr-

Some new images and videos from 17th and California that I haven't seen yet. I'm not sure whether they are a proposal or just a concept.

Here are a couple of the photos. Apparently, they'll select their buyer on 7.2.21



.

[TakeFive]

Source

Nice find

Originally Posted by xpristavos

https://www.investmentpropertiesjll.us/h...LNGX09ru_kXrf4hLETJ4q1RTTKrS9g6u5bGaYJr-

Some new images and videos from 17th and California that I haven't seen yet. I'm not sure whether they are a proposal or just a concept.

Video Link

[SirLucasTheGreat]

For the many posters here more insightful than myself, is there any real significance to this other than a real estate firm trying to sell a parking lot to someone else? Until someone files a concept plan with the city, the lot is really not in a process of development, right?

[TakeFive]

The backstory started in 2019

Originally Posted by SirLucasTheGreat

For the many posters here more insightful than myself, is there any real significance to this other than a real estate firm trying to sell a parking lot to someone else? Until someone files a concept plan with the city, the lot is really not in a process of development, right?

Thomas Gounley/BusinessDen carried the story.


Photo courtesy Thomas Gounley/BusinessDen

Boston firm that purchased high-profile downtown lot says it also controls nearby site
October 2, 2019

The Boston-based development firm that purchased a high-profile downtown Denver parking lot in August says it also controls another site on the block.

Harbinger Development, which paid $17.5 million for the 650 17th St. lot, states on its website that it “acquired” 601 16th St. in late June.

That address is home to the two-story Cottrell building, whose sole tenant, a gift shop, closed this year. Scaffolding is up on two sides of the building, and the city is processing a requested demolition permit for the building. It was awarded a certificate of nonhistoric status in 2015.

Back then it was a bit of a mystery.

There is no indication in public records that the property has sold. Records show that the site is owned, as it has been since 2015, by Kin Yon LLC, an entity managed by Evan Makovsky, managing partner of NAI Shames Makovsky.

Developers, however, sometimes build on sites after reaching a long-term ground lease with the property owner. In that case, the property owner continues to own the dirt, but the developer owns the structure.

Makovsky is familiar with ground leases. In January 2015, he leased the nearby site where office tower Block 162 is under construction to developer Patrinely for 99 years.

Basically Harbinger Development went from potential developer of the site to development rights flipper.


Per JLL

Yes, this is just a concept visualization used as a marketing tool. Still, she's pretty.

[rds70]

A new concept plan application has been submitted for the Greyhound bus station property:

A 400 foot tall residential tower - 38 stories and 479 units, and a 400 foot office tower - 30 stories. Ground floor retail is also planned.

[TakeFive]

It's so nice they made room for the whole family

Originally Posted by DenverInfill

coolmandan3 -- that crane is the first of three cranes that will help construction the expansion of the Colorado Convention Center.

What are the odds they'll be named: Papa Bear, Mama Bear and Baby Bear?

Which Reminds Me

If you think of it, tell RyanD how much I enjoyed his Broadstone Uptown Update. Darn near lost track of these.

Uptown East is an okay-looking building... and how many apartments come with their own Signature Billboard?
It's pretty sneaky though of Alliance Res to keep the 2nd building under wraps.

.....

It seems like Alliance Res never seems in a hurry to complete their projects. Of course when they built TwentyOne/01 on Market (which is still my favorite project of theirs)
I had a constant craving to see the finished project.


(Source)

In other news

Who knew they got rid of Buckley Air Force Base? Yup, and they just got approval to build over 300 new homes out there.

https://www.bizjournals.com/denver/news/...y-yard-aurora-mixed-use-development.html

A rezoning that could enable more than 300 new homes to be built on 44 acres near the recently renamed Buckley Space Force Base received initial approval from Aurora City Council on Monday evening.

Evergreen Devco Inc. is seeking the rezoning for a project it's calling Buckley Yard, at the northeast corner of South Airport Boulevard and East Alameda Parkway. The proposed project would consist of roughly five acres of commercial development along South Airport Boulevard and a mix of duplexes, attached townhomes and single-family detached homes directly to the east, on land that totals about 36 acres.

[SirLucasTheGreat]

Between Amacon, Greyhound, and 650 17th, there seem to be pretty high expectations for housing demand in the central business district. I'm not sure how many of these will actually get built but I do wonder how many people really want to live in the CBD vs LoDo, Lower Highlands, Cap Hill, Golden Triangle, or RiNo. I hope to see much more activity around places like 17th and California but it definitely doesn't feel like where the momentum is headed.

[laniroj]

Originally Posted by SirLucasTheGreat

Between Amacon, Greyhound, and 650 17th, there seem to be pretty high expectations for housing demand in the central business district. I'm not sure how many of these will actually get built but I do wonder how many people really want to live in the CBD vs LoDo, Lower Highlands, Cap Hill, Golden Triangle, or RiNo. I hope to see much more activity around places like 17th and California but it definitely doesn't feel like where the momentum is headed.

I tend to agree with you and am skeptical of 17th/California as a hot residential spot BUT growth will ultimately go where it can. Those areas seem to be Arapahoe Square, RiNo, and Golden Triangle for the moment and likely this entire next cycle until they are built through.

[wong21fr]

Originally Posted by SirLucasTheGreat

Between Amacon, Greyhound, and 650 17th, there seem to be pretty high expectations for housing demand in the central business district. I'm not sure how many of these will actually get built but I do wonder how many people really want to live in the CBD vs LoDo, Lower Highlands, Cap Hill, Golden Triangle, or RiNo. I hope to see much more activity around places like 17th and California but it definitely doesn't feel like where the momentum is headed.

Amacon and Greyhound are close enough/in Arapahoe Square to ride the trend wave of that area. I would also be surprised if we don’t see several office to residential conversions in the CBD over the next decade. There’s servers Class B towers that are ripe to be repurposed.

[TakeFive]

Originally Posted by rds70

A new concept plan application has been submitted for the Greyhound bus station property:

A 400 foot tall residential tower - 38 stories and 479 units, and a 400 foot office tower - 30 stories. Ground floor retail is also planned.

It's good to see they're not waiting around for the dust to settle. We don't have to look back far for news on this project.

News Release Dated December 29, 2020

https://www.rockefellergroup.com/news/ro...ers-greyhound-terminal-in-joint-venture/

DENVER – Dec. 29, 2020 – Golub & Company and Rockefeller Group announced today the acquisition of 1055 19th St. in downtown Denver, the 2.5-acre site of the former Greyhound bus terminal...

The venture is planning a large-scale, mixed-use development on one of the last undeveloped full-block sites downtown. The site is bounded by 19th, 20th, Arapahoe and Curtis Streets. It is directly across from the Ritz-Carlton hotel and within walking distance of Union Station, the River North Art District, and Coors Field.

"We really, really do like Denver

...said Michael Newman, President and CEO of Golub & Company. “As this marks our third significant project in Denver, it is clear we are strong believers in the city’s investment potential,” said Josh Patinkin, Senior Vice President, Capital Markets. “Together, the demographics, population shifts, job growth and access to outdoors make it even more attractive long-term than ever before,” he added.

Recall that I've mentioned that Golub likes to partner - spread the risk?

Both Rockefeller Group and Golub & Company have extensive track records pioneering large-scale mixed-use developments. The Greyhound station redevelopment is the first co-development between the two firms and is Rockefeller Group’s first project in Colorado.

Put this in your tickler file

Per Wikipedia,

Rockefeller Group is an American private company based in New York City, primarily involved in real estate operations in the United States and it is a subsidiary of Mitsubishi Estate Co.

[TakeFive]

Reading Tea Leaves and Speculating

Originally Posted by SirLucasTheGreat

Between Amacon, Greyhound, and 650 17th, there seem to be pretty high expectations for housing demand in the central business district. I'm not sure how many of these will actually get built...

With respect to 650 17th Street

When Harbinger Development secured this site it seemed a bit of a head scratcher to me. While they've done nice projects in the past their more recent past seemed to be Hotel development. Perhaps they thought they found a diamond in the rough where it would be easy to raise capital back in Boston/NYC corridor. Who knows?

We all know how badly the hotel sector has been damaged? It may now be that Harbinger Development just wants (needs) to get their money back. In order to do this they need to find someone who falls in love with the opportunity as much as they did - therefore the splashy promotion. Not sure how easy this will be? It could be many years before any groundbreaking.

With respect to the Greyhound site

Currently the value of the Yen versus the Dollar is more favorable than it has been. That means Mitsubishi Estate Co may look favorably on projects in the U.S. (converting Yen into $'s). It may also be that prominent Japanese companies like Toyota, Honda etc might prefer to use a portion of their U.S. profits to reinvest in U.S. real estate and Mitsubishi Estate Co could 'comfortably' handle that for them.

This most recent transaction may just be the one that gets fast-tracked.

What you may be overlooking

Originally Posted by SirLucasTheGreat

there seem to be pretty high expectations for housing demand in the central business district. ...I do wonder how many people really want to live in the CBD vs LoDo, Lower Highlands, Cap Hill, Golden Triangle, or RiNo.

It wouldn't be unusual among companies especially tech companies to want to secure a block of (furnished) apartments nearby for any of various reasons. Maybe they have a constant flow of employees coming to Denver for training; perhaps they have a constant flow of employees between their Denver office and other offices, etc. etc. Perhaps Gen Z lands good job in Denver that 'could be' very temporary. You might be surprised how many 'corporate' apartments there are.

The question isn't how many people don't want to live in the CBD but rather how many people would choose to live downtown. We might all be surprised.

[Robert.hampton]

https://www.bizjournals.com/denver/news/...uptown-corum-sale-closed-apartments.html


Renderings of the project underway at Tony P's/Beast and Bottle at 17th and Clarkson. I had pretty low expectations between the portfolio of the developer and the architect, but this actually looks stellar.

Only bummer is no retail -- especially since it is replacing 4-5 storefonts -- but I can see the hesitance with retail given the amount of time storefront have been sitting vacant along 17th. If they can just get something going on those parking lots across the street at 16th and Washington this will be a nice little stretch of 17th with quality new builds blending in with nice older retail storefronts and great adaptive reuse buildings.

[DenvertoLA]

Originally Posted by rds70

Here is another project rendering. This one is for the 17 story project and the southwest corner of 13th and Cherokee across the street from Eviva. 248 units and 5280 square feet of retail (think they did that on purpose?):


Courtesy Carvell Architects

They put a Tesla truck in the rendering