DENVER | Main Development Thread #7

[Arapahoe]

Originally Posted by Denver

Renderings for Novel Uptown (1557 Logan Street). The project is currently going through permits.

very nice. I see a well designed building that should fit the area well...doesn't look like it is about to set sail either!

[wong21fr]

Originally Posted by Ich

https://milehighcre.com/mass-equitie...pment-to-rino/

Sounds like this project should break ground soon.

Already broken ground. Drills were on site yesterday for foundation work.

[Arapahoe]

1900 Lawrence (32 story office tower) opened a new permit application for shoring this month. The site has been fenced off now for a few weeks.

would be funny if they actually beat Amacon to shovels.

[COtoOC]

Originally Posted by TakeFive

[SIZE="3"]


For starters, 'Stanley' was originally deemed risky and speculative. But it points to various factors (other than just density) that make a neighborhood a nice place to live. To a significant degree it's about being 'comfortable' with where you live as well as being convenient. And feeling safe (what we often take for granted) is quite important, especially as the years go by. It also demonstrates (in spades) the benefit of 'mixed-use' which can come in different and sometimes unpredictable flavors.


My cranky elder side agrees... it feels like everybody is trying to get into my pocketbook and that includes the Gubment.

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Yeah, I was worried the Stanley wouldn't make it in the beginning, and during the 2020 shutdown. But it's quite successful, and adding all the apartments to the south will only make it busier.

I'm glad I can walk to it because parking isn't easy! They've really done a great job hosting events that bring in people from all over the metro.

[SirLucasTheGreat]

Nice on 1900 Lawrence. Really excited to see something relatively tall go up. I think X Denver 2 is the probably tallest project under construction and then Evans West. 1900 Lawrence, the Greyhound, 14th and Stout Hotel, Kenect Denver, the Bell Tower, and Amacon seem to be some other possibilities for this year

Here's an interesting rendering of 1900 Lawrence:

[TakeFive]

Friday's Potpouri

Originally Posted by Denver

Renderings for Novel Uptown (1557 Logan Street). The project is currently going through permits.

It may have taken Crescent Communities years to finally get around to developing in Denver (from their first land acquisition) but it has been well worth the wait.

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Talk about a head scratcher....

Originally Posted by wong21fr

Already broken ground. Drills were on site yesterday for foundation work.

That Mass Equities piece felt like it was 2 to 3 years dated since they have since sold off sites to other developers and indeed.... that article has now disappeared from the face of the earth.

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That's quite the perspective for 1900 Lawrence!

Originally Posted by SirLucasTheGreat

Nice on 1900 Lawrence. Really excited to see something relatively tall go up.

Not breaking news

but it was good to see the recent report of Block 162 signing two more tenants (both law firms) in addition to Sherman & Howard. This brings the leased space up to ~90,000 Sq Ft so about 15% occupancy but given the market conditions it's still positive news.

It would be nice if one of the Big Tech companies would grab a couple of hundred thousand square feet but haven't even heard any whispers.

[Arapahoe]

Originally Posted by SirLucasTheGreat

Nice on 1900 Lawrence. Really excited to see something relatively tall go up. I think X Denver 2 is the probably tallest project under construction and then Evans West. 1900 Lawrence, the Greyhound, 14th and Stout Hotel, Kenect Denver, the Bell Tower, and Amacon seem to be some other possibilities for this year

Here's an interesting rendering of 1900 Lawrence:

pretty prominent signage opportunity - viewable from the ballpark and major traffic inflow corridors.

[Arapahoe]

DIA's Great Hall project is now fully funded after council approved their $1.1 Billion request. 6 more years of construction to finish the plans and moving both security checkpoints -- for a total of 10 YEARS of construction from when this project originally began in 2018. DBJ

[TakeFive]

Same developer as One River North


A side view rendering of The Broadleaf, courtesy of Davis Partnership Architects via Mile High CRE

New Mixed-Use Residential Development Coming to Fitzsimons Village Master Plan
January 10, 2022 - Mile High CRE

Construction is underway, with completion anticipated in the spring of 2024.

The development team of Uplands Real Estate Partners, The Max Collaborative, and Wynne Yasmer Real Estate are planning to deliver a new mixed-use residential development located within Fitzsimons Village, across from the Anschutz Medical Campus in Aurora. The Broadleaf will include 370 residential apartments and more than 9,000 square feet of ground-floor retail space lining the boulevard within the master-planned Village.

Davis Partnership Architects is the architect for the project and JE Dunn is the general contractor.

Who the heck is Uplands Real Estate Partners and The Max Collaborative?

Uplands Real Estate Partners and The Max Collaborative were both founded by members of the Ratner family, the founding family of Forest City Realty Trust, which led the transformative redevelopment of Denver’s old Stapleton International Airport.

Wynne Yasmer Real Estate is a Denver-based developer whose principals, Brian Wynne and K.C. Yasmer, are both former Forest City executives.

TOD: Are you there?

The Broadleaf is located four blocks from the Colfax Light Rail Station, providing future residents with direct access to downtown Denver and Denver International Airport...

Dang: Updating the Projections

“The medical campus is home to approximately 25,000 employees and more than 4,000 students, with a total of 55,000 people expected to be working or studying at the campus at full buildout. The Broadleaf will provide residents with a level of quality, design, and amenities not yet offered in the Fitzsimons market.”

In case you've lost track, I've got your back

Since the first prominent development on the south side of Colfax - the Hyatt House Hotel and Conference Center plus additional office space - this new project makes third multi-story (CWIDT?) multifamily project built in that area.

First up was The Forum built by local developer Catalina Development

Avanti Residential has continued its nationwide strategy of acquiring apartments in high-demand markets by purchasing a mixed-use community in Aurora, Colo. The company acquired Forum Fitzsimons for nearly $159 million from Catalina Development, according to Yardi Matrix data

Forum Fitzsimons - 13650 E. Colfax Ave


Courtesy Avanti via Apartment Finder

[TakeFive]

I found an Opportunity Zone apartment project in booming Englewood



Alpine Investments to Begin Construction of Six-Story Multifamily Project in Englewood
January 20, 2022 - Mile High CRE

Developer Alpine Investments has received $24.9 million in construction financing for the development of a 119-unit, Class A, mid-rise apartment complex in the south Denver community of Englewood. JLL worked on behalf of Alpine Investments, to secure a $24.9 million 30-month, floating-rate, non-recourse construction loan through a national bank...
Situated along East Hampden Avenue, the federally designated Opportunity Zone is one block from US 285, one of Englewood’s primary thoroughfare...

Not sure how excited I'd be with a floating rate (given what's going on) but heh, it's non-recourse.

Tesla owners welcome:

Scheduled for completion in the spring of 2023, the six-story multifamily property will be cast-in-place concrete with exterior brick, stucco and metal panel finishes in a neutral palette.

The community will offer a six-story parking garage with electric car charging stations, private and semi-private work-from-home options, an indoor/outdoor rooftop lounge and patio, and a state-of-the-art fitness center.

BTW, there has been quite a lot of redevelopment in Englewood. For you downtowners, all you'd need do is hop on the O bus line down Broadway and you could walk & look around at all that is going on.

Originally Posted by Arapahoe

pretty prominent signage opportunity - viewable from the ballpark and major traffic inflow corridors.

Srsly, especially for the fans sitting in the Rockpile section.

[wong21fr]

Originally Posted by TakeFive

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Talk about a head scratcher....

That Mass Equities piece felt like it was 2 to 3 years dated since they have since sold off sites to other developers and indeed.... that article has now disappeared from the face of the earth.

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Looks like it's the Hanover Properties development that kicked off:

https://www.bizjournals.com/denver/n...nned-rino.html


Seven stories, 390 units, ~12K sq ft of commercial/retail, and 515 parking spaces.

[TakeFive]

We've already talked about this
So why are you bringing it up again?
Something to do?

Distress Signals Are Rising In Major Office Markets
January 18, 2022 By Jon Banister, Bisnow

Many questions about the office market's future remain unanswered as the pandemic nears the two-year mark, but one trend has become increasingly clear: Tenants are leaving older buildings in favor of newer projects.

This accelerated shift has left owners of some aging office buildings with large vacancies and insufficient cash flow to pay back their debt, putting billions of dollars of office-backed loans at risk.

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Which got me to thinking...

Originally Posted by TakeFive

...but it was good to see the recent report of Block 162 signing two more tenants (both law firms) in addition to Sherman & Howard. This brings the leased space up to ~90,000 Sq Ft so about 15% occupancy but given the market conditions it's still positive news.

How much total office space is now in downtown Denver - incl the LoDo and DUS neighborhoods?
A Schnitt-ton?

Lots of leases for office space; leases which all roll over at different times. Chances are good that Block 162 is counting on being the beneficiary of many of these lease rollovers.

Then there's this:


Logo image courtesy Riverside Investment and Development/1900 Lawrence

Having recent experience with leasing ~3 million square feet of office space in Chicago, certainly Riverside Investment and Development has had plenty of experience attracting tenants that have moved into their space from other buildings. No doubt that's why they've haven't blinked and are going 'balls to the wall' with construction of this project.

[Arapahoe]

I noticed an entire block off of Colfax near Civic Center is now fenced in minus the small Denver Bank Branch. Looks like the existing structures to be demolished. I believe someone posted earlier about apartments to be built here.

[SirLucasTheGreat]

Originally Posted by SirLucasTheGreat

Speaking of Golden Triangle, here is a rendering of a 7 story apartment planned for 650 W Colfax that I was unaware of.

Yep I believe that is this project

[TakeFive]

Couple of things

Originally Posted by TakeFive

Same developer as One River North


A side view rendering of The Broadleaf, courtesy of Davis Partnership Architects via Mile High CRE

Who the heck is Uplands Real Estate Partners and The Max Collaborative?

It occurred to me when I noticed what must be the Hyatt House Hotel in the above rendering (far right) that this is the same site acquired by North Carolina-based Grubb Properties to build their Link Apartments® brand. Not sure what happened as they had gone through the rezoning and supposedly had funding. Perhaps the Pandemic happened. This project will be even nicer than what Grubb had planned.

For those who enjoy history and historical context

The "Ratner family" name rang a bell, specifically the name Bruce Ratner, so I googled.

Bruce Ratner (born January 23, 1945 in Cleveland, Ohio) is an American philanthropist, real estate developer, and former minority owner of the NBA's Brooklyn Nets.[3]

Family and education
(Bruce) Ratner was born into a Jewish family in the Cleveland metropolitan area,[4] the son of Anne (nee Spott) and Harry Ratner,[5] one of eight children to immigrate to the US from Poland.[3] Four of his paternal uncles ... founded Forest City Enterprises in 1920; originally a construction materials company it eventually evolved into construction and then into real estate development.[7] Ratner graduated from Harvard College in 1967, and earned a Juris Doctor from Columbia University[3] in 1970.

In 1985, he co-founded Forest City Ratner, a joint venture with his family's company of which he is now executive chairman.[11] He developed the $1 billion complex of nine buildings in downtown Brooklyn called MetroTech. In 2007, Ratner's company, Forest City Realty Trust completed construction and opened the New York Times Building. The skyscraper, located at 620 Eighth Avenue, is the eleventh-tallest building in the city, tied with the Chrysler Building.[19]

For those who might have been napping, in Nov 2018 'Brookfield' acquired Forest City for $11.4 Billion.

[bulldurhamer]

Originally Posted by Arapahoe

agreed! One-way Curtis Street is like a drag racing strip from CBD to Broadway. Curtis is targeted for conversion to 2-way in the Arapahoe Square plan and I can't wait.

While it can appear easier to cross a one-way when you are on the side of the intersection where traffic opposite you can't turn into your cross-walk because of the direction on the one-way, the very next intersection opposing traffic is moving fast & crossing into your cross-walk and sometimes very difficult to see.

And look at that. Just back from finding new stop signs and crosswalks all up and down walnut. 👍

[TakeFive]

A Pandemic bankruptcy is resolved

Last year the owner of 134 acres of land south of DIA at southeast corner of East 64th Avenue and Piccadilly Road filed for bankruptcy in June purportedly a victim of Pandemic problems along with not getting through the entitlement process. In October an Illinois auctioneer representing Hilltop at DIA, LLC/Sebastian Partners Inc, the landowner who was also from Illinois put the land up for auction sale. Sebastian Partners had proposed a snazzy $400 million mixed-use project including hotels, apartments, commercial and over a 1,000 single family lots plus a large amphitheater according to the DBJ.

It only took 30 days to successfully market the property which is lightening fast in that arena. The initial bid for the property was >$16 million and the final winning bid was for $18.1 million. The sale closed in December. Seller originally paid $2.1 million for the property. (per Yahoo! Money)

I'm really curious to find out who the buyer is and what their intentions are if different from the original plan.

Fantastic

Originally Posted by bulldurhamer

And look at that. Just back from finding new stop signs and crosswalks all up and down walnut. ������

Stop Signs are not only the easiest but also the best way to go.

Various traffic-calming methods that are more ubiquitous in the desert are typically more difficult in Denver b/c they have to be able accommodate snow plows.

[laniroj]

Originally Posted by TakeFive

[SIZE="3"]...It only took 30 days to successfully market the property which is lightening fast in that arena. The initial bid for the property was >$16 million and the final winning bid was for $18.1 million. The sale closed in December. Seller originally paid $2.1 million for the property. (per Yahoo! Money)

I'm really curious to find out who the buyer is and what their intentions are if different from the original plan...

It would seem there is a land craze even on the eastern prairie. Maybe that's the closest they can find semi-zoned or reasonably-expected-to-be-rezoned land? This transaction seems to represent just how scarce land is in this mountain state of ours.

I am also very curious who took this on and wonder if it might be Westside - they've got that whole shebang going s/se of Gaylord...any dinosaurs out there still checking the deed section of a print newspaper?

[TakeFive]

Originally Posted by laniroj

It would seem there is a land craze even on the eastern prairie. Maybe that's the closest they can find semi-zoned or reasonably-expected-to-be-rezoned land? This transaction seems to represent just how scarce land is in this mountain state of ours.

I am also very curious who took this on and wonder if it might be Westside - they've got that whole shebang going s/se of Gaylord...any dinosaurs out there still checking the deed section of a print newspaper?

AFAIK, Westside was an early bird land banker; they could have been the previous seller.

This site is part of a Federal Opportunity Zone. It's also part of a Colorado Special Improvement District for up to $150,000,000 in bonding. I suspect the previous owner ran into problems when they tried to place their vision into an Opportunity Zone Investment Fund. Presumably the $18.1 million purchase price by the new owner reflects the added value of being substantially entitled. The new owner would have inherited the original Master Plan as well and likely intends to (substantially) use that.

This appears to have been a no-brainer

DIA is 25 miles from downtown Denver. This site is 12 miles southwest of DIA, directly north of Green Valley Ranch and adjacent to and east of the now 'hot' Painted Prairie Development which has five different builders. Painted Prairie is planned for 3200 homes and this site would merely add another ~1,100 homes to the east plus mixed use. It's frontage along 64th Ave and Piccadilly Rd would be a definite asset as an addition to or just adjacent to Painted Prairie.

The view from Painted Prairie


Image courtesy of Life at Painted Prairie.com

[RyanD]

^ That really isn't the "view" from Painted Prairie unless you are looking at the city on a perfectly clear day through a 400mm+ lens. Here's what it really looks like on a typical summer day with a more realistic zoom, and a pretty heavy "Dehaze" filter added:


(My Photo)