DENVER | Main Development Thread #7

[TakeFive]

Rockefeller Group taking a shine to Denver

Not for Valentines Day but reportedly a groundbreaking by the end of February.

Paradigm River North
3400 Walnut Street




Images courtesy Tryba Architects/Paradigm River North

https://milehighcre.com/leading-u-s-real...venture-to-develop-paradigm-river-north/

One of the most anticipated new office developments in Denver’s RiNo, Paradigm River North, is expected to break ground later this month. The 200,000-square-foot office building, also known as 3400 Walnut Street, is anticipated to be complete in early 2024.

Jordon Perlmutter & Co.and Rockefeller Group have formed a joint venture on the project, representing the first between the two firms. “We are very pleased to add Rockefeller Group to our development team for Paradigm River North,” said Jay Perlmutter, principal of Jordon Perlmutter & Co. “We have a shared vision for the importance of location in its broadest sense, and demand for the live-work-play lifestyle that River North affords.”

When complete, the building will rise eight stories, with approximately 188,000 square feet of office space, and 12,000 square feet of ground-floor retail space. Designed by Denver-based Tryba Architects, Paradigm River North will hint at the neighborhood’s industrial past, showcasing a brick façade with large factory-style windows. Saunders is the general contractor.

First announced in November of 2019 it appears Rockefeller Group getting involved pushed this project to the starting line.

[TakeFive]

"Getting to know you; Getting to know all about you"
Credit: Oscar Hammerstein / Richard Rodgers from The King and I

This is quite interesting. Of course we're all aware of the urban splash over the last decade but how does 'it' look going back 20 years?

69% of Denver’s Office Deliveries Since 2002 Were in Suburban Areas
February 1, 2022 - Mile High CRE

The evolution of how and where we work changes slowly. But sometime during the last half-century, the US stopped building as many skyscraper office buildings and started building more campus-style offices in the suburbs or on the urban fringe. As a result of this transition, parking became easier, office amenities expanded and commuting time increased.

Findings in Denver:

• Nearly 40 million square feet of office space was added to the Denver market over the course of 20 years;
• Suburban areas in Denver represent 69% of total added office space, accounting for nearly 27 million square feet. 319 properties were added to the market in suburban areas since 2002.
• In comparison, 31% of office construction took place in the CBD and urban areas, adding only 89 buildings totaling around 12 million square feet.

Source: CommercialCafé

[TakeFive]

Look at me now

Marina Square
8001 E Belleview Ave Denver, CO 80237

....

Think of what I could be




Aerial view of the present shopping center

Marina Square proposed redevelopment by Shea Properties

RE-ZONING TIMELINE

• Planning Board 1/19/22 at 3:00 p.m. Click here for details.
• Land Use, Transportation and Infrastructure Committee (LUTI) 2/1/22 at 10:30 a.m.
• Mayor-Council 2/8 at 9:30 a.m.
• Bill Filing 2/10
• CC 1st Reading 2/14/22 at 5:30 p.m.
• CC Public Hearing 3/14/22 at 5:30 p.m

[laniroj]

Originally Posted by Arapahoe

YES! Also let's get the 5280 trail built on 21st St, originally it was slated to be the first section to get built, now golden triangle is getting the first section. Probably cuz we have the worst council person in all of recorded history.

It's one block south of Lawson Park - will never happen on that land.

[laniroj]

Originally Posted by TakeFive

Rockefeller Group taking a shine to Denver

Not for Valentines Day but reportedly a groundbreaking by the end of February.

Paradigm River North
3400 Walnut Street

Tryba for the W! This is such a great looking project - big city vision on the cow town canvas. Love this one.

[laniroj]

Originally Posted by TakeFive

...Marina Square proposed redevelopment by Shea Properties

Getting my popcorn ready for this one. Last time GV had a big thing like this the cowardly Council punted it to the voters who, predictably, voted that Orchard/I25 redevelopment down. There isn't a better developer for the task though, Shea always seems to sneak through these rezonings unscathed and with projects.

[wong21fr]

Originally Posted by laniroj

Getting my popcorn ready for this one. Last time GV had a big thing like this the cowardly Council punted it to the voters who, predictably, voted that Orchard/I25 redevelopment down. There isn't a better developer for the task though, Shea always seems to sneak through these rezonings unscathed and with projects.

I believe this is the City of Denver so GV can GFT on this one.

[TakeFive]

Yup

Originally Posted by wong21fr

I believe this is the City of Denver so GV can GFT on this one.

District 9 map shows this well.

Essentially, south of Hampden everything west of Yosemite and north of Belleview Ave over to Monaco St is in City/County of Denver except for one triangular sliver west of and along I-25 north of Belleview. Going north along So Monaco St then NW along Happy Valley Rd then west along Mansfield Ave over to Dahlia St marks the western boundary south of Hampden. This is why Belleview Station is within Denver.

[DenverInfill]

Originally Posted by TakeFive

69% of Denver’s Office Deliveries Since 2002 Were in Suburban Areas
February 1, 2022 - Mile High CRE

Source: CommercialCafé

These type of click-baity data "research" articles always bother me. They present it like there's some meaty insight they've uncovered but you realize after reading the 300-word article that it's just empty sugar calories. They don't actually reach any conclusion to what looks like on the surface to be some profound question. Is a 31%/69% split between one area that covers, say, a dozen square miles and the other 1,500 square miles higher or lower than expected? We'll never know because critical thinking was never actually on the menu. The big takeaway the author seems to have is: suburbs happened!

[bunt_q]

Originally Posted by jhwk

The federal government (GSA) owns two large parcels on the two blocks between California, Welton, 21st, and 22nd. It looks like they use them for vehicle repair. Seems like a good place to start.

I'd take the damn post office block. Build them a new, tighter footprint, post office on part of the block - could be a nice feature to go along with the square on the 20th Street side, actually.

[TakeFive]

I would see this differently but you certainly raise valid questions

Originally Posted by DenverInfill

We'll never know because critical thinking was never actually on the menu. The big takeaway the author seems to have is: suburbs happened!

You know how I love Context

but in this case there was no agenda; there were no judgments made or conclusions drawn beyond "suburbs happened." You are very correct in saying it's simply a collection of data. Therefor context wasn't needed.

But since we know (metro) Denver we are free to make whatever observations or judgments we care to. I'll start.

The most recent decade

saw an amazing move back to the city center. As a part of this phenomena, location became significantly more important especially for larger or more prominent tenants.

Previously as suburbs 'happened' it wasn't unusual to see some 'neighborhood' office space, usually Class B quality which for many 'neighborhood' CPA's, lawyers and misc small businesses this was fine and convenient.

More prominent suburban office space was sited in very few areas. For example, the Denver Tech Center vision started initially in the 1970's but blossomed in the 1980's. The SE metro has always been a favored area and the tech center headed south all the way to Meridian.

But over the last decade older suburban office space, especially Class B space has become less relevant. Partly this is due to a trend to consolidation of companies.

Feel free to add you own observations and thinking.

[Arapahoe]

Originally Posted by bunt_q

I'd take the damn post office block. Build them a new, tighter footprint, post office on part of the block - could be a nice feature to go along with the square on the 20th Street side, actually.

That would be incredible, right in the heart of all this development.

[TakeFive]

You should remember this 'stuff' better than I

Originally Posted by DenverInfill

These type of click-baity data "research" articles always bother me. They present it like there's some meaty insight they've uncovered but you realize after reading the 300-word article that it's just empty sugar calories. They don't actually reach any conclusion to what looks like on the surface to be some profound question. Is a 31%/69% split between one area that covers, say, a dozen square miles and the other 1,500 square miles higher or lower than expected? We'll never know because critical thinking was never actually on the menu. The big takeaway the author seems to have is: suburbs happened!

so I decided to do a little digging. Consider how lopsided those urban/suburban percentages might be if it weren't for the last decade.

I'm calling 2010 a Pivotal Year. That's when this happened:

1800 Larimer Office Building



https://www.mortenson.com/projects/1800-larimer-office-building

The 22-story, 500,000 square foot of Class AA office, built as a glass and steel tower, 1800 Larimer is the first major high-rise office building completed in Denver’s central business district since the mid-1980s. . It is also the first LEED Platinum-certified high-rise in Denver. The building’s primary tenant, Xcel Energy, occupies 350,000 square feet.

BTW, this property is owned by Beacon Capital Partners.




I just found the coolest 'page'

It gives a Power Point thumbnail picture summary of the Union Station Neighborhood development. #1 is the Davita World HQ which opened in 2012 and so on.

• 3,000 residential units
• 1.9 million SF office
• 250,000 SF retail
• 750 hotel rooms

I'm assuming most of us recall the more significant new office buildings in the CBD over the last decade. Then there's those that were built along Platte Street, some in LoHi and some in RiNo. What else?

With respect to the suburbs it's hard to recall THAT much new office space being added over the last decade but there may be more space than I realize. Certainly in the SE there's Lone Tree, Belleview Station plus whatever was built in Meridian. Perhaps a few new buildings scattered among Inverness and Arapahoe Rd/Bronco Pkwy. Presumably there was new space built in Boulder County also.

In any case, over the last decade I'd think more urban office space has been built than suburban office space.

[rds70]

A new concept plan has been submitted for 1215 Elati in the Golden Triangle neighborhood:

23 story high rise project with potentially 400 residential units with above grade parking. Parking provided is approx. 340 stalls. Site is a portion of Lot 24 and all of Lots 25 to 35 on Block 24.

[mishko27]

Originally Posted by laniroj

Getting my popcorn ready for this one. Last time GV had a big thing like this the cowardly Council punted it to the voters who, predictably, voted that Orchard/I25 redevelopment down. There isn't a better developer for the task though, Shea always seems to sneak through these rezonings unscathed and with projects.

Thankfully, this is entirely in Denver proper, so GV won't get to ruin this. I am still bitter about Orchard/I25, especially as I live like half a mile from there. But I'm unincorporated Arapahoe county, surrounded by GV, so we did not get to vote on this.

[SirLucasTheGreat]

Originally Posted by rds70

A new concept plan has been submitted for 1215 Elati in the Golden Triangle neighborhood:

That's awesome! A building of that size is going to have a major presence being that close to Speer. Do you know if a reputable developer is behind the project?

[TakeFive]

NIMBY'S LOSE; NIMBY'S LOSE




I've forgotten how many years this proposal has been in the making but it's been previously discussed here more than once.

Westminster approves Uplands project on century-old farmland following grueling deliberations
Dec 21, 2021 By: John Aguilar, The Denver Post via The Denver Channel

In marathon proceedings that occupied three long nights of public input and deliberations, Westminster City Council voted Tuesday morning to approve a mixed-use development with up to 2,350 homes for a swath of farmland framed by mountain views that many city residents had fought fiercely to preserve. The vote, which came down shortly after 1 a.m., was 5-2.

For those who want a reminder here's the Uplands website

Welcome to Uplands
Housing for the missing middle at every price point. Built with affordability, mobility, and climate resilience in mind.

But Wait

https://www.thedenverchannel.com/news/lo...-on-controversial-farmland-redevelopment

WESTMINSTER, Colo. — A group of Westminster residents is gathering signatures in hopes of overturning a city council decision to allow a housing development to move forward on more than 200 acres of open farmland.

HOWEVER

However, another community group is urging people not to sign the petition, saying a special election that could be triggered would be costly to Westminster taxpayers.

“It’s more divisiveness for our community,” said Bryan Head, chairman of the Sensible Westminster group that is asking people not to sign petitions.

They have until Feb 9th to turn in enough signatures so we'll have to wait a little longer to see what's up.

[rds70]

Some more Golden Triangle news:

Per the Denver Business Journal, LMC plans to start construction on 990 Bannock (14 stories, 224 units) before the end of February and on 1120 Acoma - Evans East (17 stories, 287 units) in May.

Additionally, 1158 Delaware (13 stories, 168 units) should start by April.

So, with Evans West and Modera Golden Triangle, there should be 5 projects under construction at the same time.

There is also 1050 Broadway (15 stories, 284 units) that is in the building permit review phase.

The triangle area will soon look like 38th and Blake with all the tower cranes.

[TakeFive]

Source

Originally Posted by rds70

The triangle area will soon look like 38th and Blake with all the tower cranes.

Source

[SirLucasTheGreat]

That's dope on GT. Bannock is going to feel very different in a couple years. The 5280 traul in Acoma is going to really add to the neighborhood. Is Broadway going to be the primary retail corridor or do you think any of the other streets are going to add much in the way of storefronts?