DENVER | Main Development Thread #7

[Agent Orange]

Originally Posted by laniroj

These huge developments we see in Denver will never create the kind of walkable 15 minute communities we seek that cater to pedestrians - perhaps tiny pockets of them where development is really dense, but not for the center city as a whole). IMO, they create a sterile and impersonal experience for the pedestrian/resident - much how I feel when walking around Union Station. Upper Larimer (I refuse to call it RiNo) has the opportunity to morph into something similar to a European village if it's not overtaken by large development, but it's such a small area. Nonetheless, we can all dream here in Denver - all it takes is one dream at a time to shift the standard.

Yeah the lack of actual 15 minute neighborhoods in America is depressing. And re: Rino - I'm not a fan of the name either. Especially because it also includes the area along Brighton which in my view is completely different (and hard to access from the Larimer side). Wouldn't it be "Lower Larimer" though, since it's further "downstream" and thus lower elevation from the downtown portion of Larimer?

To enter the grocery store debate - imo TJ's is great for most things shelf stable plus dairy. Their produce selection and quality is a major detractor though. Not enough meat cuts either to make it my main grocery store. Also they have way way too many addictive snacks and sweets so if I shopped there too often I'd get fat as hell.

[TakeFive]

Live And Play Has Been Cherry Creek's Mantra. Now It's Adding Work As High-End Office Heats Up
April 18, 2022 By Molly Armbrister, Bisnow Denver


Image courtesy Unsplash via Bisnow

Posh. Luxe. Upscale. Tony.

These are the terms frequently used to describe Denver’s Cherry Creek neighborhood, one of the best-known pockets of the city, thanks to its luxury shopping, high-end homes and the verdant environment — the product of an eponymous creek that winds through the streets.

“Since 2017, there are four new hotels in Cherry Creek, there’s been a huge hotel renaissance and thousands of new residential units,” said Matt Joblon, CEO of BMC Investments, the developer of several of those hotels and residential projects. “But office kind of lagged. The real catalyst for Cherry Creek and office was really the pandemic.”

New Office Project in Cherry Creek North 93% Pre-Leased
April 13, 2022 - Mile High CRE

255 Fillmore,


Image courtesy of 4240 Architecture

BMC Investments will break ground this week on its 100,000-square-foot Class A office and retail project at 255 Fillmore, one of the last large, developable parcels in Cherry Creek North. The building is scheduled to deliver in Q3 2023 and is already 93 percent pre-leased. Nationally acclaimed restaurant Le Colonial will serve as its signature, ground-floor restaurant.

Anything distinctive about this building? Yes, it's to be a sensual building.

The seven-story building will have six floors of office space and 9,500 square feet of ground-floor retail including Le Colonial, a fine dining restaurant marrying the Vietnamese and French cuisine in a romantic, dreamy & escapist atmosphere reminiscent of Saigon in the 1920s. Le Colonial originated in New York in 1993 with a concept created by nationally acclaimed restaurateurs Rick Wahlstedt and Joe King, balancing health-conscious plates with sensual flavors.

“We could not be more excited about bringing our beloved Le Colonial restaurant to the vibrant and great neighborhood of Cherry Creek. We hope to bring memorable moments for the community,” said Rick Wahlstedt, co-owner of Le Colonial.

Just Curious
Is Cherry Creek a Homeless-free Zone?

[laniroj]

Originally Posted by SirLucasTheGreat

Now that Amacon and 1900 Lawrence have broken ground, what do you all think will be the next +30 story building to break ground?

Might there be a sleeper in Golden Triangle or did the City sufficiently botch the point tower rezone such that a point tower will never be possible? Anyone have any inside info...RDS?

[SirLucasTheGreat]

I believe there plans for 30 plus story buildings in the following locations:

1. Greyhound redevelopment (2 400 ft towers)
2. Bell Tower
3. 12th and Bannock
4. 12th and Acoma
5. 650 17th Street

Did I miss any proposals?

[RyanD]

Originally Posted by laniroj

Might there be a sleeper in Golden Triangle or did the City sufficiently botch the point tower rezone such that a point tower will never be possible? Anyone have any inside info...RDS?

There are two active 30-story towers going through design review in the Golden Triangle. The first round of review was about 2 months ago.

[COtoOC]

Originally Posted by bunt_q

Annnnnd the conversation has come full circle. You mean you don't ride the bus to the grocery store? Or ride in an Uber with TakeFive?

I enjoyed this article this morning:

https://www.nytimes.com/interactive/2022...missions-infrastructure-environment.html

Uh... no! I do walk to King Soopers 4 blocks from my house. If TJs would build in Central Park somewhere, I'd at least be a lot closer to one.

[TakeFive]

Originally Posted by RyanD

There are two active 30-story towers going through design review in the Golden Triangle. The first round of review was about 2 months ago.

Color me highly skeptical at this point. But I'm happy to see "Populus" move forward.

Originally Posted by SirLucasTheGreat

I believe there plans for 30 plus story buildings in the following locations:

1. Greyhound redevelopment (2 400 ft towers)
2. Bell Tower
3. 12th and Bannock
4. 12th and Acoma
5. 650 17th Street

Did I miss any proposals?

All of these have to be considered 'questionable' at this point. The only apartment project Rockefeller has on their web site is 1158 Delaware St. Given that Rockefeller is owned by Mitsubishi Estate Co not sure how the now high value of the $ is impacting their plans, if any. The value of the Yen is also high so maybe it's a push.

Greystar would seem to be capable but they have little invested in 650 17th St (afaik) and haven't acquired the property. Given what they are already working on in Denver this one could languish.

[RyanD]

650 17th is currently under “Resubmittal Required” status for their concept plan. It could die there or they’ll submit what the city is requiring.

[TakeFive]

Thanks for the update

Originally Posted by RyanD

650 17th is currently under “Resubmittal Required” status for their concept plan. It could die there or they’ll submit what the city is requiring.

Greystar certainly knows lots of investors and has earned their respect.

I'm looking at the growing nervousness in the financial markets and as interest rates climb some investors may prefer to park money in T-Bills (for example) and take advantage of higher rates for a period of time rather than venture into real estate if they see rising risk. This is partly how the steam is taken out of the economy.

That said, this type of project could appeal to more trophy-oriented investors with a long term vision and holding period. If you project the time needed to get closer to when they'd want to pay for the site and move forward, it may be that construction costs have dropped due to financial markets - which might be an opportune time to be one of the few to build.

It can be complicated. (Guess we'll need to wait and see)

[laniroj]

Originally Posted by TakeFive

Color me highly skeptical at this point. But I'm happy to see "Populus" move forward...

Likewise. I'm somewhat baffled that this one made it to the starting line. Expensive architecture in a location that leaves so much to be desired on a really tough lot. Really excited for this one and hope it draws development toward this side of dtown alongside the Emily Griffith redev.

[laniroj]

Originally Posted by RyanD

650 17th is currently under “Resubmittal Required” status for their concept plan. It could die there or they’ll submit what the city is requiring.

With how crazy and slow the City has become in the last few years, I wouldn't take denial of a concept plan to be a major sign of worry...definitely not yet. If a new concept isn't submitted really soon (so as to beat the new affordable housing linkage fees with an approved concept plan), then I'd be very worried.

[laniroj]

Originally Posted by TakeFive

I'm looking at the growing nervousness in the financial markets and as interest rates climb some investors may prefer to park money in T-Bills (for example) and take advantage of higher rates for a period of time rather than venture into real estate if they see rising risk. This is partly how the steam is taken out of the economy...

Agree, the risk-reward spectrum is changing quickly and the spread between yield on cost for these types of projects and risk-free returns with bonds, bills, etc is quickly compressing - throw in massive construction price escalation and we're in this weird period where costs haven't adjusted to increased/increasing rates and so returns are really being squeezed, probably uncomfortably for a high rise project like this.

[Denver]

Looks like a Paradigm River North at 2400 Walnut St has recently broker ground. Driving by the site yesterday I saw shoring equipment and other signs construction (including a Saunders office). This is a 200,000 sf office. Pretty amazing to see this much office construction. By my count that is 1,580,000 of new office that has broken ground over the past year (Paradigm, T3 Rino, 1900 Lawrence, 255 Fillmore, 200 Clayton, 2926 LoHi, and Current River North)

[Denver]

Also a formal site development plans has been submitted for 1300 Blake St (Bell Tower). The new proposals (at lease to me) is 33 stories!

[rds70]

A new concept plan was also submitted for the site of the current Firestone store at 20th/Broadway/California for a 25 story, 261 unit residential building.

[SirLucasTheGreat]

Nice to see movement on those projects. If we get 1900 Lawrence, Bell Tower, and 650 17th, my prior takes on Geller might be revised.

[RyanD]

1900 Lawrence is fully U/C with excavation and pier drilling taking place.

[EngiNerd]

Originally Posted by RyanD

1900 Lawrence is fully U/C with excavation and pier drilling taking place.

Even hit the local media now!

Biggest office tower in 40 years breaks ground in Denver
https://www.9news.com/article/money/mark.../73-68a57cc8-ab2c-4745-9441-25ed0eb26b56

edit: I had to look up the claim of the biggest because of 1144 Fifteenth only being finished less than 5 years ago. That one was taller (40 stories vs. 30 stories) but had a smaller footprint thus less square footage (617k vs 700k). So I suppose this is the "biggest" in 40 years (just not the tallest).

[Ich]

I saw there was a construction permit filed for 1158 Delaware. Any idea what this project looks like?

[SirLucasTheGreat]

It looks like this: