DENVER | Main Development Thread #7

[RyanD]

Colorado Convention Center Expansion:


It's pretty sweet to see a large crawler on the roof.


https://denverinfill.com/2022/05/convention-center-may-2022-progress.html

[SirLucasTheGreat]

Thanks Ryan!

[EngiNerd]

That was quite the engineering undertaking (it was done by others at the firm I work for). Large portions of the new roof are designed with excess capacity solely because of that crane. You can see the track it can take in 3 directions so that large steel trusses for the new space can be lifted into place. Tower cranes don't have the capacity to support those heavy lifts like a crawler does.

[TakeFive]

Lincoln Property Company to Bring Life Sciences Campus to Broomfield
May 3, 2022 - Mile High CRE


A rendering of CoRE – Colorado Research Exchange, courtesy of HKS Architects

Located at 235 Interlocken Boulevard, CoRE – Colorado Research Exchange, will consist of four buildings, three of which will be four-to-five story tenant buildings ranging from approximately 110,000 to nearly 200,000 square feet. The fourth property, to be utilized as an amenity center, will be 15,960 square feet. The campus is being designed by HKS Architects,

What if I wanted to lease space for my new boomerang company?

“Our purpose-built campus will include tenant spaces designed specifically to accommodate lab/life science or tech uses,” says Scott Caldwell, senior vice president of Lincoln Property Company. “Companies won’t need to rehabilitate or convert old office or industrial space; these facilities will be on the cutting edge of critical environments for a broad range of uses.”

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So those crawlers aren't just for show?

Originally Posted by EngiNerd

That was quite the engineering undertaking (it was done by others at the firm I work for). Large portions of the new roof are designed with excess capacity solely because of that crane. You can see the track it can take in 3 directions so that large steel trusses for the new space can be lifted into place. Tower cranes don't have the capacity to support those heavy lifts like a crawler does.

Good to know!
------------------------

Very Nice

Originally Posted by DenverInfill

No. The CU Denver Engineering Building is moving forward into the design phase. https://www.ucdenver.edu/about-cu-denver/our-campus-community/anchor-of-engineering

Didn't the legislature just allocate funding for new higher education construction? Seems like there should be 'infrastructure' $'s out there somewhere.

CU Cool Rendering:

[DenverInfill]

Originally Posted by TakeFive

Didn't the legislature just allocate funding for new higher education construction? Seems like there should be 'infrastructure' $'s out there somewhere.

They do allocate some capital funding, but it's never very much and it's highly competitive. The Auraria institutions have to compete against all of the other colleges and universities in the state, and then higher education has to compete against all of the other departments for a limited amount of capital construction funding. Additionally, building rehabs (new roofs, HVAC replacement, etc.) also come from that same pot of money.

[TakeFive]

Originally Posted by DenverInfill

They do allocate some capital funding, but it's never very much and it's highly competitive. The Auraria institutions have to compete against all of the other colleges and universities in the state, and then higher education has to compete against all of the other departments for a limited amount of capital construction funding. Additionally, building rehabs (new roofs, HVAC replacement, etc.) also come from that same pot of money.

One of the things that caught my eye was their innovative and interdisciplinary approach. (I happen to be aware that ASU has ranked No. 1 in innovation by U.S. News & World Report for 7 consecutive years which is why that caught my attention) I have no idea how they have managed to raise so much money down here but I figure there must me money to be had somewhere, somehow.

[Robert.hampton]

Awesome to see a concept submitted for that firestone tire store at 20th and Broadway. A standalone tire store in the heart of downtown always felt to me like a lingering reminder of a downtown core that never truly recovered from the destruction of urban renewal. Hope this has some legs to it.

[Ich]

I saw a post on LinkedIn from the GreyStar construction team for a senior project manager with a photo of Parq II. Safe to assume that project is moving forward?

[SirLucasTheGreat]

Looks like Parq II is still working through design review/environmental review. The most recent thing I saw was a transportation plan from late March 2022. It seems active but not as imminent as Evans East. I would really love to see Parq II move forward though. It would add to a pretty dense wall on Speer and also fill up what is becoming a very dense corridor on Bannock (it is a Cherokee address but I believe much of the building will abut Bannock).

[RyanD]

Originally Posted by Ich

I saw a post on LinkedIn from the GreyStar construction team for a senior project manager with a photo of Parq II. Safe to assume that project is moving forward?

Saw a similar thing on LinkedIn from a high up person at Greystar for 650 17th as well..

[TakeFive]

Speaking of GreyStar

Sept 1 is now the advertised move-in date for availability at The Fitzgerald.

https://www.apartments.com/the-fitzgerald-denver-co/502p82p/

Move-in Special

Fitzgerald Special Now pre-leasing at Venture X Denver located at The Dairy Block. Book your VIP Tour today and receive 4 weeks free and more!*

Originally Posted by SirLucasTheGreat

Looks like Parq II is still working through design review/environmental review. The most recent thing I saw was a transportation plan from late March 2022. It seems active but not as imminent as Evans East. I would really love to see Parq II move forward though. It would add to a pretty dense wall on Speer and also fill up what is becoming a very dense corridor on Bannock (it is a Cherokee address but I believe much of the building will abut Bannock).

Wasn't sure where this one was at in the process but this project would be a logical one to move forward. I wouldn't be surprised if they already have the needed funding not unlike LMC. Who knows maybe their funding could included 650 17th but I'll hold my powder on this one till I see the whites of their eyes.

[TakeFive]

Just in time for summer: new affordable housing in my favorite neighborhood




Photos of Avenida del Sol courtesy of DLCohen Construction Company and Gorman & Co.

79 New Affordable Apartments Open in Westwood
May 4, 2022 - Mile High CRE

Gorman & Co. joined with Denver’s Department of Housing Stability (HOST) on May 3 to celebrate the grand opening of Avenida del Sol, a new 79-unit affordable apartment community located in Westwood at the gateway to Denver, along Morrison Road just east of Sheridan.

Located at 5048 Morrison Rd., Avenida del Sol offers units ranging from one to three bedrooms. All units are income-restricted....

EDIT:
St. Charles Town Company been building affordable housing since Hector was a Pup



Workforce Housing Community to Replace Former Railroad Storage Lot
May 5, 2022 - Mile High CRE

Denver-based real estate developer St. Charles Town Company has received $68 million in financing for the construction of Aspgren Park Apartments, a 216-unit workforce housing community to be located at 728 South Lipan Street in the Athmar Park neighborhood of Denver. The community will replace a former railroad storage lot and will include a unit mix catering to families as well as veterans transitioning from active duty to civilian life.

This part I like.

The existing on-site barn, a remnant from the site’s past as a celery farm and greenhouse, will be re-utilized in the development. The site’s history additionally served as design inspiration for the architecture team at KTGY Architecture + Planning of Denver, who balanced the simplistic influence of the barn with adjacent post-war housing to create a modern aesthetic reminiscent of a Scandinavian village

[Denver]

Well I never thought this would happen but shoring permits were issued for the WTC site today.

[SirLucasTheGreat]

Nice! Is it still supposed to look like this?

Also, what effect do you all think the interest rate hikes are going to have on development in Denver?

[TakeFive]

The Economy is like a really Big Ship; it don't turn on a dime

Originally Posted by SirLucasTheGreat

Also, what effect do you all think the interest rate hikes are going to have on development in Denver?

The markets, though can turn very quickly. There's a lot of wealth destruction happening as we speak.

In the near term, development is likely to continue as there's still lots of money out there. Cold hard cash will likely drive the residential markets including single family construction as we continue to grow our Rental Nation. OTOH, perception of downside risk will elevate.

There's still lots of 'stimulus' yet to work its way through the system

See the state legislature spending as one example. RTD is still cruising along on Helicopter money. For many, last year's bonuses have yet to be spent.

LOVE those Infrastructure $'s

It will take time for this to move through the system but it will quickly - in hindsight - be a blessing. RTD, for example, may need to operate more efficiently but will also be able to 'refresh' its bones.

The Long Hot Summer

Somewhat under the radar but yesterday's report of "Productivity" diving 7.5% for the 1st quarter is NOT a good thing. Less visible or understood but growing productivity over the last decade really drove the economic expansion and efficiency.

Wealth destruction is NOT a good thing, obviously.

Interestingly, E-Commerce stocks have been selling off. Investors fear that The Consumer is about to hit a wall and will spend less and stick to the more basic necessities of life. I'd agree.

As yesterday's allocated stimulus runs its course then budgets will become more difficult, whether on an individual level or at the state budget level. So, to a degree it's "enjoy it while you can."

Inflation, like home prices is likely to be 'sticky'

Whether ongoing supply-chain issues or the lucky with cash this problem won't be easy to tame IMO though it could moderate at least. Next year should be much more interesting and challenging.

As if we didn't have enough 'bad' to look forward to, the growing political divide and discord will make life way too 'noisy'.

[bulldurhamer]

Originally Posted by Denver

Well I never thought this would happen but shoring permits were issued for the WTC site today.

https://denverite.com/2021/03/18/denvers...-move-to-globeville-not-rino-as-planned/

Is it still the wtc?

[TakeFive]

Be thankful for what you have

Interestingly, I ran across an update on the BART extension which the FTA now estimates will cost a little over $9 billion or an average of $1.5 billion per mile for the six miles of extension. Admittedly, BART is heavy rail and they intend to tunnel underground though downtown Jose... and admittedly it's Cali and not somewhere else including Austin but My Goodness.

Just double-checked RTD's own numbers and FasTracks cost $5.5 billion for 78 new miles of commuter track which is right at my own previous calculations or $70.5 million per mile and including the SE Extension, the N-Line and Flatiron Flyer etc.

Apr 11, 2022 Austin's $7.1 Billion Project Connect Update

At the 5% design stage, estimates for the light rail lines totaled $5.8 billion: the Orange Line at $2.5 billion, the Blue Line at $1.3 billion and extensive tunnel work for both tracks at $2 billion. Now, heading into the 30% design phase, those figures have jumped more than 77% altogether to upward of $10.3 billion.

What's causing the escalating estimates?

Transit officials said the $4.5 billion revision, including $600 million more for the Blue Line and around $2 billion each for the Orange Line and tunnel, has several causes. Among those is a "significant" increase in land acquisition costs along the proposed rail lines given Austin's hot real estate market and nationwide inflation that is driving up the construction budget.

With still a long ways to go the new estimate is already 45% above the voter approved $7.1 billion - just for the two light rail lines totaling 28 miles of light rail or $367 million per mile incl. tunneling.

[gopokes21]

Originally Posted by TakeFive

Be thankful for what you have

Interestingly, I ran across an update on the BART extension which the FTA now estimates will cost a little over $9 billion or an average of $1.5 billion per mile for the six miles of extension. Admittedly, BART is heavy rail and they intend to tunnel underground though downtown Jose... and admittedly it's Cali and not somewhere else including Austin but My Goodness.

Just double-checked RTD's own numbers and FasTracks cost $5.5 billion for 78 new miles of commuter track which is right at my own previous calculations or $70.5 million per mile and including the SE Extension, the N-Line and Flatiron Flyer etc.

Apr 11, 2022 Austin's $7.1 Billion Project Connect Update

What's causing the escalating estimates?

With still a long ways to go the new estimate is already 45% above the voter approved $7.1 billion - just for the two light rail lines totaling 28 miles of light rail or $367 million per mile incl. tunneling.

Whatever the tunneling costs, it's probably worth it for Austin and San Jose. It would be for Denver, too.

[TakeFive]

I wouldn't dislike Austin's Vision

Originally Posted by gopokes21

Whatever the tunneling costs, it's probably worth it for Austin and San Jose. It would be for Denver, too.

And without being familiar I can visualize what their objectives are.

The Orange Line would be comparable to RTD's SE Corridor; it's 20 miles long with 20 Stations. The Blue Line would be comparable to RTD's 'A Line' to the airport except the Blue Line will be only 8.2 miles long along a less obvious transit corridor except for the fact it will go to their airport.

Orange Line comparables

Like a lot of places the Orange Line will run along their busiest bus route down the center of the street. It's now estimated to cost over $4 billion. Good guess that a lot of the costs come from the many grade-separated intersections they want.

Advantage Phoenix

The north-south part of Phx light rail runs (both ways) along Central Ave. Twenty blocks to the west and 20 blocks to the east run two north-south freeways. Local traffic in/out of downtown runs along the 7's (7th Ave & 7th St). Light rail is totally at grade and Central Ave is becoming a natural, denser transit Corridor. LMC, for example, built a nice project right on Central in the mid-town area.

The same is true for the east-west light rail corridor between downtown Phx and Tempe. It's also similar to RTD's 'A Line' in that most of the vehicle traffic runs along a nearby freeway. The key is that light rail runs between two dense areas.

So no, I don't have issue with what Austin wants to do; the question is what will be feasible.

[BG918]

Originally Posted by gopokes21

Whatever the tunneling costs, it's probably worth it for Austin and San Jose. It would be for Denver, too.

Yet it isn't even something Denver has discussed as an option. RTD can't even manage the current transit system.