DENVER | Main Development Thread #7

[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.

[TakeFive]

Keep on keeping on with building affordable housing

Viña Apartments opens in Elyria-Swansea providing 150 affordable units to residents
May 4, 2022 By Desiree Mathurin/Denverite

48th Avenue and Vine Street


Noir Market's pop-up event in front of Tepeyac Community Health Center's new building at 48th Avenue and Vine Street in Elyria Swansea.
April 30, 2022. Kevin J. Beaty/Denverite

What was once an industrial lot at 48th Avenue and Vine Street is now an 150-unit complex offering studios through three bedrooms near RTD’s N line station.

Besides providing housing, Viña will also have retail space and will encompass the new Tepeyac Community Health Center. Tepeyac has worked in the Globeville-Elyria Swansea neighborhood for almost 30 years, providing medical services to primarily Latino and low-income residents.

---------------------------

Affordable Apartments with On-Site Early Learning Center Break Ground on Colfax
May 9, 2022 - Mile High CRE

The Rose on Colfax
1510 N. Valentia St


Conceptual rendering created by Van Meter Williams Pollack.

On April 7, Mercy Housing Mountain Plains, Alliance Construction Solutions, Mile High United Way, the City and County of Denver, and others celebrated the groundbreaking of The Rose on Colfax. This development will be a mixed-use with 82 affordable homes, along will a Mile High United Way Early Childhood Education Center on the first level. The project aims to solve two major affordability issues facing Colorado families: housing and childcare affordability. Construction completion is set for Spring 2023.

If SirLucasTheGreat keeps missing out on these good deals, then maybe you're being too fussy about location?

[gopokes21]

Originally Posted by BG918

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

I hate to launch another 3-page vigorous debate over RTD/subway/expansion/etc but I agree there's a list of things that would be nice, then there's what RTD is capable of managing. I've always advocated for the DC model of splitting off "Connector-like" routes for the City to operate, then scaling back bus service to a regional base level to augment the regional rail. Then let suburban cities and counties start their own local services.

The problem with RTD is its legally required focus on $200 per person paratransit rides in Douglas and Weld counties over highly efficient mass transit in the core of Denver. The most efficient service it operates, which costs like 25 cents per person, is the one service on which it collects no fare at all. It's pretty clear that mass transit can work in Denver, RTD just focuses on anything else.

[bunt_q]

Well don't you guys worry, Austin won't be able to deliver the tunnel either.

[TakeFive]

Circle May 1st on your calendar

Originally Posted by DenverInfill

Concept plans for the next phase of Denargo Market were submitted yesterday consisting of 10-, 16-, and 17-story buildings (mix of office and res).

https://www.9news.com/article/money/busi.../73-f5a3b07c-d114-468f-a237-6816fc870957

According to concept plans, construction is expected to start on May 1, 2023, and be completed on May 1, 2025.

So the project will start on May 1; the project will complete on May1; it's good to see those Golub Guys have a good sense of time and space (and humor).

“We’ve submitted our vertical concept plan to Denver Community Planning and Development, for the first three parcels we will be focused on. This represents an exciting next step toward realizing our vision for a vibrant, mixed-use community in Denargo Market,” Golub & Company and Formativ wrote in a statement to the DBJ.

[Ich]

Just heard on the news that if Rob Walton ends up buying the Broncos, he is interested in building a new stadium. Any thoughts on where it would go or how that would work? Not a ton of available land around downtown.

[TakeFive]

Morrison Road Improvements - Phase 2

Denver's Department of Transportation & Infrastructure (DOTI) is reconstructing Morrison Road to make it safer and more people-oriented. Morrison Road is a vital business and community corridor serving Westwood, and the City will be reconstructing the street between Perry Street and Nevada Place, as well as making intersection improvements at Ohio, Wolff, and Yates, to make the street safer and more inviting for people walking, doing business, and driving in the neighborhood.

See cross-section HERE

Note: I had to come up with something for a duplicate post and this was the winner.

[TakeFive]

That's quite the rumor (scurries to Google)

Originally Posted by Ich

Just heard on the news that if Rob Walton ends up buying the Broncos, he is interested in building a new stadium. Any thoughts on where it would go or how that would work? Not a ton of available land around downtown.

BroncosWire looks like the 1st to float this idea on April 17

And if he wanted to build a new stadium, Walton could hypothetically follow the lead of Stan Kroenke, who used private funding to build SoFi Stadium for the Los Angeles Rams. Kroenke is married to Walton’s cousin, Ann.

Then Denver7 carried a story on April 24

With the Broncos changing hands for the first time in decades, it raises the question: Is it time for a new stadium?

“It’ll be the No. 1 decision the new owner will have to make,” said Broncos President Joe Ellis. “How are we going to proceed long-term when it comes to the stadium? There are all kinds of things that go into evaluating a new stadium. From a big picture perspective — that will be issue No. 1.”

In all likelihood whoever the new owner is we won't hear any consideration of a new stadium for at least 2 to 3 years following the purchase.

With respect to where a new stadium could be built I'd guess either on the current site (?) or out by DIA where the freeway access would be great.

[mhays]

Oh jesus christ. It opened in 2001.

We did that in Seattle too. The Kingdome opened in 1976 and closed in 2000. But it was built on the cheap, was falling apart, and wasn't great for fans.

I've heard no major complaints about Denver's stadium. Unless that's wrong, it sounds like it's purely a money-making play. I'm curious how they'd make money without big public subsidies.

[bulldurhamer]

Originally Posted by SirLucasTheGreat

One River North renderings:

This is now above ground. I logged on to note just how impressively curved the front facing facade is. This building is gonna be so cool

[SirLucasTheGreat]

Nice! I'm really excited to see One River North progress. It will make a big statement for people coming into town on the A line, might even see it decently from I-70

[TakeFive]

Denver has always been a Bronco Town

Originally Posted by mhays

Oh jesus christ. It opened in 2001.

We did that in Seattle too. The Kingdome opened in 1976 and closed in 2000. But it was built on the cheap, was falling apart, and wasn't great for fans.

I've heard no major complaints about Denver's stadium. Unless that's wrong, it sounds like it's purely a money-making play. I'm curious how they'd make money without big public subsidies.

When they built the current stadium the 'passion' was to keep the ethos of having an outdoor facility. Denver does hold the record which continues for consecutive sellouts starting from 1970.

The only advantage, really, for a new stadium would be to have a retractable roof - or like State Farm Stadium in Phoenix a retractable natural grass playing surface (plus a roof). This would allow Denver to host a Super Bowl (or college bowl games).

The Stadium District already has plans to monetize their land by leasing it to developers (for the purpose of maintaining the stadium). Not sure they've finalized the concept; not sure how much interest there is as yet; it's likely a case of developers still preferring to be in the downtown side of the freeway which impacts how much they could lease the land for.