DENVER | Main Development Thread #7

[wong21fr]

Originally Posted by TakeFive

I do like the growing (bipartisan) concern over crime. Interestingly, the black Chief of Police in Phoenix, Jeri Williams, just returned from speaking in front of a Senate committee in D.C. And Mayor Kate Gallego along with the city council just raised the starting pay of new police officers by $20,000 to go on a hiring binge. Both are concerned with the impact of crime in general and especially in minority neighborhoods and as the now 5th largest city neither wants Phoenix to end up like Philadelphia or Chicago.

20% in unfunded pay raises? Did the police union have a sex video of a City Council orgy or something?


I see that the salaries were below average.... but 20%? Yeesh. Go go cushy union jobs.

[TakeFive]

.....

Chicago firm proposes 25-story project downtown
June 16, 2022 By Thomas Gounley/BusinessDen

The 2200 block of Stout Street... A Chicago-based firm eyeing a big entrance into the Denver market has submitted development plans for a third site. CMK Cos. wants to build a 25-story, 858-unit residential project on a 1.15-acre site

h/t Curtis Park

I've yet to find whether any of the three sites have been bought or if they're just under contract. In any case, I decided to run a bunch of searches, see what I could find.

CMK DENVER LAND HOLDINGS, LLC

CMK DENVER LAND HOLDINGS, LLC (Entity# 20218085093) is a business corporation registered with Colorado Department of State (CDOS). The business formed date is November 18, 2021. The business address is 225 W. Ohio Street, 6th Floor, Chicago, IL 60654, US. The business entity type is Foreign Limited Liability Company.

Agent Principal Address
1900 W. Littleton Boulevard
Littleton CO 80120

Their 'agent' appears to be the law frim of Miller & Miller

Miller & Miller is a Denver boutique law firm focusing on commercial real estate transactions and business litigation. Principals Berkeley Miller and Todd Miller joined forces professionally in 2017 after spending several decades at large Denver law firms. We share a vision for delivering a different kind of client experience.

The DBJ mentions their architectural firm is Perkins&Will. They are located in the The Wrigley Building at Address: 410 N Michigan Ave, Chicago, IL 60611
Perkins&Will is a global firm with more than 20 offices across four continents.

I also found CMK Capital LLC in Fort Lauderdale. I also found CMK Capital Management LLC which is incorporated in the state of Delaware.

I also found CMK Capital Fund I General Information

CMK Capital Fund I is a buyout fund managed by China Merchants Kunlun Capital. The fund is located in Beijing, China. It targets information technology, TMT, fin tech sectors.

So not real estate related but I found the China connection interesting.

Getting back to CMK CAPITAL, LLC there's also the address of 7014 13TH AVENUE, SUITE 202 BROOKLYN 11228 NEW YORK

This is also interesting; note the dates. Similarly named companies

CMK CAPITAL LLC (Delaware (US), 28 Jun 2021- )
CMK CAPITAL, LLC (Texas (US), 27 Oct 2020- )
CMK Capital LLC (Colorado (US), 26 Jan 2022- )

CMK CAPITAL LLC CO

Cmk Capital LLC is a Colorado Limited-Liability Company filed On January 26, 2022. The Registered Agent on file for this company is Chase Kobilca and is located at 1555 Eaton St, Lakewood, CO 80214-1626. The company's principal address is 2149 S Holly Street, Denver, CO 80222 and its mailing address is 1555 Eaton St, Lakewood, CO 80214-1626.

Just another guess but Josh Horwitz Real Estate Agent is listed at the business address on So Holly St. I have no idea who Chase Kobilca is.



I recall musing earlier that maybe this is Russian Oligarch or Cartel money? It seems I looked in the wrong direction as I suspect funding may be coming from Beijing, China - which still doesn't identify the source. In any case it crossed my mind that possibly CMK Company, Chicago may have funded their Chicago projects with this source and have built up a 'trust' relationship. Just spitballing here but this could indeed be FOR REAL. Easily the most interesting searches I've done to date.

[laniroj]

Originally Posted by RyanD

Kalaco Apartments - 7 stories | 280 apts | 10,000 sf retail

https://denverinfill.com/2022/04/la-alma-lincoln-park-roundup-apr-2022.html

Thanks! These kinds of projects are my favorites - the ones on the edge of the investment spectrum that can really help turn a block/area around. All it takes is one, then the others will follow! This will be #2 right here and hopefully another one across the street in between 13th and 14th on Santa Fe which I've heard rumblings of.

[DenverInfill]

Currently under construction in Denver's urban core (downtown + downtown-adjacent districts like RiNo, Capitol Hill, etc.):

# floors - # projects

38 + 32 - 1

30 - 1

22 - 1

19 - 1

17 - 1

16 - 3

15 - 1

14 - 1

13 - 2

12 - 4

11 - 1

10 - 1

9 - 1

8 - 4

7 - 6

6 - 3

5 - 2

Total - 34 projects

Not counted: any projects under 5 floors, adaptive reuse projects

Housing units under construction: 7,677
Office space under construction: 1,334,500 sf
Hotel rooms under construction: 530

[bunt_q]

It feels like so much more, and yet, all those cranes are only housing for maybe 10,000 people.

[RyanD]

Even with 35 cranes in Central Denver alone, not including burbs, tech center, etc, it still feels like we need double that.

[TakeFive]

Did I mention that grey was the new color?


Image per public records via BusinessDen

https://businessden.com/2022/06/17/apartment-developer-mill-creek-pays-12m-for-land-near-du/

Apartment giant Mill Creek Residential has purchased land for a project near the University of Denver. The Dallas-based developer this week paid $12.1 million for land in the 2300 block of S. High. A five-story, 235-unit complex is planned for the 1.3 acre site.

Interesting they found this nice-sized land parcel in the middle of a block.
------------------------

Originally Posted by RyanD

Even with 35 cranes in Central Denver alone, not including burbs, tech center, etc, it still feels like we need double that.

35 cranes sounds like about as much as Denver has experienced, no?

[bunt_q]

If somebody wants to pay me $209/land foot for my crappy house right by DU, I would sell yesterday. But I assume it's that row of single family houses that was already owned by investors and managed as apartments already. I doubt this is a 9-house assemblage.

[TakeFive]

Could Be

Originally Posted by bunt_q

If somebody wants to pay me $209/land foot for my crappy house right by DU, I would sell yesterday. But I assume it's that row of single family houses that was already owned by investors and managed as apartments already. I doubt this is a 9-house assemblage.

I just assumed it's what Google calls 2321 So High St
-------------------------
Nice Work

Originally Posted by DenverInfill

Currently under construction in Denver's urban core (downtown + downtown-adjacent districts like RiNo, Capitol Hill, etc.):

Total - 34 projects

Not counted: any projects under 5 floors, adaptive reuse projects

Housing units under construction: 7,677
Office space under construction: 1,334,500 sf
Hotel rooms under construction: 530

IIRC, most groundbreakings were put on the shelf after COVID hit and construction slowed in deference to working 'safely.'

Then as things started to normalize in 2021, many projects were brought off the shelf and started through the year. Last quarter of 2021 and first quarter of 2022 seems like it was especially busy.

I counted 9 projects between 10 & 19 stories (2 over 20 stories). That's quite impressive.

[TakeFive]

A candid self-assessment? Who wouldathunk!

REFRESHING READ

Not just because of the reality it portrays but just the fact that's it is indeed so candid. A total break from the standard Streetsblog propaganda. One key paragraph:

“Even in places where there are pretty good alternative modes of transportation, you generally find a proclivity towards buying a car and using a car and becoming more car-oriented — not less,” Pendyala added. “In India, automobile travel is hardly subsidized at all — petrol is $10 a gallon, road congestion is horrendous — and people still express a desire to drive. … I feel like our profession has been putting blinders on, and saying, ‘Oh, if only we stopped subsidizing car-centric lifestyles, all of our problems would be solved.’ I don’t think that narrative has served us very well.”

Thinking about all those new apartment buildings

It just seems like over time there should be better ways of getting around than driving a car or Big Bertha buses in the greater downtown ecosphere. Bicycles ofc for those who like riding which is still a significant minority. I trust somebody will figure it out.

[Curtis Park]

Last night, the City Council voted in favor of Edens' zoning change. Of course, Candi cDebacle voted against it. And of course, a number of our neighbors of a certain generation spoke in opposition. There was a very large turnout from those in favor.
https://www.westword.com/news/developmen...ect-to-lawrence-larimer-streets-14012412

[TakeFive]

Something that wong never expected to see (me neither)

Here’s what may be coming to the big, empty parking lot at 18th Avenue and Grant Street
June 22, 2022 By Kyle Harris/Denverite

A parking lot at 18th Avenue and Grant Street may be the site of a twelve-story building developed by the commercial real-estate company Dikeou Realty and designed by Carvell Architects.

The proposed structure would boast 101 residential units and 662 square feet of retail space, according to plans. There would also be 84 units of parking. The building would be designed with a four-story podium with homes, parking and public space. The upper eight-story tower would include homes and the twelfth floor would have an “indoor amenity lounge.”

Kevin J. Beaty/Denverite shows what will be erased from the landscape.
---------------------------

Still the one development that excites me

Originally Posted by Curtis Park

Last night, the City Council voted in favor of Edens' zoning change. ... There was a very large turnout from those in favor.
https://www.westword.com/news/developmen...ect-to-lawrence-larimer-streets-14012412

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

Don't be fooled; Lakewood is still growing apartments

11085 and 11001 W Colfax Ave



https://milehighcre.com/embrey-partners-...to-develop-354-unit-apartment-community/

San Antonio-based Embrey Partners has purchased 11085 and 11001 W Colfax Ave, a 190,990-square-foot 4.38-acre land assemblage in Lakewood. Pending approvals from the City of Lakewood, the developer plans to demolish the small existing building that is currently home to a window tinting business and develop Bel Aire – a new four-story, 354-unit Class A apartment community.

This complex will be less than half-mile from the Oak Street Light Rail Station.

[TakeFive]

Wait... there's even more new apartments coming

Hello Sloan's Lake


Rendering courtesy of Avanti Residential

Denver-based Avanti Residential and RE Solutions are pleased to announce the start of construction on the West 29th Apartments, located at the corner of West 29th Avenue and Xavier Street in the Sloan’s Lake neighborhood of Denver. Construction is scheduled for completion in November 2023 and leasing efforts will begin in mid-2023.

K2 Residential Solutions is the general contractor for the project and Design Studio Architects is the architect.

Hello Central Park


Rendering courtesy of Santulan Architecture.

Denver-based MGL Partners (MGL), a multifamily, senior, workforce and affordable housing developer, has been awarded 9 percent competitive Federal Low Income Housing Tax Credits (LIHTCs) for the construction of 50 units of affordable senior housing in Denver’s Central Park from the Colorado Housing Finance Authority (CHFA).

It's good that seniors tend to be a patient lot.

Designed by Santulan Architecture, St. Stephen is slated to close in May 2023, with a 12–14-month construction timeline. MGL intends to complete the development by summer 2024 when leasing will begin.

[laniroj]

Originally Posted by TakeFive

Something that wong never expected to see (me neither)

Here’s what may be coming to the big, empty parking lot at 18th Avenue and Grant Street
June 22, 2022 By Kyle Harris/Denverite

Thrice nay! I'll believe a Dikeou development when I see it. They can do art, but I'm not convinced they can do development with the current generation.

[wong21fr]

Originally Posted by TakeFive

Hello Central Park

It's good that seniors tend to be a patient lot.

I firmly believe that the main driver for this project is so that the elderly congregation of St. Stephen's can age in place. That church has seen zero growth since relocating to Central Park from Five Points.

Not that it isn't a great project- just an interesting demand that got it built.

[Robert.hampton]

Originally Posted by laniroj

Thrice nay! I'll believe a Dikeou development when I see it. They can do art, but I'm not convinced they can do development with the current generation.

They've also got a concept plan in for their lot at 1700 pennsylvania - doubt that one gets off the ground either. And zero chance they can do 2 at the same time.

[Denver]

Not sure if this has been noted here but Paradigm River North broke ground earlier this month. That not makes three new offices U/C in the area.

[SandSailor]

Just a general observation about my beloved Denver!!!!!!! It looks sooooo much better, and more cosmopolitan/urban when driving I-25 versus I-70.

[SirLucasTheGreat]

Also, as I was driving on Speer, it seemed like there was more demolition around the area where Parq II and 955 Bannock are going to be. We might have 7 to 8 residential projects under construction in Golden Triangle by the end of the year

[Whereveryougo]

Originally Posted by Denver

Not sure if this has been noted here but Paradigm River North broke ground earlier this month. That not makes three new offices U/C in the area.

The mast for the tower crane just went up for this. There was also some activity this week at the site kitty corner from this. Believe this is the Carmel project that is up to 12 stories.