DENVER | Main Development Thread #7

[TakeFive]

Update on 8th & Broadway


Courtesy AMLI Residential via BusinessDen

366 new apartments coming to South Broadway
Aug 16, 2022 By Kate Tracy – Reporter , Denver Business Journal

AMLI submitted plans last year for a 16-story apartment building on the site... Isabelle Lockwood, AMLI’s vice president of development, said the City of Denver approved AMLI’s site development plan in June of this year. Plans detail 366 apartment units, ground floor retail and 507 parking spaces on the 1.41-acre site.

Next up will be securing building permits, and the company hopes to break ground during the first half of 2023. Construction will take approximately 28 months, with a targeted 2025 delivery.

Milender White is the contractor and Davis Partnership is the architect.

[TakeFive]

Breakthrough Properties Enters Boulder Market with Development of Life Sciences Campus
August 15, 2022 By Mile High CRE


Photo courtesy of Breakthrough Properties

Breakthrough Properties, a leading global developer of life sciences real estate backed by a joint venture of Tishman Speyer and Bellco Capital, has officially entered the Boulder market with the acquisition of a 9.3-acre, four-building campus, which will be transformed into “Boulder 38 by Breakthrough” featuring 164,000 square feet of office, lab and flex space.

It may not be the 1st time but it's the 1st time I can recall Tishman Speyer connected to Denver-metro.

“Boulder has succeeded in cultivating a unique ecosystem propelled by leading research and academic institutions, creative residents and premier outdoor recreational amenities,” said Tishman Speyer Senior Managing Director Paul DeMartini. “We are excited by this opportunity to create a world-class research campus that will serve as a magnet for life science innovation and talent.”

Funding is always important.

The acquisition and redevelopment of Boulder 38 is being capitalized by the Breakthrough Life Science Property Fund. The Fund, which held its final closing in April of this year, raised $3 billion in direct capital and co-investments to scale a global portfolio of best-in-class ecosystems for dynamic early-, mid-, and late-stage life science companies.

Given that Breakthrough Properties was only formed ~3 years ago I couldn't help but be curious....

Our team is a first-of-its-kind collaboration in real estate development, which came together through a shared passion that combines Tishman Speyer’s global real estate platform with Bellco Capital’s industry-making biotechnology entrepreneurship to capitalize on the rapidly expanding — yet substantially under-supplied — life science real estate industry. Our teams develop and operate world-class mission critical facilities for the most innovative companies.

This is not a huge deal but it is interesting.

[RyanD]

Originally Posted by TakeFive

366 new apartments coming to South Broadway

Didn't realize 800 N Broadway in the Golden Triangle was "South Broadway".

[rds70]

^
Funny!

Speaking of the Golden Triangle, here is a rendering of the proposed 23-story tower on Elati that Milender White is going to develop and construct:

[rds70]

Another project that is Golden Triangle adjacent-ish. The 9-story, 183 unit building proposed at 5th and Lincoln:

[TakeFive]

Very interesting but highly controversial

Originally Posted by RyanD

Didn't realize 800 N Broadway in the Golden Triangle was "South Broadway".

Good catch! Nobody ever said you couldn't read a map.

OTOH, I do believe many refer to So Broadway as starting from Colfax. It's more of a colloquialism for the road's direction from downtown.

Clearly the locals should know where So Broadway is?

South Broadway... bridges the gap between old Denver and the Denver of more modern times. This area has been defined as the stretch of Broadway that runs from south of Sixth Avenue to north of the I-25.

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

Originally Posted by rds70

^
Funny!

Speaking of the Golden Triangle, here is a rendering of the proposed 23-story tower on Elati that Milender White is going to develop and construct:

As an armchair fan of Milender White, I could (easily) be wrong but this is the 1st project I recall where they would be the owner/developer (not counting their HQ in Arvada).

https://www.milenderwhite.com/our-work/12th-elati/

Even though 12th & Elati is still in the design phase, MW Development incorporated the core value of creating transformative places. The building will feature thoughtful modern design, a unique and functional amenity package, public and private art, and placemaking commercial uses.

The ground floor will be split between commercial space and a residential lobby. There is an amenity deck on the 6th floor and an additional rooftop amenity area on the 23rd floor. In addition, the project includes 36 affordable housing units restricted to renters earning 60% of AMI which allowed for a height and density bonus.

[BG918]

Originally Posted by TakeFive

[SIZE="3"]
As an armchair fan of Milender White, I could (easily) be wrong but this is the 1st project I recall where they would be the owner/developer (not counting their HQ in Arvada).

https://www.milenderwhite.com/our-work/12th-elati/

MW also is the developer/owner for the 4th Street Crossing project in Silverthorne and Parkside Collective at Alameda & Sable in Aurora.

[TakeFive]

Life is what happens while you're making other plans

(For my last day b4 I getting back out on the road) I ended up reviewing the 3-year-old Blueprint Denver Executive Summary. Not a surprise that I find it a tad too idealistic (to be practical); that said there's no harm in being aspirational and visionary.

If you happen to follow DenverInfill, then you can easily see what developers like by observing what they do.

5 ways Charlotte is rewriting development rules, besides single-family zoning
August 15, 2022 By Danielle Chemtob and Alexandria Sands - AXIOS

Charlotte City Council is slated to vote on a nearly 700-page rewrite of the rules that guide development in our fast-growing city, but most of the attention has focused on one controversial aspect: allowing duplexes and triplexes by-right in single-family areas.

Despite a few reservations, I had previously concluded that eliminating single family zoning would be No Big Deal.

Intentions to preserve history, character

Why it matters: Charlotte has a reputation for bulldozing its history.

Denver is already doing some of this (preserving historical areas) and for neighborhoods that I like as Anchors of Stability you're only likely to see multi-plexus at the margin and I do love missing middle units. "Missing Middle" units are more likely to occur in neighborhoods like Virginia Vale/Village or even University Hills.

This I like

Saving trees and creating open space

Bottom Line: I think Denver is doing just fine. It's near impossible to provide enough supply to get ahead of demand - until demand slows (way) down. It's so much easier for peeps to pick up and move to Denver than it is to build new housing.

[TakeFive]

Thanks for the correction

Originally Posted by BG918

MW also is the developer/owner for the 4th Street Crossing project in Silverthorne and Parkside Collective at Alameda & Sable in Aurora.

I was aware of Milender White's 4th Street Crossing project as my sister-in-law lives up there; but didn't know they were the owner too.

[DenverInfill]

Originally Posted by TakeFive

OTOH, I do believe many refer to So Broadway as starting from Colfax. It's more of a colloquialism for the road's direction from downtown.

Clearly the locals should know where So Broadway is?

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

What a horribly written article. It is riddled with factual errors, nonsensical statements, awkward grammar and phrasing, and written by someone who probably has never been to Denver. It is just so painfully bad that I'm embarrassed that it even exists on the internet.

[TakeFive]

We can fix that; we'll keep it Kosher for you

Originally Posted by DenverInfill

What a horribly written article. It is riddled with factual errors, nonsensical statements, awkward grammar and phrasing, and written by someone who probably has never been to Denver. It is just so painfully bad that I'm embarrassed that it even exists on the internet.

According to Visit Denver:

Today, South Broadway and the Baker neighborhood offer an eclectic mix of neighborhood taverns, vintage clothing stores, unique eateries, bookstores, art galleries, international restaurants, craft shops, an arthouse movie theater and hip live music venues.

Searching Baker we find:

Baker
Location: Bounded by W. 5th Ave., Broadway, W. Alameda & Fox

Back to Visit Denver:

South of Alameda Street, Broadway becomes "Antique Row ," a bargain hunter's dream with an amazing collection of nearly 100 antique stores packed into just 18 blocks. Whether you are looking for something to do or something to buy, there's a good chance you'll find it on South Broadway.

South Broadway

• Video Link

[DenverInfill]

Originally Posted by TakeFive

Back to Visit Denver:


Quote:


South of Alameda Street, Broadway becomes "Antique Row ," a bargain hunter's dream with an amazing collection of nearly 100 antique stores packed into just 18 blocks. Whether you are looking for something to do or something to buy, there's a good chance you'll find it on South Broadway.

FFS, it's Alameda Avenue, not Street.

[laniroj]

Originally Posted by Ich

Not really an imagination… When the supervisor came out to look I asked him about it, told me to stop having people put their bins so close to my fence as if it’s my job to police it. I asked what we are supposed to do when you add compost bins and he just shrugged his shoulders. So yes for people who live in central Denver, it’s not well thought out…

Folks, there’s a placed called NYC. Approximately 7 million of its 8.5 million people deal with trash, recycling, and compost bins…and they even do it without any alleys to speak of. We will be just fine in Denver!

[bunt_q]

Nobody - literally NOBODY - thinks NYC is a good model on that front. You have an interesting definition of “fine.” Personally, I have higher standards.

[DenvertoLA]

I have to second that. The smell and rats that the NYC system attracts is horrible.
I'd rather have the Korean model where recycling trucks drive around while playing music. When people hear the music they bring out their trash/recyclables.

That would be a big culture shift, but it would end petty neighbor disputes and free up a lot of space.

[wwmiv]

Originally Posted by laniroj

Folks, there’s a placed called NYC. Approximately 7 million of its 8.5 million people deal with trash, recycling, and compost bins…and they even do it without any alleys to speak of. We will be just fine in Denver!

Much of NYC does not use any system of containers whatsoever, nor does much of the city have alleyways. They take their bags and pile them on street corners. This should not be a model anywhere.

[coolmandan03]

Originally Posted by laniroj

Folks, there’s a placed called NYC. Approximately 7 million of its 8.5 million people deal with trash, recycling, and compost bins…and they even do it without any alleys to speak of. We will be just fine in Denver!

... i don't know about you, but my trash has not been picked up on regular days for months, sometimes being skipped altogether. I'm sure NYC would have a problem if that were the case there too

[mr1138]

New York may not be a great example - but many places in Europe also do not American-style alleys that are exclusively places for trash pickup and servicing the back of buildings.

The Dutch have an interesting solution to the problem of having no real place to put a dumpster in a dense urban area - just put it underground.



Video.

[Robert.hampton]

Originally Posted by coolmandan03

... i don't know about you, but my trash has not been picked up on regular days for months, sometimes being skipped altogether. I'm sure NYC would have a problem if that were the case there too

That's definitely the case in NYC (much worse, in fact) and they definitely have an enormous problem.

[TakeFive]

Denver City Council putting $2.4M pandemic recovery grant into downtown upgrades
Aug 18, 2022 By Ed Sealover – Senior Reporter, Denver Business Journal

Denver City Council is poised to use $2.4 million in federal coronavirus recovery funds to boost the lagging vitality of downtown, targeting the money for public-safety upgrades like added security cameras as well as business aid...

Props to Debbie Artega who says it better than even bunt could:

Councilwoman Debbie Ortega, who holds one of two at-large seats on the council, said she has a lot of interactions with downtown residents and workers and is worried that their fears around public safety could cause long-lasting damage if not addressed. This grant is a major step toward taking care of that problem, she said.

“A lot of them no longer want to walk the 16th Street Mall to go enjoy a meal or shop as they used to,” Ortega said. “I really think that this is important for our downtown — to have a safe downtown for our residents, for our employees, for businesses to feel like they don’t have to keep walking employees to their cars.”

(I found this last night while watching the Rockies game)
San Francisco, Cleveland and Portland’s downtowns most deserted in US: study
August 19, 2022 - New York Post

Democratic cities San Francisco, Cleveland and Portland have the most deserted downtown areas in the US in the wake of the pandemic, which has driven away workers and tourists, according to a new study.

FWIW this article is a conservative hit piece. Never mind that, Check out this chart. If you want to check out the research it's from the Institute of Governmental Studies at the University of California at Berkeley

The Death of Downtown? - Pandemic Recovery Trajectories across 62 North American Cities
Karen Chapple, Michael Leong, Daniel Huang, Hannah Moore, Laura Schmahmann, and Joy Wang

My Take:

This analysis IMO reflects two intersecting issues. 1) Work-from-home and 2) Crime with Crime being the more important.

I have read in BizNow that medium sized cities have returned to the office; cities like Columbus OH or Salt Lake City for example. I also happened to read that SLC's downtown Streetcar Line is busier than it has ever been. Many larger cities are likely to be tech-driven with more work-from-home employees. While SLC has a lot of tech it's more suburban.

Number of employees aside it's the perceived safety that is the elephant in the room