DENVER | Main Development Thread #6

[TakeFive]

Originally Posted by lumos

Ryan,

Excellently captured photographically. I agree this has turned out really well. Walking around the building you get a sense of the architect's hand all over it. Surprise design elements that only appear from a particular angle, interesting alignments. Designed like they give a damn.

Union Tower West – from Dusty Lot to Stunning Gem
Featured in the December 2016 issue of Building Dialogue by Kevin Criss via Colorado Real Estate Journal

Gordon Beckman, acclaimed design director for John Portman & Associates, sits in Union Station pondering the firm’s first project in Denver, LoDo’s Union Tower West.

“I judge a project on three scales,” says Beckman. “How does it work in the urban scale, how does it work in the building scale and how does it work in the detail scale. And this stacks up very, very well.”

A lengthy piece that is a good read: a bit of hype but very interesting for the most part. A sample:

1801 Wewatta Street was a dusty lot with the weird shape that languished on the wrong side of the tracks from Union Station. It was also one of the last parcels in a white-hot neighborhood where anything of substance could be developed.

Hensel Phelps secured the site along with Atlanta-based developer Portman Holdings. They partnered to bring in John Portman & Associates, who in turn tapped Beckman as the architect to make something spectacular out of the ragged parcel.

With respect to their sizable holdings around the globe, Beckman says:

“To me, this is not a little project, this is a big project with a big urban impact, with a big architectural impact, and it deserves all or more of the attention of any large projects,” says Beckman. “We have a very difficult site, with unusual geometry. It’s triangular on one side, it’s got a curve on one side and it’s got two flat edges. It’s a very difficult site but a site that prompted creativity.”

Plenty more to read if one is inclined.

[CastleScott]

^ John Portman designs a gorgeous product..

Great pics and thread Ryan!!

[RyanD]

You guys are just so kind! Thank you!

Hilton Garden Inn at Union Station is a go! Groundbreaking is expected for tomorrow!

Hilton Garden Inn Union Station Update #1

[Denver Dweller]

http://www.bizjournals.com/denver/news/2...OBYu5F%2FO7W7Amf&t=1485200616&j=77162331

[DenverPoke]

Originally Posted by Denver Dweller

http://www.bizjournals.com/denver/news/2...OBYu5F%2FO7W7Amf&t=1485200616&j=77162331

^^^Awesome news. Don't love the design, but it will fill such a huge gap that I can't complain too much.

More good news:

http://www.businessden.com/2017/01/23/downtown-office-tower-secures-first-lease/

[RyanD]

Originally Posted by Denver Dweller

http://www.bizjournals.com/denver/news/2...OBYu5F%2FO7W7Amf&t=1485200616&j=77162331

I didn't expect this at all. That's great news! Views will be nice!

[Sam Hill]

Originally Posted by DenverPoke

^^^Awesome news. Don't love the design, but it will fill such a huge gap that I can't complain too much.

Awesome news indeed. I'm guessing the design could change a lot between now and 2018. Hopefully it changes for the better.

[CherryCreek]

Originally Posted by Sam Hill

Awesome news indeed. I'm guessing the design could change a lot between now and 2018. Hopefully it changes for the better.

My suspicion is that any major project not slated for ground breaking in 2017 is in a race against the inevitable recession which will surely come in 2018 or 2019 (the current upturn is already remarkably long). Hopefully that next recession, is a little one, that simply slows things down for 12-18 months and not a BIG one like 2008 which puts things on hold for 3-5 years.

[Sam Hill]

Originally Posted by CherryCreek

My suspicion is that any major project not slated for ground breaking in 2017 is in a race against the inevitable recession which will surely come in 2018 or 2019 (the current upturn is already remarkably long). Hopefully that next recession, is a little one, that simply slows things down for 12-18 months and not a BIG one like 2008 which puts things on hold for 3-5 years.

The next recession is gonna be YUGE - big league.

Seriously though, I don't think anyone can reliably predict the start of a recession more than a year in advance. I remember some economists' predictions from a few years ago that we would be in a recession right now. Didn't happen.

[Matt]

Originally Posted by DenverPoke

^^^Awesome news. Don't love the design, but it will fill such a huge gap that I can't complain too much.

While not a "knockout" tower by any means, the design is streamlined and aesthetically appealing. Denver desperately needs more curtain-wall glass buildings to modernize our early 1980s skyline and move us away from the deep, heavy earth tones. Plus, there's a pseudo-crown effect at the top with the facade extending beyond the roofline, and a potential for accent illumination. I like it. Simple yet elegant, clean yet bold.

[TakeFive]

Originally Posted by Sam Hill

The next recession is gonna be YUGE - big league.

Seriously though, I don't think anyone can reliably predict the start of a recession more than a year in advance.

It's gonna be sooo YUGE you'll beg me to stop the YUGE.

Even though there were a few sites like Calculated Risk that were warning of the growing insanity of the real estate market in 2006 it took two more years for the implosion to begin. It takes more than a few grumpy Bears to take down a determined Bull market. It's true they never ring a bell before things turn south; they can only speculate. It's also true that markets go down a lot faster than they go up.

The new Administration and Congress... who knows what will actually get passed. It's a real crap shoot. I'm betting on one or more grey swans to be the catalyst whether it's European politics, China or who knows what to turn things down.

Originally Posted by CherryCreek

My suspicion is that any major project not slated for ground breaking in 2017 is in a race against the inevitable recession which will surely come in 2018 or 2019 (the current upturn is already remarkably long). Hopefully that next recession, is a little one, that simply slows things down for 12-18 months and not a BIG one like 2008 which puts things on hold for 3-5 years.

Raleigh leaders: full speed ahead on Union Station
NOVEMBER 4, 2015 by PAUL A. SPECHT

Union Station is a bus and rail station that federal, state and local authorities plan to open in 2017 on Martin Street in downtown’s warehouse district....with about $44.7 million slated for the hub itself.

Because of the rising cost of steel and concrete, the final hub price jumped about $10 million to $54.7 million in recent months after the city received construction bids.

I just happen to read this recently and I thought of DUS if they were just getting started. A 20% bump to the $450 million price would have been really bad news. No question that the early movers in Denver are in a great position.

A modest recession could actually be good for Denver development - after the initial shock wore off. It could drop construction costs as well as interest rates.

[CastleScott]

While not a "knockout" tower by any means, the design is streamlined and aesthetically appealing. Denver desperately needs more curtain-wall glass buildings to modernize our early 1980s skyline and move us away from the deep, heavy earth tones. Plus, there's a pseudo-crown effect at the top with the facade extending beyond the roofline, and a potential for accent illumination. I like it. Simple yet elegant, clean yet bold.

I agree with Matt and with that glass curtain will send it up to 484 feet which will be very nice.

[TakeFive]

Originally Posted by Matt

While not a "knockout" tower by any means, the design is streamlined and aesthetically appealing. Denver desperately needs more curtain-wall glass buildings to modernize our early 1980s skyline and move us away from the deep, heavy earth tones.

For the life of me I don't know why they didn't alternate a glass curtain wall with colotexture on consecutive sides. That would have been unique.

Originally Posted by DenverPoke

More good news:

http://www.businessden.com/2017/01/23/downtown-office-tower-secures-first-lease/

Update
First 200,000 square feet of Hines' under-construction Denver tower taken by Gates, Optiv
Jan 23, 2017 by Molly Armbrister - Denver Business Journal

Nearly one-third of Denver's newest office tower was leased up in the fourth quarter of 2016,

That's impressive.

[wong21fr]

Originally Posted by CherryCreek

My suspicion is that any major project not slated for ground breaking in 2017 is in a race against the inevitable recession which will surely come in 2018 or 2019 (the current upturn is already remarkably long). Hopefully that next recession, is a little one, that simply slows things down for 12-18 months and not a BIG one like 2008 which puts things on hold for 3-5 years.

I'm thinking that the Block 162 Tower is now envisioned to be a "first out the gate project" to be delivered in mid-2020. Any reasonable recession would be over by then and it's not as if the tower has the risk of not being able to secure funding as its a bank-backed project.

Anyway, excited that it's moving forward and looking forward to reading all the comments bitching about the parking.

[RyanD]

Originally Posted by CPVLIVE

Drove by this on Saturday - sure looks like they broke ground.

I'm thinking the same thing. Here are some photos:

Greystar Speer Boulevard

[Keesy9]

Originally Posted by TakeFive

For the life of me I don't know why they didn't alternate a glass curtain wall with colotexture on consecutive sides. That would have been unique.




Update
First 200,000 square feet of Hines' under-construction Denver tower taken by Gates, Optiv
Jan 23, 2017 by Molly Armbrister - Denver Business Journal

That's impressive.

It is, but not all that surprising IMO. The downtown stock of office buildings is very old and may not fit the needs of a lot of companies. I imagine their is a lack of open floor plans in the older 1980's product that today's tech users will want. Additionally, the building should be wired for the fastest internet of any tower downtown which is fitting for a cyber security company.

p.s. Does anyone know how full 1401 Lawrence is? Polsinelli and CoBiz have a lot of space.

[Pierre9436]

Here's another project that will soon be coming up in the Golden Triangle. A hotel this time!

http://www.businessden.com/2017/01/24/golden-triangle-lot-fetches-3-6m-developers-plan-hotel/

Golden Triangle lot fetches $3.6M; developers plan hotel

Another Golden Triangle lot has caught the eye of developers with plans to go vertical.

H&A Development, a joint venture between Alliance Investments and H&H Hotels, is planning a 157-room Element hotel near 13th Avenue and Elati Street in the Golden Triangle. Alliance principal Matt Maley said there aren’t enough hotels in the central Denver neighborhood.

“We liked the proximity to the art museum, the proximity to the courthouses and the fact that the Golden Triangle is underserved with hospitality,” he said. “And for someone working extended court cases or trials, there is always a need for extended stay.”

Maley said his firm and H&H Hotels have been working on this deal for about a year. Their joint venture H&A Development bought the 0.68-acre site last week for $3.6 million, according to city records.

The construction budget is about $38 million, Maley said, including land acquisition.

A rendering of the planned Element hotel, a brand owned by Marriott. (Courtesy H&A Development)
A rendering of the planned Element hotel, a brand owned by Marriott. (Courtesy H&A Development)
The Element hotel is a Marriott-owned brand that offers studio, one-bedroom and two-bedroom guest rooms. There is one existing Element hotel in Denver, about 20 miles south near Park Meadows.

Maley said this location is unusual for the Element brand, which typically sets up shop in the suburbs. It had to make a few tweaks from the standard Element design, including putting parking on the second floor instead of a lot surrounding the hotel.

The hotel also will have restaurant and bar on the first floor. But Maley hopes the brand’s in-room kitchenette will attract extended-stay guests who would rather eat in.

“The unique part about the Element is you have a full-size refrigerator, real dishes, real silverware and a range,” he said. “From a kitchenette standpoint, it’s almost like being at home in your own kitchen.”

H&A Development hopes to break ground in April and open the hotel by September next year. Beck Group will design and build the Element hotel. Michigan-based Promanas Group is the equity partner.

[Pierre9436]

Here's a rendering of the hotel:

[TakeFive]

Impressive, Interesting

Urban Land Conservancy chooses developer for $200M project near National Western Center
Jan 24, 2017 by Molly Armbrister - Denver Business Journal

The Urban Land Conservancy has selected Denver-based Zocalo Community Development Inc. as the developer for a six-acre transit-oriented development near the intersection of 48th and Race streets in the Elyria-Swansea neighborhood.

The planned development will include up to 560 residential units, including mixed-income homes, both for-rent and for-sale, and about 80,000 square feet of commercial space. The multi-phase development is projected to cost about $200 million.

First thought was how far off into the future is this?

ULC expects that the first phase of the project will be complete around the same time that RTD's North Metro rail line is expected to open in late 2018.

The site has been rezoned to allow up to 8 stories. I've always been impressed by Zocalo quality projects although I appreciate some haven't always been thrilled by their architectural appeal.

Originally Posted by Keesy9

It is, but not all that surprising IMO. The downtown stock of office buildings is very old and may not fit the needs of a lot of companies. I imagine their is a lack of open floor plans in the older 1980's product that today's tech users will want. Additionally, the building should be wired for the fastest internet of any tower downtown which is fitting for a cyber security company.

Good points and W E L C O M E

[comoneymaker]

rather have a dirt field.


Trump Hotels is looking to expand in some United States cities, including Seattle, Bloomberg reported Wednesday.

“There are 26 major metropolitan areas in the U.S., and we’re in five,” Trump Hotels CEO Eric Danziger said after a panel discussion Tuesday at the Americas Lodging Investment Summit in Los Angeles. “I don’t see any reason that we couldn’t be in all of them eventually.”

President Donald Trump's company, Trump Hotels, is eyeing Seattle and other U.S. cities for an expansion, Bloomberg reported Wednesday.
Enlarge
President Donald Trump's company, Trump Hotels, is eyeing Seattle and other U.S. cities… more

BUSINESS JOURNAL PHOTO | ANTHONY BOLANTE

Danziger said that Trump Hotels is considering opening luxury properties in Dallas, Seattle, Denver and San Francisco. The company could not be reached for more information Wednesday.

Bloomberg reported that the expansion could benefit from Trump being president, further fueling ethics questions about Trump's public service and his businesses.

“Although he is now officially the leader of the free world, Donald Trump remains both a businessman and a brand,” San Diego State business ethics professor Wendy Patrick told Bloomberg. “The fact that the hotel chain that bears his name is seeking to expand within the United States raises questions of both law and ethics.”

Bloomberg reported that Danziger suggested Trump Hotels has shelved expansion plans for China.

With nearly 2,950 hotel rooms being added to the city over the next two years, Seattle is in the midst of a hotel boom as developers seek to cash in on the city's Amazon-fueled boom. Last year, the luxury Thompson Seattle opened near Pike Place Market, and a 45-story Hyatt Regency is under construction near the $1.6 billion addition to the Washington State Convention Center. Construction of the addition is scheduled to start in September.