DENVER | Main Development Thread #6

[Robert.hampton]

Originally Posted by mojiferous

There is also a team drilling cores on the empty lot at 20th and Pennsylvania

Looks like that's the NAVA project: 12-story, 200 unit condo building with 303 space parking garage

[BG918]

Originally Posted by Robert.hampton

Looks like that's the NAVA project: 12-story, 200 unit condo building with 303 space parking garage

Is there a rendering for this project? Is this the lot across from the park at the NE corner of the intersection?

[Sam Hill]

Originally Posted by BG918

Is there a rendering for this project? Is this the lot across from the park at the NE corner of the intersection?

I happened to be in that neighborhood yesterday so I walked through there to see if I could glean any clues. There was plenty of signage indicating that the vacant lot north east of the park is for sale. The address of 575 E 20th (which I got from the City’s list of site plan submittals) didn’t provide much of a clue either. That’s the address of a relatively new, 3-story apartment building. From what I can tell not much has been made public about this project so I guess it’s going to have to remain a mystery for now. If it is a NAVA project, I just hope the design is as striking as what they have planned for Sloan's Lake.

[Robert.hampton]

Originally Posted by Sam Hill

I happened to be in that neighborhood yesterday so I walked through there to see if I could glean any clues. There was plenty of signage indicating that the vacant lot north east of the park is for sale. The address of 575 E 20th (which I got from the City’s list of site plan submittals) didn’t provide much of a clue either. That’s the address of a relatively new, 3-story apartment building. From what I can tell not much has been made public about this project so I guess it’s going to have to remain a mystery for now. If it is a NAVA project, I just hope the design is as striking as what they have planned for Sloan's Lake.

Pretty sure it is this lot:
http://x.lnimg.com/attachments/586B3DF7-A962-4137-B16B-706470F1AD4F.pdf

But also pretty sure that massing isnt really relevant.

[rds70]

It looks like work is finallly starting on Legacy on Speer. There was construction equipment on the site this afternoon.

[CherryCreek]

I suppose its hard to say for certain, but I do wonder whether existing projects under construction in the City of Denver constitute the most amount of construction under way at one time in the City's history.

I would think only the 1979 to 1985 era rivals what we have today and that was more one-dimensional in focus - i.e., downtown office towers.

[COtoOC]

Originally Posted by CherryCreek

I suppose its hard to say for certain, but I do wonder whether existing projects under construction in the City of Denver constitute the most amount of construction under way at one time in the City's history.

I would think only the 1979 to 1985 era rivals what we have today and that was more one-dimensional in focus - i.e., downtown office towers.

I've never lived anywhere that had this much construction going on for so long. Denver amazes me!

[TakeFive]

Originally Posted by rds70

It looks like work is finallly starting on Legacy on Speer. There was construction equipment on the site this afternoon.

That's exciting news if true. Was afraid that one might be (temporarily) mothballed given we hadn't heard a thing since the original announcement.


CherryCreek... Without question I'd think.

Adding Legacy to the list it's impressive what has already broken ground in 2017. It feels like there's a rush to get started for those far enough along and capable of taking advantage of money that's available at still reasonable rates.

Originally Posted by COtoOC

I've never lived anywhere that had this much construction going on for so long. Denver amazes me!

I agree, it's awesome to experience.

[TakeFive]

Originally Posted by rds70

It looks like work is finallly starting on Legacy on Speer. There was construction equipment on the site this afternoon.

Update:


Renderking courtesy: ktgy

322-unit apartment complex to break ground in Golden Triangle
Feb 15, 2017 by Molly Armbrister - Denver Business Journal

Legacy Partners and USAA Real Estate Co. broke ground on a 322-unit apartment complex on Speer Boulevard between 13th and 14th streets.

The seven-story luxury complex, called TriVista on Speer, will be built on 2.3 acres and is expected to be complete in 2019.

[BG918]

Originally Posted by COtoOC

I've never lived anywhere that had this much construction going on for so long. Denver amazes me!

I can't believe all of the apartments still going up, thinking that has to cool off sometime soon. Same with office towers especially downtown. The market needs time to absorb all that new space. The Tech Center seems to have additional demand and office construction could continue there.

Infill townhomes will continue going up everywhere the zoning allows as long as the economy stays strong and people keep moving to Denver. I don't have any hard evidence of this except for what I notice living in south Denver but the infill SFH market appears to be slowing down. That market has been squeezed as prices for scrape & builds reach the $700-800's in neighborhoods like Wash Park. Still lots of SFH infill but more of it now pushed out of the high price neighborhoods.

The big question mark remains if Denver is going to see a rash of new condo built like we did in 2006-2008 and if construction defects reform will happen and/or make a big impact. One of the first new large-scale urban condo projects to be built recently outside of Cherry Creek is underway at 26th & Lawrence: S*Park. If successful that could hopefully lead to more condo projects if developers are comfortable with the risk profile.

[Denver]

Originally Posted by BG918

The big question mark remains if Denver is going to see a rash of new condo built like we did in 2006-2008 and if construction defects reform will happen and/or make a big impact. One of the first new large-scale urban condo projects to be built recently outside of Cherry Creek is underway at 26th & Lawrence: S*Park. If successful that could hopefully lead to more condo projects if developers are comfortable with the risk profile.

There are actually quite a few condo projects under way:

The Coloradan- 356 Units
Lake House (Sloans Lake)- 206 Units
S*Park- 91 Units
Laurel Cherry Creek- 71 Units
Factory Flats- 32 Units
Ogden Flats- 29 Units
Wrigley on Penn- 29 Units
Streetcar Lofts- 17 Units

For a total of 832 condo units currently under construction (I may have missed some)

There are even more in the pipeline. However, what these buildings all have in common are no units under 500k.

[Scottk]

Originally Posted by COtoOC

I've never lived anywhere that had this much construction going on for so long. Denver amazes me!

Don't worry a recession is coming soon !

[COtoOC]

Originally Posted by Scottk

Don't worry a recession is coming soon !

Or nuclear strike on Denver. That'll leave a mark on the housing market for sure.

[COtoOC]

Originally Posted by BG918

I can't believe all of the apartments still going up, thinking that has to cool off sometime soon. Same with office towers especially downtown. The market needs time to absorb all that new space. The Tech Center seems to have additional demand and office construction could continue there.

Infill townhomes will continue going up everywhere the zoning allows as long as the economy stays strong and people keep moving to Denver. I don't have any hard evidence of this except for what I notice living in south Denver but the infill SFH market appears to be slowing down. That market has been squeezed as prices for scrape & builds reach the $700-800's in neighborhoods like Wash Park. Still lots of SFH infill but more of it now pushed out of the high price neighborhoods.

The big question mark remains if Denver is going to see a rash of new condo built like we did in 2006-2008 and if construction defects reform will happen and/or make a big impact. One of the first new large-scale urban condo projects to be built recently outside of Cherry Creek is underway at 26th & Lawrence: S*Park. If successful that could hopefully lead to more condo projects if developers are comfortable with the risk profile.

I live in Stapleton (have for 12 years) and it's getting close to built out for SFHs. South of I70, the only houses being built are actually in Aurora. I think I read that the SE corner of Central Park and MLK has something in the pipeline. Condos or apartments. Then the TOD area by the train station. North of I70, I believe they're getting closer to buildout.

[TakeFive]

Tis the Season for Breaking Ground, so let's break some more

Photo courtesy: Burl Rolett via BusinessDen

300 apartments soon to go vertical on S. Broadway
FEBRUARY 15, 2017 By BURL ROLETT

Broadway’s Gates site is about to start humming with even more development.

The Hanover Co. will break ground on a 303-unit apartment building at Broadway and Arizona Avenue in coming weeks, said Ryan Hamilton, who leads the Denver branch of the Texas-based apartment developer.

It will be a two-year build for the company, which recently constructed the Gables Speer Boulevard complex farther north at Sixth Avenue and Speer Boulevard.

You have financing then?

Hanover Co. bought the site in a deal that closed last week. The company paid $8.6 million for the land, which covers about two acres with both Broadway and Lincoln Street frontage.

Wallace Garcia Wilson is the architect, and Hanover’s in-house construction team will be the general contractor. MidFirst Bank is financing the project, Hamilton said.

[EngiNerd]

Originally Posted by BG918

I can't believe all of the apartments still going up, thinking that has to cool off sometime soon. Same with office towers especially downtown. The market needs time to absorb all that new space. The Tech Center seems to have additional demand and office construction could continue there.

Infill townhomes will continue going up everywhere the zoning allows as long as the economy stays strong and people keep moving to Denver. I don't have any hard evidence of this except for what I notice living in south Denver but the infill SFH market appears to be slowing down. That market has been squeezed as prices for scrape & builds reach the $700-800's in neighborhoods like Wash Park. Still lots of SFH infill but more of it now pushed out of the high price neighborhoods.

The big question mark remains if Denver is going to see a rash of new condo built like we did in 2006-2008 and if construction defects reform will happen and/or make a big impact. One of the first new large-scale urban condo projects to be built recently outside of Cherry Creek is underway at 26th & Lawrence: S*Park. If successful that could hopefully lead to more condo projects if developers are comfortable with the risk profile.

I read somewhere the other day about the vacancy rate for commercial is still quite high because of the losses in the O&G sector. The big driving force right now for construction, at least for commercial, is most definitely the cheap loans that can be had, and the still rising property values. As long as people keep moving here and droves, that probably won't slow down for the foreseeable future either.

[Alchemist]

[QUOTE=TakeFive;7714387]Tis the Season for Breaking Ground, so let's break some more

Photo courtesy: Burl Rolett via BusinessDen

300 apartments soon to go vertical on S. Broadway
FEBRUARY 15, 2017 By BURL ROLETT

Hanover has a rendering of the project. Click the link for Hanover Broadway Station - Denver
http://www.hanoverco.com/construction

It does look similar to their Speer project, but it looks like there might be ground floor retail. Which would be good, since this is on Broadway. Overall, a good filler project for South Broadway.

[BG918]

[QUOTE=Alchemist;7715226]

Originally Posted by TakeFive

Tis the Season for Breaking Ground, so let's break some more

Photo courtesy: Burl Rolett via BusinessDen

300 apartments soon to go vertical on S. Broadway
FEBRUARY 15, 2017 By BURL ROLETT

Hanover has a rendering of the project. Click the link for Hanover Broadway Station - Denver
http://www.hanoverco.com/construction

It does look similar to their Speer project, but it looks like there might be ground floor retail. Which would be good, since this is on Broadway. Overall, a good filler project for South Broadway.

Not bad looking and much better than the multi-colored apartments to the north. I wonder if the actual Gates site on the west side of Broadway from Mississippi to I-25 will be developed during this cycle or the next one? I-25/Broadway station could be a great TOD one day.

[Tykendo]

"Soon to go vertical", NOT! I went to the website and saw the tower, and went WOW!, then I clicked on the Denver project, and went, whatever. Like said, "just another filler".

[twister244]

Pretty good article from Denverite on the proposed Hurley project in RiNo.....

https://www.denverite.com/250-million-plan-finally-make-rino-riverfront-29537/