DENVER | Main Development Thread #7

[wong21fr]

Originally Posted by Paulopolis

Shoebox. It’s in one of the carts between Cleveland and Court on 16th. It’s owned by a nice British guy.

The man can resole a Goodyear welt in a cart? Well damn.

[RyanD]

Originally Posted by wong21fr

Greystar's proposal

Their concept plan for this went from “Resubmittal Required” to “Closed - Complete” recently. So that’s neat.

Edit: However, their variance for a curb cut on 17th Street got denied. The city stated that they need to utilize the alley for vehicular access.

[twalm]

Originally Posted by rds70

A couple of concept plans have been submitted in Belleview Station:

12 and 16 story residential buildings (150 for sale condos)

17 story office building (421,000 square feet)

Where can I find more information on these?

[TakeFive]

Side Pocket Topic

It appears that Metro Denver has been rediscovered and is being reimagined as focus for Biotech - Life Sciences.
NOTE: This industry was a hot topic over a decade ago but Denver/metro seemed over the years to lose as much space as it gained. But whether COVID-driven or what there's a new surge in future bioscience projects. The most recent decision of Medtronic's' expansion is one big assist.

Fitzsimons Innovation Community Breaks Ground on Bioscience 5 Building
August 12, 2021 By Mile High CRE


Rendering of Bioscience 5 building. Credit: CBRE

Fitzsimons Innovation Community—the largest and most ambitious research community of its kind in the Rocky Mountain Region—has broken ground on a new cell and gene therapy manufacturing building at the 125-acre science and technology campus in Aurora. Bioscience 5 will provide 90,000 square feet of flexible space designed to cater to the life sciences, a sector experiencing widespread growth in the wake of COVID-19. The building will be built speculatively to accommodate a range of functions: lab, office, distribution, manufacturing, assembly, and warehouse space. Construction is expected to be complete in the second quarter of 2022.

A recent article in the Colorado Sun builds on this theme.

The life sciences industry is booming. Here’s how it affects the Denver metro
Jun 9, 2022 By Margaret Fleming - Colorado Sun

The life science industry has thrived in Colorado for decades. But in the last year or two, more people are moving in and around Denver to research everything from diseases and medical devices to pharmaceuticals and drug discovery. That means there’s less space equipped with proper ventilation and technology and fewer labs available for research and development.

Lab vacancy is at 5.3% nationally, a record low, according to a quarterly report released by the real estate firm CBRE. In the Denver metro area, vacancy dropped from 4.2% at the end of last year to 1.7% in the first quarter of 2022.

“I can’t think of another industry where the success or failure of the company is so closely tied to the facility,” said Erik Abrahamson, a vice president at CBRE.

What does local demand look like going forward?

The report shows there are 33 active tenants in need of 1.3 million square feet in metro Denver, where the industry holds about 3.4 million square feet in labs as well as research and development spaces. The lack of available facilities — and high quality facilities in particular — is threatening to stifle the growth of the industry in Colorado.

Article in The Boulder Daily Camera highlights what is happening in that part of the metro area.

Maryland-based St. John Properties Inc. is building the 14-building Simms Technology Park on a roughly 80-acre parcel in Broomfield near the Rocky Mountain Metropolitan Airport that is expected to cater to biotech tenants.

Dallas developer Lincoln Property Co. and investor Federal Capital Partners are developing CoRE — Colorado Research Exchange in the Interlocken business park. The project will include 450,000 square feet in four buildings, with the aim of attracting life-sciences tenants.

Representing the single largest single-asset transaction in Colorado’s history, BioMed Realty LLC in April bought the roughly 1,000,000-square-foot, 22-building Flatiron Park campus from Crescent Real Estate LLC for $625 million with the goal of attracting more biotech tenants.

Why is this relevant to Denver specifically?

This much "high-end" growth will have significant impact for the whole metro area over the next five years.

[Denver]

Was driving through Cherry Creek recently and was pretty amazed by the amount of construction still happening in the neighborhood. Thought I would give a quick update:

300 University



Currently U/C. 50,000 sf of office and 9,000 of retail

300 Fillmore



Currently U/C. 45,000 sf of office and 9,000 sf of retail

235 Fillmore



Currently U/C. 80,000 sf of office and 9,500 of retail

200 Clayton



Currently U/C. 76,000 sf of office and 10,000 sf of retail.

[RyanD]

The record-breaking Summer 2022 DenverInfill Tower Crane Census is here! 35 tower cranes in Central Denver alone. This doesn't include DTC, Central Park, etc.

https://denverinfill.com/2022/07/tower-crane-census-summer-2022.html

River North is just bonkers right now:

[SirLucasTheGreat]

13 tower cranes in RiNo is insane. Did Union Station ever have that level of activity at once?

[RyanD]

Originally Posted by SirLucasTheGreat

13 tower cranes in RiNo is insane. Did Union Station ever have that level of activity at once?

The most I saw around Union Station, looking back at photos, is 7. If you want to include surrounding areas like CPV, Riverfront Park, which would be a fair comparison to River North, it hit 10 in Winter 2016.

[TakeFive]

Thanks for the cool Cherry Creek update

Originally Posted by Denver

Was driving through Cherry Creek recently and was pretty amazed by the amount of construction still happening in the neighborhood. Thought I would give a quick update:

Look at all those crane erections

Originally Posted by RyanD

The record-breaking Summer 2022 DenverInfill Tower Crane Census is here! 35 tower cranes in Central Denver alone. This doesn't include DTC, Central Park, etc.

River North is just bonkers right now:

I swear, if Denver gets any more erections bunt could go blind.

It does feel like we're in a bit of a lull so I wonder if 35 cranes will be the new record or if we can squeeze out one or two more cranes.

Alert: With all those cranes one has to wonder if Candi CdeBaca won't call for a crane moratorium?

[TakeFive]

New Residential High Rise Breaks Ground in Office-Heavy Tech Center
July 5, 2022 - Mile High CRE

Araceli
4552 So Ulster


Rendering courtesy of KTGY

Today, project partners celebrated the groundbreaking of Araceli, a modern apartment community in the Denver Tech Center. The project is significant because of the lack of residential options in the neighborhood. The building solves a need for convenient housing for those who work in the office-rich area.

KTGY, a leading full-service architecture, branding, interior and planning firm is the project architect. KTGY partnered with Legacy Partners (developer), Catamount Constructors (general contractor), Prescient (light gauge steel structure Designer/ Fabricator), Jordan & Skala Engineers (MEP), Studio 10 Interior Design (interiors), S. A. Miro (structural engineer), Terracon (geotechnical) and Kimley-Horn (landscape and civil engineer).

Pretty Interesting given the site.

Due to the small site with significant grade, KTGY took advantage of the slope to create a basement level, resulting in an approved building that appears to be 13-stories from the west and 12-stories from the east. Further, the KTGY team had to design within a unique triangle-shaped lot. The result is a building with two distinct wings. The west wing features a strong grid-like façade with red brick and contrasting gray metal, creating a sophisticated repetition; the east wing brings in the gray metal but alternates it with various-sized windows and balconies in orderly stacks.

The 236 one- to three-bedroom-plus-den units feature built-in desks and workspaces to accommodate the new hybrid work model.

[TakeFive]

New downtown development

Downtown Distribution Center
5601 Franklin Street


Courtesy of Cushman & Wakefield.

Phoenix-Based ViaWest Group Enters Denver Market
July 6, 2022 - Mile High CRE

Phoenix-based ViaWest Group, a full-service commercial real estate investment, development, and property management firm, will construct its first project in Denver, just north of downtown. The 134,400-square-foot Class A industrial facility will be named the Downtown Distribution Center.

Downtown Distribution Center will feature modern design and functionality for today’s logistics/distribution occupiers, including 32’ clear height, 28 docks high and 2 drive-in doors, heavy power, ESFR Sprinklers, ample trailer and auto parking, clerestory windows, and Class A office space built to spec.

[mishko27]

Originally Posted by TakeFive

New Residential High Rise Breaks Ground in Office-Heavy Tech Center
July 5, 2022 - Mile High CRE

Araceli
4552 So Ulster


Rendering courtesy of KTGY




Pretty Interesting given the site.

This is hopefully the future of DTC - fill in some of the parking lots with sizeable apartment and condo buildings, making this whole part of the city much more urbanized and walkable. I wish the city had a stronger vision as to what DTC looks like, because developers are creating their own pockets of walkability east of 25, rather than creating a strong urban core like Belleview Station. With enough density, though, it won't matter.

[Denver]

Originally Posted by mishko27

This is hopefully the future of DTC - fill in some of the parking lots with sizeable apartment and condo buildings, making this whole part of the city much more urbanized and walkable. I wish the city had a stronger vision as to what DTC looks like, because developers are creating their own pockets of walkability east of 25, rather than creating a strong urban core like Belleview Station. With enough density, though, it won't matter.

I think this will be the future for everything North of Belleview. I do not see Greenwood Village allowing anything like this anytime soon.

[TakeFive]

Part of the problem for north of Belleview is that much of the original development was of more moderate density.

I couldn't find any updates on Shea Properties rezoning request for Marina Square that happened in March of this year.

I can recall a few non-descript Colotexture buildings among a sea of parking. I think it may be the 'block' north of Union, east of S Ulster, west of DTC Pkwy that could make for a great mixed use development - some day.

Another area that could redevelopment nicely is north of I-225 and south of Quincy Ave west of DTC Blvd.

One of the nice things in preserving much of what is there is that as the landscape has matured over the years it's rocks.

[TakeFive]

Houston-based Hines and Chicago-based Cresset Partners paid $26 million for second project site near Mission Ballroom
July 7, 2022 By Thomas Gounley/BusinessDen



Image courtesy of Hines

[the] firms building a large apartment complex next to the Mission Ballroom concert venue in RiNo have bought land to do it again. The firms plan to build a 10-story, 392-unit apartment complex by the RiNo concert venue.

[Denver]

Construction Permits were just issues for a new hotel at 13th and Glenarm (previously reported by DI).

https://denverinfill.com/2019/03/new-project-13th-glenarm-hotel.html

I have found a rendering. Pretty meh but I guess it is better than a parking lot.

[DenvertoLA]

Originally Posted by Denver

Construction Permits were just issues for a new hotel at 13th and Glenarm (previously reported by DI).

https://denverinfill.com/2019/03/new-project-13th-glenarm-hotel.html

I have found a rendering. Pretty meh but I guess it is better than a parking lot.

I look at that rendering and think this should be income restricted housing. If only the city had funds for that kind of density.

[TakeFive]

Perhaps I can help you out with that

Originally Posted by DenvertoLA

I look at that rendering and think this should be income restricted housing. If only the city had funds for that kind of density.

Image courtesy TripAdvisor

https://denverite.com/2022/06/21/city-co...-unhoused-people-vulnerable-to-covid-19/

Jun. 21, 2022 By Kyle Harris/Denverite

City Council voted Monday to renew the city’s contract with Aloft Denver Downtown hotel, which has offered long-term shelter for 140 people experiencing homelessness... Aloft is one of four hotels in the city that the Department of Housing Stability has used to provide housing for that vulnerable population.

Specific to "income restricted housing"

Construction continues in Sun Valley and two new complexes are almost completed
July 8, 2022 By Desiree Mathurin/Denverite

Denver Housing Authority’s redevelopment of Sun Valley is creating a new mixed-income neighborhood.

Changes are still coming to Sun Valley.

Two new apartment complexes constructed and operated by the Denver Housing Authority, GreenHaus and Thrive, are nearing completion in the westside neighborhood and leasing is expected to begin by the end of this year.

Couple of nice photos by Denverite's Kevin J Beaty

Thrive Apartments




Greenhaus apartments



For anyone who enjoys following the redevelopment of Sun Valley, Desiree Mathurin does a splendid job of explaining the background and various income restrictions for these latest projects as well as where we've come from and what's still ahead.

[laniroj]

Originally Posted by SirLucasTheGreat

13 tower cranes in RiNo is insane. Did Union Station ever have that level of activity at once?

Travel to asia or the middle east and you'll never think 13 cranes anywhere, even a single block, is a lot again. Some projects over there have 50 cranes - a single project. 20th century Americans have no concept what real growth looks like.

[laniroj]

Originally Posted by mishko27

This is hopefully the future of DTC - fill in some of the parking lots with sizeable apartment and condo buildings, making this whole part of the city much more urbanized and walkable. I wish the city had a stronger vision as to what DTC looks like, because developers are creating their own pockets of walkability east of 25, rather than creating a strong urban core like Belleview Station. With enough density, though, it won't matter.

I'm elated the City hasn't provided more vision for DTC and instead has kind of left somewhat generous zoning for developers to figure out on their own. My bet is developers can do it better than planners - then again, I have a bias...