DENVER | Main Development Thread #7

[TakeFive]

This Post is based on a True Story

The office market is so bad that a RiNo office building will be converted into a FARM.

https://www.bizjournals.com/denver/n...et-denver.html

A vacant office building at the gateway to Denver's River North Art District is poised to be converted to a high-tech farm and fresh produce market following a sale to a local firm.

Breedlove Capital, a Denver-based family office, recently purchased the two-story office building and adjacent surface parking lot at 2401 Larimer St., along North Broadway, for $3.38 million, according to property records. The company plans to work with a yet-to-be-announced tenant to outfit the building with a hydroponic farm and associated retail space that will be used to sell the daily harvest directly to consumers.

An on-site chef will also be preparing food using the farm's produce — think salads, juices and healthy snacks, said Stephanie Breedlove, who co-founded Breedlove Capital alongside her husband, Bill.

I got a kick out of this

Originally Posted by The Dirt

That whole development is like Benjamin Button. 15 years ago it was a fairly mature, if not boring and unimaginative proposal. Today, it's some sort of 60s strip mall / used auto dealership coked up fever dream.

Originally Posted by SirLucasTheGreat

At any rate, anybody see any cool retail open anywhere recently? I saw the new Choice Market in Golden Triangle and it looked dope.

.....

.....
All photos courtesy of Choice Market via ConvenienceStore News


Inside the New Frictionless Choice Market
04/21/2021 - Convenience Store News

DENVER — Choice Market is redefining the convenience store model with the debut of one of the world’s largest contactless and frictionless markets.

Located at 939 Bannock St. in Denver, the 5,000-square-foot market features the brand's revolutionary Choice: NOW shopping experience, an omnichannel platform that allows guests to step into the future via a fully frictionless grocery shopping journey powered by Aifi, according to Choice Market.

This article is from an industry publication for convenience stores and they are as pumped up as is SirLucasTheGreat.

"This is a huge moment, not only for us, but for the entire industry. We are beyond excited to partner with AiFi to launch our Choice: NOW shopping experience, which provides our customers a contactless, convenient and independent shopping option," said Choice founder and CEO Mike Fogarty. "In conjunction with our high-quality, personalized scratch kitchen, in-house native delivery, and click and collect options, we are providing our customers with choice in terms of how they shop and ultimately creating a disruptive business model that is reinventing convenience."

This is cutting edge stuff, apparently.

According to Steve Gu, co-founder and CEO of Aifi — provider of reliable, cost-effective and entirely contactless autonomous shopping with AI-powered computer vision technology — Choice Market Bannock is the largest camera-only store that the company has launched in the United States to date.

For those that are unaware, "Choice Market Bannock is conveniently located on the ground level of Parq on Speer."

[coolmandan03]

Originally Posted by TakeFive

This Post is based on a True Story

The office market is so bad that a RiNo office building will be converted into a FARM.

https://www.bizjournals.com/denver/n...et-denver.html

Lets not pretend that this "office building" turning into a farm is like an actual office building or any sign of the office real estate market. I can't imagine how it houses offices in the first place... and it has been sitting vacant long before COVID.

[gopokes21]

Originally Posted by The Dirt

I generally agree with most of what laniroj says, but that just felt like a non-sequitur meant to trigger "liberals". Sure, some on the left are super preoccupied with virtue signaling on their way down ther purity spiral, but it's a stretch to suggests that corporations that spent the 60s-90s measuring their dicks are somehow related. Trends change and the trend of flashy corporate HQs went away far before woke culture.

Wait - you don't see how corporate greed is connecting to where liberalism is at today?

[TakeFive]

Denver is merely average and well behind other peer cities

Study: Denver worker burnout at an all-time high
Jun 10, 2021 by: Kevin Torres - KVDR

DENVER (KDVR) — There’s new research out showing Denver worker burnout levels are at an all-time high. The study conducted by the world’s largest staffing firm, ‘Robert Half’, shows a sharp uptick in burnout levels compared to this same time last year; and in many cases, the levels are considered severe.

According to the brand new data, 44% of Denver workers say they are more burned out now than in June of 2020; that’s up a jarring 34% (from June 2020).

Context please

https://www.wsoctv.com/news/local/mo...FUVO36AG3ZH3U/

And workers in the Queen City are feeling it more than their counterparts in most other parts of the U.S. Charlotte is tied with Chicago as the places where the largest share of workers — 55% — feeling more burned out than they did a year ago, according to staffing giant Robert Half International.

https://www.seattlemet.com/health-an...urnout-is-real

Half of Seattle workers surveyed by global staffing firm Robert Half feel more burned out than they did a year ago... That number tied for third among cities in the U.S., ahead of pressure cookers like New York and DC.

https://www.bizjournals.com/phoenix/...in-top-10.html

....a new study by California-based staffing company Robert Half that shows 49% of Phoenix’s workforce is experiencing burnout. Phoenix tied for seventh with Houston among the 28 cities surveyed. Phoenix was behind Charlotte, Chicago, Atlanta, Cincinnati, Dallas, and Seattle, which all saw 50 to 55% burnout rates.

Thank you

So being merely average (44%) is a good thing.


Photo courtesy Visit Denver

[Sam Hill]

Originally Posted by gopokes21

Wait - you don't see how corporate greed is connecting to where liberalism is at today?

Please don’t anyone take this bait. ^ Let’s see if we can prevent this thread from becoming a shit-show for the next 8 pages.

[Sam Hill]

The first phase of Hurley Place, two 12-story mixed-use towers in RiNo, will begin in 2022

[SirLucasTheGreat]

That part of RiNo between 38th, 35th, Brighton, and the Platte River is really exciting. This project will be a great addition along with the under construction RiNo promenade and The Current. Is the Watershed still going to be built?

[TakeFive]

Quite the Character

Originally Posted by Sam Hill

The first phase of Hurley Place, two 12-story mixed-use towers in RiNo, will begin in 2022

Photo courtesy Kevin J. Beaty/Denverite.
"Accidental developer" Bernard Hurley speaks to a reporter inside his warehouse on Chestnut Place, a few blocks off Brighton Boulevard. Sept. 24, 2019.

Back in October of 2019 David Sachs interviewed Bernard and wrote a nice piece (also for Denverite) that is just a fun and fascinating read.

He’s the son of an FBI agent — “God bless his soul,” he says — who drew rigid lines. Hurley promptly colored outside of them.

“He was a pretty tough guy and pretty heavy-handed in his opinion of life and stuff like that,” Hurley said. “So I rebelled. And then that rebellion just got bigger and bigger and it was almost like I was trying to hurt my dad, but at the same time I was hurting myself worse than I was hurting anybody.”

He hurt his family too. Though they’re reunited now, his children were placed in the witness protection program to hide them from Hurley’s co-defendants.

Image courtesy of Menalto Development

Hurley’s development company, Menalto, along with the Chicago-based developer The John Buck Company are in the final stages of creating a site development plan, which will then move to the city for approval. They hope to begin construction in the first three months of 2022.

Since they've yet to start the City approval process there's still an arduous road ahead but it's nice to see they have a designated architect in Semple Brown.

[Robert.hampton]

I am fairly heartened to see Amacon is still slowly pulling permits for the twin towers on Block 176. Really will be a game changer to activate that part of upper downtown/A Square with another 800+ warm bodies that aren't leaving after work.


On a nearby note -- that depressing stretch of land barges on welton is going to get even more awful when the next land barge finishes off on the west side. Every time I drive by there (because aint nobody walking on those blocks) it makes me a little sad and I think the parking lots they replace might have had more character, and certainly more ground-level activation.

[TakeFive]

Hello Lincoln Park

200-unit apartment project proposed in Denver's Lincoln Park neighborhood
Jun 11, 2021 By James Rodriguez – Reporter, Denver Business Journal

A pair of developers have proposed a 200-unit apartment project on a roughly 1.5-acre parcel in Denver's Lincoln Park neighborhood, according to a concept plan filed with the city.

The proposed five-story apartment building would be built at 1530 W. 13th Ave., just south of Metropolitan State University of Denver's Regency Athletic Complex, near Colfax Avenue and Interstate 25. The majority of the building’s units (65%) would be one-bedrooms, with 27% two-bedrooms and the remaining 8% studios, according to the concept plan.

This project has a ways to go but it's a start.

Short Elliott Hendrickson Inc. submitted the plan on behalf of Jeff Shanahan, of Shanahan Development, and Scott Pedersen, of Pedersen Development Co.

Shanahan Development is also the developer of La Tela affordable Condos which is largely finished.

1530 W 13th Ave outlined in yellow.


Source

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Originally Posted by Robert.hampton

On a nearby note -- that depressing stretch of land barges on welton is going to get even more awful when the next land barge finishes off on the west side. Every time I drive by there (because aint nobody walking on those blocks) it makes me a little sad and I think the parking lots they replace might have had more character, and certainly more ground-level activation.

Are you trying to get me to believe that the people who live in those building never go anywhere? They never walk to work or to a baseball game or out to eat or drink? Hmm, well at least it's nice to have all those warm bodies (assuming of course they're still warm).

I kid and while nicer architecture would have been much preferred, given the challenging retail market it is nice to have all the residents for helping keep those nodes of activity viable wherever they exist in downtown. And as I've suggested before I am impressed by the overall quality of construction, generally. At the least they've help to develop Arapahoe Square

With respect to Amacon/Block 176, word on the street is that speculation is 'starting' to come out of the cost of lumber and hopefully other commodities. It will likely take some time (six months ?) but Amacon's timing may be quite good.

[SirLucasTheGreat]

I saw this on the west side of the Evans school in Golden Triangle. Is Lennar getting ready to break ground on another one of their many GT projects?

[wong21fr]

Nonprofit CEO: Johnson & Wales purchase ‘an amazing opportunity’
BusinessDen

The next chapter of the former Denver campus of Johnson & Wales University has begun.
Denver-based nonprofit Urban Land Conservancy closed on the purchase of the 13-building, 25-acre campus at 7150 Montview Blvd. in South Park Hill on Tuesday.
ULC President and CEO Aaron Miripol told BusinessDen the organization — which has users lined up for every structure — paid approximately $62 million.
That transaction was the first of a three-part deal, which saw ULC immediately resell portions of the campus to Denver Public Schools and the Denver Housing Authority, while retaining ownership of the remainder.

So the site will provide for two schools, a business incubator/development center (the shared kitchen), six buildings of affordable housing with several hundred units, and development potential for future affordable housing.

How long before Greater Park Hill starts bitching at the prospect of affordable multi-unit housing being built in their little enclave?

[Sam Hill]

Originally Posted by wong21fr

How long before Greater Park Hill starts bitching at the prospect of affordable multi-unit housing being built in their little enclave?

Speaking of NIMBYs, I was on a run a few weeks ago, on 7th Ave somewhere south of Cheesman Park, and this group called Safe and Sound Denver tried to get me to sign their petition. Apparently they were appalled by city council’s decision to change the City’s zoning to basically allow people to have roommates, and they’re trying to repeal it or something.

Something really rubbed me the wrong way about their use of the word “safe.” What do you mean, “safe?” People that are too “poor” to afford a big ol giant house all for themselves are some kind of threat? They somehow make the neighborhood less “safe?”

I can’t remember what I said exactly but I told them off.

[Agent Orange]

Originally Posted by Sam Hill

Speaking of NIMBYs, I was on a run a few weeks ago, on 7th Ave somewhere south of Cheesman Park, and this group called Safe and Sound Denver tried to get me to sign their petition. Apparently they were appalled by city council’s decision to change the City’s zoning to basically allow people to have roommates, and they’re trying to repeal it or something.

Something really rubbed me the wrong way about their use of the word “safe.” What do you mean, “safe?” People that are too “poor” to afford a big ol giant house all for themselves are some kind of threat? They somehow make the neighborhood less “safe?”

I can’t remember what I said exactly but I told them off.

Heard about this. Makes me livid. Honestly I've been hoping to get approached by one of those petitioners, or the ones trying to preserve the Park Hill golf course as a tumbleweed preserve for eternity. Or God forbid, if they're still out there, the Front Range growth cap people. I'd really like to try to test the logic of these proposals. Lately I've only run into the Greenpeace/anti-bullying petition people though.

[laniroj]

Originally Posted by TakeFive

Hello Lincoln Park[SIZE="3"]...With respect to Amacon/Block 176, word on the street is that speculation is 'starting' to come out of the cost of lumber and hopefully other commodities. It will likely take some time (six months ?) but Amacon's timing may be quite good.

Lumber had it's worst week ever last week, but it's still 40% above 2020 and still north of $1k/1k board ft. $500 would be reasonable given inflationary pressure. Not that this matters for Amacon though because they probably don't have one single stick in their design, except for maybe a sidewalk shelter.

[bunt_q]

Originally Posted by laniroj

except for maybe a sidewalk shelter.

Which I am sure the City will let them skip because, well, Denver...

[The Dirt]

I thought that the lack of sidewalk shelters for some of the new projects was due to plans being approved prior to the rule? Are exemptions actually possible with the new rules?

[rds70]

Rendering of the 14 story LMC building planned at the southeast corner of 10th and Bannock. 244 units, 4900 square feet of retail:


Courtesy: SAR

[SirLucasTheGreat]

Definitely prefer the other Lennar building on that block but at least it doesn't have the exposed parking podium like Civic Lofts

[TakeFive]

These are crazy, unique times we are a livin' in

Originally Posted by laniroj

Lumber had it's worst week ever last week, but it's still 40% above 2020 and still north of $1k/1k board ft. $500 would be reasonable given inflationary pressure. Not that this matters for Amacon though because they probably don't have one single stick in their design, except for maybe a sidewalk shelter.

Markets are still volatile no doubt. Bitcoin popped today after tanking end of last week. Used car prices are on fire; vehicle rental rates through the roof.

Jamie Dimon says JPMorgan is hoarding cash because ‘very good chance’ inflation is here to stay
MON, JUN 14 2021 By Hugh Son/CNBC

This is currently the Great Debate. Team Biden is 'considering' dropping the lumber tariffs on Canada. Then the next thing is to find the drivers to move lumber along with other products. There's still various bottlenecks with different parts of the supply chain.

Construction costs, residents needing more space and investors impacting metro Denver housing prices
June 11, 2021 By: Russell Haythorn - The Denver Channel/7Denver

Article nicely summarizes the various issues but one thing caught me by surprise.

Making matters even more complicated – a flood of investors eyeing metro Denver and the Front Range.

Abbey recently met with a couple of investor clients from northern California looking to buy dozens of homes here as investments. “And they are fine paying retail value, plus 10 to 15%,” Abbey said. “You overpay 20% on the house, the way the market is going right now, you’ve made that back up in four months. Nobody cares.”

What could possibly go wrong?