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February 2015   

 

 

The Road Ahead Addresses the Parking Conundrum

 

The Road Ahead is Transportation Solutions' ongoing series of seminars to bring to the dialogue cutting-edge and practical topics and research in transportation options that balance economic, environmental and health considerations to meet today's and future needs.

 

THE ROAD AHEAD - The Parking Conundrum

Dynamic Strategies for an Evolving World

 

April 2nd, 2015

Infinity Park Event Center

4400 E Kentucky Ave, Glendale, CO

Half day - morning event

 

http://www.transolutions.org/roadahead/

 

The keynote speaker at The Road Ahead in 2015 will be Jay Primus Manager of SFpark in San Francisco, one of the most innovative municipal parking programs in the country:

 

http://sfpark.org/

 

The event attracts elected officials, policymakers, private developers and transportation industry leaders.  Contact Alex Mehn atamehn@transolutions.org with questions.

 

 

Stand Up For Transportation Day

 

On April 9, the American Public Transportation Association (APTA) will be sponsoring a national advocacy day to draw attention to the need for increased funding for our nation's transportation infrastructure, including roads, bridges, public transit and more.  On May 31, the current federal transportation funding bill, Moving Ahead for Progress in the 21st Century (MAP 21) will expire.  By that date, Congress will either need to extend the bill again or create a long-term solution. 

 

The transportation industry, in near unanimity and over 100 cities across the country area advocating for a long-term, sustainable and reliable transportation funding bill instead of an extension of MAP 21. As the APTA chair, Phil Washington, CEO of RTD has made raising awareness about the need for federal funding for  transportation one of his main priorities. RTD and partners across the country will be holding a special event to encourage representatives to support a long-term transportation funding solution.

 

Join RTD and partners at Stand Up for Transportation Day on Thursday, April 9 for the Unity Parade at 10 AM from Market Street Plaza (16th & Market) to Denver Union Station.  A rally will follow at Denver Union Station's Wynkoop Plaza.  The event will be introduced by a Signature Bus Tour from March 14 - April 4 around the district where supporters can sign the bus as a visible show of support.  Stand up together and send a united message to the U.S. Congress to pass a long-term transportation spending bill to keep transportation moving.  For complete information about SU4T Day, visit:

 

http://www3.rtd-denver.com/elbert/news/index.cfm?id=6359

 

Until then, have a little fun with this problem and watch HBO's John Oliver of Last Week Tonight on the topic:

 

http://www.latimes.com/entertainment/tv/showtracker/la-et-st-john-oliver-movie-stars-infrastructure-20150302-story.html

 

RTD has been granted funding for numerous projects by the State of Colorado Funding Advancements for Surface Transportation and Economic Recovery Act (FASTER) grant program FASTER program.  One of them will be Bus Rapid Transit (BRT) along East Colfax Avenue. The Colorado Department of Transportation (CDOT) has made a change to the program so it now designates $3 million annually in FASTER funds directly for RTD. The projects submitted for 2016 approval include the East Colfax/15L Transit Enhancements Project for $770,000.  RTD has also received a Federal Ladders of Opportunity grant to fund the project to reduce travel time and increase security and ridership. The project includes: stop amenity improvements (repair and replace existing amenities; lighting; shelters; security cameras), bus bulbs at a few locations, transit signal priority (TSP), and bypass lanes/queue jumps similar to the queue jump at East 13th Avenue/Lincoln Street. The project extends along East Colfax from Broadway to Potomac (near I-225). It is important to note that from Yosemite to Potomac, the project will only include improved stop amenities

 

RTD staff is participating in Denver's Alternatives Analysis/Environmental Clearance study to consider further East Colfax transit optionsbetween I-25 near the Auraria campus to the Anschutz/Fitzsimons medical campus near I-225. The project team has completed the Alternatives Analysis and determined that the preliminary locally preferred alternative is more Bus Rapid Transit (BRT) as described above such as exclusive bus lanes during peak periods. Public meetings that presented the preliminary locally preferred alternative were held in August. The meetings were well attended and the public expressed mostly support, but the City of Aurora publicly stated that they cannot support any alternative on Colfax at this time without additional detailed traffic analysis. The next step is an Environmental Clearance phase which is scheduled to begin in the coming months.

 

RTD, in partnership with the City and County of Denver and the Downtown Denver Partnership selected ZGF Architects LLP as the prime consultant to lead the Civic Center Station Transit District Master Plan. The ZGF team is joined by local consultants Steer Davies Gleave, GBSM, among others. The Master Plan will develop short, medium, and long-term strategies to enhance multi-modal connectivity, boost economic development, and improve the public spaces in and

around Civic Center Station.

 

Denver City Council Member Jeanne Robb reports regarding the plannedCentral Denver Recreation Center at Colfax/York Street.  The new recreation center will include an 8 lane lap pool, a leisure pool, a gym, a cardio/weight area, exercise space, and community rooms. Construction costs have increased significantly, so Council recently appropriated an additional $6 million to the construction budget. Final demolition has been completed.  The city and stakeholders hope to add two more lanes to the lap pool, have a climbing wall for the outside of the building, and create a roof-top event space with a catering kitchen, terrace, and community room.  So they are actively looking for financial sponsors and making the Parks and Recreation naming policy available to them.

 

Council Member Robb reports that Continuum Partners closed on the purchase of the property formerly owned by the University of Colorado at 9th and Colorado Boulevard. They are mobilizing their contractor and work will begin immediately! Continuum's agreement with Denver Urban Renewal Authority which Council approved requires at least 100 affordable units in the overall development. More at:

 

www.9thandcolorado.com

 

A partnership of Mile High Development and Koelbel plans to develop a112-unit affordable apartment building as part of the development. The building will be constructed at 1126 Ash Street, occupying a site between East 11th Avenue and Hale Parkway. The development group plans to seek funding assistance from the Colorado Housing and Finance Authority. Construction, pending that funding, is due to be completed in 2017.

 

Storm Water Improvements between 2nd and 3rd on Columbinewhich will mitigate ongoing flooding issues in the area, are now being done in the 200 block of Columbine. Once this second phase on Columbine is completed there are two more phases moving east on Third and north on Detroit to Fourth.  The entire project will be complete in May. Keep up with the project at:

 

www.denverstorm.com

 

In the past year, a couple of proposals to build 40 to 55 apartments with no parking have been brought to the attention of Council Member Robb and Community Planning and Development (CPD). She asks, "Is the total exemption from parking too much? Did we consider this small, multi-unit concept when the 2010 Zoning Code was passed?"  Councilwoman Robb is exploring potential changes to this exemption and has met with concerned citizens, CHUN, and INC, affordable housing developers and business districts.

 

Liberty Global will relocate its headquarters from Douglas County to downtown Denver. The international telecommunications company leased over 70,000 square feet in the Triangle Building, which is currently under construction at 1550 Wewatta Street near Denver Union Station. Liberty Global will move from its current 40,000 square feet of space on Liberty Boulevard in the Inverness business park. The 225,000 square foot Triangle Building is being developed by East-West Partners and will be completed by the fall of 2015. Liberty Global's management cited the Triangle Building's proximity to Denver Union Station and its 2016 commuter rail connection to Denver International Airport and the downtown environment among the reasons for the move.

 

Transamerica Corporation will relocate its Denver operations from the Denver Tech Center to downtown Denver. The San Francisco-based financial services company leased 121,000 square feet in 1801 California Street. The move by the end of 2015 will double the size of Transamerica's local operations and allow employment to increase to about 650.

 

Stoltz Real Estate Partners bought the Elephant Corral, a 66,200 square foot office property in downtown Denver. The two buildings are located at 1408 and 1444 Wazee Street and were constructed on the site of one of Denver's first buildings, a corral and stage station that started when Denver was settled as a gold mining camp in 1858. The sale price was $17 million, including two adjacent parking lots. The seller was Elcor Partners Ltd, which was represented by Greg Baukol of CBRE.

 

White Lodging plans to start construction this spring on a dual-branded hotel tower at 15th and California Streets near the Colorado Convention Center. The 18-story building will combine an AC Hotel and a Le Meridien Hotel with a total of 491 rooms. The Indianapolis-based company plans to complete construction by early 2017.

 

Zeller Realty Group bought 1401 17th Street, a 16-story office building in LoDo. The 191,151 square foot building, also known as Alamo Tower, was acquired from an investment group including Lowe Enterprises Investors for $75 million, or about $392 per square foot. In 2013 Chicago-based Zeller purchased the nearby Guaranty Bank Building at 1331 17th Street.

 

Novare started site work for Skyhouse Denver, a 25-story apartment tower at 1776 Broadway in downtown Denver, across the street from the Brown Palace Hotel. The Atlanta-based company has developed, or is developing, similar apartment projects in Atlanta, Austin, Charlotte, Dallas and Raleigh. Skyhouse Denver will contain 354 units and will be completed by mid-2016.

 

City Office REIT bought the Logan Tower, a 69,968 square foot office building at 1580 Logan Street in downtown Denver. The Vancouver-based company paid DPC Development Company $10.5 million, or about $150 per square foot. The ten-story building was constructed in 1983.

 

The Denver City Council unanimously approved a zone change that will allow construction of a 12-story condominium building at the site of theformer St. Anthony's Hospital in west Denver. NAVA Real Estate sought the change to allow construction of the 226-unit building at the southwest corner of West 17th Avenue and Raleigh Street, across from Sloan's Lake Park. The building is part of a 19-acre mixed use development on the site of the former hospital. Construction is scheduled to begin in the spring of 2016.

 

The design for 2300 Welton Street was revealed in the Denver Infill website by the project's architect, Humphreys Poli. The four-story building will contain 223 units and be constructed by Century Development on the east side of Welton Street between Park Avenue West and 24th Street, across from Lawson Park. The 2300 project is the latest in a string of apartment development announcements and starts along Welton Street between downtown and Five Points.

 

Littleton Capital Partners plans to start construction by mid-year on a 66-unit apartment project at Larimer and 35th Streets in the RiNo neighborhood. The building will also include about 10,000 square feet of retail space. The site is about five blocks from the future RTD commuter rail station at 38th and Blake streets.

 

BMC Investments and Sage Hospitality began construction on a $70 million hotel at 245 Columbine Street in the Cherry Creek North neighborhood. The 155-room hotel is being built on the site of the Case Building, which once contained a US Post Office branch. The seven-story hotel, which has not yet been named, will also include street level retail space.

 

The Broe Company plans to start construction this summer on a 30-story apartment building on South Downing Street at West Ellsworth Avenue. The building, which is essentially designed as two connected towers, will contain 533 units. It will replace several older buildings at the existingCountry Club Gardens apartments. Construction is scheduled to be completed in 2017.

 

The Preiss Company bought Vista Student Apartments, an 87-unit building at 1920 South University Boulevard near the University of Denver campus. Carmel Partners sold the eight-year old property for $25.4 million, or about $292,000 per unit. CBRE brokers Matt Barnett,Jaclyn Fitts, David Potarf, Ryan Reed and Daniel Woodward represented Carmel Partners.

 

Inland American Communities bought Asbury Green, a 171-unit apartment building oriented to University of Denver students. The Dallas-based investment company paid almost $41 million for the property at 2400 East Asbury Avenue east of the DU campus, or about $239,000 per unit. The seller was not identified. Inland American has renamed the building University House.

 

Denver Mayor Michael Hancock outlined the funding sources for the redevelopment of the National Western Stock Show complex in north Denver. Plans call for the property on Brighton Boulevard to be renovated and expanded with new buildings, including a horse center and medical facility, a new livestock center, additional event and public space and new streets and utilities. The cost is estimated to be about $856 million, funded by extension of Denver taxes on hotel rooms and rental cars, a state tourism grant and investments by the National Western and Colorado State University. The development project is expected to take about ten years and be completed in three phases. Extension of the existing taxes, now due to sunset in 2023, will be submitted to Denver voters.

 

The National Western Stock Show's 2015 run had a total attendance of over 682,000 people, the most since the record of 727,000 set in 2006. The 2015 attendance total was up 42,517 from 2014. The show also set a record for a single day attendance with 68,757 people on January 17.

 

A partnership of Central Development and DMI Real Estate purchased1660 South Albion Street in south Denver. The 111,786 square foot building was acquired for $9,880,000, or approximately $88 per square foot, from Sperry Equities. The seller was represented by Unique Properties LLC-TCN Worldwide broker Kurt Holzkamp. The building is located several blocks north of the Colorado Center RTD light rail station. RTD and the City and County of Denver recently constructed a pedestrian and bicycle bridge over I-25 to improve access to the station from the north.

 

Metropolitan Homes plans to develop a 120-unit apartment building for senior residents at 195 South Monaco Parkway in east Denver. Pending approval of a rezoning request by Denver City Council, the four-story building would replace a church on the site adjacent to Crestmoor Park.

 

 

 

 

 
 

 

 

 


 

 
Sponsorship of Real Estate Perspective and Cherry Creek Perspective by the Colorado Chapter of the Appraisal Institute does not constitute endorsement of James Real Estate Services, Inc. by the Chapter.
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