James Real Estate Services - Cherry Creek Perspective
 

 

Kenney Architechts

 

 

 

Newmark, Knight and Frank - Frederick Ross

Fidelity National Title Company
 
SKLD

Home Builder's Research

Colorado Comps

 

 
Fidelity National Title 

 
Katchen Company 

 

 

Black Lable Real Estate 
 


Cherry Creek North

Cherry Creek Chamber of Commerce

Cherry Creek Rotary Club

Glendale Chamber of Commerce

Cherry Creek Steering Comittee

Transportation Solutions
University of Denver - Daniels College of Business
Appraisal institute - Colorado Chapter

Cherry Creek Arts Festival

CCIM Colorado Wyoming Chapter
 

James Real Estate Services, Inc.
 
February 2016

 
JRES is pleased to announce our new website!
 


 

now includes easier access to our publications and more information about our real estate appraisal, market analysis and consulting services.

 
Transportation
 
The Road Ahead 2016: Jobs, Housing, Transportation: Leveraging the Benefits of TOD
 
The Road Ahead is an annual event combining important social and economic issues together with ongoing transit issue to seek out mutually beneficial solutions. The Road Ahead attracts a variety of different communities, including elected officials, policy makers, private developers, and transportation industry leaders. The presentation elicits animated dialogue from panelists with a passion for accessing the benefits of transit oriented developments in the Denver area.
 
  • WHAT: The Road Ahead 2016: Jobs, Housing, Transportation: Leveraging the Benefits of TOD. The twelfth annual seminar featuring presentations, a panel discussion and invitation-only luncheon.
  • WHO: Over 300 attendees including local and regional officials, state and federal government representatives, public and private sector participants, including developers and business leaders.
  • WHEN: Thursday, March 24, 2016, presentation: 8am-10:45am, invitation-only luncheon: 11am-12:30pm.
  • WHERE: Infinity Park Event Center, 4400 E Kentucky Ave, Glendale.
 
We are pleased to welcome nationally acclaimed public speaker and economist, Dr. Elliot Eisenberg. Dr. Eisenberg holds a Masters and Ph.D. in public administration from Syracuse University. He is the creator of the "Multifamily Stock Index." Dr. Eisenberg's research and opinions have been featured in Bloomberg, Business Week, Bureau of National Affairs, Forbes, and Fortune.
 
 
 
The new University of Colorado A Line from Union Station to Denver International Airport will open to the public on April 22 with 22.8-miles of new commuter rail serving eight stations, six Park-n-Rides and 4,329 parking spaces.
 
 
And here's a new video, Making Connections just released by RTD as it opens many of the new FasTracks lines in 2016.
 
 
Civic Center Station, which opened in 1984, is showing its age and RTD has been awarded grants from the state and FTA to redevelop the station. Plans for a multi-modal transit center include nine bus bays, a glass-enclosed terminal building, a new concourse, and public space with an open view from the 16th Street Mall to the State Capitol.  The RTD Board of Directors will vote on proposals received to redevelop the facility in early spring and pending approval, a contract will be awarded and construction will begin later this summer.
 
 
The Regional Transportation District's long-awaited MyRide smart card is not yet available to the public, but it's getting favorable reviews from riders who have been using the card in a pilot program since early January.  The card is in the hands of a little more than 2,000 members of the commuting public who are able to load money onto the card and scan it at light rail stations and on buses. Users get a 25-cent discount on fares. Transfers are included in the fare, with a three-hour window from the first scan.  RTD does not yet have online capability for users to load money on their MyRide cards or check their balance, but it should be available sometime this summer, according to RTD spokesman Scott Reed.  There is no set date for a release to the general public.
 
The Denver Post reports that San Francisco-based Gehl Studio has been working with Denver planning officials and the Downtown Denver Partnership since 2014 to boost the "linger" factor of the 16th Street Mall, part of a $650,000 initiative to improve the mall experience. In a report released recently Gehl said it will take not one change, but many that address infrastructure and activation, to truly revitalize the mall.  That could include additional tests that move the Free MallRide off the mall and to dedicated lanes on 15th and 17th streets, physical changes to the mall environment to emphasize its distinct zones, and expanding activities to flow down streets that intersect the mall.  Gehl's report includes dozens of recommendations aimed at providing different experiences along the mall, new transportation choices, lively edges between public and private space and wider investment.  The report also lays out a process in which incremental improvements would be tested and then rejected, refined or permanently adopted, avoiding any "major changes that later prove to be unsuccessful."
 
The Denver Business Journal reports that Denver plans to install 182 new street lights along the 16th Street Mall as a way to help mall visitors feel safer at night,  The purchase of $1.9 million on better lighting on the street was among the recommendations made during a recent security study of the mall performed by business services firm KPMG.  The new lighting will be paid for through tax-increment financing funds distributed by the Denver Urban Renewal Authority.  Denver and the DDP will launch a variety of initiatives in conjunction with the Gehl study's recommendations, including the expansion of the third-annual Meet in the Street event, set to kick off on June 25.  


 

During Meet in the Street, the buses are shifted to parallel 15th and 17th streets on a set number of Sundays in the summer and the 16th Street corridor becomes a pedestrian walkway. Restaurants expand patio space and various other attractions are lined up to attract people to the mall -- and keep them there.  Shuttles will be moved off 16th Street for five full weekends this summer, not just Sundays as in years past.  In addition, nine other weekends between Memorial Day and Labor Day will be used to test out various pilot programs meant to generate the same kind of activity on the mall as Meet in the Street, but with the 16th Street Mall shuttles running in their regular place.  During its initial study, Gehl found that pedestrian traffic on the mall increases by 30 percent during Meet in the Street and that 90 percent of businesses said that sales were the same or better when compared to Sundays when Meet in the Street was not being conducted.
 
The new free GoDenver app allows you to plan your trip using all available public and private types of mobility. The app provides public transit options in real time and allow users to compare transit options to decide the best route. The City and County of Denver is piloting the new mobility platform, powered by Xerox to help residents and tourists make transportation choices more easily. The Go Denver app also provides data-driven insights into how Denver's transportation infrastructure can be improved as the population continues to swell.
 


 

Mayor Michael B. Hancock announced the city's commitment to eliminate all traffic-related deaths and serious injuries on Denver's roadways. Denver's Vision Zero commitment seeks to reduce fatal crashes consistently year-over-year through numerous projects, policies and strategies, including increased coordination of city department work and community engagement.  In the coming months, Denver will develop a comprehensive Vision Zero action plan. The city will directly engage with community organizations, including the Denver Vision Zero Coalition, to create the plan. The city announced a number of actions for 2016, including development of a comprehensive strategic plan. The Vision Zero commitment is supported by an investment of $750,000 in Mayor Hancock's 2016 budget for planning, enforcement and education.
 
 
Residents of the eight-county Regional Transportation District (RTD) who are interested in public transit issues and community engagement are encouraged to apply for one of five vacancies on the RTD Citizens Advisory Committee (CAC).  The 17-member citizens group has advised the agency on its voter-approved FasTracks program for the past 10 years. The committee's role has been recently expanded to also advise RTD on its strategies and initiatives. RTD invites interested individuals to submit letters of application to serve on the all-volunteer panel. Appointment is for a three-year term, with an opportunity for one reappointment thereafter.  "RTD is one of the premier transit agencies in the country and this is an exciting time to be part of this organization and the impact it has on the region," Bob Rizzuto, CAC co-chair, said. "We rely on informed citizens who can join us to guide and provide advice to RTD. We want people who truly want to make a difference as we move forward."  CAC members represent a wide variety of backgrounds, interests and professional experiences. The group's public outreach meetings keep metro-area citizens informed of FasTracks progress and RTD programs and encourage input from local communities.  Individuals interested in applying for a position on the CAC should submit letters of interest to
 
 
Letters must be received by the close of business on March 31, 2016, and should include:
 
  • A brief statement of interest in serving on the committee
  • Qualifications for serving on the CAC
  • A résumé 
Appointments to the panel will ensure a broad representation of stakeholder interests, to achieve diversity and to provide geographical representation within the district. Selection criteria will include, but not be limited to, residency within the RTD district; a demonstrated interest in public transit and the FasTracks program; previous community service; experience working with local jurisdictions on regional issues; and professional expertise.
 
The CAC's expanded role is to:
  • Continue to monitor and provide input on the improvements for each corridor in the FasTracks Plan.
  • Become familiar with the District's strategic plan and long-term vision.
  • Provide region-oriented advice to RTD regarding the implementation of the strategic plan, its strategies and initiatives.
  • Represent the citizen perspective on behalf of a wide range of stakeholder interests and community organizations
  • Gather information from community members to share with the agency.
  • Share information with community members to promote public awareness of the agency's programs and projects.
  • Other tasks as assigned by the RTD Board of Directors. 
For more information, contact Roger Sherman at 303-592-5465.  The RTD Citizens Advisory Committee (CAC) monitors and provides region-oriented advice on the FasTracks Plan and RTD's strategic plan. It represents citizen and community perspectives on transit issues, and promotes public awareness of RTD's programs, services and projects. The 17-member volunteer committee represents a cross-section of the region's population and holds monthly work sessions. Additional information about the CAC can be found at
 


 

 
Central and Southeast Denver Real Estate
 
Unico Plans LoHi Office Building
Source: Business Denver
Unico Properties plans to develop a four-story office building at 1615 Platte Street in LoHi. Pending approval by Denver planners, the Seattle developer will build 82,000 square feet of office space along with about 9,100 square feet of retail and restaurant uses. The site is adjacent to the Highland pedestrian and bicycle bridge over I-25.
 
Holland Plans June Start on Downtown Project
Source: Denver Urban Review
Holland Partner Group plans to start construction in June on a 161-unit apartment building in downtown Denver. The as-yet unnamed project will be located at 18th and Little Raven streets adjacent to Commons Park on the South Platte River. The building plans call for four stories along the Little Raven Street frontage, rising to seven stories at the rear of the building. Holland Partner Group is based in Vancouver, Washington and is a prolific developer of apartments in metro Denver.
 
Insurance Website Closing Denver Office
Source: Business Denver
An insurance marketing website company will close its Denver office, eliminating 103 jobs. InsuranceQuotes.com allowed customers to track options for insurance coverage. The company was purchased by All Web Leads, which will consolidate its operations at its home office in Austin. In Denver the offices were located in 20,000 square feet of space at 1860 Blake Street in LoDo.
 
Burgwyn Starts Work on Uptown Senior Apartments
Source: Denver Urban Review
The Burgwyn Company started work on 5280 Senior Housing, a 99-unit affordable apartment building for senior residents. The project is located on the site of a former parking lot at 1615 Pennsylvania Avenue in the uptown neighborhood east of downtown.
 
Wizard's Chest Opens New Broadway Store
Source: Denver Post
The Wizard's Chest opened its new store in the Baker neighborhood south of downtown Denver. The customer and games retailer moved to 18,000 square feet at 451 Broadway in the Baker neighborhood south of downtown Denver. The company had long been a fixture in Cherry Creek North but was forced to move when its Fillmore Street building was sold for redevelopment.
 
Options Considered for Performing Arts Complex Redevelopment
Source: Denver Post
Denver officials are considering options for redeveloping the Denver Center for the Performing Arts and turning the complex into a mixed-use arts and entertainment center. The 22-acre site is bounded by14th, Champa and Arapahoe streets and Speer Boulevard and is one of the largest performing arts centers in the US. Concepts under consideration would reconfigure or replace some of the venues, move the Denver Public Schools performing arts high school to the complex, redesign the sculpture park on Speer Boulevard and add more underground parking. The City and County of Denver might also sell or lease air rights for private development above some sections of the center. The next step will be for the City and County to seek proposals for a specific design and determine interest by developers in the air rights.  
 
Plans Underway for Convention Center Expansion
Source: Denver Post
The City and County of Denver is proceeding with plans for a $105 million expansion of the Colorado Convention Center. The concept calls for the addition of about 85,000 square feet of ballroom and meeting space, a rooftop deck and improvements to technology and lobbies. Funding for the project will come from a tax extension approved by Denver voters in 2015. The center occupies a several block site generally bounded by Speer Boulevard and 14th, Welton and Stout streets in downtown Denver.
 
Metro State Starts Aerospace Building at Auraria Campus
Source: Denver Infill
Metropolitan State University started construction on its new Aerospace and Engineering Sciences Building on the Auraria Campus. The 142,000 square foot building is located at 7th Street and Auraria Parkway. Completion is set for late 2017. 
 
Legacy Acquires Site for Speer Tower
Source: Business Denver
Legacy Partners acquired 2.3 acres of land at West 13th Avenue and Speer Boulevard for $17.5 million. The company previously announced plans for a 332 unit apartment building on the site. Construction on the seven story project is scheduled to begin construction in the summer. Legacy Partners will develop what was initially announced as Speer Tower in conjunction with USAA. The site was acquired from Paradise Investment Properties for the equivalent of about $52,000 per unit.
 
Homeless Coalition Completes East Denver Apartments
Source: Denver Post
The Colorado Coalition for the Homeless opened Renaissance at North Colorado Station, a 129-unit apartment building in east Denver. The four story building is located at 3999 Colorado Boulevard, near a new RTD commuter rail station. The project is intended to house low income and formerly homeless persons. Its construction was funded by low income housing tax credits, philanthropic foundations and the City and County of Denver's new social impact bond program.  
 
Rocky Mountain PBS Plans New Headquarters
Source: Business Denver
Rocky Mountain PBS started a fund raising campaign to help finance a $30 million headquarters and performance center. The building would be located at 21st and Arapahoe streets in the emerging Arapahoe Square neighborhood north of downtown. In addition to offices for the public television station the building will provide spaces for some other nonprofit agencies. Pending success of the fund raising construction could begin in 2017. Rocky Mountain PBS currently occupied smaller quarters at 1089 Bannock Street. 
 
World Trade Center Moving to RiBo
Source: Denver Business Journal
The Denver branch of the World Trade Center will anchor a large mixed-use development in the RiNo neighborhood. The local organization is one of 130 such centers worldwide that encourage international commerce. The center is working with Exdo Management, which owns land near the RTD commuter rail station at 38th and Blake streets which opens in the spring. The World Trade Center retained Oz Architecture to design a mixed-use project containing a conference center, office and retail space and a hotel. A developer has not yet been selected but the center anticipates a 2019 completion. .
 
Cherry Creek North Development Report Issued
Source: Confluence Denver
The Cherry Creek North Business Improvement District released its 2015 development activity report. The agency found that seven development projects started in the east Denver mixed-use neighborhood in 2015 and that 15 more have been announced, including hotels, apartments, office and retail space. Cherry Creek North is generally bounded by University Boulevard, Madison Street and East 1st and East 3rd avenues, plus the Cherry Creek shopping center on the south side of East 1st Avenue.  
 
Apartments May Replace Church in Hilltop
Source: Denver Post
An apartment building may be constructed on the site of a long-dormant church in the Hilltop neighborhood of east Denver. McKinnon and Associates filed to rezone the site at 10 to 50 South Colorado Boulevard to allow a three story building containing about 105 units. The Denver Planning Board will probably consider the application in April.
 
National Western Center Bonds Receive High Credit Ratings
Source: Denver Business Journal
The three major credit rating agencies in the US gave high ratings to the bonds that will be issued for the redevelopment and expansion of the National Western Center. The $425 million issue also includes $6 million for improvements to the Colorado Convention Center. The City and County of Denver expects to issue the bonds shortly with priority given to Colorado residents. The ratings were AA from Fitch's, AA- by Standard and Poor's and An3 by Moody's.  
 
Agriculture Supplier Leases North Denver Space
Source: Business Denver
A Fort Collins based agricultural products supplier leased 32,500 square feet of warehouse space in north Denver. Way to Grow primarily supplies products to commercial cannabis growers and to local gardeners. It replaced a similar company that recently closed its operations in the building at 4501 Wynkoop Street.
 
Planning Board Approves I-25 and Broadway Plan
Source: Denver Business Journal
The Denver Planning Board approved the proposed station area plan for property around the RTD light rail and bus station at I-25 and Broadway in south Denver. The plan includes vacant land south of the station that was once occupied by a large Gates Rubber Company plant. The plan also addresses land uses and improvements to pedestrian and bicycle connections from surrounding neighborhoods. It will now be considered by the Denver City Council.
 
Sports Authority Closing Kalamath Street Warehouse
Source: Business Denver
As part of a corporate restructuring, Sports Authority will close its distribution center south of downtown Denver. The 200,000 square foot warehouse is located at South Kalamath Street and West Ellsworth Avenue. The company recently announced that it would eliminate 72 jobs at its Englewood headquarters as it prepares to file for Chapter 11 bankruptcy.  
 
Fowler Purchases Southeast Denver Apartments
Source: Business Denver
Fowler Property Acquisition bought the Station at Highline, a 138-unit apartment property in southeast Denver. The six-story buildings are located at the southwest corner of East Evans Avenue and South Quebec Street. The California-based investment company bought the property from Asher Investments for $13.5 million, or about $97,000 per unit.
 
Kelmore to Develop Lowry Mixed-use Site
Source: Business Denver
The Lowry Redevelopment Authority selected Kelmore Development Corporation to build a mixed-use project in the Boulevard One section of the east Denver neighborhood. The site contains about eight acres and is located at the corner of Quebec Street and Lowry Boulevard, adjacent to where Embrey Partners is planning a 350-unit apartment building. The redevelopment plan for the Boulevard One section allows up to 185,000 square feet of office, retail and residential space, pending approvals from Denver planners. 
 
 

 

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.
James Real Estate Services, Inc., 90 Madison St. Suite 403, Denver, CO 80206
Sent by bjames@jres.com in collaboration with