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  April 2008

 

 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 

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The Colorado Department of Transportation is preparing a Draft Environmental Impact Statement for alternative improvements of Interstate Highway 70 between I-25 and Tower Road. At a minimum the highway must be rebuilt as is, at a cost of $396 - $606 million. Simply adding 2 to 4 lanes along the corridor could cost between $1.2 billion and $1.6 billion depending in part on the use of tolled express lanes. Another alternative being considered would relocate a portion of I-70 to the I-270 and Brighton Road alignment at a cost of $1.5 billion to $2.0 billion, again depending in part on the use of tolled express lanes. This alternative would replace the existing I-70 alignment with East 46th Avenue at grade. The DEIS should be available to the public this summer. Funding for construction of the project has not been identified.

The Cherry Creek North Business Improvement District Parking Committee has issued a report of its study of parking in the BID. Among its conclusions - nearly half of the CCN visitors use street parking; but only 10% of the parking spaces in the area are street spaces. Clearly, the off-street spaces are not used effectively. The same conclusion was drawn in a parking study commissioned by the city in the early 1990s. This problem will be addressed in the Capital Improvements project planned for the District. The CCN BID has hired Design Workshop and Nolte Engineering to design the public improvements to be built in the District, including Fillmore Plaza, with input from the BID's Design Advisory Board, merchants and residents.

The parking study also reports that most complaints about the parking kiosks result from the delay in credit card processing and the need to walk back to the car to put the receipt in the car. Among the study's recommendations is improved signage for off-street parking and improved kiosk technology. When construction is complete on NorthCreek and the Fillmore Place complex including Pura Vida (now open), those property owners (Sturm Group and Western Development) will restore Fillmore Plaza to near its former configuration without the gazebo and the spruce trees, on an interim basis until the long- term design is finalized and built. The Sturm Group is proposing zoning changes at Fillmore Place to allow residential use on the upper levels at the north end of the block along 2nd Avenue. If and when approved, the design of Fillmore Plaza will be finalized in conjunction with the design of the street improvements throughout the BID.

Nick LeMasters reports that in spite of soft retail markets nationwide, the Cherry Creek Shopping Center is doing well. The Farmers Market has moved from the Bed Bath and Beyond parking lot to Cherry Creek Drive North, just east of University with vehicles blocked from the street, increasing the available parking during the market hours.

Transportation Solutions reports efforts to enhance the connection between Cherry Creek and downtown by creating a flat-rate taxi fare. Such a fare change would require approval by the Public Utilities Commission. Denver City Council Member Jeanne Robb reports inquiries about development of more hotels in Cherry Creek North, which could take advantage of such a fare change.

   
 
 
 
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  Denver Community Development and Planning is embarking on a pilot study of its Living Streets Initiative in the Cherry Creek valley between University Boulevard and Quebec Street with funding from US Environmental Protection Agency. Denver is one of six winners of EPA Smart Growth funds to "explore solutions to make major urban streets and their adjacent land more sustainable into the future." After establishment of form-based Main Street zoning the city wanted to take a "more comprehensive, coordinated approach to corridor planning" as it implements Blueprint Denver. Eight city agencies will participate in the study and the Cherry Creek corridor was selected because it is forecast to generate the greatest transportation demand and "underutilized land along the corridor presents development opportunity." The EPA will hire a team of "nationally renowned consultants" to work with local officials. This summer city officials will conduct workshops with consultants to integrate the LSI with Denver's new Strategic Transportation Plan. More at:

http://www.de nvergov.org/Default.aspx? alias=www.denvergov.org/LivingStreets

Denver City Council Member Marcia Johnson reports about the controversial Lowry Vista land parcel:

The landfill near Windsor Gardens on Alameda (known as "Lowry Vista") has been at the center of a great deal of publicity lately. Central to the discussion has been the seemingly nominal price of $10 that International Risk Group LLC paid for this 80-acre property. There are several documents and a detailed description of history of the property available on my website at.

http://www.denvergov.org/CouncilDistrict5/Projects inDistrict5/LowryVistaLandfill/tabid/427333/Default.asp x

This land was "owned" by federal taxpayers when it was part of the Lowry Air Force Base, a military installation since 1937. When the base closure began in 1994, Lowry lands began to be transferred to the Lowry Redevelopment Authority (LRA). The LRA was created by the Cities of Denver and Aurora and tasked with managing the redevelopment of the base. Critical infrastructure such as roads, parks and the Lowry Elementary school were funded through bonds and Tax Increment Financing (TIF). The bonds have already been repaid and the TIF funds are current in their payback schedule.

When asbestos was found around Lowry, the expensive cost of remediation had to be settled before development could progress. The Air Force sought to transfer all remaining lands at Lowry, including the landfill. Transferring the landfill to the LRA was problematic because any land owned by the LRA, including the landfill, would eventually revert to the City & County of Denver. But the City Charter prohibits Denver from accepting any unfunded liabilities. In fact, each strand in the chain of events of the landfill's history was intended to protect Denver residents and taxpayers from unforeseen costs.

As such, the LRA selected International Risk Group (IRG) to complete environmental clean up at the base and assume any future liability associated with the site. The landfill property was transferred to IRG as part of this remediation effort, and allows them to pursue development of the land.

Council Member Johnson also reports that Larimer Square type retail is coming to Hangar 2 at Lowry:

Larimer Square Partners, in conjunction with International Risk Group and Rite Place Management, will be bringing a similar mix of restaurants and retail that we see in LoDo to the Hangar 2 redevelopment. The new mixed-use scenario was designed to address the concerns of the Landmark Preservation Commission, the unease expressed by public from previous designs, as well as the needs of the Wings Over the Rockies Air & Space Museum.

Larimer Square Partners will develop approximately 20,000 square feet of attractive, commercial space extending back into the hangar. In addition, density and traffic have often been cited as problem issues, minimized by the change from residential to office and self-storage space in the hangars interior. Rite Place Management will manage the operation with security, temperature controls, lighting and a 24-hour attendant.

The Denver Botanic Gardens is about to begin construction of Phase I of its expansion and is planning Phase II. Phase I will be a greenhouse on the north side of the site, improved lighting and handicap access, and a public address system. All of this will cost $18.6 million. Phase II will be a 390- space 3-level parking structure with 2 of those levels underground on the site of the current parking lot, and with a pedestrian bridge from its top level to the Gardens entry.

Several single-family residential properties in the Congress Park area were recently down zoned from R- 3 to R-2, consistent with Blueprint Denver and the local neighborhood plan. The property owners initiated the down zone and city planners took no position on the move because of "holes" in the area rezoned. The rezoned area did not include some homes, the owners of which did not desire the down zone. The first of such down zones in Congress Park a few months ago was unanimously approved by City Council, but two later rezones passed by much lower margins.

Annie's Café appeared destined to be a part of the new hotel proposed for construction at the SEC of East 8th Avenue/Colorado by Charlie Biederman, developer of the JW Marriott in Cherry Creek North. But, Annie's has announced it will take over the Goodfriends restaurant building on East Colfax at St. Paul Street. Lee Goodfriend also owns and operates Racine's and planned to close anyway when the lease ended in 2 years. Demolition of the video store, liquor store and apartment buildings for the hotel at 8th/Colorado is planned to begin this summer. The hotel will be 6-stories and 160 rooms with perhaps a Marriott or Hyatt flag.

Many high-rise condo buildings are under construction, but the first high rise office building in many years in downtown Denver is about to start construction. Westfield Development Co. the development arm of Frederick Ross Co. has announced it will start construction of a 22-sory 496,000 SF office building at 1800 Larimer Street. With state of the art environmental features, the building will be CS Platinum rated under LEED certification for "green" buildings. Tenants will include Xcel Energy, Frederick Ross Co. Apartment Realty Advisors and Citywide Banks.

Cherry Creek Square, the 1979 vintage shopping center on the south side of East 3rd Avenue between Milwaukee and St. Paul Streets has sold again. Brokers report that the buyer is considering redeveloping the property. Perhaps it is the site of one of the hotels that has made inquiries to Jeanne Robb. With 35,000 SF of building area and 51,400 SF of land, the $18 million price is equivalent to $514/SF of building, but perhaps more important, $350/SF of land. Cook's Mart moved out of the center a couple of years ago when its owner retired. The seller, Next Realty bought Cherry Creek Square in 2005 for $14 million.

US Premier Office Equities LLC purchased the Denver Financial Center office complex in downtown Denver for $84 million, or $193/SF. The 2-building property is located at 1775 Sherman Street and totals 436,000 square feet. Massachusetts Mutual Life Insurance Co. was the seller of the property.

Trammell Crow Co. of Dallas has begun construction on a 419-unit apartment complex at the former Gates site at Broadway and Mississippi Avenue. Called Alexan Broadway Station, the development is being built separately from a new parking garage currently underway by The Lionstone Group of Houston. Trammell Crow is also building 60 units of affordable apartments and some 12,000 SF of retail space. The parking garage is to be the first stage of development for a 30-acre mixed-use project east of Broadway that is to include residential totaling 1,500 units, retail space totaling 100,000 square feet, and office space totaling 500,000 square feet.

Denver City Council Member Jeanne Robb reports that the 3rd Annual Post-News Colorado Colfax Marathon will be on Sunday, May 18th with the start and finish in City Park. Watch out for traffic blockages that morning. Merchants in the Bluebird Theatre area are disappointed that the reroute of the race excludes that section of East Colfax Avenue. And reconstruction of the University bridge over Cherry Creek starts mid-May with traffic narrowing to 2 lanes each direction.

The former Adams Mark hotel in downtown Denver began official operations as the new Sheraton Denver hotel on Monday. Owned by Chartres Lodging, the hotel totals 1,225 rooms and includes meeting space totaling 133,000 square feet.

As you probably know, Bill James is running for election to the Board of Directors of RTD. The campaign has been a sponsor of this newsletter for a couple of months and the kick-off event is on:

May 22, 5:30 - 7:30 PM
Buchanan Yonushewski Group
500 East 8th Avenue

RSVP by May 19 to bjames@billjames4rtd.com or 303- 316-6767
Parking at SEC 8th/Pearl or
Grant Humphries Mansion, 770 Pennsylvania Street

Join us for some refreshments and a very short political speech. Of course, I would be grateful for any contribution to the campaign either at the event or on the campaign website at www.billjames4rtd.com
 
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  If your organization would like to consider sponsorship of Cherry Creek Perspective, please contact Bill James at bjames@jres.com or 303-316- 6768.


 

 
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