James Real Estate Services - Cherry Creek Perspective

 

 

 

 

Newmark, Knight and Frank - Frederick Ross

 

 

Fidelity National Title Company
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 2011     

 


 

Two plans for the historic building at Denver Union Station were recently revealed at a meeting at the Colorado Convention Center. The first, submitted by Union Station Neighborhood Co., calls for the ground floor to house a restaurant totaling 8,800 SF in the north wing of the building, as well as host waiting room amenities, a walk-through food market, an information kiosk and restaurant space in the large open train room, while as much as 25,000 SF of office space will be placed in the upper floors. The second proposal, which was submitted by Union Station Alliance, would turn the building into a 130 room-hotel, thereby providing 24-hour access to the building. To gain parking via an affiliation with the nearby Oxford Hotel, the hotel would also provide retail and restaurant services. The final choice of developer will be made by the RTD Board of Directors early next year. See the two proposals at:

 

http://www.rtd-fastracks.com/dus_1

 

The Downtown Denver Grand Illumination Event will light up the city from Denver Union Station to the City & County Building on Friday, Nov. 25. Festivities at DUS begin at 6 p.m. and feature an evening of FREE holiday fun for the entire family, including music, a visit from Rockies mascot Dinger-Claus, complimentary refreshments, special guest speakers and a countdown to "light the lights" at approximately 6:30 p.m. The Denver Society of Model Railroaders will have their model train exhibit open to the public in the basement of DUS. The Colorado Lightings at Larimer Square, Skyline Park, the Tabor Center, D&F Tower, Denver Pavilions and the 16th Street Mall will add even more magic to this special evening.

 

The results of the 2011 Annual FasTracks Public Survey were presented to the RTD Board on Nov. 1. 80% of metro-area residents say that approving FasTracks funding in 2004 was a good decision. 70% of metro residents have a favorable impression of RTD in general and 56% of metro residents have a favorable impression of FasTracks, up 7% from 2010

 

Jordan Perlmutter & Co. and Hines have announced plans to develop the 1.9 acre site at 1601 Wewatta Street in time for the opening of the RTD Union Station lines in 2016. With 140 feet of permitted building height, the developers plan 450,000 SF of offices and apartments, 70,000 SF of retail/restaurants and a 110,000 SF hotel. More at:

 

http://www.1601wewatta.com/

 

The Denver Club office building at 518 17th Street garnered a price of $20.2 million or $87/SF for 231,000 SF in its sale to Lowe Enterprises.

 

The downtown Denver area is to gain a full-service grocery store courtesy of The Nichols Partnership. To be located in the Union Station district, the 42,000 SF store will serve as an anchor for a new development that is to be in the block bordered by Wewatta, 19th, Chestnut Place and 20th. To also provide ground-floor retail topped by a 312-unit apartment building, its construction is anticipated to begin the 1st quarter of 2012.

 

The Regional Transportation District has opened a new light rail station in Auraria. Located to the northwest of its former location, it is the first station of the West Rail Line to open. The west line will stretch all the way to Golden.

 

A 1.4-acre site near the planned Blake Street Station of the FasTracks East Line to DIA was recently purchased for $1.7 million or $28/SF by the Urban Land Conservancy and its TOD Fund. Located at East 38th Avenue and Walnut Street, the development will provide affordable housing and other uses. More at:

 

http://www.urbanlandc.org/_webapp_4461152/Blake_TOD

 

Clermont Park Retirement Community is to break ground in November on a new addition. To add 74 apartments, a new adult day program and fitness center, fellowship hall and fine-dining restaurant to its existing Town Center, the improvements will be funded by $36.5 million gained in bonds sold by Christian Living Communities. The facility is located in southeast Denver near Colorado Boulevard and Yale Avenue.

 

The opening of the first Neighborhood Market grocery store in Denver by retail giant Wal-Mart is to occur next year. Set for the location of East Evans Avenue and South Monaco Parkway in a space formerly occupied by King Soopers, the store is designed to fill smaller sites than the traditional Wal-Mart so as to allow urban markets access to the lower prices offered by the retailer.

 

Denver Council Member Mary Beth Susman reports that the new Central Park Boulevard/I-70 interchange (aka Yosemite Interchange) in the Stapleton redevelopment is complete and opened. Also National Jewish Health is asking Denver for a rezone of its property on both sides of Colorado Boulevard at East 14th Avenue including the former Gove School to "campus" under Denver's new zoning code. And Sembler the developer of the former CU Health Sciences Center site is working with Denver on a General Development Plan. Maps and renderings are at:

 

http://denvergov.com/Portals/76/documents/9+CO%20CBHD%20site%20plan.pdf

 

http://denvergov.com/Portals/76/documents/9+CO%20Renderings%20.pdf

 

Also Phoenix on the Fax, a new affordable 50-unit apartment building has begun leasing for occupancy in January. The building will have retail space on the ground floor at Colfax/Poplar. More at:

 

http://www.sherman-associates.com/phoenixonthefax

 

And an Ace Hardware is reported to plan its opening across Colfax Avenue in the spring.

 

The former air traffic control tower is one of the few relics of Stapleton Airport that remain after one of the most successful land redevelopments in the nation. Now Denver Council Member Chris Herndon has formed a committee of residents to help decide what to do with it. The land developer at Stapleton, Forest City plans to study options for the tower as well. The building has some 500 SF on the top level with about 15,000 SF of office space on three levels at the base. 

 
 

 

 

 

 

 
 

 

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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