|
A remarkable amount of real estate activity, but first
major developments at RTD.
After seven years of planning, engineering, construction
and community outreach, RTD's
West Rail
Line opened with a grand opening
ceremony on April 26. Over 1,000 people enjoyed the
festivities and learned about the line that connects
Denver, Lakewood and Golden. The new W line features 11
new stations, 6 Park n Rides, 3 Call n Rides and
enhanced bus service, offering commuters, residents, and
visitors the speed, convenience, and comfort of light
rail. As RTD celebrates the completion of the W line,
the focus now is on the completion of Denver Union
Station in 2014, and the East, Gold, North Metro, and
I-225 projects that are scheduled to open in 2016.
RTD's FasTracks program continues partly because of the
Transformation Through Transportation
(T3) forum, created to identify innovative ideas and
approaches to complete the FasTracks project as soon as
possible, reduce ongoing operating costs, and take the
system into the future in a manner that most benefits
customers. T3 was previously responsible for the
unsolicited proposal that extended the I-225 line from
Iliff Avenue to I-70 and Peoria. As a result of T3, RTD
has received another unsolicited proposal, this time for
the North Metro Rail Line. The proposal was submitted
in February by a team led by Graham Contracting Limited,
and after review, RTD has determined it has merit. It
accelerates the competitive bidding process for design
and construction on this project. The next step will be
to prepare and accelerate the release of a Request for
Proposals (RFP) for the North Metro project. When the
entire North Metro Line is completed, it will provide
18.4 miles of electric commuter rail line that will run
from Denver Union Station serving Commerce City,
Thornton and Northglenn.
More basic to RTD operations, light rail passengers now
have the option to quickly purchase their fare in a safe
and secure way, prior to boarding light rail by using
the newly installed
Ticket
Vending Machines (TVM) with
credit
card readers. TVMs have the capability
of accepting all major credit cards, including American
Express, Discover, MasterCard, and VISA. At select
light rail stations, where there are multiple TVMs, at
least one TVM will continue to accept cash and coins.
To learn more about new ticketing options, go to:
http://www.rtd-denver.com/TicketVending.shtml
An example of the community economic benefit of transit
projects like the West Line is the
Urban Land
Conservancy (ULC) has been buying land
and properties along the W Line for over six years,
knowing that affordable housing and other community
assets are critical components of successful public
transit build out. ULC's four W Line property purchases
include:
Jody Apartments:
This site, located next to the Sheridan Station, was
purchased in December 2007 in partnership with NEWSED
for $3.5 million and currently has 62 units of
affordable apartments on two acres. Jody will be
redeveloped at a higher density level under Denver's new
zoning code (C-MX-8), preserving and creating
permanently affordable housing in a vibrant, mixed-use
setting. Because the Jody Apartments will be rebuilt in
the same area, residents will not be displaced and can
remain in the community. The value of the projected
development at this site is $25 million.
Mile High Vista:
Located at Colfax Avenue and Irving Street within ¼ mile
of both the Knox and Federal/Decatur stations, this
two-acre parcel was purchased in March 2011 for $2.14
million. The City and County of Denver purchased .84
acres of this site the following year to build a new
Denver public library. Del Norte purchased a portion of
the site to build 80 affordable homes and 10,000 square
feet of community space. ULC is the master developer,
completing infrastructure on the entire site and retains
land planned for a 20,000 square-foot commercial
building. The value of the projected development at this
site is $30 million.
11th Avenue TOD:
Located next to the Sheridan Station at 11th Avenue and
Sheridan Boulevard, this .83 acre site was purchased for
$350,000 in July 2012. ULC is partnering with Rocky
Mountain Communities to develop 58 affordable senior
housing units. The value of the projected development at
this site is $10 million.
Villas at Wadsworth Station:
Located at 1330-1337 Yukon Street in Lakewood, ULC
preserved 100 units of existing affordable housing when
it purchased this site in December 2012. The 2.36 acre
property is located 50 feet from the Wadsworth Station
and was purchased for $7 million.
ULC, a nonprofit organization established in 2003, uses
real estate as a tool to enrich urban communities. In
much the same way that a land trust preserves open space
for future generations, ULC preserves real estate assets
in urban areas to ensure their continued community
benefit. More at:
www.urbanlandc.org
Neil Westergaard, editor of the Denver Business Journal
put RTD's progress and some controversy about
development in Cherry Creek North and on the former CU
medical center site in perspective at:
http://www.bizjournals.com/denver/print-edition/2013/05/03/light-rail-a-symbol-of-a-big-thinking.html
And Dennis Huspeni of the DBJ reports about Glendale's
persistent efforts to develop the
Riverwalk
project after Regional Tourism Act funds were awarded to
the Gaylord hotel/conference center project in Aurora
at:
http://www.bizjournals.com/denver/print-edition/2013/05/03/glendale-still-aims-to-launch.html
Two hotels opened in the former Xcel office building at
550 15th Street in downtown Denver. Stonebridge
Companies converted the twelve-story building into a
120-unit
Hampton
Inn and Suites and a 182-unit
Homewood
Suites. The two hotels will share some
facilities, including a swimming pool and meeting
rooms. The Hampton and Homewood brands are part of the
Hilton Worldwide chain.
An investment entity affiliated with Inland American
Real Estate Trust bought the
Residence
Inn by Marriott Denver City Center for
$80 million. The purchase price includes the 228-unit
hotel and an adjacent 448-space parking garage. The
14-story hotel at 1725 Champa Street was built in 2006
by Sage Hospitality Resources LLP and Shames-Makovsky
Realty Company.
Balfour Senior Living plans to develop
Balfour at
Riverfront Park, a 205-unit senior
housing complex at 15th and Little Raven streets in
downtown Denver. The project will include the use of the
historic and long derelict Moffat rail station as a
community center. Of the planned 205 units 112 will be
for independent living while the remainder will be in
assisted living and memory care units. Construction is
scheduled to be completed by late summer of 2014.
McGraw-Hill leased 48,600 square feet of office space at
1800 Larimer Street in downtown Denver.
The company will relocate its information services and
research operations in Evergreen and Westminster to the
downtown space. The lease represents the last major
block of space available in the building, which was
completed in 2010. Xcel Energy is the major tenant,
occupying about 70% of 1800 Larimer.
Legacy Partners plans to begin construction on
21
Lawrence, a 212-unit apartment building
at 2151 Lawrence Street near Coors Field in downtown
Denver. The company's partner on the project is
Behringer Harvard Multifamily REIT. Construction is
expected to be finished in the fall of 2014.
JBK Hotels announced plans to develop a 140-room
Aloft
Hotel in downtown Denver. The six-story
building will be located at 800 15th Street, about a
block from the Colorado Convention Center. A site plan
has been filed with City & County of Denver planners.
The Aloft concept is a brand of Starwood Hotels.
Site work began on
1650
Wewatta Street, a 288-unit apartment
building adjacent to Union Station in downtown Denver.
The 21-story building is being developed by Holland
Partners in the Riverfront neighborhood immediately west
of the historic deport, which is being restored and
redeveloped as the centerpiece of Denver's RTD and
Amtrak transportation system
The
University
of the Rockies will open a Denver campus
at the Tabor Center downtown. The Colorado
Springs-based for-profit educational company leased
30,000 square feet in the building at 17th and Arapahoe
streets
Woodspear Properties bought
Sleek
Lofts, a 60-unit apartment building at
770 Grant Street in Capitol Hill. The seller was
Brasiland LLC. The purchase price was $8.1 million, or
$135,000 per unit. Jim Lorenzen of Cornerstone
Apartment Services represented the buyer.
The
Denver Art
Museum will build a 50,000 square foot
administrative building to house about 100 staff
members, a research library and art storage space. The
facility will be located on what is now a parking lot at
Bannock Street and West 12th Avenue, adjacent to the
museum's Hamilton wing and the Clifford Still Museum.
Construction is set to begin shortly and will be
completed in about a year. The staff members will move
from the museum's current administrative offices at 414
14th Street. The $11.5 million cost of the building is
being funded by private donations.
White Lodging Services Corporation will build a 346-unit
Hyatt Place hotel in downtown Denver.
The 21-story building will be located at the south
corner of 14th Street and Glenarm Place and will also
contain extended-stay units marketed under the Hyatt
House name. Construction is scheduled to begin in the
fall.
Corporex Colorado and Mile High Development plan to
construct an office building and hotel on Broadway
between East 12th and East 13th avenues in downtown
Denver. The project will wrap around the east side of
the Museum Center parking garage and will be adjacent to
the Museum Residences condominiums. Plans call for
about 50,000 square feet of office space in the Museum
Center building and a 165-room hotel called
The Art
in a combined nine-story building.
A long-derelict historic former
Temple
Emanuel synagogue is the latest building
in the Curtis Park neighborhood north of downtown Denver
to join the change to a cultural facility. The building
at 24th and Curtis streets was once the home to Denver's
first Jewish congregation. Now the 131-year old
building is slated to be renovated into a performance
space that will be rented to inner-city arts groups. An
adjacent vacant lot, owned by the Denver Housing
Authority, has been turned into Sustainability Park with
space for urban farming and possible future housing.
The redevelopment effort has been encouraged by Denver
City Councilman Albus Brooks' "Engage 8" community
organization and the nearby Redline gallery.
Simpson Housing plans to develop
Walnut
Flats, a 165-unit apartment building in
the River North/Ball Park neighborhood near downtown
Denver. The project will be located at the northwest
corner of 27th and Walnut streets. Construction is
expected to begin in the spring.
Botnick Realty bought a 93-unit apartment building at
1901 East 13th Avenue for $8,350,000, or
about $89,785 per unit. The building, which currently
caters to retired public school employees, was sold by
Denver Educational Senior Citizens. Jeff Johnson of
Pinnacle Realty Advisors represented both parties in the
transaction.
The Denver City Council unanimously approved a rezoning
request to allow the construction of a 12-story
apartment building in Cherry Creek North.
Zocalo
Community Development plans to build the
185-unit building on the
northeast
corner of East 1st Avenue and Steele Street,
a site currently occupied by a small office building and
a vacant lot.
Solomon Investments LLC purchased an office and retail
building at
3003 East
3rd Avenue in Cherry Creek North. The
25,304 square foot property was acquired from 3003 East
Third Avenue Holding LLC for $4.7 million, or about $186
per square foot. Transwestern brokers Brad Hohen and
Larry Thiel represented the seller.
The Pauls Corporation plans to start construction in
September for
100 St.
Paul Street, an eight story, 150,000
square foot office building in Cherry Creek North. The
building is 40% preleased to tenants including First
Bank, Energy IV, Fuller Sotheby's International Realty
and a Del Frisco's Grill. Construction is expected to
take about 18 months.
A study has been commissioned to determine whether
property owners along a nine-block section of East
Colfax Avenue may agree to form a business improvement
district. If a majority of owners appear to be
supportive the next step would be to form the
Bluebird
Business Improvement District, named for
the iconic theatre on that section of East Colfax
Avenue. Business improvement districts are common in
many commercial districts in metro Denver. They fund
improvements to public rights-of-way and marketing
efforts for local businesses. The study is being funded
by the City & County of Denver and the Colfax on the
Hill organization.
The new
Sprouts
Farmers Market in east Denver will open
in mid-July. The store is located at East Colfax Avenue
and Garfield Street. It is the latest of a series of
new development projects along the Colfax Avenue
corridor, in this case replacing a vacant auto
dealership. The 24,300 square foot building is the 24th
store opened by Phoenix-based Sprouts in Colorado.
The Cherry Creek North Neighborhood Association filed
suit to overturn action by the Denver City Council in
approving
245
Columbine Street. The mixed-use project
is proposed to include office and retail space. It was
approved unanimously by the Council under the Cherry
Creek North plan. The neighborhood association wants the
Denver District Court to overturn the zoning approved by
Council and hold the project in abeyance until new
zoning is approved for Cherry Creek North.
Denver City Council Member
Jeanne Robb
reports that at meetings of the Cherry Creek North
Neighborhood Association (CCNNA) and the Cherry Creek
Steering Committee (CCSC), Cindy Patton from Denver
Public Works presented an initial overview of basic
traffic and parking counts in the Cherry Creek area.
Cindy Patton's presentation is now posted on the Council
District 10 website:
http://www.denvergov.org/Portals/765/documents/2013_CCTrafficParkingReport_Final.pdf
Background: In light of development pressure in Cherry
Creek area and before I was elected in 2003, the City
set aside $150,000 for neighborhood traffic mitigation.
Initial proposals were focused north of 3rd Avenue on
Clayton and Detroit Streets as a result of the
re-development of the Sears site which created "Clayton
Lane." The Cherry Creek North Neighborhood and local
businesses could not agree on mitigation proposals in
2004 and further discussions later led to no specific
proposals.
Last year, the Cherry Creek North Neighborhood requested
a cumulative traffic study in response to the imminent
rezoning proposals in the area. While many developers
initiate traffic studies, these studies are not required
by the city. Denver Public Works agreed to conduct a
baseline count of traffic and parking in the area and
worked with CCNNA leadership to determine the location
of these counts. '
Moving forward: While not a forecast of future traffic,
this base count will help us evaluate the validity of
developer-initiated traffic studies and the relationship
between increased density and traffic.
I'm surprised by some of these baseline counts compared
to past counts, mentioned in Cindy's presentation and on
record at the City (denvergov.org - enter traffic counts
in the search box) because while population in Cherry
Creek has increased 11% between 2000 and 2010 (8% in
Denver and 16% in the metro area), traffic counts in
Cherry Creek have stayed relatively static or increased
less than 1 %.
Go figure! What can we take away from such a
statistic? That people are driving less? Studies show
that's true - with the 20-30 year old crowd. That
walkable neighborhoods are hugely desirable? That
development in CCN (given Clayton Lane, North Creek,
Houston's, and Cherry Creek Dance) declined because the
economy was bad? That there was so much local traffic
that SE corridor commuters chose other routes? Maybe,
but you tell me.
As part of its recently approved
250
Columbine Street project in Cherry Creek
North, Western Development Group will construct 70
condominium units. The $100 million mixed-use project
will also contain office and retail space. Construction
is expected to begin in late summer. Western has yet to
set sale prices but they are likely to average just
under $500 per square foot. The project will occupy a
half-block on the east side of Columbine Street between
East 2nd and East 3rd Avenues.
PIII Properties bought
3400 East
Bayaud Avenue, a 26,930 square foot
office building in Cherry Creek East. The seller was S&J
Real Estate Company. The purchase price was $4.3
million, or about $160.67 per square foot. The buyer
was represented by Derek Vanderryst of Miller Frishman
Group. David Tilton and John Torp of Newmark Grubb
Knight Frank represented the seller.
MDF Commercial bought a 31,763 square foot office
building at
1221 South
Clarkson Street in the Washington Park
West neighborhood. The seller was Mile High Real Estate
Investments. The 39-year old building sold for
$3,030,000, or about $95 per square foot. The seller
was represented by Matt Ritter of Pinnacle Real Estate
Advisors.
The former Denver Post printing plant in north Denver
was acquired by Ascendant Development Corporation and
will be redeveloped as a mixed-use project. The company
bought the 320,000 square foot building at 4300-4400 Fox
Street for $17.1 million. The new development will be
called
25/70
due to its proximity to the interchange of those
freeways. Ascendant's concept is for design showrooms
and studios, conference spaces and some retail and
residential uses. The property is within several blocks
of the planned RTD Fox Street commuter rail station.
Occupancy is scheduled for fall of 2014.
Kresher Capital bought
3012 Huron
Street, an historic office building in
the Prospect neighborhood near downtown Denver. The
company bought the 28,926 square foot building from 3012
LLC for $4.4 million, or about $152 per square foot.
The building, which was built in 1917, is fully leased
to Four Winds Interactive. The seller was represented by
NAI Shames Makovsky brokers Darrin Revious, Ana
Sandomire and Todd Silverman. Kresher Capital was
represented by Ryan Arnold of Jones Lang LaSalle.
The non-profit Urban Land Conservancy bought a 9.4 acre
site at
Smith Road
and Colorado Boulevard near a planned
commuter rail station on RTD's east line between Denver
International Airport and Union Station. Construction
of the 156 unit Park Hill Village West will be partially
funded through Denver's Transit-Oriented Development
Fund.
King Soopers announced that the grocery chain no longer
plans to be an anchor tenant at the mixed--use project
on the site of the
former
University of Colorado Medical Center.
Fuqua Development of Atlanta, the company chosen by CU
to redevelop the 28 acre site in east Denver, originally
proposed a Wal-Mart as an anchor tenant. That
suggestion was withdrawn after strong objections were
raised by neighbors and City Council members
representing the adjacent districts. The Fuqua concept
calls for redevelopment of the site with retail, office,
residential and possibly hotel uses. The former medical
school and hospital land is bounded generally by
Colorado Boulevard, East 8th Avenue, East 11th Avenue
and Clermont Street.
Construction began on Denver's first
Trader
Joe's supermarket. The 18,000 square
foot store is located at the southeast corner of
Colorado Boulevard and East 8th Avenue, across from the
former University of Colorado Hospital which is
scheduled to be demolished for a mixed-use retail,
office and residential project. The Kentro Group is
developing the Trader Joe's store. The California-based
chain is also planning to open a store at 1906 28th
Street in Boulder. The Denver store is set to open in
late 2013.
Residential Ventures LLC bought the
Plaza 6000
office park in east Denver. The 106,065 square foot
park is located at 6000 East Evans Avenue. The buyer
paid $2,350,000, or about $22.16 per square foot, for
the three-building property. John Fairbairn of
Fairbairn Commercial represented the seller, Investors
Syndicate Development. The buyer was represented by
Unique Properties LLC-TCN Worldwide brokers Marc Lippitt,
John Sheflin and Scott Schwayder.
Wal-Mart
Stores leased a 55,669 square foot space at Villa
Monaco, a retail center at South Monaco Parkway and East
Evans Avenue in southeast Denver. The former King
Soopers store will be converted into a Wal-Mart
Neighborhood Market. The new store will open in the
Fall.
Felton Properties, a Portland-based investment firm,
bought Tower Colorado, an office building at
1720 South
Bellaire Street. The 15-story, 127,715
square foot building is across I-25 from the Colorado
Center RTD light rail station. Felton paid $9.6 million
to SM Brell II LP, or about $75 per square foot. The
seller was represented by Newmark Knight Grubb Frank
broker David Tilton
The City & County of Denver plans to create an
amphitheater at Ruby Hill Park in south
Denver. The 7,500 seat facility be funded by a
combination of local bonds and a grant from the
nonprofit Levitt Pavilions. Ruby Hill Park is located
along the west side of South Platte River Drive between
West Jewell and West Florida Avenues. The new
entertainment venue will open in 2015.
Greenbox III LLC, an affiliate of Denver-based Focus
Property Group, bought a 131,245 square foot industrial
building in south Denver. The building at
1385-1393
South Santa Fe Drive will be configured
for 65,000 square feet of self-storage space on the
first floor. Seller David Nestor of Urban Lights will
retain his lighting business on the second floor. The
purchase price was $5,310,000, or $40.45 per square
foot. Nestor was represented by Tyler Smith, Alec Rhodes
and Aaron Valdez of Cassidy Turley Colorado.
The Denver Planning Board unanimously approved a general
development plan for the former
Buckley
Annex property in east Denver. The
70-acre tract is west of the Lowry neighborhood at South
Quebec Street and East 1st Avenue. It was used as office
space for the US Air Force before being closed about ten
years ago. The Lowry Redevelopment Authority will plan
the site and sell individual parcels to developers. The
general concept calls for about 800 residential units,
up to 200,000 square feet of retail and office space and
13 acres of park and open space land.
A California developer bought a 9.5 acre site in the
Gardens on Havana, a mixed-use project
that is replacing the former Buckingham Square shopping
center in Aurora. Post Investment Group plans to develop
227 units on the site, which is located at the
intersection of South Joliet Street and East Arizona
Place, just south of East Mississippi Avenue.
Construction is scheduled to begin by midyear.
|
