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James Real Estate Services, Inc.
 
March 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
 
Celebrate the Train to the Plane - April 22-23
 
Join RTD on Friday April 22 for the grand opening ceremony of the newUniversity of Colorado A Line at Denver International Airport at 10:00 a.m. To commemorate this historic event, Governor Hickenlooper and other special guests will preside over a special ribbon cutting ceremony, dedication, color guard, and the start of free rides on the University of Colorado A Line all day after the ceremony.
 
RTD's rail system has consisted entirely of light rail and now commuter rail will make its inaugural run on the new University of Colorado A Line. Commuter rail is heavier and faster than light rail and trains have level boarding at all doors, larger seats, overhead storage, luggage towers and bicycle racks and travel at speeds up to 79 mph.
 
On Saturday, April 23, the fun continues with free rides on the entire rail system, and community-hosted station parties along the University of Colorado A Line from noon to 9:00 PM with food, entertainment, giveaways and activities the whole family can enjoy.
 
With the implementation of the first commuter rail line in the metro area, this new service will provide improved connections, better travel times, and streamlined bus service.  For details on the upcoming service changes, see the Final University of Colorado A Line and April Service Changes brochure available at stations, on buses and trains.  More about the A-Line at:
 
 
And here's a 9News piece on the opening of the A Line and other rail lines this year
 
 
RTD's recently started Flatiron Flyer bus rapid transit (BRT) service first three months of operation showed passenger trips well above what existed on the US Highway 36 corridor bus routes prior to the start of the BRT service.  The new Flatiron Flyer BRT routes began in January 2016 and now average 14,428 passengers per weekday up 45% from previous bus service along the corridor. Flatiron Flyer service is comprised of six all-stop and express routes that replaced the prior bus routes that operated along the corridor. The BRT service runs every 3-15 minutes, depending on time of day and location over 18 miles between downtown Denver and Boulder with six stations along the Highway. The new service benefits to riders include: 
  • Service from Downtown Boulder Station, Boulder Junction at Depot Square, Union Station and Civic Center Station
  • Reduction of travel times due to the bi-directional managed lanes on U.S. 36
  • New branded buses that include USB ports and 120-volt outlets for passengers to charge laptops, tablets and smartphones
  • Enhanced passenger stations with large canopies and digital information screens with bus departure times  
Shared-use mobility is transforming the future of transportation. You can be part of the conversation at Live.Ride.Share Denver on Tuesday, May 17, 2016 at the Colorado Convention Center.  Over time, we've come to accept the idea that single occupancy vehicles - a car for every person - are not only necessary, but synonymous with access and freedom. This is changing. The Denver region, like other metro areas destined for explosive growth, knows that the "car for every person" model is outdated. But what do the alternatives look like? And what will this mean for the evolution of transportation in the Denver region and across the country?
 
Join nationally-recognized speakers from the emerging field of shared-use mobility to explore the next frontier of transportation. Nearly 50 speakers participating in 14 different panel sessions will be addressing questions like:
 
  • How can emerging mobility options like carshare, bikeshare, and rideshare equitably serve groups beyond the mid- to high-income people who live downtown?
  • How can smaller and suburban communities achieve mobility goals such as the ability to live and/or work without the need to own a car?
  • What are the economic, environmental, and public health benefits of shared use mobility and reduced personal vehicle ownership?
  • What if we could eliminate 80% of parking? What is the potential for re-use of all that land?
  • How can ride sharing, ride sourcing, driverless cars, and other innovations in mobility contribute to the Vision Zero movement and the goal of zero traffic fatalities?  How can increasing safety for pedestrians and bicyclists help the shared use mobility market flourish?
  • What new technologies will have the biggest impacts on shared mobility and what do policy makers need to do to help (or get out of the way)?
  • How do transit and shared use mobility providers complement each other? How can they work together to enhance the utilization and efficiency of each other?
  • Beyond low-hanging fruit: How do we maximize the promise of shared use mobility and achieve transportation mode shift when change isn't popular?
 
 
The Downtown Denver Partnership (DDP) reports that over the past several weeks, strategic planning efforts led by the City and County of Denver in partnership with the DDP and other stakeholders offer a glimpse into what "The Next Visitor Experience" in the center city may look like. Initiatives are guided by the City's three interrelated plans - The Next Stage, the Colorado Convention Center Master Plan, and the Urban Design Framework Plan, which together establish a vision to create an unforgettable visitor experience brimming with cultural and educational enrichment opportunities. They also advance key goals of the 2007 Downtown Area Plan, including strengthening connections to the Auraria Campus and reinforcing 14th Street as a signature street and visitor destination. The plans were presented at a Partnership Forum on March 17th.
 
Urban Design Framework
 
The City's Urban Design Framework has established goals for the area, including enhancing arrival and departure, fostering reasons to stay and play, exposing and celebrating existing programs and uses, strengthening and creating physical and functional connections, diversifying and maximizing the mix of uses and potential visitors, building on and leveraging economic development opportunities, and integrating and respecting Colorado's natural environment. The goals are themes that run throughout subsequent strategic planning efforts, including The Next Stage and Colorado Convention Center Master Plan.
 
The Next Stage: A Vision for the Future of the Denver Performing Arts Complex
 
Mayor Hancock and Denver Arts & Venues announced the vision plan for the Denver Performing Arts Complex at a press conference on March 10th. The Next Stage is a plan to enliven, diversify and sustain the 12-acre complex that sits in the heart of Downtown Denver. The Downtown Denver Partnership engaged in the development of the plan through participation on the plan's Executive Leadership Team. The vision includes a new school of the arts, commercial development, expanded retail and more. A year-long funding and governance study will develop next steps to deliver on the vision, although work will begin almost immediately to diversify and expand arts programming.
 
Colorado Convention Center Master Plan
 
The Colorado Convention Center (CCC) Master Plan helps ensure the CCC remains a major driver of Denver tourism and is "best in class" by responding to trends in conventions, trade shows and meetings by enhancing existing spaces and creating new ones, improving connectivity and accessibility, and activating areas surrounding the CCC to create one-of-a-kind experiences for attendees.  The Master Plan is designed to fund and phase improvements strategically for both short-term and long-term success, and includes recommendations such as a rooftop expansion, lobby improvements, technology upgrades and re-imagining the outdoor spaces surrounding the facility.
 
Connecting it All - Downtown's Ambassador Street
 
14th Street, home to both the Colorado Convention Center and Denver Performing Arts Complex, is considered by many as Denver's "front door." 14th Street has significantly transformed over the past decade, driven by the City's $880 million re-investment in the corridor through projects like the Colorado Convention Center, the Hyatt Regency at Colorado Convention Center, improvements to the Elle Caulkins Opera House and construction of the Webb Municipal Office Building, and boosted by $700 million in private sector reinvestment including the SPIRE, Four Seasons Hotel and Residences, the Curtis Hotel and more.
 
These investments allowed the Downtown Denver Partnership to focus on the prime opportunity to create a new and exciting destination for both day and evening activities along 14th Street, and together with a core group of property owners, the Partnership funded a conceptual design for a new streetscape. Through a partnership with the City, including securing bond funding for the project, matched by a financial commitment of property owners through the creation of the 14th Street General Improvement District, the new streetscape was completed in 2012. It features new, widened sidewalks, 150 new trees, generous landscaping, public art, improved lighting and a bicycle lane, and is a premier example of public-private partnership that has transformed a formerly ordinary street into a model street.
 
 
Three presentations at the Inter-Neighborhood Cooperation (INC) Transportation Committee recently offer insight into transportation in south central Denver.
 
Aylene McCallum, Director of Downtown Development at the Downtown Denver Partnership presented on Patterns in How Denver Commutesover the past nine years. What can commute patterns downtown tell us about traveling in Denver more broadly? Providing much more detail than Census-based surveys, the Downtown Denver Partnership's annual commuter survey reveals that active transportation - like walking and biking - is on the rise for commuters under 30. In fact, downtown commuters are almost 11 times more likely to bike to work and twice as likely to walk to work as the average U.S. commuter. The adage that "everyone is a pedestrian" holds true because the average commuter walks 10 blocks between their commute and work day obligations. The number of employees who walk to work (5.6 percent of all commuters) increased by 25 percent from 2014.
 
For Denver's neighborhoods the survey illuminates a number of interesting patterns: the neighborhoods of Golden Triangle/Lincoln Park, Baker/Athmar Park and Five Points have the highest number of bike commuters, while commuters from Littleton, Broomfield and Columbine/Ken Caryl are top users of transit. The average one-way commute into Downtown Denver is 13 miles. Commuters under 30 have the shortest average commute of 8.8 miles and commuters over 50 have the longest average commute of 15.7 miles and nearly half of them (48 percent) use transit.  In 2016 the Partnership plans to add questions regarding Transportation Network Companies such as Uber and Lyft, car share like Car3Go, and more nuanced transit questions to tease out more information about commuter behavior. 
  • Commuters traveling five miles or less are three times more likely to bike to work and 3.5 times more likely to walk to work.
  • Commuters are nearly twice as likely to take transit when their employer fully or partially subsidizes their transit pass.
  • 76 percent of Downtown Denver commuters whose employer requires them to have a car at work drive alone.
  • Males under 30 are the most likely group to bike to work, women between 30 and 49 are the most likely to drive alone, and commuters over 50 are the most likely group to take transit.
  • Downtown Denver commuters residing in the Stapleton neighborhood have the highest drive alone rate. This may change in 2016 with the opening of RTD's A Line which will serve Stapleton.
 
Patrick McLaughlin, RTD Senior Transit-Oriented Development Associate presented about the Civic Center Transit District Plan (CCTDP) that will soon be released to the public. This Plan is a partnership between RTD, the City and County of Denver, and the Downtown Denver Partnership for Civic Center to become a multimodal hub with improved streetscape and wayfinding elements to help create a unique district identity and economic development opportunities.  


 

Civic Center serves as a major hub for Denver metro transit service (on-street local routes, the Free MallRide, and Free MetroRide) yet the area is uninviting and unsafe. This part of downtown is ripe for redevelopment as there are undeveloped parcels and a number of surface parking lots. The CCTDP establishes a long-term vision and identity, near-term implementation options for the future of the station area as a revitalized urban transportation hub and an enhanced downtown neighborhood.  The CCTDP complements the station renovation project which is underway -- look for the physical work to begin later this year. The effort also involves an analysis of short, medium and long-term implementation strategies for a 20,000 square-foot developable parcel along the north side of Colfax Avenue between Broadway and Lincoln.
goals: 
  • Mobility: Reimagine Civic Center Station as the complement to DUS and the major mobility hub for the southeast sector of Downtown Denver
  • Connectivity: Endorse planned, complete networks for transit,pedestrian and bicyclists to connect the district internally and externally to its neighbors
  • Economic Development: Optimize economic development potential by creating strategies to redevelop underutilized district properties
  • Placemaking: Create a CCTD Public Realm Plan with a distinct sense of place that anchors 16th  Street Mall, creates a unique district identity, and fosters more inviting pedestrian and bicycle connections to its surrounding area
The plan addresses mobility and safety challenges for the major corridors surrounding the station, under-performing economic development in the station area, as well as physical conditions and antisocial behaviors that detract from security and healthy urban activity. Additionally, the plan is intended to consider how to organize and leverage multiple intersecting major transit investments and planning including FasTracks, Colfax Connections, the Central Corridor Study, and others. Expect over the next three years: 
  • A completion of the Civic Center Station Rehabilitation. This already-committed project will replace aging infrastructure and provide expanded transit capacity
  • While further engineering and technical analysis are needed to accurately test some of this plan's recommended concepts, expect to see improved pedestrian crossings and enhanced bicycle infrastructure and amenities, especially along Colfax Avenue
  • Potentially the testing mobility concepts with inexpensive, moveable barriers, striping and other temporary installations (think: lighter, quicker, cheaper!)
  • An activation of the catalytic parcel (adjacent to Colfax between Broadway and Lincoln) to become a lively public space after the station renovation is completed, until larger development is feasible
  • Changes to Broadway and Lincoln corridors (see below)
  • Branding and wayfinding signage to anchor and help orient users
Emily Snyder, Denver Urban Mobility Manager & Dan Raine, Senior City Planner presented about the Denver Moves Broadway/Lincoln Corridor Study.  Broadway and Lincoln are the spine of central Denver, connecting downtown Denver to south Broadway and beyond. However, these streets aren't working for everyone: they're auto-focused, unpleasant for pedestrians, and lack bike facilities. 

 
Through the Denver Moves Broadway/Lincoln Corridor Study, the City has been studying the feasibility of adding a bikeway to the Broadway/Lincoln corridor.  Denver Moves Bikes (2011) identified the South Broadway Corridor from downtown to the I-25/Broadway Light Rail Station as a project that "Needs Further Study" due to its unique character, complex traffic operations, and importance as a north-south spine for travel. The Golden Triangle Plan (2014) included a vision of South Broadway as Grand Boulevard with a goal of increasing transit and active mobility beyond the neighborhood.  

 
The team drafted ten options, narrowed them to three and finally a two-way cycletrack on Broadway met the most criteria and project goals of safety, livability, and mobility and will be carried forward into Phase 2 of the project. The City has identified pedestrian, bicyclist, transit and place making improvement concepts that will be carried forward into demonstration projects starting later in 2016. These demonstration projects will enable the public to try out the proposed changes in limited sections, and will allow the City to collect data on safety, traffic, and use, all at minimal cost and with maximum flexibility to adapt to what is learned.
 
Denver City Council Member Mary Beth Susman reports that last monthCity Council held a Policy Planning Retreat to discuss issues of importance around the city. Council members came with pressing issues facing the city and offered priorities on which to focus over the next year. A number of concerns were brought forth including items impacting mobility, safety, housing, economic development, and zoning. Council members then chose the policy items they preferred for the Council-wide work plan for the year. 


 

The top three issues are mobility and transportation; housing and homelessness; and economic and workforce development. Next Council will establish working groups around these policy issues that will engage stakeholders and policy experts, research successful models from other municipalities, do outreach with the community and work with the mayor's administration to craft recommendations and next steps.  Council Member Susman's number one priority continues to be mobility and transportation particularly micro-transit service, sidewalks, pedestrian safety, bike infrastructure and bus-rapid transit along Colfax.
 
Denver City Council Member Wayne New reports that the 12th annualDoors Open Denver, the premier event showcasing the richness and history of Denver's built environment, will take place on Saturday, April 23 and Sunday, April 24. Presented by the Denver Architectural Foundation, the event highlights nearly 70 of Denver's unique spaces and offers 44 Insider Tours. There is no charge to wander into some of Denver's most architecturally interesting buildings, including these City and County of Denver-owned sites: Fire Station 3, Fire Station 9, Fire Station 14, Fire Station 18, Wellington E. Webb Municipal Office Building, Ellie Caulkins Opera House, Boettcher Concert Hall, Buell Theatre, and Blair-Caldwell African American Research Library. 
 
Doors Open Denver also offers ticketed Insider Tours that provide engaging opportunities to hear directly from experts about Denver structures and locales significant to our city's history, development, design, and future. Tours are led by architects, landscape architects, historians, and urban enthusiasts. Insider Tours include Blair-Caldwell African American Research Library, Cableland (official residence of the Denver Mayor), City Park, Civic Center, Colorado Convention Center Bellco Theatre, Denver International Airport public art, Westin DIA Hotel, Denver Performing Arts Complex Nest Stage, Downtown Denver public art by bicycle, LoDo to LoHi public art, and Office of Mayor Michael B. Hancock. The complete list of sites and Insider Tours is available on the Doors Open Denver website at:
 
 
Stuart Anderson, Executive Director of Transportation Solutions reports that TS has been working with Lyft for several weeks about proposed shared ride service at Colorado Station.  Gabe Cohen, General Manager of Lyft in Denver announced that the Lyft service called Line is coming to Denver.  Line connects you with others going the same way, so you split the price.  Cohen says commutes, dinners and shopping trips are now even more affordable and environmentally friendly with multiple passengers (and won't take up parking). Lyft is launching Line in Denver along with five of the other fastest growing markets in the country. 
 
 
 
Central and Southeast Denver Real Estate
 
RTD Approves Contract for Civic Center Station
Source: Denver Business Journal


 

The Regional Transportation District Board of Directors approved a contract for the redevelopment of the Civic Center bus station. Mortenson Construction will build the $26 million project at Broadway and East Colfax Avenue. The Civic Center station serves 18 RTD bus routes in addition to the 16th Street mall shuttle. The reconstruction will improve passenger access to buses and provide space for potential future construction of complementary private development. The building design includes:
  • Nine bus bays
  • Glass-enclosed terminal building
  • Bus concourse rebuild
  • Bus ramp extension connecting Broadway to Lincoln
  • Open view from 16th Street Mall to the State Capital
  • Building structure that is easier to maintain and repair long-term
In addition, the new design provides a more open and welcoming environment and preserves a land parcel for future development opportunities.


 



 

Trammell Crow Planning Platte Street Building
Source: Denver Infill


 

Trammell Crow Company is the latest developer to join the construction boom along Platte Street in LoHi. The Dallas-based company plans to develop Riverview, a 210,000 square foot office building at 1700 Platte Street. The four and five story building will front on the South Platte River pedestrian and bicycle path and will also contain about 9,000 square feet of retail space. Construction is planned to begin in April after an existing industrial building is demolished.


 

 
Shorenstein Starts Downtown Apartment Tower
Source: Denver Urban Review


 

Construction started on the first phase of a 511 unit apartment project near Denver Union Station. Shorenstein Properties is developing the project at 1777 Chestnut Place. The initial phase will contain 403 units in  24-story tower. A future phase will add another 108 units in ad adjacent building at 1709 Chestnut Place. The project will ultimately include about 20,000 square feet of ground floor retail space. 


 

City and County of Denver Leases Space in Denver Post Building
Source: Denver Post


 

The City and County of Denver will move some local government operations into the Denver Post building. The newspaper subleased up to 45,505 square feet in the building at 101 West Colfax Avenue, which is directly across the street from the City and County Building in Civic Center. Initial offices moving to the Denver Post building include the Civil Service Commission, the 311 call center, the Independent Monitor and some financial services workers.


 

 
Office Building Planned for Platte Street
Source: Business Denver


 

Goff Capital Partners plans to develop a 147,000 square foot office and retail building at 15th and Platte streets in downtown Denver. The five-story building will be called Platte Fifteen and contain about 14,000 square feet of ground floor retail space. Construction on the $60 million project is scheduled to begin in mid-2017.


 

 
Virginia Investor Buys El Jebel Shrine Property
Source: Business Denver


 

A Virginia investor bought the historic El Jebel Shrine building at 1770 Sherman Street. An investment entity called DMPT LP acquired the building and an adjacent lot for $12,375,000. The buyer is associated with Robert Lubin, who did not reveal development plans. The adjacent lot has zoning approval for construction of a building of up to 650 feet in height, which would make such a structure Denver's fourth tallest. The Scottish Rite Masons were represented in the sale by CBRE agents Hadley Cox, Martin Roth and Eric Roth.


 


 

 
Hayman Purchases Uptown Building
Source: Business Denver


 

Hayman Properties bought the Denver Tower, a 55,000 square foot office building at 1905 Sherman Street in the Uptown neighborhood. The ten-story building was purchased from Centre Point Properties for $8.6 million, or about $156 per square foot. The seller was represented by Jon Hendrickson and Aaron Johnson of Cushman and Wakefield,


 

 
Investor Purchases Apartments in Governor's Park
Source: Colorado Real Estate Journal


 

An unidentified buyer purchased Dwell, a 53-unit apartment building in the Governor's Park neighborhood of Capitol Hill. The 54-year old property is located at 600 and 624 Pennsylvania Street. The property was sold for $11,750,000, or about $221,000 per unit, reflecting a recent renovation. The seller was represented by ARA brokers Robert Bratley, Andy Hellman and Justin Hunt.
 
McWhinney Plans Uptown Apartments
Source: Denver Urban Review


 

Pending approvals by Denver planners, McWhinney will develop SOVA, a 211-unit apartment building at the northwest corner of East 19th Avenue and Grant Street in the Uptown neighborhood. The 12-story building was designed by Craine Architecture.


 


 

 
Developer Starting Kalamath Street Townhouses
Source: Business Denver


 

Witkin Properties plans to start construction on Art District Santa Fe Rowhouses, a 34-unit townhouse development at West 9th Avenue and Kalamath Street. The project will contain 34 units selling in a range of $370,000 to $550,000. Witkin Properties is based in Boulder.


 

 
DPS to Sell Emily Griffith Building
Source: Denver Business Journal


 

The Denver Public School system is preparing to offer for sale the former Emily Griffith Technical School for sale to developers or investors. The historic building is located at 1250 Welton Street and occupies about 2.5 acres of land. DPS is applying for designation of the building by the City and County of Denver as a historic landmark prior to issuing request for proposals from buyers. The school moved to 1860 Lincoln Street in 2014.


 


 

 
Denver Begins South Broadway Reconstruction
Source: Denver Post


 

The City and County of Denver began work on a $12 million project to reconstruct South Broadway between Arizona and Kentucky avenues. The project will replace the deteriorated asphalt roadway with concrete, add turn lanes at several intersections, improve sidewalks and crosswalks and install new traffic signals. Initial work is located at Mississippi Avenue, addressing drainage issues and seriously damaged street conditions. The latest project is part of an overall plan to improve the South Broadway streetscape and will be completed in late 2017.


 


 

 
Regus Opening Downtown Co-Working Offices
Source: Business Denver


 

Regus leased 2301 Blake Street in the Ballpark neighborhood of downtown Denver. The shared-space company will operate a 35,000 square foot co-working facility in the building, opening in August. The building was acquired by Oakwood Real Estate Partners, which is leasing the entire building to Regus. Newmark Grubb Knight Frank agents Jeff Castleton and Jamie Gard represented Oakwood in the transaction. The project, called Spaces, is Regus' fourth new concept office in the US, joining facilities in New York, San Joe and San Francisco. The company is considering other Denver locations as well. 


 


 

Assisted Living Community Opens in Mayfair
Source: Glendale Cherry Creek Chronicle
The Rosemark at Mayfair Park opened to residents. The assisted living and memory care facility contains 163 units and is located in the Mayfair neighborhood of east Denver at East 8th Avenue and Jersey Street. The project was developed by Zing Development Strategies and Old Vine Property Group.
 
Permutter Developing Yale Station Apartments
Source: Business Denver


 

Jordan Permutter and Company plans to develop Yale Street Station, a 112-unit apartment building in southeast Denver. The project will be located at 5101 Yale Circle near the RTD Yale Avenue light rail station. The building will replace a small retail center on the site at Yale Circle and East Yale Avenue.


 


 

Denver Council Approves South Broadway Area Plan
Source: Denver Post


 

The Denver City Council approved the proposed area plan for the neighborhood adjacent to the RTD light rail station at South Broadway and I-25. The concept covers the area generally between South Broadway, West Mississippi Avenue, the South Platte River and the extension of West Center Avenue, including part of the former Gates Rubber Company plant. The plan foresees the development of a high-density transit-oriented midtown neighborhood. To the north of the area D4 Urban is beginning the planning process for the redevelopment of several shopping centers between West Alameda Avenue and I-25.


 


 

 
BuildMark Plans Lowry Condos
Source: Denver Real Estate Watch


 

BuildMark Development plans to construct a 107-unit condominium project in Lowry. The Aileron at Boulevard One development will be located on Lowry Boulevard and Monaco Parkway and will offer a combination of flats and townhouses. Prices are expected to range from the $400,000s to over $1 million. Construction is due to begin in early 2017.


 


 

 
 

 

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