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January 2017

 
Transportation
 
First, save February 23rd for The Road Ahead 2017 - Mobility On-Demand: Go Your Own Way.  The annual event produced by Transportation Solutions combines important social, economic, and ongoing transit issues to seek out mutually beneficial solutions.
 
The proliferation of mobile technology has awakened interest in demand-responsive transportation alternatives. On-demand mobility is poised to better meet personal mobility needs.  The Road Ahead attracts elected officials, policy makers, private developers, and transportation industry leaders with a passion for accessing the benefits of transit oriented development.
 
WHAT: The Road Ahead 2017: Mobility On-Demand. The 13th annual seminar featuring a keynote panel and a panel discussion.
WHO: Over 300 attendees including local, state and federal government representatives, and private sector developers and business leaders.
WHEN: February 23, 2017 - 7:30-11:30 AM
WHERE: University of Denver - Driscoll Ballroom
 
 
At the end of 2016 Bill James completed two terms on the Board of Directors of the Regional Transportation District.  Bill is pleased to hand the portfolio of RTD District A to Kate Williams and will continue as Chair of the Board of Transportation Solutions. Transportation Solutions convenes and catalyzes businesses, government, and community entities, through partnerships, policy, and programs to enhance quality of life and economic vitality.
 
 
 
As we transition to the new year Nate Curry, Senior Manager, Public Relations at RTD prepared an excellent retrospective photo essay of RTD - 2016 A Look Back available at:
 
 
RTD reports that the metro area ranks among the nation's most livable communities, but also one of the most congested. As our communities continue to grow and develop, our next priority is to address transportation needs along East Colfax Avenue. With grant funds from the FTA, RTD plans to make improvements at route 15L stops between Broadway and I-225. The upgrades include security cameras, improved lighting, bus shelters, transit signal priority, bypass lanes, and bus bulbs in key locations along the corridor, one of the busiest in the RTD system to improve the rider experience. Implementation is anticipated to begin later this year.
 
 
Inter-Neighborhood Cooperation has arranged with RTD project management for two tours of the Civic Center Station construction project now that demolition is complete, on Friday January 27th at 11:00 AM and noon.  The tour will include a visit to the construction trailer to see the plans for the new Station and discuss the design and construction phasing. INC has been asked to limit each group to ten people, to ensure safety - first-served by email - write transportation@denverinc.org and indicate whether you would like to join the 11 AM or Noon tour.  As the project progresses INC will schedule additional tours.
 
Subways and Pods: What Denver's Transit System Could Have Been
Source:  Confluence Denver
"What if, instead of light rail cars clanging alongside downtown traffic, Denver's trains burrowed underground? Or if, instead of trains, Denver had a network of tracks elevated on stilts throughout the city that flung personal pods from neighborhood to neighborhood like a kid's slot car racetrack?  At one point in Denver's history, these were serious alternatives to the transit system we know today. The Regional Transportation District (RTD) and city officials flirted with this Jetsons-esque technology -- a "personal rapid transit" (PRT) system -- in the 1970s. When that didn't pan out, the agency considered building a subway downtown."
 
 
If you are interested in the long term history of RTD prior to the development of FasTracks, in 1995 Bill Van Meter prepared RTD Rapid Transit Planning History from 1973 to 1993 available below.  Bill is currently Assistant General Manager, Planning and Development at RTD.
 
 
The High Cost of Keeping Pretty, Pricey "Pavers" on the 16th Street Mall
Source:  StreetsBlog
"Should RTD continue spending big bucks to maintain the aesthetically pleasing but functionally flawed surface of the transitway on the 16th Street Mall? Nostalgia says yes, but common sense says no...It's not that public art doesn't have a place on the 16th Street Mall. It's just that people don't get much function out of these pavers, and RTD would be doing the public a service by allocating its scarce resources to useful amenities."
 
 
 
A new feature of Cherry Creek Perspective is links to articles in local and national publications about transportation and real estate.  These articles are a sample of articles found in the LinkedIn Group managed by Bill James called Real Estate and Transportation at:
 
 
If you are active in LinkedIn, feel free to join that group.
 
Economists pan infrastructure plan championed by Trump nominees
Source:  Washington Post
"Yet Americans apparently don't want to pay bridge and transportation tolls for private infrastructure investors via tax breaks as Ross and Navarro suggest, according to a Washington Post-ABC News poll conducted Jan. 12 to 15. The survey showed that 66 percent opposed such a plan and only 29 percent supported it.  While Republicans were more favorable, at least half of each group, Republicans, Democrats and independents, opposed the idea. The poll was a random national sample of 1,005 adults. The question didn't mention Trump, Ross or Navarro."
 
 
RoadX Program Paves the Way for Smarter Mobility
Source:  Engineering News Record
"Dubbed RoadX, it seeks to revolutionize transportation systems and implement a slew of bold mobility concepts within the next 10 years. CDOT says all of that can happen by investing in innovative technologies and creating industry partnerships that will result in crash-free travel with fewer delays...RoadX recently partnered with Otto of Uber to complete the world's first commercial delivery via a self-driving truck, which picked up a load of beer at Anheuser-Busch in Fort Collins and drove it south to Colorado Springs. A driver monitored the experiment from the truck's sleeper cab. "
 
 
These New Apartments Come With A Shared Car
Source:  fastcoexist.com
"But apart from being a perk, the program could be a model to widen access to mobility services, reduce the need for mandatory parking spaces in new developments, and take pressure off public transit, according to Lubinsky. "There are locations where developers are looking to reduce their parking requirements and increasingly we're seeing car-share spaces as a negotiating device [in planning discussions]. This is a reason for policy-makers to reduce parking requirements," he says."
 
 
Cherry Creek mall to charge for parking starting in January
Source:  Denver Post
"The center's lots are heavily used by customers, but also by those not shopping at the center," Cherry Creek Shopping Center general manager Nick LeMasters said in a statement.
 
 
A Silver-Linings Playbook for Cherry Creek Mall Smart Parking
Source: Cherry Creek North Neighborhood Association
"An optional feature will even show the location of the parked car. Patrons will have reasonable time (to be announced) to reach their car and leave. When a ticket has been processed, another "eye" at each exit will recognize the license plate as the car approaches, and the guard arm will automatically open without the insertion of a ticket, speeding exit. Want more? Brio and Elway's, the AMC Movie Theaters, The Container Store and Boulder Running Company have already announced they will validate. Other retailers may come on board."
 
 
More about parking at the Cherry Creek Shopping Center is on the mall's website at:
 
 
In response, the Cherry Creek North Business Improvement District (BID) informs visitors about the multiple parking options available in Cherry Creek North, and announces new parking and ride-sharing promotions available in CCN. 
 
Eight Public Parking Garages in Cherry Creek North offer $5 flat rate parking on weekends (all day) and weeknights beginning at 5:00pm.
500+ on-street parking meters, managed by the City of Denver, are available for $1 per hour for up to three hours, Monday - Saturday.  These meters are free on Sundays and holidays.
500 retail customer parking spaces are available in the BID for free to customers of specific businesses.
For those that like to plan ahead, Cherry Creek North BID has partnered with SP+ to offer first-time Parkmobile users a $1 discount when they use the app to reserve and prepay for parking in a Parkmobile garage. Parkmobile details available here.
Cherry Creek North BID has partnered with Lyft to offer 20% off a ride to or from Cherry Creek North to new and existing users through February 16.
 
 
More about parking in Cherry Creek North at:
 
 
Automakers Prepare for an America That's Over the Whole Car Thing
Source:  New York Times
"In many ways, the industry's race to solve the last-mile challenge involves the development of self-driving vehicles, an effort involving various carmakers, technology companies and start-up firms...Automakers are generally betting that sales of vehicles to fleet services will offset any decline in sales to individual consumers. Boston Consulting Group predicts that 44,000 cars will be sold to ride-sharing fleets in North America in 2021, more than making up for an expected net decline in consumer sales of about 8,000 vehicles."
 
 
Real Estate
 
Denver City Council Member Mary Beth Susman reports that starting in 2015, The Urban Drainage Flood Control District (UDFCD), Denver Parks and Recreation and Denver Wastewater Management partnered to restore Westerly Creek from New Freedom Park at 13th and Xenia to 11th and Willow Street. The primary goal for the project is to re-establish a healthy stream channel with wildlife habitat, wetlands, and a functioning floodplain. Based on the community input received, the project will:
 
Re-align the trail for safe access
Develop a water crossing at New Freedom Park
Add sod near the soccer field
 
In mid-November, 2016, construction activities began and is anticipated to be completed in spring 2017.
 
Council Member Susman also reports that Denver residents, community groups, and city leaders have been beating a steady drum for more neighborhood planning across the city, and Community Planning and Development is ready to deliver. City planners rolled out the Neighborhood Planning Initiative (NPI) - a new commitment by the City and County of Denver to provide area plans for every neighborhood in the city. Currently, only about 20 percent of Denver has an up-to-date area plan. The rest of the city either has a plan that predates 2002's Blueprint Denver land use and transportation plan, or has no plan at all. The northeast part of Susman's district is first on the list for the neighborhood planning initiative.
 
The new approach to neighborhood planning, crafted with community input, will make a more efficient use of available resources to achieve better, more equitable area plan coverage for all of Denver in less time (10 to 14 years) than the current approach would do (about 80 years).
 
 
Operators of Short-Term Rentals in the City and County of Denver had until December 31 to become licensed before hard enforcement began in January. The City permits hosts with valid licenses to offer STRs in their primary residences. STRs are rentals of residential property for fewer than 30 days at a time. Fines for operating without a STR license, as well as for violating any requirement of the ordinance, can be up to $999 per incident.
 
 
  • Hotel Indigo Opening on Wewatta Street
  • Source: Confluence Denver
  • The 180-room Hotel Indigo opened at 1801 Wewatta Street near Denver Union Station. The hotel is part of a mixed-use development being constructed by Portman Holdings of Atlanta. InterContinental Hotels Group will operate the hotel along with Hospitality Ventures Management Group. 
 
 
Construction Starting on Hilton Garden Inn
Source: Business Denver
Focus Property Group is starting construction on a Hilton Garden Inn at Chestnut Place and 20th Street. The $80 million project will rise 12 stories and contain 233 rooms. It will also preserve a historic 130-year old but long vacant fire station that will become the hotel's restaurant. The hotel is expected to open in early 2019. It is occupying one of the last undeveloped sites in the Riverfront/Denver Union Station neighborhood. 
 
 
Construction Underway on LoDo Building
Source: Confluence Denver
Urban Villages started construction on Sugar Square, a 10,800 square foot office building in LoDo. The four story building at 1530 16th Street is effectively an expansion of the adjacent historic Sugar Building, which Urban Villages renovated in 2008. The company also added two floors to the Sugar Building and constructed an office and residential expansion called Sugar Cube.
 
 
Goldman Sachs Acquires Downtown Tower
Source: Business Denver
An affiliate of Goldman Sachs bought 1125 17th Street, a 499,975 square foot office building in downtown Denver. The 26 story property was purchased for $169.7 million, or about $340 per square foot, from Pearlmark and Broadreach Capital. The seller was represented by Winn Richey and his team of CBRE brokers. Chase Bank is the building's major tenant and has its name on the building.
 
 
Stoltz Purchases LoDo Buildings
Source: Business Denver
Stoltz Real Estate Partners bought two historic buildings in LoDo. The Pennsylvania-based investment company purchased the Wazee Exchange at 1900 Wazee Street and the Blake Street Terrace at 1860 Blake Street. The two buildings, both constructed as warehouses and later converted to office space, contained a total of 151,000 square feet. The seller was MAV Development. Stoltz paid $44.2 million for the properties, or about $292 per square foot.
 
 
Dinerstein Planning Capitol Hill Apartments
Source: Life on Capitol Hill
The Dinerstein Companies plans to develop a 178-unit apartment building in Capitol Hill. The eight story building will be located at the southeast corner of East 7th Avenue and Grant Street, adjacent to the new Trader Joe's supermarket. Dinerstein, which is based in Houston, acquired the site from a local developer that had at one time planned a similar project. The project's name has not yet been announced. 
 
Chicago Company Buys Anthem Building
Source: Business Denver
An entity affiliated with Bradford Allen bought the Anthem Insurance building at the northeast corner of Broadway and East 7th Avenue near downtown. The Chicago company paid CBRE Global Investors $80,650,000, or about $181 per square foot. The 444,000 square foot building is 86% leased to Anthem Insurance. CBRE brokers Tim Richey and Mike Winn were agents on the sale.
 
 
Mixed-Use Project Considered for Speer Boulevard Site
Source: Denver Infill
A partnership of Paradise Land Company and Hines may develop a mixed-use project along Speer Boulevard and Cherry Creek in downtown Denver. The concept under consideration puts the project on two small triangular parcels bisected by the creek and bounded by Speer Boulevard and 14th, Larimer and Market streets. The general concept calls for  a 275-room W Hotel, 30 condominium units and retail space, plus a parking garage. Part of the land once housed the Denver City Hall and other pioneer-era buildings.
 
 
iUnit Plans Jefferson Park Micro Units
Source: Business Denver
iUnit plans to develop Stadium Flats, a 56-unit apartment building at West 20th Avenue and Federal Boulevard in the Jefferson Park neighborhood. The building will contain micro units, generally in a range of 380 to 470 square feet. Pending approvals from Denver planners, construction is scheduled to begin in the summer. iUnit developed a smaller building in Highlands and has plans for a project similar to Stadium Flats on Champa Street in Arapahoe Square.
 
 
Denver Center Reports Record Year
Source: Denver Business Journal
The Denver Center for the Performing Arts reported that 2016 was a record year for attendance. The downtown arts complex on 14th Street had over 685,000 ticketed guests during the fiscal year ending June 30, 2016, the highest in the center's 37 year history. Attendance at shows, plays, performances and readings was up 20% over the previous fiscal year.
 
 
Embrey Plans West Denver Apartments
Source: Denver Business Journal
An entity associated with Embrey Partners bought the vacant Festival shopping center at 3200 West Colfax Avenue. The San Antonio-based company filed plans with the City and County of Denver for the Vue at Mile High, a 375 unit apartment building. Thee 4.2 acre site just west of Federal Boulevard was acquired for $8.1 million, or about $44 per square foot. Demolition of the shopping center is set for January. The unidentified seller was represented by Fuller Real Estate.
 
 
Greystar to Begin Work on Golden Triangle Tower
Source: Denver Business Journal
Greystar Real Estate Partners plans a January start on a 302 unit apartment building in the Golden Triangle neighborhood south of downtown. The 16-story building, tentatively named Greystar Speer Boulevard, will be located at the northeast corner of South Bannock Street and Speer Boulevard. Greystar is a Charleston (SC) based company that is one of the nation's largest developers and property managers.
 
 
Investor Purchases Sloan's Lake Apartments
Source: Business Denver
Castle Lanterra Properties bought Alexan Sloan's Lake, a recently constructed 369-unit apartment development in west Denver. Trammell Crow Residential sold the property for $102.8 million, or about $278,000 per unit. The project is part of the redevelopment of the former St. Anthony's Hospital land and is located at 1550 Raleigh Street. ARA brokers Jeff Hawks, Terrance Hunt and Shane Ozment represented the seller. Castle Lanterra Properties is a New York-based investment firm.
 
 
Denver Buys Five Points TOD Site
Source: Denver Business Journal
The City and County of Denver plans to buy a vacant parcel at 29th and Welton streets in Five Points. The land, currently used for parking, is owned by RTD, which entered into a purchase agreement, contingent on an appraisal. The site has been earmarked by the Denver Office of Economic Development for a mixed-income condominium development, since it is adjacent to RTD's Welton Street light rail line.
 
 
Kmart Closing Denver Store
Source: Denver Business Journal
As part of its latest round of store closings, Kmart will close its store at 363 South Broadway in the Broadway Marketplace shopping center. The parent company of Kmart, Sears Holdings Corporation, announced that 78 more Kmart and 26 additional Sears stores in the US will close at the end of March, including the Broadway Marketplace location. Price Development Group recently filed plans with the City and County of Denver to redevelop the site with a 345 unit apartment building. The land is across South Cherokee Street from an RTD light rail station.
 
 
Realterm Acquires Former Sports Authority Warehouse
Source: Business Denver
Realterm bought the former Sports Authority warehouse at 50 South Kalamath Street. The Maryland-based firm paid an investment group $10,950,000 for the 212,000 square foot building, or about $51 per square foot. Sports Authority vacated the warehouse prior to going out of business in 2016. Alex Ringsby of Ringsby Realty was agent for the buyer.
 
 
Alliance Purchases Lowry Site
Source: Business Denver
Alliance Residential bought a former assisted living building in Lowry. The company filed plans with the City and County of Denver to demolish the building at 8505 East Lowry Boulevard and construct 368 apartment units. The Lowry Park Independent Assisted Living Center closed in mid-2016. Alliance Residential purchased the building and site for $16.5 million, which, with 368 units planned, equates to a land cost of $45,000 per unit.
 

http://www.businessden.com/2017/01/10/apartment-builder-lands-17m-former-assisted-living-center/
 


 
 
 

 

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