DENVER | Main Development Thread #7

[SirLucasTheGreat]

That building on Santa Fe would be great if the facade were used as an art canvas. Otherwise, pretty boring design. However, the Santa Fe arts district is booming and I feel like we don't generally discuss it here. Aren't there 3 to 5 projects under active construction just along that strip?

[Interzen]

Originally Posted by SirLucasTheGreat

Aren't there 3 to 5 projects under active construction just along that strip?

I can count 5 under construction or about to start:
625 Santa Fe Art District Dwellings and Marketplace
-see rendering above

1010 Santa Fe

credit: businessden.com

1225 Santa Fe Art District Flats
EDIT:

credit: Denverite

1275,1277 Santa Fe (broke ground a couple weeks ago, fairly deep piles being dug and filled right now)
EDIT:

credit: Mile High CRE
Material staging looks to be behind the old Stone Pony/Hoffbrau Tavern, about 100 feet from my alley gate. Guess I will have a crane operator looking down into my back yard for the next year plus, putting a kink in my wife's sunbathing habits.

801 W 6th Ave 'Inca Commons' (just off Santa Fe)
This one is nearly finished affordable condos facilitated by Elevation Community Land Trust and Urban Land Conservancy. No rendering found.

At the far end of the neighborhood, The rezoning is complete at 1010 W. Colfax and 1443 Kalamath. Site development sub plans are still working through the process but the retail is all vacant and boarded.

[SirLucasTheGreat]

Thanks for posting the breakdown and those renderings. I hope the three ladies that seem to comprise the entire workforce for El Taco de Mexico are able to hire some help because there is a lot of residential density coming their way.

[gopokes21]

Radian has a few renderings on their website - it's also just topped out in the last month or so. It's not ornate. Very streamlined design so that the lower-income buyers aren't saddled with a lot of maintenance.

https://radianinc.org/portfolio/la-tela/



That 1225 Arts District Flats/Hub project looks great. Hopefully it gets built as shown.

[Interzen]

Thanks for the rendering and link gopokes21. I really like the materials choice and the design is plenty adequate for that location and use.

[Interzen]

Originally Posted by gopokes21

That 1225 Arts District Flats/Hub project looks great. Hopefully it gets built as shown.

My bad, that was the rendering for 1275 Santa Fe. Definitely looks like a step up from 1225 if it gets built as rendered.

Here is a rendering of 1225.

credit: Denverite

Here is what it looks like now:

[Interzen]

While I'm at it here is the start of 1275,1277 Santa Fe:

[laniroj]

Originally Posted by Curtis Park

Who on here knows about how leasing works in new developments?
I walked by McGregor Square and was thinking about the Tattered Cover and if they got a huge rent break to move in there and make it attractive to future residents? I know each deal is different but I'm just curious if it's standard to lure good retail to new residential buildings so that the future tenants see some inviting places to visit in their own building.

I can give you some reference points, maybe even some insider information every now and then...Tattered Cover is probably signing percentage rent deals - ie low base (must pay) rent and their rent will fluctuate with their sales. Historically, percentage rent is for high performing areas where landlords can demand it. Nowadays, it's what landlords are settling for because nobody can afford NNN retail rates sustainably anymore.

[BG918]

Originally Posted by Curtis Park

Who on here knows about how leasing works in new developments?
I walked by McGregor Square and was thinking about the Tattered Cover and if they got a huge rent break to move in there and make it attractive to future residents? I know each deal is different but I'm just curious if it's standard to lure good retail to new residential buildings so that the future tenants see some inviting places to visit in their own building.

Do we know who will move into Tattered Cover's space at 16th & Wynkoop? It's an awesome space, probably well suited for offices but would love to see a restaurant go in there with the wood floors and exposed wood beams.

[TakeFive]

With respect to McGregor Square, the Decision is in

Originally Posted by Curtis Park

I walked by McGregor Square and was thinking about the Tattered Cover and if they got a huge rent break to move in there and make it attractive to future residents? I know each deal is different but I'm just curious if it's standard to lure good retail to new residential buildings so that the future tenants see some inviting places to visit in their own building.

My 1st curiosity was if Tattered Cover is anywhere near the draw they once were?

Could be a Win-Win

I can see the appeal of having a piece of Iconic-Denver at McGregor Square. For Tattered Cover it's a chance to take a fresh look at their merchandising. The obvious is to appeal to sports fans; they could carry Bobble Heads, collectable cards and of course T-shirts. For starters, they should come up with a nice design for "Tattered Cover at McGregor Square" which could be printed locally. They could also try to come up with one unique LoDo T-shirt. Locally designed sports jewelry could be an item; earrings or necklaces for the ladies should be a no-brainer. Lots of opportunity.


Source: Etsy


Sports fans up and down the front range have been waiting to hear what Sports Bar would be at McGregor Square. The decision has been made.


Toms Urban Las Vegas Image Creator: Miranda Alam via Restaurant Hospitality


Image courtesy of Tom's Urban via Restaurant Hospitality

[SirLucasTheGreat]

What effect, if any, do you guys think that COVID will have on the seas of parking lots in the central business district and Arapahoe Square? Do you think that long term decreases in demand for parking will make it more likely that these lots will turn into residential developments?

[Agent Orange]

Originally Posted by SirLucasTheGreat

What effect, if any, do you guys think that COVID will have on the seas of parking lots in the central business district and Arapahoe Square? Do you think that long term decreases in demand for parking will make it more likely that these lots will turn into residential developments?

Good question. While I expect the CBD/LoDo office market to fare better than suburban locations like the DTC, I think the overall reduction in number of workers commuting into downtown each day has got to reduce demand for those parking lots. I could see many of them selling in the coming decade. And since the city hasn't yet expressed an appetite for meaningful zoning changes in residential neighborhoods while prices skyrocket to new levels of absurdity, condos are going to become more attractive, I imagine.

.

On another note: does anyone have any info on the Johnson & Wales campus in Park Hill? The most recent articles I can find are light on details and from way back in July/August.

[TakeFive]

Thanks for the Great Updates

Originally Posted by Interzen

Building permit issued for 625 Santa Fe Drive. Renderings are pretty blah.

Credit: First Stone Development





I bet the combed concrete and wood paneling will look dated from day 1 and age poorly. Maybe they will at least build out the sidewalk/streetscape to the new extents bound by the traffic bollards and kickstart that transformation.

Maybe they're going for a 'Retro' look?

I do like their setbacks including ground floor. I really like balconies that are "recessed" as they give the feeling of an extended living area and since these are condos that's a definite value-add.

While I don't disagree with your exterior impression, I'd give the project a half-pass based on reading your linked piece which explains the project will include ground floor retail and a number of occupant friendly features.

Originally Posted by Interzen

I really wish the new mixed use on Santa Fe could at least match the street presence of the Villas de Barela development (northwest corner 10th and SF that used to house Interstate restaurant.) Two stories of contextually appropriate brick and glass and good corner treatment on that building totally distract from, and partially make up for, the ultra cheap finish on the top two floors.


Credit: Google Maps

That has to be the nicest "LIHTC" project I can think of and your points are well taken.

Priceless

Originally Posted by SirLucasTheGreat

Thanks for posting the breakdown and those renderings. I hope the three ladies that seem to comprise the entire workforce for El Taco de Mexico are able to hire some help because there is a lot of residential density coming their way.

My favorite pastime has always been to find great local hole in the wall places to eat. Sorry to say this is one place I missed.

A Look Inside James Beard Award Winner El Taco de Mexico
February 28, 2020 By Brandon Johnson - Westword

El Taco de Mexico has served Mexican fare at 714 Santa Fe Drive since 1985.

Hot off a James Beard America's Classics Award win, El Taco de Mexico is taking things in stride at its humble home at 714 Santa Fe Drive. Although food tourists have begun to show up and weekend lines have been long since the award was announced on February 18, the customer base that has kept El Taco going since 1985 remains loyal. Smothered burritos, tacos and tortas are a familiar lunch to many Denver residents, but here's a look inside in case you've never been — and if you haven't, what are you waiting for?

Photos By Brandon Johnson (@BJohnsonxAR)


Speaking of subsidized housing projects

Originally Posted by BG918

This area also has the 9 story CCH Renaissance Lofts now under construction on California between 21st and 22nd. Rendering:

I meant to comment previously how decent this project looks. Thinking back it seems as though most of the 'Renaissance' projects by the Colorado Coalition for the Homeless have very credible exteriors.

[UrbanT]

Speaking of not bad looking... the 129 unit "Greenhous" project by DHA has broken ground in the Sun Valley Neighborhood.

[TakeFive]

Affordable Housing Projects are Popping Up Like Tulips in Spring

Originally Posted by gopokes21

Radian has a few renderings on their website - it's also just topped out in the last month or so. It's not ornate. Very streamlined design so that the lower-income buyers aren't saddled with a lot of maintenance.

https://radianinc.org/portfolio/la-tela/

Totally agree with Interzen:

I really like the materials choice and the design is plenty adequate for that location and use.

I remembered the name "La Tela" but had lost track/forgotten about this project.

Originally Posted by UrbanT

Speaking of not bad looking... the 129 unit "Greenhous" project by DHA has broken ground in the Sun Valley Neighborhood.

When I saw that "Greenhous" is being built by Pinkard Construction, I became disoriented.


Source

Pinkard Completes Preconstruction of Denver Affordable Housing Complex
February 1, 2021 Mile High CRE

Pinkard Construction and Shopworks Architecture have completed preconstruction services on Denver Housing Authority’s (DHA) $42 million Thrive affordable housing complex, a ground-up, 7-story, mixed-income development in Denver’s Sun Valley neighborhood. The development will include a mix of two-story townhomes and 135 multifamily units.

Image courtesy Pinkard Construction/Shopworks Architecture via Mile High CRE

It turns out these ARE TWO SEPARATE projects and Pinkard Construction is building both of them.

[CherryCreek]

Originally Posted by TakeFive

The Travels of Mill Creek Residential Around Denver

Mill Creek was an 'Early-mover' in Denver; both they and Allied Res landed about the same time and place and built comparable projects.

Mill Creek's Denver story starts in 2012 with a project called The Douglas and DenverInfill was all over it with their New Project post when it was still referred to as 2300 Walnut to the Final Update.

The Douglas Apartments - 2300 Walnut St


DenverInfill

The Douglas was sold by Mill Creek in October of 2014. Their next project was The Casey and again DenverInfill has the Final Update.

Note: all images below (unless otherwise noted) are courtesy of Mill Creek via Apartment Finders

The Casey Apartments -2100 Delgany St


Image courtesy Windsor Communities via Apartment Finders

Mill Creek sold The Casey in April 2016. Next up is Post River North which opened in Fall of 2017.

Post River North Apartments - 1859 28th St



At this point:
Mill Creek changed up their strategy. Rather than seeking larger sites to build ~300 units, they shifted to finding niche sites in appealing neighborhoods to fit their "Modera" brand apartments.
Next up is Modera Observatory Park which opened in January, 2018

Modera Observatory Park - 1910 S Josephine St


Next up is the Modera River North Apartments which opened in August, 2018.

Modera River North Apartments - 2850 Blake St



Modera Cap Hill - 1200 Grant St




Modera LoHi - 2555 16th St


The last project currently under construction and opening Summer of 2021...

Image courtesy of Mill Creek via MultifamilyBiz[/SIZE]

Modera Cherry Creek at Second and Madison has broken ground and is well under way.

[CONative]

Speaking of low/affordable income housing. Denver and Aurora seemed to be working on putting in some higher density mid-rise housing on East Colfax. I think Denver may have even bought a few lots on Colfax. I haven't heard of any latest development of progress. Does anyone have any updates?

I REALLY think that area would clean up quite a bit when more folks are living on the Avenue with more eyes and ears on things, and less chance for shady dealings. Over time, I think the area would progress nicely with more people living there and less motels and crap to attract misguided individuals.

[BG918]

Originally Posted by CherryCreek

Modera Cherry Creek at Second and Madison has broken ground and is well under way.

And the long-delayed 8 story, 323 unit Modera Golden Triangle is supposed to start this summer. Ever since RMPBS moved downtown last July it has been an empty eyesore in the neighborhood so it will be nice to see that torn down and the site redeveloped.

[SirLucasTheGreat]

Is there any movement on any of the pending Lennar projects in GT? They have a tower under construction at 10th and Bannock but they have another 3-4 towers in the pipeline.

[laniroj]

Originally Posted by Agent Orange

Good question. While I expect the CBD/LoDo office market to fare better than suburban locations like the DTC, I think the overall reduction in number of workers commuting into downtown each day has got to reduce demand for those parking lots. I could see many of them selling in the coming decade. And since the city hasn't yet expressed an appetite for meaningful zoning changes in residential neighborhoods while prices skyrocket to new levels of absurdity, condos are going to become more attractive, I imagine.

Hopeful as that may be, let us not forget these are the same parking lot families who've held these lots for many decades, including when they were seldom utilized. When you have no basis in an asset, it's very easy to justify holding it (especially if you don't need or want any more money). I wish I was as upbeat as you because this is an exciting prospect indeed.