DENVER | Main Development Thread #7 - Page 444

TakeFive · #**8861** Posted **May 18, 2020, 10:49 PM**

Quote:

Originally Posted by bulldurhamer

The only hope is to elect politicians at the federal level willing to redistribute the wealth. If half of the population isn’t making enough to live off, we’ll always have these inequities. The lower end of the wage scale in this country is as low as it’s been in a century.

Amazon and Facebook should not own everything and pay little in the way of taxes. A trillionaire Bezos possessing nearly half of the country’s wealth should be a clue.

Funny becuz yesterday I spent a couple of hours unpacking the fallacies on the right. It turns out that a number of drivers on the Phoenix Uber forum are Trump acolytes.

Just to set the record straight, Jeff Bezos is currently worth $145 billion; MacKenzie Bezos is worth ~$47 billion. It's also fair to point out that Amazon employs over 575,000 people who are still getting paid. Bezos net worth is not cash sitting in a bank that he could spend however he wishes; most of his wealth is tied up in Amazon stock.

The government has appropriated nearly 3 trillion $'s just to keep the lights on for most people. Even if Bezos wealth was stored in cash it still wouldn't dent everybody's needs and if you erased Amazon and it's employees you would just add to the despair.

FYI, a whole lot of wealth is being redistributed each year. Take away that wealth redistribution and this country would be crushed by those in need.

Taxes will be going up. Who do you think is going to pay for that $3 trillion being borrowed to support the poor. Btw, I will include myself as I'm collecting some of that good government cheese.

mhays · #**8862** Posted **May 18, 2020, 11:16 PM**

...What Wong said, plus upzone enough that developable space is a lot cheaper on a per-unit basis.

TakeFive · #**8863** Posted **May 19, 2020, 5:15 AM**

Denver company moving forward with development...
May 18, 2020 By James Rodriguez – Reporter, Denver Business Journal

No, it's not a forty-story industrial tower but it is industrial and it's all about feeding the development machine.

Quote:

RMI's core business is extracting and transporting construction materials, mostly for infrastructure projects. Over the past five years, the company has increasingly focused on the industrial supply chain, Dangler said.

The company conceived of Rocky Mountain Rail Park as it was looking to supply materials to the Front Range by rail.

It's all about building supply chains.

Quote:

"What we quickly figured out a couple years ago was there wasn't a readily available transportation center to distribute products," Dangler said. "Once we inquired with other types of companies in our sector and tangential sectors, we quickly figured out that not only did we lack the supply chain access, but so did everyone else."

So what's the schedule?

Quote:

Construction on the project has been delayed by four or five months due to the coronavirus, Dangler estimates, but is still set to begin later this year once the company gains full approval from Adams County. Dangler said he hopes for the project to be shovel-ready after Labor Day, with construction expected to take a year.

Any other companies besides yourself interested in this project?

Quote:

Aaron Valdez, Alec Rhodes, Tyler Smith and Michael Flynn of Cushman & Wakefield are the exclusive listing agents for the property. Rocky Mountain Rail Park will offer the only Union Pacific rail sites available for development in the east Denver metro area, according to Cushman & Wakefield.

Dangler declined to identify companies that have signed on to be part of the development, but said they are all "Fortune 500 companies, significant institutional operators."

g-man435 · #**8864** Posted **May 19, 2020, 6:41 AM**

BG918 · #**8865** Posted **May 19, 2020, 3:40 PM**

Quote:

Originally Posted by g-man435

Looks great, like 1144 15th I wish this one was about 20 floors taller. Two slick looking buildings that are still lost in the skyline.

CONative · #**8866** Posted **May 19, 2020, 4:26 PM**

Quote:

Originally Posted by g-man435

Has it "topped off" yet? I am wondering how much more height we will see in the skyline from now -- especially with the facade that goes higher on the sides.

DenvertoLA · #**8867** Posted **May 19, 2020, 5:17 PM**

That’s one shiny building. I can’t wait to see how they light it up at night.

TakeFive · #**8868** Posted **May 19, 2020, 7:11 PM**

Off-Broadway but Santa Fe is close enough

For all you Buzz Geller fanboys, another site bites the dust. https://businessden.com/2020/05/19/g...ent-developer/

Quote:

The head of Paradise Land Co. on Monday sold 1275 Santa Fe Drive to developer Leon Cisneros, of Denver-based CRE Development Investments. The sale price was $4.1 million, both parties confirmed.

Cisneros is building an eight-story, 126-unit apartment complex on the same block to the south. Art District Flats broke ground last August and is expected to be completed in the fourth quarter of this year.

We have posted about this proposed project previously but it's always nice when the contract for land closes.

So no problem getting financing?

Quote:

Cisneros said the coronavirus fallout affected the lending landscape locally, but his project had largely nailed down things before that occurred. Denver’s Indicate Capital provided financing for the deal.

This one, dubbed Art District Lofts, and drawn up by Oz Architecture, is slated to have 115 units across eight stories. He expects to break ground in the third quarter, and finish the building in late 2021.

With respect to the other two sites Geller has under contract.

Quote:

Geller said both deals continue to move forward, although they could be delayed somewhat.

“I anticipate people asking for more time than what the scheduled closing is and I think, as a human being, that is a very reasonable request,” he said.

So Buzz Geller really is a nice guy?
I knew that.

laniroj · #**8869** Posted **May 20, 2020, 3:08 PM**

Quote:

Originally Posted by mhays

Density bonuses are only a half measure. They're intended to offset (at least in part) the added cost of the inclusionary units or payments.

But why is that enough? The goal should be to make market-rate housing CHEAPER. Every single renter and first-time buyer would benefit.

That's not enough, and I'm in full agreement with you, but I'm also a realist and short of generational zoning reforms these are the main tools government has at their disposal to produce a meaningful amount of housing. 38th/Blake has worked ok. I've heard of a conversation going on in City management about City-wide density bonus structure for affordable housing. One step at a time...

laniroj · #**8870** Posted **May 20, 2020, 3:09 PM**

Quote:

Originally Posted by g-man435

Straight outta the block...

https://i.ibb.co/vmcyQZn/61-CB7-C81-...858-CF51-B.jpg

So sleek - fantastic pics!

laniroj · #**8871** Posted **May 20, 2020, 3:11 PM**

Quote:

Originally Posted by TakeFive

When I read the developer was listed as Scenic Investments, I had a half-chuckle thinking it must be a new local group.

But no... Scenic Investments has offices in London, Zurich and New York. Still doesn't indicate much.

^I wonder if there might be a relationship to/with Partners Group, the recently headquartered Broomfield money manager from Switzerland...

bulldurhamer · #**8872** Posted **May 20, 2020, 9:21 PM**

Quote:

Originally Posted by TakeFive

Funny becuz yesterday I spent a couple of hours unpacking the fallacies on the right. It turns out that a number of drivers on the Phoenix Uber forum are Trump acolytes.

Just to set the record straight, Jeff Bezos is currently worth $145 billion; MacKenzie Bezos is worth ~$47 billion. It's also fair to point out that Amazon employs over 575,000 people who are still getting paid. Bezos net worth is not cash sitting in a bank that he could spend however he wishes; most of his wealth is tied up in Amazon stock.

The government has appropriated nearly 3 trillion $'s just to keep the lights on for most people. Even if Bezos wealth was stored in cash it still wouldn't dent everybody's needs and if you erased Amazon and it's employees you would just add to the despair.

FYI, a whole lot of wealth is being redistributed each year. Take away that wealth redistribution and this country would be crushed by those in need.

Taxes will be going up. Who do you think is going to pay for that $3 trillion being borrowed to support the poor. Btw, I will include myself as I'm collecting some of that good government cheese.

What a load of bullshit. Even Jamie Dimon says the economy is out of wack. You cite trillions of dollars, yet you ignore the trillions pumped into the markets and more given away to the wealthy classes in tax redistribution. Folks tend to make $100k or $35k with little room in between. The middle class is disappearing while the haves are taking it all. So until we get some of that wealth moving back the other direction, the housing disparities will always exist no matter how much the gazillionaire developers put into the poor people fund.

Tykendo · #**8873** Posted **May 21, 2020, 5:05 PM**

Quote:

Originally Posted by TakeFive

If you wouldn't mind sharing I'd be curious where you escaped to?

It's not like we haven't talked endlessly about supply and demand. But there's different dynamics that are a part of each of those. On the demand side, it's not just the number of bodies but also the number of $'s. Over the last decade Denver has become very upscale with its tech & millennial appeal and as the economy grew exponentially so did the number of $'s (or average earnings) chasing places to live.

My position all along is that there is no magic bullet, only stuff that can be done at the margin.

But this decade is starting out very differently as $'s are dropping like a rock. Given that consumers make up ~70% of the U.S. GDP things will change significantly, at least in the near term.

Eugene OR. But the rent is only marginally cheaper, and wages for non professionals & trade workers are poor. Property owners up the take due to the U of O being here. Yet business owners like to pay bottom barrel wages. Figure they can pay less here. I do rideshare and am struggling here as well. Had to get a VA hardship to be able to get my necessary asthma meds. Living the dream.

TakeFive · #**8874** Posted **May 21, 2020, 7:32 PM**

Quote:

Originally Posted by Tykendo

Eugene OR. But the rent is only marginally cheaper, and wages for non professionals & trade workers are poor. Property owners up the take due to the U of O being here. Yet business owners like to pay bottom barrel wages. Figure they can pay less here. I do rideshare and am struggling here as well. Had to get a VA hardship to be able to get my necessary asthma meds. Living the dream.

Thank you for your service.

Try checking into Oregon's benefits. Do a search for "Oregon Unemployment PUA". Lots of info comes up.

Quote:

Who is eligible for PUA? Eligible workers include the:
• Self-employed, 1099 contract workers, and gig workers
• Employees who have not earned enough wages or worked enough hours for regular unemployment benefits

My understanding is that being "under-employed" also qualifies.

Oregon is more generous than Arizona. The minimum benefit is $205 per week up to $648 per week." in Arizona it's $117 to $240. I qualified for $117.

Gig workers don't qualify for regular unemployment so we're automatically kicked into the Pandemic Unemployment Assistance. Once qualified you receive the federal $600 per week on top of the state amount.

The application process is frustrating, tedious but perseverance pays. My understanding that if you make less (per week) than the state portion plus $30. (say $205 + $30) then you still qualify for the federal $600 per week.

Note: PUA claims only recently started being processed. They had to wait on rules from the Dept of Labor and then each state had to figure out how to do it. Looks like Oregon started processing gig workers on May 7; in AZ we started on May 12th.

Thanks for sharing and I wish you nothing but the best.

TakeFive · #**8875** Posted **May 22, 2020, 6:14 AM**

Quote:

Originally Posted by laniroj

^I wonder if there might be a relationship to/with Partners Group, the recently headquartered Broomfield money manager from Switzerland...

You could be onto something here.

Facebook's Zuckerberg embraces remote work beyond Silicon Valley
MAY 21, 2020 By Katie Paul - Reuters

Quote:

SAN FRANCISCO (Reuters) - Facebook Inc will permanently embrace remote work even after coronavirus lockdowns ease, Chief Executive Mark Zuckerberg said on Thursday, accelerating the tech sector’s geographic diversification away from its home in Silicon Valley.

Wait for it... Here it comes.

Quote:

Facebook, which has already said it will stick to plans to hire 10,000 engineers and product employees this year, will also build three new “hubs” in Atlanta, Dallas and Denver where remote workers in those areas could occasionally convene.

“These aren’t necessarily offices,” Zuckerberg said, although the company would likely create “some kind of physical space” to foster community. “The idea for these hubs is that we want to create scale. We want to focus the recruiting energy in some cities where we can get to hundreds of engineers.”

Facebook which hasn't had a big footprint in Denver did recently commit to doubling the space they have. They obviously like business-friendly Texas if they're going to create a 'hub' in Dallas on top of all the space they have in Austin. Still this is a plus for Denver.

Note: From what I'm reading the jury is still out on work-from-home. Many employees like it - so far - but many others acknowledge the distractions and often suggest they don't have the needed 'home office' space. Tech companies seem the most likely to be comfortable with work from home.

Recent DBJ article mentioned that VF Corp is still looking forward to moving from temporary space in the DTC to their new downtown digs. While they have lost a lot of their retail business they are optimistic going forward and floated a $3 billion bond, partly to be positioned for opportunistic acquisitions.

wong21fr · #**8876** Posted **May 22, 2020, 3:14 PM**

Quote:

Originally Posted by TakeFive

Note: From what I'm reading the jury is still out on work-from-home. Many employees like it - so far - but many others acknowledge the distractions and often suggest they don't have the needed 'home office' space. Tech companies seem the most likely to be comfortable with work from home.

Pluses and minuses all around. From a corporate perspective the ability to cut capital expenses by shrinking office space is huge as is broadening the talent pool. There's also the longer term incentive to depress salary growth by broadening your talent pool without having to pay geographically constrained salaries. You don't need to pay Bay Area salaries for a dude working remotely in upstate MI. This is a threat to compensation that employees should consider before demanding to go full remote- there will be a young buck out there who will undercut your old fat as in a heartbeat.

rds70 · #**8877** Posted **May 22, 2020, 4:48 PM**

Here are a few photos from last week that I forgot to post:

Block 162:

McGregor Square:

DenvertoLA · #**8878** Posted **May 22, 2020, 8:02 PM**

Great pictures! I'm real excited for Mcgregor Square, now if only we can build a winning team.

I was looking on google earth, and I noticed before block 162 and the recently completed hotel, (Home2 something?) there was only 1 tower above 20 floors between the 15th and 16th street downtown! Finally we have a some decent size skyscraper on that row of blocks!

rds70 · #**8879** Posted **May 25, 2020, 2:23 PM**

A few bits of information on Memorial Day:

A couple of new concept plan submittals to the City:

One at 696 Sherman Street, which I think includes Racines. The development company is listed as Avalon Bay:

Quote:

13-story, 418 unit apartment building with 411 parking spaces using the shopfront building form

The other one at 770 Sherman Street. The development company is listed as Gables:

Quote:

The project is intended to be an 8-story residential building with associated parking and amenity spaces. 193 units. 237 parking spaces.

Amacon Development resubmitted the site plan for the 18th and Glenarm condo towers on May 19th, so the project continues to move forward.

Tykendo · #**8880** Posted **May 25, 2020, 9:27 PM**

Quote:

Originally Posted by DenvertoLA

Great pictures! I'm real excited for Mcgregor Square, now if only we can build a winning team.

I was looking on google earth, and I noticed before block 162 and the recently completed hotel, (Home2 something?) there was only 1 tower above 20 floors between the 15th and 16th street downtown! Finally we have a some decent size skyscraper on that row of blocks!

Totally agree on the Rockies Development. It will be a real cool place to hang out, and i look forward to one day visiting the team Hall Of Fame that will be located there. The Rockies have built a winning team but the pitching staff regressed badly last year, with the exception of German Marquez and Jon Gray ( who before his injury was finally looking like the pitcher the Rockies thought they drafted ) . They just need Freeland, who imploded last year, & the bullpen to get back to the way they pitched in '18. Go Rockies! Soon please.