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  #10081  
Old Posted Apr 6, 2021, 6:09 PM
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?? Parking Please ??


Source

https://www.bizjournals.com/denver/n...ect-pando.html
Quote:
The site of a planned 13-story apartment building at the intersection of 19th Street and Chestnut Place, in Denver's Union Station neighborhood, sold recently to multifamily developer Greystar for $11.97 million, according to property records. The seller was Pando Holdings, a Denver-based developer that has already gained the city's approval for a 13-story, 198-unit apartment project on the site The 0.37-acre site is located at 2059 19th St., just northwest of Coors Field. Pando Holdings purchased the property in June 2019 for $6.25 million, according to property records. Pando... told Denver Business Journal that Greystar intends to carry out Pando's existing plans for the site.

A formal site development plan, submitted in the fall of 2020, calls for a roughly 130,000-square-foot building with a total of just 12 parking spaces. The planned project would stretch nearly 140 feet tall, which is the maximum allowed under the current zoning.
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  #10082  
Old Posted Apr 6, 2021, 6:16 PM
gopokes21 gopokes21 is offline
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You're kidding, right? Parking next to Union Station... yeah nope. Good for them, common sense prevails for once.
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  #10083  
Old Posted Apr 6, 2021, 6:31 PM
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Last parcel needed for Giambrocco redevelopment acquired


Image courtesy Tributary Real Estate

According to BusinessDen, the final needed parcel for a site near 38th and Blake Station was purchased for $11 million.

Tributary Real Estate, in partnership with Charles Street Partners announced their ambition for this site back in June of 2017. There is as yet, NO timeline for moving forward with the redevelopment.

Quote:
Originally Posted by gopokes21 View Post
You're kidding, right? Parking next to Union Station... yeah nope. Good for them, common sense prevails for once.
I would never 'kid' about anything so serious as my God-given right to park wherever I need to.
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  #10084  
Old Posted Apr 6, 2021, 6:32 PM
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Originally Posted by gopokes21 View Post
You're kidding, right? Parking next to Union Station... yeah nope. Good for them, common sense prevails for once.
Greystar also has the Pullman one block down that has 270 parking spaces for 142 units, a 1.90 parking/unit ratio (IIRC the parking/bedroom ratio is closer to 1). Put the two projects together and you get a 0.83 parking/unit ratio.

Anyone want to bet that shared parking will be the plan and it makes the project financing a hell of a lot easier?
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  #10085  
Old Posted Apr 6, 2021, 10:47 PM
gopokes21 gopokes21 is offline
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Every new project going forward can utilize a shared parking agreement because they've built way too much parking in Union Station, and any park audit would show that. Union Station is the one corner in all of Colorado where somebody can truly live without a car. So most do.
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  #10086  
Old Posted Apr 7, 2021, 5:17 AM
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Originally Posted by gopokes21 View Post
There's 132 workforce housing condos finishing up right across CP Blvd from the station. About to be a few more multifamily projects coming soon... all good stuff. Should really get boardings way up there. I think it will be a vibrant neighborhood where those fields are now.
Price Development Group has a 5 story, 309 unit apartment building planned at the SE corner of MLK & CPB. And ReyLenn has a 4 story, 307 unit apartment building planned for 32nd & CPB next to a planned Natural Grocers.
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  #10087  
Old Posted Apr 7, 2021, 3:00 PM
laniroj laniroj is offline
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Originally Posted by Robert.hampton View Post
I’m also curious what happened to the i25/Broadway plans? They has fences up full of ads when they were moving dirt and doing some demo ~one year ago? Now no equipment on site, all the banners off of the fences and it looks dead. That development must be even more cursed than tabor....
I suspect an anchor tenant still needs to be identified for the area West of the light rail lines. That said, I do believe the pedestrian bridge connecting Vanderbilt Park to the West with the TOD is under construction at Ohio/Santa Fe. That bridge will go over two four-lane stretches of Santa Fe and the South Platte river...fairly significant investment from the City.
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  #10088  
Old Posted Apr 7, 2021, 6:08 PM
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Update: Alexan Belleview Station Apartments

....
Images courtesy SA+R Architects via Prime West Development

Announced several months ago, according to BusinessDen Trammell Crow has now completed the site acquisition for Belleview Station Apartments which is being co-developed with Prime West. SA+R Architects is working with Milendar White as the General Contractor.

According to Milendar White:
Quote:
Currently, the project is designed as a concrete-frame podium structure with a partial wrap of units on Levels 2-6 and an Infinity-frame structure at Levels 8-17 above the concrete transfer slab on the 7th floor.
More Trammell Crow

Land for 366-unit apartment project in South Denver sells for $20M
Dec 14, 2020 By James Rodriguez – Reporter, Denver Business Journal
Quote:
Dallas-based Trammell Crow Residential appears to be moving forward on plans for a five-story, roughly 366-unit apartment complex at the southwest corner of West Evans Avenue and South Broadway after purchasing the entire block for $20 million, according to property records.

The apartments will replace several single-family homes on Acoma Street and a building along Broadway that was once home to EMW Carpets and Furniture, which closed earlier this year.
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  #10089  
Old Posted Apr 7, 2021, 7:08 PM
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Review - Governors Park neighborhood

Gables Residential

193-unit apartment project proposed in fast-growing area south of downtown Denver
May 27, 2020 By James Rodriguez – Reporter, Denver Business Journal
Quote:
New multifamily development appears to be heating up near Governors Park in Denver's Capitol Hill neighborhood, with another developer proposing nearly 200 apartment units at the intersection of Eighth Avenue and Sherman Street.

Gables Residential, a real estate investment trust specializing in development, construction and ownership of multifamily and mixed-use communities, recently submitted a concept plan to the city for an eight-story, 193-unit apartment building at the southeast corner of the intersection.
AvalonBay Communities

Developer updates plans for 13-story apartment building on former Racines site
Nov 9, 2020 By James Rodriguez – Reporter, Denver Business Journal
Quote:
A Virginia-based developer is moving forward on plans for a 13-story apartment building that would transform the southeast corner of East 7th Avenue and Sherman Street in Denver.

A recently submitted formal site development plan, the next step in the city's approval process, indicates AvalonBay has trimmed down its plans — it's no longer planning to build on the Grant Street parcels, reducing the unit count from 418 to 305.

"In the end, we determined that a smaller and simpler rectangular building footprint was the right approach," said Todd Nicotra, a vice president of development for AvalonBay who works out of the company's Denver office.
Recently:
Quote:
An entity affiliated with AvalonBay purchased the Racines building and parking garage in mid-February for $6.16 million, according to property records. Another AvalonBay-affiliated entity also paid $1.54 million for a 0.14-acre parcel directly east, at 657 N. Grant St., records show.

Palisade Partners

8-story apartment project planned in fast-growing area of Capitol Hill
Feb 10, 2021 By James Rodriguez – Reporter, Denver Business Journal
Quote:
Denver-based Palisade Partners is planning an eight-story apartment building at 720 N. Grant St. in Capitol Hill, according to a concept plan recently submitted to the City. The concept plan calls for 110 residential units and 84 parking spaces in a roughly 118,000-square-foot structure. An eight-story building is the maximum allowed under the property's current zoning.

The proposed building would replace a low-slung parking garage. Palisade purchased the 0.36-acre parcel in 2014, records show.

"We've owned the parcel for a while now and it just seems like the right time to do a project there," said Sara White, development project manager at Palisade. "We've got the capacity. We think it's a really great opportunity, which is why we decided to move forward with our project now."
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  #10090  
Old Posted Apr 7, 2021, 8:02 PM
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Colorado House Passes Bill To Boost RTD Ridership, Lower Fares

https://denver.cbslocal.com/2021/04/...p-lower-fares/

Quote:
RTD is currently required to cover 30% of operating costs through fare revenue. The bill would remove that requirement, allowing RTD to reduce fares in order to boost ridership during the COVID-19 recovery.


The bill also allows RTD to develop district properties for retail, commercial or residential purposes. In addition, RTD would be able to contract with nonprofits and local governments to help lower operating costs.
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  #10091  
Old Posted Apr 7, 2021, 8:39 PM
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"Missing middle" rental units coming to Central Park

Nearly 500 homes proposed on 40 acres in Denver's Central Park neighborhood
Apr 7, 2021 By James Rodriguez – Reporter, Denver Business Journal
Quote:
Brookfield Residential Properties Inc. has proposed a nearly 500-home development on 40 acres of vacant land near the intersection of Interstate 70 and Central Park Boulevard, according to plans submitted to the city.

The project, as currently planned, would feature 267 single-family rental homes, 138 income-restricted rental homes and 87 townhomes, for a total of 492 units.

Jim Chrisman, a senior vice president for Brookfield, said the company aims to meet demand from renters who may not be able to afford to buy a home, but still prefer a single-family home over multifamily options. "Over the past year with Covid, we think there's also an opportunity for the renter that prefers to be a renter, but maybe at lower densities and with less public interface and corridors and elevators and such, that would be looking for something like this," Chrisman told Denver Business Journal. "And then finally families — we think families would appreciate a single-family product over multifamily."
It looks like they're hitting the bullseye with this plan. That said it doesn't add any much needed "For Sale" units.
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  #10092  
Old Posted Apr 7, 2021, 8:55 PM
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Quote:
Originally Posted by TakeFive View Post
"Missing middle" rental units coming to Central Park

Nearly 500 homes proposed on 40 acres in Denver's Central Park neighborhood
Apr 7, 2021 By James Rodriguez – Reporter, Denver Business Journal

It looks like they're hitting the bullseye with this plan. That said it doesn't add any much needed "For Sale" units.
Is this the land to the west of Central Park Blvd and south of I-70 north of Sand Creek? At one time I had heard that was going to be a medical center. Oh well the housing is needed. Lots going on in that part of Denver.

Denver's first QuikTrip will be across the street at 40th & CPB (NE corner)
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  #10093  
Old Posted Apr 7, 2021, 9:49 PM
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Quote:
Originally Posted by TakeFive View Post
It looks like they're hitting the bullseye with this plan. That said it doesn't add any much needed "For Sale" units.

Ehhhh. I'll take it over the office campus idea, but given what Brookfield is offering further up north in the for-sale category I'd pass on it. Weak-ass floor plans all-around.


But I fail to see how these are missing middle. It's Central Park prices for SFH that are likely in the ~2,200 sq ft range. Smaller homes, but not small homes.
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  #10094  
Old Posted Apr 7, 2021, 10:56 PM
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Quote:
Originally Posted by wong21fr View Post
Ehhhh. I'll take it over the office campus idea, but given what Brookfield is offering further up north in the for-sale category I'd pass on it. Weak-ass floor plans all-around.

But I fail to see how these are missing middle. It's Central Park prices for SFH that are likely in the ~2,200 sq ft range. Smaller homes, but not small homes.
I going to assume that they'll be similar to the 'new construction' rental home concept brought to Denver by a Phoenix developer.

Want a house without a mortgage? Phoenix rental-home developer to invest $140M in metro Denver
Jan 29, 2019 By Kelcey McClung – Reporter, Denver Business Journal
Quote:
NexMetro Communities is investing more than $140 million in the Denver-metro area, with its first neighborhood in Commerce City and two more coming in Brighton and Thornton.

The Phoenix-based developer of rental homes is launching Avilla Buffalo Run in Commerce City on the Buffalo Run golf course. These 123 single-level rental homes will be located on 12.5 acres and will be coming to market in the first quarter. Monthly lease rates for one-bedroom homes will start in the $1,400s, and three-bedroom homes will start in the low $2,000s.
Avilla Buffalo Run




Images courtesy of Avilla Buffalo Run

In order to find square footages I had to resort to a Phoenix Business Journal Piece
Quote:
Phoenix-based NexMetro Communities LLC sold two of its Avilla Homes communities for $53 million, with another set to close soon.

These homes are a hybrid between an apartment unit and a single-family home. About the size of an apartment — ranging from 635 square feet to 1,250 square feet — the units are detached, separated by a bit of space on all sides, with a small backyard patio.

These transactions come as the developer is investing about $350 million in the Phoenix market and another $350 million in Denver and Dallas. The company has more than 3,500 units either completed, under construction or in development in Phoenix, Dallas and Denver.
Given the land value at Central Park, I'd expect less open space between units than shown in that 1st photo above but would expect the home sizes to be similar.
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  #10095  
Old Posted Apr 7, 2021, 11:58 PM
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I had thought of posting about this... so Let's Do It.
Quote:
Originally Posted by SirLucasTheGreat View Post
I think the Fitzgerald is one of my favorite projects under construction in LoDo. Between this, Market Station, the Thompson Hotel, and Whiskey Row, I'm really excited for the future of Market Street
Whiskey Row - 1942 Market St


Photo courtesy SideCar PR via Mile High CRE


Image courtesy Whiskey Riff

Dierks Bentley’s Whiskey Row Breaks Ground in LoDo
February 24, 2021 - Mile High CRE
Quote:
Dierks Bentley’s Whiskey Row broke ground this week at 1942 Market St., the former site of Lodo’s Bar and Grill. The American gastropub is the fourth of the franchise and the first location outside of Bentley’s home state of Arizona and his current home state of Tennessee. Opening day is scheduled for late 2021.

The project is part of a joint venture between Denver-based Monfort Companies and Iconic Investments, as well as Scottsdale-based Riot Hospitality Group. Additional team members collaborating on Dierks Bentley’s Whiskey Row include Alpine Bank, Circle West Architects and Jaco General Contractor, Inc.
For those of you not that familiar with Dierks Bentley: Here's Your Chance.
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  #10096  
Old Posted Apr 8, 2021, 4:42 AM
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Quote:
Originally Posted by TakeFive View Post
I going to assume that they'll be similar to the 'new construction' rental home concept brought to Denver by a Phoenix developer.

Want a house without a mortgage? Phoenix rental-home developer to invest $140M in metro Denver
Jan 29, 2019 By Kelcey McClung – Reporter, Denver Business Journal


Avilla Buffalo Run




Images courtesy of Avilla Buffalo Run

In order to find square footages I had to resort to a Phoenix Business Journal Piece

Given the land value at Central Park, I'd expect less open space between units than shown in that 1st photo above but would expect the home sizes to be similar.
As a National Real Estate Analyst, I can tell you that single-family rental is the fastest growing residential real estate happening right now across the country. It's growing leaps and bounds. Apparently a lot of people like single-family rental if there was more of it out there. The average size single-family rental in these planned communities is only about 1300 sf. I would expect it to be the same in Central Park (definitely not over 2000 sf on average). It's more about people wanting rentals with privacy and easier access (no stairs) and without being attached to other tenants (noise, etc.)

Also, the NE corner of 40th and CPB will also have the new stand-alone headquarters for Credit Union of Colorado, a smaller hotel, the headquarters for an auto care center, and a fast food joint (among other things that aren't confirmed yet).
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  #10097  
Old Posted Apr 8, 2021, 4:14 PM
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Originally Posted by CONative View Post
As a National Real Estate Analyst, I can tell you that single-family rental is the fastest growing residential real estate happening right now across the country. It's growing leaps and bounds. Apparently a lot of people like single-family rental if there was more of it out there. The average size single-family rental in these planned communities is only about 1300 sf. I would expect it to be the same in Central Park (definitely not over 2000 sf on average). It's more about people wanting rentals with privacy and easier access (no stairs) and without being attached to other tenants (noise, etc.)
Sounds like if we could get rid of setbacks/easements from a zoning perspective, and if developers used better soundproofing, we could do a better job supplying homes that people want at a (semi) reasonable cost. I like the walkable urban life like the rest of the nerds here, but I also can't stand hearing peoples' kids and dogs running around on top of me. I had to go further from the core than I wanted, but I found a small unit in a 1950s fourplex that, while outrageous on a price psf basis, was doable for me. I only share one wall with a neighbor and I get tons more light than I would in a Cap Hill condo (but OTOH not a ton of cool things to walk to). This building would be illegal to build almost everywhere in the City of Denver now.
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  #10098  
Old Posted Apr 8, 2021, 9:54 PM
gopokes21 gopokes21 is offline
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It's not good development, but I'm sooo excited about Quik Trip and Whataburger coming to town.

Quote:
Originally Posted by BG918 View Post
Price Development Group has a 5 story, 309 unit apartment building planned at the SE corner of MLK & CPB. And ReyLenn has a 4 story, 307 unit apartment building planned for 32nd & CPB next to a planned Natural Grocers.
That's interesting. I'm aware of two more (other) projects soon to be announced on CPB right in front of the station; I just don't want to beat the developer/funders to their own forthcoming announcements.

Last edited by gopokes21; Apr 8, 2021 at 10:08 PM.
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  #10099  
Old Posted Apr 8, 2021, 10:10 PM
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Quote:
Originally Posted by BG918 View Post
Price Development Group has a 5 story, 309 unit apartment building planned at the SE corner of MLK & CPB. And ReyLenn has a 4 story, 307 unit apartment building planned for 32nd & CPB next to a planned Natural Grocers.
ReyLenn is also planning 246 units in a three story building at Boston Court and 56th Ave. Mid-America Apartment Communities is planning 1,000 units at the SE corner of Northfield Blvd and Central Park Blvd. There's something like 2,500 rental units planned in Central Park and that's not including any of the plans around Central Park Station
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  #10100  
Old Posted Apr 8, 2021, 10:11 PM
gopokes21 gopokes21 is offline
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Quote:
Originally Posted by CONative View Post
As a National Real Estate Analyst, I can tell you that single-family rental is the fastest growing residential real estate happening right now across the country. It's growing leaps and bounds. Apparently a lot of people like single-family rental if there was more of it out there. The average size single-family rental in these planned communities is only about 1300 sf. I would expect it to be the same in Central Park (definitely not over 2000 sf on average). It's more about people wanting rentals with privacy and easier access (no stairs) and without being attached to other tenants (noise, etc.)
Lol. SFH rental developments are the "American Dream, brought to you by Blackrock."

If there is any shred of market evidence supporting this trend, it's more of a matter of conservatives (Blackrock) knowing what other conservatives (SFH renter families) want. It's not a housing trend for the whole country or even a majority of people in Colorado.

I will say one good thing about SFH rental - I do see it as missing middle housing (broadly speaking), especially if it comes in the form of a pocket neighborhood:
https://rosschapin.com/projects/pocket-neighborhoods/
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