DENVER | Main Development Thread #7

[SirLucasTheGreat]

Colorado House Passes Bill To Boost RTD Ridership, Lower Fares

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

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.

[TakeFive]

"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

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.

[BG918]

Originally Posted by TakeFive

"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)

[wong21fr]

Originally Posted by TakeFive

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.

[TakeFive]

Originally Posted by wong21fr

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

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

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.

[TakeFive]

I had thought of posting about this... so Let's Do It.

Originally Posted by SirLucasTheGreat

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

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.

[CONative]

Originally Posted by TakeFive

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).

[Agent Orange]

Originally Posted by CONative

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.

[gopokes21]

It's not good development, but I'm sooo excited about Quik Trip and Whataburger coming to town.

Originally Posted by BG918

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.

[wong21fr]

Originally Posted by BG918

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

[gopokes21]

Originally Posted by CONative

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/

[The Dirt]

Isn't this steps from the train and bus station? Why are we building more low-density auto-centric bullshit so close to transit? Oh yeah, shitting zoning.

[TakeFive]

The Honorable Governor Polis take the gloves off

https://www.cpr.org/2021/04/08/gov-j...e-state-money/

“While I wish RTD the best — ...and I hope to sign one (bill) that will allow them to compete and do better — they certainly don’t have a monopoly on public transit,” he said.

As the state considers a bill that would raise revenue for the Colorado Department of Transportation, Gov. Jared Polis says RTD, the Regional Transportation District, is not a part of it.

“I, and many others at the state level, are not always happy with everything RTD does,” Polis told Colorado Matters, “So we’re certainly not about to give them money, but the state absolutely supports local transit.” ( )

No comment.

Originally Posted by gopokes21

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/

This is not even remotely close to what CONative and I were talking about.

Blackrock which got out of the SFH ownership business in 2019 was indeed a primary beneficiary of the thousands of repossessed homes following the 2008 Great Recession. Very different concept and strategy, however.

Central Park was maybe the only neighborhood with the land that could accommodate this concept in Denver. The one other possibility that comes to mind would be Westside's redevelopment of the former Park Hill Golf Club. Given their NYMBY-ism they might like this concept?

[laniroj]

Originally Posted by The Dirt

Isn't this steps from the train and bus station? Why are we building more low-density auto-centric bullshit so close to transit? Oh yeah, shitting zoning.

But but but we have plenty of land!

Candy-Chewbaca posted yesterday about making our streets edible orchards and farms. I wanted to laugh because fruit trees are forbidden in the public right of way. I guess you really can have your cake and eat (sh)it too!

[The Dirt]

Can we please have a primary challenger to Polis? What a fucking clown.

[TakeFive]

Evans Station TOD Proposal


Image courtesy of Gables Residential/Denver city documents via BusinessDen

Rezoning sought for 300-unit apartment project near South Broadway
Apr 7, 2021 By James Rodriguez – Reporter, Denver Business Journal

The owner of a nearly two-acre parcel at the northwest corner of South Bannock Street and West Evans Avenue is seeking a rezoning that would enable hundreds of apartment units to be built on the site.

The property, located at 235 W. Evans Ave., is currently owned by Denver-based Downing Street Investments, a company founded and operated by Andrew Davis. Davis told Denver Business Journal he's partnered with multifamily developer Gables Residential to build a roughly 300-unit multifamily project on the parcel.

On Tuesday morning, City Council's Land Use, Transportation and Infrastructure Committee voted to forward the rezoning request to the full Council, where it's tentatively scheduled to come up for a final vote on May 24.

Timing of this will depend on Century Link.

The warehouse at 235 W. Evans Ave. is currently occupied by CenturyLink, which still has a renewal option on its lease, Davis said.

"If they decide to renew their lease then this project would be delayed for the term of their lease, but we're working on alternative solutions for them right now," Davis said.

[twister244]

Originally Posted by The Dirt

Can we please have a primary challenger to Polis? What a fucking clown.

Polis just yanked the MLB all-stars game into Denver for this year, which will result in an un-told amount local revenue directly injected into the economy and you think he's a clown?.....

He's a moderate, business-centric gay liberal governor. You shouldn't be surprised by his policy positions on many of these issues.

[The Dirt]

Ah yes, a baseball game is very important to me. Bebe mind the fact that he wants his choo choo to Boulder so much that he's willing to take RTD down and leave the most at risk people without viable transportation options. Fuck him and his tech bro money.

[wong21fr]

Originally Posted by The Dirt

Ah yes, a baseball game is very important to me. Bebe mind the fact that he wants his choo choo to Boulder so much that he's willing to take RTD down and leave the most at risk people without viable transportation options. Fuck him and his tech bro money.

Sorry, but until RTD actually starts doing more to serve those at risk people instead of cutting, cutting, cutting local bus routes the criticism over RTD rings true. This in spite of Polis' misdirected criticism of the Boulder choo-choo. That we're still years out from a restructuring of RTD's service to focus on those routes that you are talking about (urban/local routes with higher ridership) shows that RTD has done very little to change. Granted the pandemic was a major setback, but it could also have served as natural disruption point to follow forward on this. Routes that showed a strong baseline ridership in the pandemic should have had their frequencies increased over pre-pandemic levels while other routes remained chopped. Instead we get the RTD Board acting faux woke and trying to replace security guards with mental health workers as their biggest focus.

RTD could also work on controlling the tweakers and shit-bags who have made the bus terminals pretty unsavory. Public perception means a lot and RTD is failing hard right now at presenting an attractive transportation mode.

[twister244]

Originally Posted by The Dirt

Ah yes, a baseball game is very important to me. Bebe mind the fact that he wants his choo choo to Boulder so much that he's willing to take RTD down and leave the most at risk people without viable transportation options. Fuck him and his tech bro money.

How important the game is to you is completely irrelevant. What matters is the local boost on small businesses it's going to have in Denver, especially since by the time it occurs, things will be mostly open back up. Polis handed Denver a big win on this, and you can't deny that.