DENVER | Main Development Thread #7

[The Dirt]

I think that condos are still considered third rate homeownership in Denver, but are now in the price range that sfhs used to be 5 years ago for older stock and equal to sfhs for new construction. Tack on association fees and people feel like they'd rather live out in the boonies for all that yard space for the dog/child/significant other.

[TakeFive]

Two clueless ladies?

Originally Posted by SirLucasTheGreat

I believe Evolve are all condos but watch them convert to apartments.

Circling back to Feb 7, 2020: https://www.bizjournals.com/denver/n...t-rebound.html

When Karina Christensen tells people she's developing a condo project in Denver, she often hears some variation of the same question: "Why?" "We are told every day, 'You can make so much more building an apartment building,'" Christensen said.

"I would not have built an apartment building," Christensen said. "My sole reason for doing this is to build attainable, for-sale housing in downtown Denver. This is personal for me."

Christensen and her co-founder, Patricia Watson, are rare players in Denver, albeit in a field that may be on the rebound.

This is where my eyes start to cross per November 4, 2020: https://milehighcre.com/evolve-tower...mous-approval/

Evolve Towers, 23-story residential development in Arapahoe Square, designed with a “net zero” energy goal, received unanimous approval by Arapahoe’s Downtown Design Advisory Board (DDAB) last week.

According to OZ, the residential towers are designed with a “net zero” energy goal by combining innovative and highly energy efficient technologies and construction methodologies with responsibly sourced materials and strategic architectural detailing.

I'm not sure how such highly designed energy efficient architecture creates "attainably-priced" units, especially when Cypress claims their newly approved apartment project in RiNo will cost $400K per unit to build?

Please STOP with wanting to screw with people's Property Rights.

Originally Posted by SirLucasTheGreat

I saw today that Andrew Yang is planning on raising $900 million in revenue for New York City by increasing property taxes on undeveloped parcels. Would a plan like that help downtown Denver?

Denver is not San Francisco or NYC; nor is it even Austin or Seattle.

Denver does not have an apartment shortage. Landlords are currently offering one to two months free rent etc.

Denver does not have a land shortage. There's probably enough land in developers hands to build half again as many apartments as there are now. But try making new construction pencil out with soaring building costs and a soft rental market? Some are in a position to forge ahead projecting a much better market by the time they're done but many others aren't able to do this.

[TakeFive]

Originally Posted by The Dirt

I think that condos are still considered third rate homeownership in Denver, but are now in the price range that sfhs used to be 5 years ago for older stock and equal to sfhs for new construction. Tack on association fees and people feel like they'd rather live out in the boonies for all that yard space for the dog/child/significant other.

That's a good summary of the current state of things. I'd like to think that there's room in downtown for a project like Amacon Towers but time will tell.

What I'm hoping for is that at the least they build the project as 'legal' condos with the thought of maybe having to rent out the second tower (or units that aren't selling). That adds significant legal costs, actually the additional recording fees of having to record each condo separately would be impressive. But it would also allow for easy conversion to condo sales later.

[TakeFive]

Speaking of Condos...

SOBO 58 - 1898 S Bannock St


Image courtesy SOBO 58

South Broadway Condo Project Nears Completion
February 23, 2021 - Mile High CRE

SoBo 58, a new South Broadway condominium development just west of Platt Park, is nearing completion and is already almost 70 percent sold out. The state-of-the-art mid-rise project totals 58 private residences, consisting of studios, one-bedrooms, one-bedrooms with a den, two-bedrooms, and select plans with a private mezzanine and vaulted ceilings. Prices start in the low $300k’s.

Units are priced from $335,000 to $610,000

[TakeFive]

Back to new apartment projects

Fox Iron Works Apartments


Image courtesy CBRE via Mile High CRE

385-Unit Multifamily Community Planned for Denver’s Fox Street Corridor
Cinco de Mayo 2021 - Mile High CRE

CBRE recently secured construction financing for Fox Iron Works, a planned 385-unit, transit-oriented multifamily development in Denver’s Globeville neighborhood. Craine Architecture, Inc. is the architect for the development and Martines Palmeiro Construction, LLC is the general contractor.

It's all about TOD

The site, which is adjacent to the Fox Street light rail station, offers immediate access to Interstates 25 and Interstate 70, a bus line on Fox Street, and a bike path, connecting the property to the nearby neighborhoods of LoHi, Sunnyside, RiNo, Tennyson, downtown Denver and the future Denver Western redevelopment, which includes a satellite campus for Colorado State University.

Construction is slated to complete in the third quarter of 2023.

I decided to connect a few dots, what with no Nuggets or Avalanche tonight

The DBJ piece on this project mentions "Atlanta-based RangeWater Real Estate" and "Houston-based Marble Capital" as being partners. I've never heard of either one of these guys but chances are they haven't heard of me either so we're even I guess. Off to the interwebs I go.

RangeWater
is a privately owned real estate developer etc. based in Atlanta; most of their properties are in the SE. But not all; on Jan. 20, 2021 Brandon Corn was appointed Director of Business Development in the Southwest. They already have one project in Boulder called The Armory in the NoBo Art District and another in Scottsdale south of Old Town.

Marble Capital
based in Houston raises money for equity placements.

December 18, 2019

Marble Capital, a Houston-based investment manager focused on multifamily development, has closed its second fund with $250 million in capital commitments, exceeding the fund’s initial target of $150 million.

According to their 'map' they've placed equity in lots of projects all over the SW and SE.

My conclusion
based on the rendering above plus RangeWater's projects in Boulder as well as Scottsdale, they aren't trying to capture the sexy side of the market; they appear to be targeting more affordable units - and that's not a bad thing.

[DenvertoLA]

Originally Posted by SirLucasTheGreat View Post
I saw today that Andrew Yang is planning on raising $900 million in revenue for New York City by increasing property taxes on undeveloped parcels. Would a plan like that help downtown Denver?

Originally Posted by TakeFive
Please STOP with wanting to screw with people's Property Rights.


Denver is not San Francisco or NYC; nor is it even Austin or Seattle.

Denver does not have an apartment shortage. Landlords are currently offering one to two months free rent etc.

Denver does not have a land shortage. There's probably enough land in developers hands to build half again as many apartments as there are now. But try making new construction pencil out with soaring building costs and a soft rental market? Some are in a position to forge ahead projecting a much better market by the time they're done but many others aren't able to do this.[/QUOTE]


Can you explain to me how this infringes on their rights? This policy is just tweaking the tax code to motivate people to develop instead of leaving their land (in a critically important areas) undeveloped. They still have the right do leave it be, it just won't be as finically appealing. Yes?

[rds70]

Here are a couple of projects that have recently started construction by Holland Partner Group.

2950 Arkins Ct. (RiNo) - 8 stories, 374 units, 18,500 square feet of retail:






1010 Santa Fe - 5 stories, 84 units, 5,000 square feet of retail:

[bunt_q]

Originally Posted by DenvertoLA

Can you explain to me how this infringes on their rights? This policy is just tweaking the tax code to motivate people to develop instead of leaving their land (in a critically important areas) undeveloped. They still have the right do leave it be, it just won't be as finically appealing. Yes?

Well, if you define our "rights" as what the constitution says, since the Colorado Constitution speaks directly to what can and cannot go in the tax code, you can't just "tweak it" without literally violating somebody's rights. The reason nobody does this is because it would violate Article X, Section 3 (Uniform Taxation) of the Colorado Constitution.

Now, we could always amend it to allow for differential taxation as you propose.

[The Dirt]

Ah yes, the longest constitution in the world. Thanks, 1876 era version of Obama!

[The Dirt]

https://denverite.com/2021/05/07/par...-neighborhood/

Five Park Hill residents are suing the city, Colorado Village Collaborative and Park Hill United Methodist Church to stop the church from hosting a safe outdoor camping site in its parking lot.

The lawsuit alleges that putting the site in the church’s parking lot will pose danger to minors and school-aged kid in the area (the church is near Park Hill Elementary School and other schools) and children on-site at the church. It suggests the new proposed site, unlike the existing site at the Denver Community Church in Cap Hill, does not have easy access to food, public transportation, health or job resources. It additionally suggests moving the site into the church’s parking lot will prompt churchgoers to park on the nearby streets, taking spots away from local residents and people visiting them.

The lawsuit alleges members of the public were not able to provide adequate feedback on the proposal.

Looks like they used NIMBY playbook arguments #27, #43, and #58. Maybe we should just donate to CVC, instead.

https://www.coloradovillagecollaborative.org/donate-sos

Seriously, please donate.

[bunt_q]

Originally Posted by The Dirt

Ah yes, the longest constitution in the world. Thanks, 1876 era version of Obama!

Doesn't that distinction actually go to California?

Nope, I googled, if the internets are to be believed, it's actually India! That beacon of good governance.

Although this site says Alabama crushes India. http://scocablog.com/californias-con...t-the-longest/ Seriously, how many of Alabama's 369,129 words do you think are overtly racist or treasonous? How much of Alabama's constitution has already been overruled by federal courts as unconstitutional? I bet half or more, lol.

[gopokes21]

Originally Posted by DenvertoLA

Originally Posted by SirLucasTheGreat View Post
I saw today that Andrew Yang is planning on raising $900 million in revenue for New York City by increasing property taxes on undeveloped parcels. Would a plan like that help downtown Denver?

Originally Posted by TakeFive
Please STOP with wanting to screw with people's Property Rights.


Denver is not San Francisco or NYC; nor is it even Austin or Seattle.

Denver does not have an apartment shortage. Landlords are currently offering one to two months free rent etc.

Denver does not have a land shortage. There's probably enough land in developers hands to build half again as many apartments as there are now. But try making new construction pencil out with soaring building costs and a soft rental market? Some are in a position to forge ahead projecting a much better market by the time they're done but many others aren't able to do this.


Can you explain to me how this infringes on their rights? This policy is just tweaking the tax code to motivate people to develop instead of leaving their land (in a critically important areas) undeveloped. They still have the right do leave it be, it just won't be as finically appealing. Yes?

What's with all the rampant libertarianism on this board? Maybe that's a representative flavor of old Colorado but you'd be hard pressed to find as many libertarians in real life. Denver is just becoming a more sophisticated business environment, not unlike Seattle, and probably more so than Austin. It is what it is. Keep up or fall behind and become a property rights neanderthal.

If anyone really believes in absolute property rights IN a major city, they're going to be in for a rude awakening over and over...



Can someone say totally randomized Pile of Confused Fenestration

[FunctionForm]

So is this totally randomized Pile of Confused Fenestration a result of Denver becoming a more sophisticated business environment like Seattle?

Forget political views, what is the result you are trying to achieve with vacant properties and how do you get there? Raising taxes doesn't build a building and certainly doesn't guarantee the results of what any development would look like. What qualifies as development? Maybe Buzz Geller could put up a 3-story Taco Bell? Making a city a more expensive place to do business isn't what any business owner is looking for.

[Brainpathology]

Originally Posted by gopokes21

Can someone say totally randomized Pile of Confused Fenestration

Looks to me like something that should be historically preserved when someone tries to redevelop it in 2065.

[TakeFive]

From Here to There

Denver is growing up, becoming a Big Boy

https://www.bizjournals.com/denver/n...rk-aurora.html

“We’re not a market that can be serviced from another region,” she said. “These users need to come in and have a stake in Denver to be able to meet the needs of the Denver population.”

Does this mean Amazon will no longer ship product to Denver doors from Phoenix?

Zatz said the demand has been growing in Denver for a number of years for a couple of reasons: Consumers’ use of e-commerce is growing and the area is increasingly congested with traffic.

“[These factors] started the acceleration probably two or three years ago," he said. "Clients need to get to their customer base much quicker than they have in the past. It's the Amazon effect.”

Where are we going with this conversation?

Global real estate firm Hines and Denver-based developer Fulenwider have partnered to develop a Class A property straddling E-470 near Denver International Airport. The project, Denali Logistics Park, consists of more than 216 acres and will accommodate over 3 million square feet upon completion.

“The vision is for all the workers [at Denali Logistics Park] to be able to literally walk to lunch if they so desire,” said Ferd Belz, president of Fulenwider. It’s also within an enterprise zone, opportunity zone and foreign trade zone, according to a release.

How 'bout rehabbing and refreshing the Old.
(Some might call it 'preservation')

Connections at 6th


Courtesy of AHA

Grand Opening: Connections at 6th Affordable Housing
April 27, 2021 - Mile High CRE

The $23 million development benefited from $7.2 million in tax credit equity generated through the 4 percent Low Income Housing Tax Credit (LIHTC) program.

Connections at 6th demonstrates how the LIHTC program extends beyond the walls of affordable housing; it evolves into tangible communities built upon the connections made between its inhabitants. LIHTC’s resyndication and rehabilitation allowed for the total transformation of 6th that preserved affordability for all 68 units.

Speaking of Preservation I Love This Preservation


Courtesy Esteban L. Hernandez/Denverite

La Alma Lincoln Park moves closer to becoming the city’s second-ever historic cultural district
Apr. 21, 2021 Esteban L. Hernandez/Denverite

It’s been quietly in the works for years, but the process is now formally underway after an application was filed.

Lucha Martinez de Luna, an archaeologist specializing in Mesoamerican cultures and the director of the Chicano/a Murals of Colorado Project, called the project a move toward “healing” for Latinos in the city, whom she believes are often left out of the city’s history.

[TakeFive]

American Cities Pandemic Theme Song

• Video Link

Seek and it shall be given you (Matthew 7:7)


Image courtesy of ZeroHedge

Dream of all the new Supertalls and High Speed trains.

State And Local COVID Aid Money Is On The Way. This Is What Each Colorado County Will Receive
May 10, 2021 By Caitlyn Kim - CPR

Colorado will be getting $3.8 billion in state aid and $265 million in non-entitlement funding. Nineteen of the state’s metro areas will also receive direct aid. The Denver metro area will get $166 million...

Counties will receive
County of Denver is to receive over $141 million; Adams Co will receive over $100 million; Arpapahoe Co receives over $127 million; DougCo over $68 million JeffCo will receive over $113 million.

And to think we're just getting started.

Colorado governments will receive their first round of state and local aid through the American Rescue plan this week.

[wong21fr]

Originally Posted by gopokes21

By the way, just for the record, our Landmarks Commission voted overwhelmingly last week to preserve the corner tower and City Council is very likely to agree. You shouldn't troll/attack/gaslight those who are actually in the majority on an issue.

This YIMBY dogma is getting to be too much.

Denver7’s brutalist building on Speer won’t become a city landmark

After a nearly two-hour public hearing, council members voted unanimously against the designation.

I know that Texans tend to have an overinflated sense of self(whether neanderthal conservative or snowflake liberal) that makes their arrogance insufferable, but looks like you were way off on what the majority believes. It certainly isn't your viewpoint.

[The Dirt]

Fucking unanimous, granted Candi "anything that makes money is evil" CdeBaca and Debbie "nobody's going to live by train tracks" Ortega were absent.

The cherry on top is that they talked about making the rules more strict for hostile designations because the process is so laughable that people are going to lose faith and there'll be a backlash against preservation. I'd say that the backlash is already here. Most of the people that wanted to save the building didn't even defend the architecture, they just talked about how they don't want new housing because it's going to be ugly. This is why there's such pushback from the YIMBYs. Not because we hate preservation but because the hostile designation type of preservation has been used as a weapon to delay and stop new housing across the city.

[seventwentyone]

123 Speer as the only thing that failed last night, it looks like.

Bill here: https://denver.legistar.com/Legislat...9-3F221CA97FC4

Video here: https://denver.granicus.com/player/c...&redirect=true

Loretto Height rezoned last night though: https://denver.legistar.com/Legislat...tions=&Search=

[bunt_q]

Was Candi absent or did she not cast a vote? The Denver Post made it seem like she was there but didn’t vote.

I did not watch. I do not have that much patience for stupid. Denver Fugly is a hoot today, though.

My favorite comment was (in C3PO voice) DIE YIMBY SCUM. Yeesh.