DENVER | Main Development Thread #7

[TakeFive]

Something that wong never expected to see (me neither)

Here’s what may be coming to the big, empty parking lot at 18th Avenue and Grant Street
June 22, 2022 By Kyle Harris/Denverite

A parking lot at 18th Avenue and Grant Street may be the site of a twelve-story building developed by the commercial real-estate company Dikeou Realty and designed by Carvell Architects.

The proposed structure would boast 101 residential units and 662 square feet of retail space, according to plans. There would also be 84 units of parking. The building would be designed with a four-story podium with homes, parking and public space. The upper eight-story tower would include homes and the twelfth floor would have an “indoor amenity lounge.”

Kevin J. Beaty/Denverite shows what will be erased from the landscape.
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Still the one development that excites me

Originally Posted by Curtis Park

Last night, the City Council voted in favor of Edens' zoning change. ... There was a very large turnout from those in favor.
https://www.westword.com/news/develo...reets-14012412

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Don't be fooled; Lakewood is still growing apartments

11085 and 11001 W Colfax Ave



https://milehighcre.com/embrey-partn...ent-community/

San Antonio-based Embrey Partners has purchased 11085 and 11001 W Colfax Ave, a 190,990-square-foot 4.38-acre land assemblage in Lakewood. Pending approvals from the City of Lakewood, the developer plans to demolish the small existing building that is currently home to a window tinting business and develop Bel Aire – a new four-story, 354-unit Class A apartment community.

This complex will be less than half-mile from the Oak Street Light Rail Station.

[TakeFive]

Wait... there's even more new apartments coming

Hello Sloan's Lake


Rendering courtesy of Avanti Residential

Denver-based Avanti Residential and RE Solutions are pleased to announce the start of construction on the West 29th Apartments, located at the corner of West 29th Avenue and Xavier Street in the Sloan’s Lake neighborhood of Denver. Construction is scheduled for completion in November 2023 and leasing efforts will begin in mid-2023.

K2 Residential Solutions is the general contractor for the project and Design Studio Architects is the architect.

Hello Central Park


Rendering courtesy of Santulan Architecture.

Denver-based MGL Partners (MGL), a multifamily, senior, workforce and affordable housing developer, has been awarded 9 percent competitive Federal Low Income Housing Tax Credits (LIHTCs) for the construction of 50 units of affordable senior housing in Denver’s Central Park from the Colorado Housing Finance Authority (CHFA).

It's good that seniors tend to be a patient lot.

Designed by Santulan Architecture, St. Stephen is slated to close in May 2023, with a 12–14-month construction timeline. MGL intends to complete the development by summer 2024 when leasing will begin.

[laniroj]

Originally Posted by TakeFive

Something that wong never expected to see (me neither)

Here’s what may be coming to the big, empty parking lot at 18th Avenue and Grant Street
June 22, 2022 By Kyle Harris/Denverite

Thrice nay! I'll believe a Dikeou development when I see it. They can do art, but I'm not convinced they can do development with the current generation.

[wong21fr]

Originally Posted by TakeFive

Hello Central Park

It's good that seniors tend to be a patient lot.

I firmly believe that the main driver for this project is so that the elderly congregation of St. Stephen's can age in place. That church has seen zero growth since relocating to Central Park from Five Points.

Not that it isn't a great project- just an interesting demand that got it built.

[Robert.hampton]

Originally Posted by laniroj

Thrice nay! I'll believe a Dikeou development when I see it. They can do art, but I'm not convinced they can do development with the current generation.

They've also got a concept plan in for their lot at 1700 pennsylvania - doubt that one gets off the ground either. And zero chance they can do 2 at the same time.

[Denver]

Not sure if this has been noted here but Paradigm River North broke ground earlier this month. That not makes three new offices U/C in the area.

[SandSailor]

Just a general observation about my beloved Denver!!!!!!! It looks sooooo much better, and more cosmopolitan/urban when driving I-25 versus I-70.

[SirLucasTheGreat]

Also, as I was driving on Speer, it seemed like there was more demolition around the area where Parq II and 955 Bannock are going to be. We might have 7 to 8 residential projects under construction in Golden Triangle by the end of the year

[Whereveryougo]

Originally Posted by Denver

Not sure if this has been noted here but Paradigm River North broke ground earlier this month. That not makes three new offices U/C in the area.

The mast for the tower crane just went up for this. There was also some activity this week at the site kitty corner from this. Believe this is the Carmel project that is up to 12 stories.

[jbssfelix]

Originally Posted by wong21fr

I firmly believe that the main driver for this project is so that the elderly congregation of St. Stephen's can age in place. That church has seen zero growth since relocating to Central Park from Five Points.

Not that it isn't a great project- just an interesting demand that got it built.

From my observations, Central Park just isn't particularly religious enough to attend church with any regularity. Kids' activities plus a general younger parent population who tends to be more of the "God is in the home, not at church" types seem to limit the number of people I talk to who actually spend their Sunday mornings in service.

[RyanD]

Originally Posted by Whereveryougo

The mast for the tower crane just went up for this.

It's fully erected now!

https://denverinfill.com/2022/06/par...struction.html

[laniroj]

Originally Posted by SirLucasTheGreat

Also, as I was driving on Speer, it seemed like there was more demolition around the area where Parq II and 955 Bannock are going to be. We might have 7 to 8 residential projects under construction in Golden Triangle by the end of the year

There are 6 cranes in golden triangle right now already!

[TakeFive]

Opus is a rather interesting developer, don't you think?

Originally Posted by RyanD

Kalaco Apartments - 7 stories | 280 apts | 10,000 sf retail

https://denverinfill.com/2022/04/la-...-apr-2022.html

That's a dandy rendering and nice addition to that neighborhood (as laniroj points out).

I was always a fan of their JV project with Amstar, originally called the Verve in LoDo.

Griffis LoDo (originally Verve) - 1490 Delgany St - NAIOP Colorado Multifamily Development of the Year (2014)


Image courtesy of Opus


Speaking of Opus they just completed their project in Jefferson Park.

19Nineteen Mile High - 550 W 19th Ave



https://milehighcre.com/ae-design-ce...een-mile-high/

19Nineteen Mile High, a high-end, luxury 277-unit multifamily apartment building located near Empower Field in the Jefferson Park neighborhood, is the latest addition to Denver’s skyline. The Opus Group broke ground in April 2020 and construction was completed in May 2022.

This does sound pretty cool. It's all about "lighting."

AE Design, a Denver-based award-winning design firm, served as the integrated lighting and electrical systems partner for the electrical engineering design of the entire 362,327-square-foot property... At 19Nineteen, AE Design created a high-level, refined living environment through innovative lighting and electrical design.

Along with a color-changing band around the top of the building to elicit a playful personality for the building, the porte-cochere cove and column “zig-zag” detail also change in color to celebrate seasons, games, events, and more local happenings.

At some point Opus seemed more interested in developing industrial properties etc. I've always been rather fond of their parking garage development in Westminster.

OPUS DESIGNS AND BUILDS FIRST PUBLICALLY-OWNED GREEN PARKING GARAGE

[TakeFive]

Still pondering, thinking about Beijing, China

A recent historical perspective from BisNow.

The Wreckage Of The Chinese Investment Frenzy Shows Why It’s Not Coming Back Anytime Soon
June 26, 2022 By Mike Phillips, Bisnow London

The years between 2013 and 2017 in the global commercial real estate market were, in large part, defined by the waves of capital pouring into the world’s gateway cities from China. When Chinese real estate firms placed billions in huge bets on trophy office assets and luxury residential developments in London, New York, Los Angeles and San Francisco, it wasn’t just a big deal for real estate. It was a sign that China’s huge economy was beginning to mature, exporting wealth around the globe and diversifying beyond its own borders.

How'd they do with this?

Some deals undertaken by Chinese companies in the U.S. and UK have turned out to be wildly successful, and the problems at the other properties aren’t unique to the Chinese -- But China stands out, because of the size of the bets its companies made, the scale of the losses involved, and because of the significance these losses have for how the world’s second-largest economy will engage with the world in future.

I have my own theory

More recently the Chinese Gov't has been more 'controlling' of their many 'capitalistic' companies, not unlike their general more inward looking moves. China is 2nd only to the U.S. in the number of billionaires including well-known Jack Ma (Alibaba) who is familiar with the more recent intrusive gov't harassment.

It wouldn't be a surprise if some of their $billionaires may be wanting squirrel away some of their wealth, away from Gov't access.

Obviously China isn't the only investor to suffer losses.


Notable Downtown Denver Office Tower Headed For Foreclosure
March 1, 2022 Molly Armbrister, Bisnow Denver


Per JLL Property

One of downtown Denver's most recognizable office towers is heading for foreclosure.

A commercial loan on the Denver Energy Center has been delinquent since June 2021, causing the lender, JP Morgan Chase Bank, to move forward with foreclosure, according to a servicing report from commercial finance research firm Trepp.

That was back in March and June 24 BusinessDen reported the outcome.

Lender submits sole bid in foreclosure auction for downtown office complex

The towers that make up the Denver Energy Center are 28 and 29 stories tall. A two-tower office complex in downtown Denver that saw occupancy dwindle prior to the pandemic was sold at auction on Thursday to the lender that financed its acquisition a decade ago. JPMorgan Chase Commercial Mortgage Securities Trust submitted... The winning bid was $88.2 million, a 50 percent drop from the last time Denver Energy Center changed hands.

[Ich]

Was checking permits today and noticed a few office conversation plans including 2 off 16th street mall.

Also there is one for a new tower on Champa Street just off the mall.

“The existing Historic Boston and Kistler Lofts currently contain 158 apartment homes. A new 53-story, 451 unit (240,000 SF) multi-family residential building tower with approximately 18,000 SF of retail is proposed on the southwest corner of Champa Street and 17th Street, above the Kistler Building. As part of the redevelopment, 134 historic units will be maintained and renovated, resulting in 585 total dwelling units. The building will have three levels of below-grade parking garage with eight levels of above-grade parking garage totaling approximately 654 parking stalls. The ground floor level will have shell spaces for future retail and restaurant tenants. The ground floor will also include the residential lobby and support spaces for the residential building. The new tower will be a top two existing historic structures: Kistler Stationary Company Building and Boston Building, and is currently under the Landmark approval process, having obtain preliminary approval for Partial Demolition in September 2013.”

https://www.denvergov.org/AccelaCiti...howInspection=

[rds70]

Originally Posted by Ich

Was checking permits today and noticed a few office conversation plans including 2 off 16th street mall.

Also there is one for a new tower on Champa Street just off the mall.

“The existing Historic Boston and Kistler Lofts currently contain 158 apartment homes. A new 53-story, 451 unit (240,000 SF) multi-family residential building tower with approximately 18,000 SF of retail is proposed on the southwest corner of Champa Street and 17th Street, above the Kistler Building. As part of the redevelopment, 134 historic units will be maintained and renovated, resulting in 585 total dwelling units. The building will have three levels of below-grade parking garage with eight levels of above-grade parking garage totaling approximately 654 parking stalls. The ground floor level will have shell spaces for future retail and restaurant tenants. The ground floor will also include the residential lobby and support spaces for the residential building. The new tower will be a top two existing historic structures: Kistler Stationary Company Building and Boston Building, and is currently under the Landmark approval process, having obtain preliminary approval for Partial Demolition in September 2013.”

https://www.denvergov.org/AccelaCiti...howInspection=

I vaguely remember this proposal from 2013. Historic Denver was very concerned about the impacts on the historic buildings. The application lists the height as 597 feet.

There is also a 21 story building proposed at 1201 Cherokee.

[rds70]

A couple of concept plans have been submitted in Belleview Station:

12 and 16 story residential buildings (150 for sale condos)

17 story office building (421,000 square feet)

[rds70]

An interesting residential proposal for 2325 Blake Street in the Ballpark Neighborhood.







The Landmark Preservation staff is recommending denial of the project, however.

[coolmandan03]

Originally Posted by rds70

The Landmark Preservation staff is recommending denial of the project, however.

Why!?!?! Are they protecting surface parking lots now?

[RyanD]

Originally Posted by coolmandan03

Why!?!?! Are they protecting surface parking lots now?

Here's the full staff report:

https://www.denvergov.org/files/asse....07.05_ada.pdf