DENVER | Main Development Thread #7

[BG918]

Originally Posted by SirLucasTheGreat

It doesn't sound like they are demolishing it soon but I'm not involved in the industry so my opinion is not worth much.

Speaking of demolition the warehouse at 40th & Walnut is almost halfway gone. The site should be cleared by early next week. Then we can watch construction start on NOVEL Rino. What an improvement that will be for that lonely stretch of Walnut next to INDUSTRY, wow.



https://www.crescentcommunities.com/...ly/novel-rino/

[SirLucasTheGreat]

That's exciting to see regarding Novel RiNo. The more that we can build around the 38th and Blake Station, the better IMO.

[TakeFive]

Developer stories fascinate me

Originally Posted by BG918

Speaking of demolition the warehouse at 40th & Walnut is almost halfway gone. The site should be cleared by early next week. Then we can watch construction start on NOVEL Rino. What an improvement that will be for that lonely stretch of Walnut next to INDUSTRY, wow.

Crescent Communities was ringing a bell that I couldn't place. When I checked their history, then I recalled researching them previously.

This is from June, 2013

Crescent Communities, a Charlotte, N.C.-based developer and builder, has opened an office in Denver as part of expanding its multifamily construction activities to key markets in the southwestern U.S.

It appears that the company has set its sights on the major markets in Texas, as well as Denver (where Cauley is stationed) and Phoenix, where his first official project will be a 275-unit community in Scottsdale, Ariz., which Crescent is planning to develop with Glimcher Realty Trust.

That article also explains Crescent had recently come out of bankruptcy from 2010 and that in 2018 Tokyo-based Sumitomo Forestry became their principal shareholder.

This is from April, 2014

Facilitated by EXDO Development in conjunction with Crescent Communities, Novel RiNo will bring Crescent’s national Novel multi-family brand to Denver’s RiNo Art District - featuring 475 multi-family units (including affordable housing) and over 20,000 sf of ground floor retail.

Note: Although you wouldn't know this EXDO post dates back to 2014, my search back to 2013 is what shows when it was first posted on the interwebs.

As the post from 2013 indicates
Crescent started building in Phoenix first and went on to build four different apartment projects. Crescent was an early-mover in Phoenix as 'we' were much slower to snap back from the recession. I have to think Crescent found Phoenix easier pickings for sites to develop and less expensive and easier to entitle.

Last Irony
from the 2013 article when you compare it to Crescent's RiNo site, the project named in 2013 which was to be developed first with Glimcher Realty Trust at their fashionable Scottsdale Quarter retail development is just now finishing construction. I drove by it recently and they are now in Pre-leasing.

[TakeFive]

G Line TOD in Arvada


Source

Transit Oriented Multifamily Community Sells to National Real Estate Firm
February 1, 2021 - Mile High CRE

The Praedium Group, a New York-based national real estate investment firm, has acquired the newly constructed Gateway Arvada Ridge multifamily community in Arvada, for an undisclosed price.

“The Denver market continues to outpace the country in terms of job and population growth... noted Lindsay Schuckman, vice president of The Praedium Group. “With Gateway Arvada Ridge, we are acquiring a high-quality, transit-oriented property, in a strong suburban location that is not only experiencing in-migration but also has high barriers to entry.”

Arvada Ridge Apartments

.....
Images courtesy of RENTCafe

Mixed Use Development - http://arvadaurbanrenewal.org/projec...da-station-ii/

The Gateway at Arvada Ridge is the final phase of the Arvada Ridge development which also includes the Super Target-anchored shopping center and the Arvada Station Apartments. The Gateway is located on 11 acres north of the Arvada Ridge Gold Line Station.

The development will include five, four-story buildings with tuck-under garages plus three buildings featuring carriage home style units above garages totaling 298 units. There will also be a unique art park plaza serving as the gateway between the development and the Arvada Ridge Station.

Arvada Ridge Station and Arvada Station Apartments

...
Photos courtesy RTD and RENTCafe

Arvada and specifically the Arvada Urban Renewal Authority have had a lot of NIMBY resistance. But at the least I like the mixed-use retail and apartments nearby the train station to activate the area and eventually spur more, hopefully denser development.

[TakeFive]

Next Level Living in LoHi



Logo Image courtesy Mill Creek Residential


2555 16TH STREET DENVER, CO 8021




Images courtesy of Realtor.com

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[BG918]

Crescent is planning another NOVEL for Uptown at 16th & Logan. It will be 12 stories.

https://www.bizjournals.com/denver/n...ver-logan.html

[rds70]

I posted this Concept Plan review in November:

454 MF UNITS AND ASSOCIATED STRUCTURED PARKING ACROSS 1 BLDG WITH 2 TOWERS. APPROXIMATELY 491 STRUCTURED PARKING SPACES. ALL ASSOCIATED UTILITY MAIN REROUTES AND CONSTRUCTION AND BULIDING SERVICES LATERALS. RIGHT-OF-WAY DEDICATION FOR FUTURE HURON STREET AND FULL BUILD-OUT OF 39TH AVE. REQUIRED STREETSCAPE VACATION/DEDICATION FOR GALAPAGO STREET IMPROVEMENTS AND RIRO CONNECTION TO 38TH AVE.

The 20 story tower will include 150 condo units. The 18 story tower will include 304 apartments. Approximately 20,000 square feet of ground floor retail.

Here are a few renderings:

[rds70]

Some other recent Concept Plan submittals to the City:

The City rezoned this property at 17th and Newton adjacent to Sloan's Lake in 2019:

The project consists of three buildings within the PUD-g-21 zone district. Building 1 is a 16-story, market-rate residential tower structure with a 4-story parking structure contained within. There are 218 dwelling units and 332 parking spaces along with 5,355 sf of ground level retail in Building 1. Building 2 is a 4-story, affordable housing multi-dwelling unit building. There are 157 dwelling units in Building 2. Building 3 is a 5-story, stand alone parking garage with 317 parking spaces to serve Building 2 and the existing adjacent Sloan's Lake Medical Building.

This one is near the Evans light rail station and a block off of Broadway - 1900 S. Acoma:

A 9-story and 5-story building with 268 dwelling units, 15,000 SF ground floor commercial, and 263 parking spaces.

Another Golden Triangle proposal - 1158 Delaware:

12-story Multifamily apartment building with 168 units and 126 parking spaces

720 Grant:

8-story, 111 unit apartment building with 84 parking spaces

[SirLucasTheGreat]

Thanks for the updates! I wonder how many total planned units there are in Golden Triangle. For me, that is one neighborhood that I am interested to watch as we hopefully start to navigate our way out of this pandemic and associated recession

[BG918]

Originally Posted by rds70

This one is near the Evans light rail station and a block off of Broadway - 1900 S. Acoma:

Looks like this will be called "The Oso" and is being developed by Palisade Partners. Same developer as 720 Grant and The Rossonian hotel renovation.

https://www.milenderwhite.com/our-work/the-oso/

[BG918]

Originally Posted by SirLucasTheGreat

Thanks for the updates! I wonder how many total planned units there are in Golden Triangle. For me, that is one neighborhood that I am interested to watch as we hopefully start to navigate our way out of this pandemic and associated recession

Lennar alone is currently building 300 units at 10th & Acoma with another 427 units planned at 11th & Bannock (Evans School) and 389 units planned at 10th & Bannock. So a total of 1,116 units just by Lennar.

Greystar added 301 units in Parq on Speer and has 324 units planned in "Parq II" next to it at 10th & Bannock. So 625 units for Greystar.

Mill Creek Residential has Modera Golden Triangle planned for 11th & Bannock (RMPBS) with 323 units.

Eviva Cherokee opened in 2018 and added 274 units.

Legacy on Speer opened in 2019 and added 324 units.

Summit Capital Venture Group is planning 168 units at 12th & Delaware

So that's 899 units completed in the last three years and another 1,931 planned or under construction. Unfortunately none of these are for-sale condos though there have been some new for-sale townhomes built around 10th & Acoma. I could see a couple taller condo towers popping up with the new zoning.

[laniroj]

Originally Posted by SirLucasTheGreat

Thanks for the updates! I wonder how many total planned units there are in Golden Triangle. For me, that is one neighborhood that I am interested to watch as we hopefully start to navigate our way out of this pandemic and associated recession

Sure doesn't feel like there was a recession, moreso just a government induced depression for a few unlucky industries and all of the people who rely on those industries for their livelihoods. It's amazing how quickly we seem to have adapted to a wildly different lifestyle and economy (that's good news). The fact that so much development continues moving forward and good jobs continue being created shows how resilient our economy was and generally is in this country. While it's a tale of two stories, knowledge continues to be power and specialization continues to be wealth. That said, as someone who takes lease-up risk and holds my breath each time units come online, the flow is totally unpredictable now. Some weeks gobs of units fly off the shelves (leases) and other weeks it's winter bird watching in the arctic, which is a significant change from pre-pandemic and even from early pandemic months when leasing was still strong. Not necessarily much worse, but a bit slower, much less predictable, and a little tiny bit worse.

[SirLucasTheGreat]

I'm not sure that your characterization of the economic circumstances is really accurate as it assumes that but for the government-imposed health restrictions, there would not be deleterious economic consequences from a widely-circulating virus that has killed half a million Americans.

I think the fact that Sweden suffered comparable economic damage to its locked down Nordic neighbors is one line of evidence against your point. More locally, relatively open states like Florida are experiencing unemployment levels at rates comparable to the national average. Sure, some of the lockdowns in the Spring of 2020 were draconian and caused some economic harm that would have been prevented by our current understanding of the virus. However, we were in the fog of war and between China, the WHO, and the least truthful presidential administration in American history, we were not necessarily set up for success.

Long story short: the virus is the fundamental agent of our economic hardship and, while certain sectors that lend themselves to remote work have fared well, I'm not aware of any national or state economy with widespread disease that has avoided significant economic harm.

[SirLucasTheGreat]

It is also worth noting that we have engaged in 3 trillion dollars worth of fiscal support, which has honestly been the difference between our current situation and economic armageddon. Contrast that Keynesian approach with the more Laissez-faire/Austrian school in Texas where private markets are left to decide whether their balance sheet has enough room for winterizing critical infrastructure. I agree with the vast majority of what you have to say, laniroj, but I just wanted to provide a friendly contrasting opinion regarding the economy.

[TakeFive]

It's also All That Whiplash

Originally Posted by SirLucasTheGreat

Long story short: the virus is the fundamental agent of our economic hardship and, while certain sectors that lend themselves to remote work have fared well, I'm not aware of any national or state economy with widespread disease that has avoided significant economic harm.

Good points.

A lot of the damage has been papered over from $Trilions in Stimulus. Let's hope that the pending American Rescue Plan by the Dems is the last bridge to normalcy.

Markets are getting nervous; markets are getting whiplashed.

The 10-year T-Bill has been steadily climbing higher. From an average of .75 of one percent last year to now close to 1.3%. While this is still historically low it's not far from doubling over last year.

Axios has an interesting piece on the soaring global debt; that could add to bond market jitters (and interest rates).

OTOH, Diana Olick/CNBC reports that the cost of lumber has doubled over the last three months. Rising interest rates will impact the re-sale housing market the most but it's rising costs of lumber (and other things) that will scare home builders. Ooch!

GM has had to shut down vehicle production due to a lack of semiconductor chips (one of many examples). It appears that fabricators dialed back their expectations from the Pandemic but sales ended up much higher than projected. Hopefully supply chains catch up over time but sooner than later.

Unfortunately, my Perfect Storm is still getting worse.



Source

[gopokes21]

Originally Posted by rds70

I posted this Concept Plan review in November:



The 20 story tower will include 150 condo units. The 18 story tower will include 304 apartments. Approximately 20,000 square feet of ground floor retail.

Here are a few renderings:

Wow I can't believe Fox Island is already seeing towers. And to think someone wanted to build a Home Depot on this site (or adjacent) a year ago. This project reminds me a lot of Country Club Towers, but more urban. These units will also have some of the best views in all of Denver.

If Fox Island goes 20 stories, River Mile and National Western get underway, Sun Valley is finished, and Golden Triangle, RiNo and Sloans Lake are fully built-out - all of those things begin to connect around downtown. We're starting to see bigger and bigger projects blanket the city. I think Sunnyside might have a ton of upside left, a la Berkeley 10 years ago.

[rds70]

Modera Golden Triangle - 323 units, 8 stories, construction start 3rd quarter 2021:

[rds70]

A final rendering of the 14 story Hyatt Centric Denver:

[bunt_q]

Originally Posted by gopokes21

If Fox Island goes 20 stories, River Mile and National Western get underway, Sun Valley is finished, and Golden Triangle, RiNo and Sloans Lake are fully built-out - all of those things begin to connect around downtown. We're starting to see bigger and bigger projects blanket the city. I think Sunnyside might have a ton of upside left, a la Berkeley 10 years ago.

This reminded me of Ken's old post. (10 years old now? Good God I am getting old.)

https://denverinfill.com/2010/11/cbd-sprawl.html

[SirLucasTheGreat]

I'm honestly not that upset with the scaled down version of Modera Golden Triangle. I just hope the materials are decent.