James Real Estate Services - Cherry Creek Perspective
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Cherry Creek North

Cherry Creek Chamber of Commerce

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Glendale Chamber of Commerce

Cherry Creek Steering Comittee

Transportation Solutions
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Colorado Real Estate Journal
University of Denver - Daniels College of Business
Appraisal institute - Colorado Chapter

Cherry Creek Arts Festival

Cherry Creek Bike Rack
United Western Bank
Fuller Real Estate
Frederick Ross
Denver Board of Realtors
Apartment Association of Metro Denver
Fidelity National Title Company
 
SKLD
Pierce Eislen

Home Builder's Research
2010 Rocky mountain Commercial Real Estate Expo

CCIM Colorado Wyoming Chapter

James Real Estate Services, Inc.
  July 2010     
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The long-anticipated arrival of kidney-care company DaVita Inc. into the Denver market was confirmed with the official announcement by the company of its plans to build its offices downtown on a lot near the Millennium Bridge and Denver Union Station that was purchased by the company for $11 million.  To begin construction in the coming year, the 207,000 SF facility will open during the second half of 2012.  The company currently employs roughly 200 persons n the Denver metro area.
  
The award of grants by the U.S. Department of Transportation will benefit the 16th Street Mall with 8 new shuttles.  As part of an overall transit improvement program totaling $293 million, the grants total $5.2 million.

The 135,500 SF Quad at Lowry office building at 7901 East Lowry Boulevard in Denver has been purchased for $22.7 million, or $167/SF.  Kaiser Permanente expanded its lease by 45,892 SF to bring their total leased space at the building to 97,603 SF.
 
Glendale will be the home of a new King Soopers grocery store in the fall of this year.  To total 78,100 SF at the SEC of Leetsdale Drive and South Cherry Street, the redevelopment of the former Cub Foods store will include an auto fuel facility on Leetsdale Drive and 10,000 SF for the only liquor store in a King Soopers statewide.  The store is anticipated to benefit the local economy with more than $500,000 in tax revenue annually.  The redevelopment was delayed since Cub Foods closed in 2003 by a dispute between King Soopers and the City of Glendale over zoning of the property.

U.S. Transportation Secretary Ray LaHood announced that the Denver Union Station project will receive just over $300 million in federal loans through an unprecedented and historic innovative financing arrangement using the Department of Transportation's (DOT) Railroad Rehabilitation and Improvement Financing (RRIF) Program and the Transportation Infrastructure Finance and Innovation Act (TIFIA) Program. The project is funded with a unique financing structure and for the first time combines credit assistance from both programs.  The loans are being awarded to the Denver Union Station Project Authority (DUSPA), a non-profit, public benefit entity formed by the city in July 2008, through a partnership with the Regional Transportation District (RTD), City and County of Denver, Colorado Department of Transportation, Denver Regional Council of Governments and Denver Union Station Metropolitan District.

Habitat for Humanity is nearing completion of construction the Bails Townhome Community at East Bails Place and South Bellaire Street adjacent to I-25.  The 24 "green" townhomes are being built for sale at a cost of some $150,000/unit to low income families using an Enterprise Community Partners Green Communities Grant and zero interest mortgages.  The project is Habitat's first transit oriented development anticipating construction of a pedestrian bridge across I-25 to Colorado Center and its light rail station.

At the Cherry Creek Steering Committee, Bush Development representative, Phil Workman updated on progress at the southeast corner of First and Steel. Bush continues the zoning process, raising money, acquiring property, meeting with architects and neighborhood groups.  Workman also mentioned that they are starting to have discussions with the Handler family that owns several parcels of land at First and Colorado, and First and Bayaud. Trish Palamera of the Cherry Creek East Neighborhood Association reports anticipating a zoning change request as the Handler family investigates the possibility of selling their holdings along the west side of Colorado Boulevard at First Avenue and Bayaud Street.  Michael Henry reports that at a recent meeting of the Colorado Boulevard Health District, Shea properties reported that because of current economic conditions the proposed redevelopment of the former CU Health Sciences Center may not be economically feasible for years, and that they will have to adopt a phased approach to the closing of the campus and eventual redevelopment.

Denver Community Planning and Development held a Public Workshop with some 70 people at the JW Marriott Hotel to obtain vision update of the Cherry Creek Neighborhood Plan.  Barbara Frommell, Chris Gleissner and Cindy Patton encourage others to provide input at an Online Visioning Exercise that should only take you about 10 minutes to fill out. The survey and the presentation from Public Workshop are posted at: 

www.denvergov.org/cherrycreek

In case you missed it in Sunday's Denver Post, the status of the Cherry Creek North retail district is described at:

http://www.denverpost.com/search/ci_15592166

and Penny Parker reports the potential demise of Tamarac Square as a shopping center at:

http://www.denverpost.com/search/ci_15592165 
 
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Denver Council Member Jeanne Robb reports that the proposal for a hybrid plaza on Fillmore
Plaza
between First and Second Avenues has merit and "moves us close to a win-win situation for business and neighborhoods in the Cherry Creek Area."  The key design elements:
 
  •  Special pavement treatment from building face to building face, sidewalk and street.  
  • While ADA requirements prevent curblessness, this design proposes 3/12" rolled curbs (regular curbs are 6")
  • While businesses in Cherry Creek say that on-street parking, high pedestrian traffic and visibility are the three factors most important to their success, parking in this plan is reduced from 22 spaces to 14, with only six on the north end.
  • Additionally the north end, near Second Avenue, is designed to feel more open, with trees but no planters and more space for movable chairs and tables or for restaurant spill-out.
  • Planters remain on the south end near First Avenue for lusher landscaping.
  • There is no parking with no curbs in the center of the plaza.  The center is also raised slightly, only 20' wide, and can accommodate a semi-permanent high tent.
 
The key programming elements:
  • An 11 member Event Advisory Group will be formed with 4 neighborhood reps, 6, merchant/business constituents, and CCN BID staff
  • The BID is installing $600,000 of event infrastructure on the Plaza (sound, lighting, mechanical)
  • The BID has committed to 35 days of closures and events - including Sundays from May to September, 4 neighborhood/community days or evenings, 5 3rd party requests, etc.
  •  The BID has committed to budgeting for events.  This past year their budget was $49,000.  Parking revenue of approximately $2000 per meter could also be allocated to events.  Revenue and closures will be noted in the BID's annual operating plan and budget that must be approved by City Council.
 
A small group of neighborhood leaders (representing the Cherry Creek North Neighborhood, Country Club Historic Neighborhood, Cherry Creek East Neighborhood and CHUN) and business district leaders has been meeting since the conclusion of an extensive round of public meetings in April and May. Robb reports near consensus from those participants that this proposal is a good one.   CHUN rep Michael Henry said it's time to continue the positive work of businesses and neighborhoods that has been the hallmark of the Cherry Creek Steering Committee.  The Cherry Creek North Neighborhood Association remained uncertain, citing continued concern about any parking on the plaza.
Robb says, "I am encouraged by this progress.  I've asked that the neighborhood reps talk with their boards and that the business district talk with its board."   Council will still need to vote on the mechanism (either a street vacation or an intergovernmental agreement to create this unique hybrid of a plaza and a street. 
Council Member Robb also reports that after five years of meetings, working sessions, listening sessions, drafting and mapping, Denver's New Zoning Code and Map were unanimously approved by City Council. The City Council vote caps one of the largest and most significant legislative processes in Denver history - a process that engaged nearly 36,000 participants, including individual residents and neighborhood organizations, business owners, development interests, the historic preservation community and City Council. The New Code fixes Denver's antiquated 53-year-old zoning code. 
 
http://www.denvergov.com/cpd/Zoning/ZoningCodeMapWhatsMyZoning/tabid/432507/Default.aspx

Robb also reports that the new Denver Justice Center has opened on the site of the old Rocky Mountain News building. The new detention center was designed by the combined team of Hartman Cox, Washington, D.C., Richie Green, New York City and local architect OZ. The 438,000 SF Indiana limestone exterior contains 1500 beds in 27 housing units for pre-sentenced inmates as well as pre-arraignment and preliminary hearing courtrooms, inmate video visitation, a full medical facility, heat and serve food service and a laundry. The project is tracking for LEED Silver certification.  The Van Cise Simonet Detention Center opened last month.

Across the plaza and connected by a tunnel is the Lindsey Flanagan Courthouse.  Designed by Klipp Architecture, the building is wrapped in Alabama limestone with a curtain wall façade on the east side, it contains 35 courtrooms, 6 shelled, the Cisneros jury assembly room as well as space for the District Attorney, City Attorney, Clerk of the Courts, Public Defender, Probation Offices. This project is also tracking for LEED Silver certification. This campus configuration successfully addresses the issues regarding the daily transporting of detainees as well as the separation of the public, judiciary and detainees while adding an attractive new civic space to the downtown area. 

The Biennial of the Americas is a month-long cultural celebration of innovation, imagination and artistic achievement of the Western Hemisphere. Beginning this year, and every even-numbered year to follow, the City of Denver will host this event. Denver will welcome national and international visitors for a cross-cultural experience bridging and unifying the artistic, intellectual and political progress of the hemisphere's 35 nations.  Through the comprehensive coordination of art exhibitions, cultural programming and conversational roundtables, the Biennial of the Americas will bring together established and emerging leaders in the the arts, culture, sciences, politics, economics and technology communities, facilitating the development of a unified vision for the future of the Western Hemisphere. The newly renovated McNichols Building, located in Civic Center, is the Biennial's main stage and community gathering place. There are Biennial events and exhibitions being held throughout the city as well. For more information about this event, visit the
Biennial of the Americas website.

As a result of the Harrison Substation fire, the starting date of some previously scheduled Xcel work has been pushed up. Xcel is installing a new electrical feeder which will give Xcel greater system reliability which will reduce system interruptions for customers.  Xcel anticipates the work on Capitol Hill and the Golden Triangle to be completed by August.
Sponsorship of Real Estate Perspective and Cherry Creek Perspective by the Colorado Chapter of the Appraisal Institute does not constitute endorsement of James Real Estate Services, Inc. by the Chapter.
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