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The downtown Denver area is to gain an as-yet
unknown full-service grocery store courtesy of The
Nichols Partnership. To be located in the Union Station
district, the 42,000 SF store will serve as anchor to
the
20th and
Chestnut development, which is to be in
the block bordered by Wewatta, 19th, Chestnut Place and
20th Streets. To front Chestnut Place, the
development is to also provide 13,000 SF of retail
topped by a 5-story apartment building totaling 307
units. Anticipated to open in 2013, a 12-story
mixed-use tower fronting Wewatta Street is to be
developed as phase two of the project.
MarkWest Energy Partners
has inked a lease with for 72,000 SF on the top four
floors of the Tower 1 of the 527,000 SF 3-tower Park
Central building at 1515 Arapahoe Street in downtown
Denver.
The
Capital
Center office complex in Denver was sold
recently for $24.2 million, or $155/SF, for the 156,293
SF property, located at 225 East 16th Avenue and 1600
Sherman Street. The complex includes a 12-story office
tower, a 3-story building totaling 22,857 and known as
the Colorado Trust building, and a 234-space parking
garage.
A sale of 72 condos at the 284-unit
Pinnacle
at City Park South recently occurred for
over $20 million, Condo Capital Solutions intends to
resell the units for $240,000 to $1.1 million. The
property is located at 2990 East 17th Avenue.
The beginning of the second phase of the rehabilitation
project of
South
Broadway occurred this week. To cost
$6.5 million, the work to rehabilitate the stretch
between Wesley and Yale avenues is to be completed in
about a year, and is to be followed by two more phases.
The announcement of a commuter rail line link between
Union Station in downtown Denver at the
site of
National
Western Stock Show to the north has set
the stage for its future redevelopment. Anticipating
construction of the rail line to begin in 2013 by way of
a pledge by the Regional Transportation District valued
at $90 million, the placement of a rail stop in the
Elyria neighborhood near the Stock Show site would
result in that neighborhood receiving the most benefit,
with plans calling for the east side being developed
with residences and the western portion along the South
Platte River receiving commercial development and a new
park. Though the Stock Show is currently looking to
relocate to a site near the Denver International
Airport, its move is not expected to significantly alter
the redevelopment plans for the site, and it is hoped
that it could be revitalized into an entertainment
area. The planned 2.5-mile rail line link is the first
stage of the North Metro commuter train line which will
eventually link Union Station with Adams County.
The 77-acre
ASARCO
Globe Plant smelter site at 51st and
Washington streets in the Globeville neighborhood is now
an urban renewal area due to an agreement reached
between Adams County, Denver and the Denver Urban
Renewal Authority. The designation of the site as an
urban renewal area is to advance its redevelopment by
allowing it to receive tax-increment financing. It is
anticipated that new development on the site could total
as much as 1 million SF.
The Urban Land Institute has chosen the Denver
neighborhood of
Riverfront
Park to be among 20 finalists to contend
for their 2011 Award of Excellence in the Americas. To
be announced at their spring meeting in Phoenix, the
neighborhood was chosen due to its revitalization of a
former rail yard with parks, 1,400 residential units and
62,000 SF of retail space.
A land purchase in the River North neighborhood is to
set the stage for a park in the area. Purchased for
$2.4 million via funds from Great Outdoors Colorado and
the city of Denver, the 2-acre site at
3400
Arkins Court, which is currently
occupied by Ridge Carriers, is to eventually become a
key link for the 30-mile South Platte River Greenway.
The Riverfront Park area of downtown Denver is to see
construction of a new multifamily luxury apartment
complex by GID Urban Development Group. To total 134
units when it is completed in August 2012, the
Manhattan
II development follows an earlier phase
of the project.
The development firm of D4 Urban LLC is spearheading a
redevelopment of the
Alameda
Marketplace and Design Center that is to
be completed over several decades. To be completed in
phases upon improved market conditions and obtaining of
financing, the plan will transform the land between
Broadway, West Alameda Avenue, RTD's Southeast Light
Rail Corridor and I-25 into 3,000 residences, 350 hotel
rooms, 2.6 million SF of office space, 1.2 million SF of
retail and 200,000 SF of educational space. Currently
the site includes a Sam's Club warehouse store, a K-Mart
Store, an Albertson's grocery and Office Max. The
development will take advantage of two light-rail
stations at I-25/Broadway and off Alameda Avenue/Santa
Fe Drive.
According to Denver City Council Member Jeanne Robb, the
City of Denver's 2.5 week
repaving
project for streets in Cherry Creek North Business
District has begun. Work north of 3rd
Ave will be deferred until a storm drainage project can
be completed along 4th Ave at some point in the future.
Also, in June 2010, the Colorado Department of
Transportation (CDOT) began a surface treatment project
on Colorado Boulevard between Alameda Avenue and Martin
Luther King Jr. Boulevard. The project resurfaced
approximately 3.5 miles the asphalt, reconstructed the
medians and reconstructed the signals and turn lanes
at the Colfax Avenue; 17th Avenue and Montview Boulevard
intersections. Because of cold temperatures and traffic
requirements to work at night, paving operations have
shutdown until now. CDOT resumes work now to complete
the the project paving one lane northbound and
southbound between Alameda Avenue and Colfax Avenue and
all between Colfax Avenue and Martin Luther King Jr.
Boulevard.
The small older apartment at
150-158
Madison Street sold recently for
$924,000. The 2,800 SF building will likely eventually
be removed and for the 12,500 SF site the price is
equivalent to $74/SF of land.
The former Bolderdash building at
2719-21
East 3rd Avenue sold recently for
$1,590,000. The 1 and 2-story retail building contains
some 5,500 SF on a 4,100 SF site. The price is
equivalent to $289/SF of building.
2011 Assessor Notices of Valuation
have been mailed to owners of taxable real property.
Assessors are required by law to establish values for
all real property by considering market information from
the 18-month base period from January 1, 2008 through
June 30, 2010. The valuation date, or the date on which
the Assessor must estimate the value of real property is
June 30, 2010, reflecting the physical condition of the
property as it existed on January 1, 2011 Property
owners may protest to the Assessor if they do not agree
with their new values. The total of all Denver assessed
values decreased 9.6% between 2009 and 2011. Median
residential values declined 4.8%
The Denver Business Journal reports that, the Denver
area ranks No. 6 out of 100 metro areas when it comes to
how effectively it connects people to their jobs via
mass transit, according to a new report by the Brookings
Institution's Metropolitan Policy Program in
Washington. The report, called
"Missed
Opportunity: Transit and Jobs in Metropolitan America,"
analyzed route and schedule information from 371 transit
systems in the nation's 100 largest metropolitan areas
to figure out how well the systems connect residents to
jobs.
According to the report, 70 percent of metropolitan
residents can get to public transit, but the typical
commuter can reach only 30 percent of jobs via transit -
even when the analysis allowed for a 90-minute commute,
three times nation's average commuting time. But the
situation is better in the Denver-Aurora-Broomfield
area, according to the report. Denver-area residents
can reach 47 percent of the region's jobs via a
90-minute commute on mass transit. Low-income commuters
can reach 57 percent of the metro area's jobs, the
report said.
The report also found that 84 percent of the region's
working-age residents could live near a transit stop,
higher than the 69 percent average for all 100 cities in
the study. Commuters had a median wait of 8.1 minutes
between buses or trains when they got to the transit
stop, less than the national average of 10.1 minutes.
Cities the study ranked high on connecting residents
with jobs included Honolulu (No. 1); the San
Jose-Sunnyvale-Santa Clara area in California (No. 2);
and Salt Lake City (No. 30). The Honolulu transit
system, at the top of the rankings, covered 97 percent
of the city's residents and connected them with 60
percent of the area's jobs.
The RTD FasTracks program has been recognized for its
excellence in quality management oversight, a rare
recognition in the transit industry. Orion Registrar,
Inc., USA issued a Certificate of Registration for RTD's
quality management oversight program's systematic
approach to verifying all contractors' quality project
production.
Registration to the International Organization for
Standardization (ISO) 9001
standard controls quality saves money and is respected
throughout the world. Currently, ISO 9001 is supported
by national standards bodies from more than 150
countries. RTD is one of a few transit agencies in the
country to be honored with this registration.
Approximately 30,000 organizations in the United States
are registered to the ISO 9001 standard, but the
majority of these firms are in the manufacturing or
service industries that have dealings in the global
marketplace.
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