February 2011     

The 1800 Larimer office building in downtown Denver recently sold for $213 million to Invesco Real Estate by Westfield Co. Inc.  Totaling 496,000 SF, the price per square foot of $429 sets a new record for the market.

An office lease for the Park Central office building at 1515 Arapahoe Street in downtown Denver has been signed by Bridgepoint Education.  The lease totals 151,000 SF in the 3-tower property which totals 537,000 SF.

72 condominiums at the 284-unit Pinnacle at City Park South at 2990 East 17^th Avenue recently were sold to Condo Capital Solutions by the developer, Opus Northwest.  Priced at just over $20 million or $278,000/unit, the buyer intends to resell the units for $240,000 to $1.1 million.

The planned sale of Gove Middle School to National Jewish Health marks the beginning of an expansion of the hospital.  Agreed to be purchased from Denver Public Schools for $9 million, the site totals 7.5 acres at East 14^th Avenue and Colorado Boulevard.  However, the site must win rezoning as a campus setting or hospital site before the sale can be completed.  National Jewish Health will certainly remove the former school building and the sale price is equivalent to $27.50/SF of land.

Recent data released by the city of Denver indicates that sales-tax revenue in the Cherry Creek North retail district increased substantially in the first three quarters of 2010 from the same period of 2009.  According to the data, the measure improved by 9.0% to $5.04 million in the period, which is above the overall measures for the city, the surrounding metro area and the state.

A 60-unit senior apartment building is to be built near the University fo Denver light-rail station of University Boulevard and I-25 by Mile High Development and Koelbel and Company.  The building is to cost $12.5 million, but will not break ground unless it is selected by the Colorado Housing and Finance Authority in late April to receive low-income housing tax credits.  If it is selected, the company anticipates beginning construction on the project in the first half of 2012.

The Riverfront Park area of downtown Denver is to witness the 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 at 1850 Bassett Street follows an earlier phase of the project.  The $32 million second phase of the project was reported put on hold in 2008.

As the FasTracks transit project gains momentum, here is a description of how it will be different from the light rail to which we have become accustomed.  During the early planning phase of FasTracks, RTD staff analyzed different types of transit system technology to determine the best type for each FasTracks corridor and its integration into the RTD transit system. Each type was evaluated and compared using characteristics like functional elements, noise, air quality, vibration, capital costs, operating costs and maintenance requirements.

Light Rail Transit (LRT) is a passenger train powered by overhead electrical wires. It has a lighter frame and smaller body than a commuter or freight train, thus its name "light" rail. Because of its "lighter" weight, smaller size and turning radius, it can maneuver on crowded streets within tight urban corridors with frequent stops, where quick acceleration and deceleration are necessary. LRT is designed to serve more stations along a corridor where more stop-and-go operation is necessary.

Commuter Rail Transit (CRT) is a passenger train that can be operated either by diesel fuel or electricity. This transit mode is used for local or regional service, typically of longer distances, operating between a central city and surrounding communities or activity centers. CRT trains are able to travel at higher speeds in less populated areas and can often get passengers to their destination faster. CRT vehicles are manufactured with a heavier and larger structure than light rail cars to comply with the railroad industry's standards since commuter rail often operates within an existing railroad corridor. The interior is designed to provide a comfortable ride for longer distances with larger cushioned seats much like those found on RTD Regional and SkyRide bus routes.

Diesel Multiple Units (DMU) carry passengers and can be self-powered by a diesel motor; no engine unit is required. Electrical Multiple Units (EMU)are heavier than a light rail vehicle but are powered the same way - by an overhead electrical system.

At a Glance: Commuter Rail and Light Rail

Bus Rapid Transit (BRT) allows buses to operate more like a rail system. BRT can travel in separate highway lanes and uses rail-like stations for loading and unloading passengers. It also has the flexibility to travel in mixed traffic and on local streets. The vehicles typically have more doors and are lower to the ground, to allow rapid passenger loading and unloading.

A public meeting will be held Monday regarding a dance cabaret and tavern liquor license for Hush, a proposed nightclub in the former Tambien restaurant space at 250 Steele Street.  The formal liquor license hearing will be on Friday, March 25^th at the city.  The public meeting with the operator will be held at the site, March 21st at 6 PM. A vote by the attendees will be taken at the meeting on whether local residents favor or oppose the license.

Mayor Bill Vidal, the Denver Office of Cultural Affairs and the Denver Architectural Foundation invite you to take an inside look at Denver's distinctive buildings and unique places during Doors Open Denver 2011. To be held April 16-17, the theme is "Modern Architecture: 50's & Beyond."  Doors Open Denver will feature sites that represent outstanding examples of this period. This free weekend event invites citizens to experience Denver's built environment in a new way - from the inside.  Tour Denver's architectural gems and lesser-known treasures on your own or participate in expert tours led by members of the architectural community.  More at:

http://www.denvergov.org/tabid/436791/Default.aspx

The former Stapleton Airport parking structure served for many years after the airport closed as an RTD Park N Ride for the Skyride to DIA and other routes.  But now it has been demolished and some 120,000 tons of concrete is being recycled for use in construction nearby.  The Park N Ride lot has been moved to 36^th / Ulster near the proposed Central Park Boulevard interchange on I-70.

East Colfax Avenue is taking another step toward a return to streetcars.  The Federal Transit Administration awarded Denver $2 million to further advance the analysis of potential streetcars along Colfax.  An initial study commissioned by the city found strong demand for more transit along the corridor.  The next phase will examine various transit alternatives.  More at:

 http://www.denvergov.org/ColfaxStreetcarFeasibilityStudy/tabid/435130/Default.aspx