James Real Estate Services - Cherry Creek Perspective

 

 

 

 

Newmark, Knight and Frank - Frederick Ross

 

 

Fidelity National Title Company
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 2011     

 

The Regional Transportation District is now weighing the options it has for making improvements to the Civic Center Station bus terminal in downtown Denver, following the award of only $6.9 million of the $14 million it had sought for the project from the U.S. Federal Transit Administration. The improvements to be prioritized include the renovation of the landscaped plaza and structural repairs that lie between the bus-station ceiling and the plaza, known as interstitial space; the isolation system within the floor that is to buffer the walls of the adjacent structure from the vibration of the bus traffic; mechanical and electrical repairs; and design improvements.

 

RTD staff and the general public are invited to hear competing ideas on how to reuse RTD's historic Denver Union Station (DUS) building. Two developer teams will present their proposals from 6-8:30 p.m. on Thursday, Nov. 3 in Rooms 201 and 203 of the Colorado Convention Center (700 14th St.). Each team will have 30 minutes to present and 30 minutes to answer questions. The first presentation by Union Station Neighborhood Company starts at 6:15 p.m., and the second presentation by Union Station Alliance starts at 7:25 p.m.

 

In 2010, RTD commissioned a committee of representatives from downtown interests, historic preservationists, the City and County of Denver, the DUS Project Authority and others to identify potential uses for the rehabilitation and reuse of DUS. The Stakeholder Committee developed building reuse goals, considered alternative reuse scenarios, evaluated the ability of the reuse scenarios to meet community goals, and discussed the process for selecting a developer to complete the building restoration and reuse.

 

DUS will serve as the intermodal transportation hub for the Denver metro region, bringing together rail and bus service, Amtrak, shuttle service, taxis, bikes, and pedestrian uses. As owner of the building, RTD will decide how the interior of the building will be redeveloped to accommodate its new role as both an activity center and a transit station. As part of this process, RTD released a Request for Qualifications followed by a Request for Proposals, receiving two developer concepts for consideration. More at:

 

http://www.rtd-fastracks.com/main_7

 

After a three-month closure, the new Auraria West Light Rail Station opened October 31. The Station is now located west of 5th Street, south of Walnut and north of Colfax. The Auraria West Station was relocated 300 feet northwest to allow West Rail Line tracks to go under the Colfax viaduct and tie into the existing tracks just south of the Auraria West Station. This opening concludes construction activities that included integrating the existing Central Platte Valley tracks into the West Rail Line under construction and demolishing the old Auraria West Station.

 

The 2004 RTD FasTracks Plan identified the need for additional transit between Denver Union Station (DUS) and Civic Center that complements the Mall Shuttle service. To address this need, the Downtown Denver Circulator (DDC) project was born. The DDC is planned as a high-frequency shuttle bus service that will connect passengers from DUS to the Golden Triangle, stopping approximately every two to three blocks. The bus will leave DUS via 19th Street, then turn south on Broadway toward 12th Street and Acoma. On the return trip, the shuttle will head north on Lincoln and take 18th Street back to DUS.

 

The City of Glendale announced Integral Real Estate Development, LLC as the Master Developer of the Glendale Riverwalk Project. Riverwalk is planned to be a 22 acre, one-million SF entertainment district with a 28,000 SF covered plaza gateway entrance, and a 4,000 seat amphitheatre, with 3,000 parking spaces and restoration of the 20-acre Cherry Creek Greenway nearby. The project was started in 2009 by replacement of the Cherry Creek Inn hotel with the Hilton Garden and retail space at the SEC Colorado Blvd/Cherry Creek Drive South. In September CitySet began construction of a Marriott Residence Inn on the site immediately east. The development is planned to include the Rugby Hall of Fame and have "hybrid" interior streets for able to be restricted to pedestrian use when needed, similar to the new Fillmore Plaza in Cherry Creek North.

 

Brian Levitt, President and CEO of Integral, founded the company in 2007 after working with Forest City Enterprises on the redevelopment of Stapleton and the creation of Northfield Stapleton. Integral's team for the project includes HOK planning and architecture, Populous architecture, Tryba Architects and Turner Construction, general contractor for Glendale's Infinity Park development.

 

The recent exchange of the Solera apartment complex between seller Zocalo Community Develop Inc. and buyer The Connell Co. managed to set a new per unit record sale price in Colorado. Located at 1956 Lawrence Street, the 120-unit property was exchanged for $37 million, or $308,333/unit.

 

Three floors of the Kansas Plow Company building at 1543 Wazee Street in lower downtown (LoDo) Denver have been purchased by The United States Public Interest Research Group Education Fund Inc. for $3.19 million, or $133/SF. The 2nd through 4th floors that comprise the purchase total 24,027 SF and previously had served as the headquarters for Chipotle Mexican Grill.

 

Downtown Denver finally has a grocery store! Dean's Urban Market opened recently in 12,000 SF at 1415 Park Avenue West in the Ballpark Neighborhood. The store offers standard as well as natural and organic foods. The operators are members of a family that also operate a grocery store in Fairplay.

 

Chesapeake Lodging Trust has completed its purchase of the Denver Marriott City Center. The 613-room hotel was purchased for $119 million, or $194,127/room.

 

The South Lincoln Homes project is to receive expedited review and permitting processes courtesy of the White House. Selected to be among the 14 chosen, the move will allow financing for the project to be completed in no more than two months instead of the standard four to six, thereby advancing the beginning date of its construction. Located at West 10th Avenue and Osage Street, the project was recently renamed Mariposa, and is to result in as many as 900 low-income, affordable and market-rate housing units at the site.

 

A 101-unit apartment complex proposed for the Denver location of Colfax and Zenobia Street is currently underway by the Denver Road Home program and the Department of Housing and Urban Development. Anticipated to be ready for move-in by April, The Renaissance West End Flats are to offer housing for as many as four-dozen former homeless individuals and families.

 

A future redevelopment project along East Colfax between Monroe and Garfield Streets on land previously occupied by car dealerships owned by Rosen-Novak and John Elway is to be anchored by a Sunflower Farmers Market. Slated for completion before the 2012 holiday season, the grocer is to occupy 26,000 SF, while an additional 10,000 SF to 15,000 SF of space at an adjacent block between Garfield and Jackson streets will be developed with retail and restaurant space.

 

The 37,558 SF office building at 360 South Garfield Street was recently purchased for $1.95 million ($52/SF) by Cherry Creek Real Estate Holdings LLC via Tim Hakes and Michael Hayutin of Weststar Management Corp.

 

A lease agreement for 51,139 SF of office space at the Colorado Center Tower II building at 2000 South Colorado Boulevard was recently signed by Willis Holdings Group.

 

Stein Mart leased for 29,500 SF at the University Hills Shopping Center at the NEC of South Colorado Boulevard and Yale Avenue.

 

The recent announcement of future closure of the Lowes home improvement store at Alameda Square Shopping Center has sent the retail center into a tailspin. Opening just 19 months ago, the store was expected to aid in resurrection of the center following a near 2-decade effort by civic leaders. The closure of the 103,000 SF store could possibly have an impact on the ability of the Denver Urban Renewal Authority to reimburse $7.3 million from sales and property taxes generated at the site to Brighton Development Co., which spent $28.6 million in redeveloping the retail center in 2010. The store was among 20 chosen by the company to be permanently closed.

 

Since the Lowes site was formerly proposed for a Wal-Mart, it's interesting that the opening of the first Neighborhood Market grocery store in Denver by Wal-Mart is to occur next year. Set for the location of East Evans Avenue and South Monaco Parkway in a space formerly occupied by King Soopers, the store is designed to fill smaller sites than the traditional Wal-Mart so as to allow urban markets access to the lower prices offered by the retailer.

 

Members of the Cherry Creek North Neighborhood Association were recently surveyed about events on Fillmore Plaza to provide the Business Improvement District (BID) Event Advisory Group information to plan 2012 events to attract customers to BID businesses and provide entertainment to neighborhood residents. For results go to:

 

www.ccnneighbors.com.

 

Denver City Council Member Jeanne Robb reports that the Colfax Streetscape Project, part of the 2007 City-wide bond projects will begin in Spring 2012 to create an enhanced transit corridor. Earlier Xcel will be undergrounding the overhead wires between Sherman St and Steele Street. From Columbine to St. Paul Street improvements will include pedestrian lights painted a special "Greektown Blue", improved sidewalks, curb ramps and new trees with irrigation. From Grant to Columbine improvements will include upgraded and new pedestrian classic-looking acorn glass/dome lights to make the area safer and more welcoming.

 

The 1998 Golden Triangle Plan recommended studying converting one-way streets in the area. But nothing could really be studied until the Justice Center was up and running. The Golden Triangle Neighborhood Association requested that Delaware St. from 11th Ave. to 13th Ave. and Cherokee St. from 10th Ave. to 13th Ave be converted to 2-way traffic to help mitigate anticipated traffic impacts from the new Denver Justice Center. Denver Traffic Engineering Services reviewed traffic conditions to determine if a two-way conversion was feasible and found the traffic on both Cherokee and Delaware below 5,000 vehicles/day which can be accommodated by two-way streets. The work may be complete by now.

 

A "halo" camera system was installed recently along East Colfax Avenue and early reports are the cameras are doing their work. Most security cameras are passive, used for review after the crime. Along Upper Colfax from Grant Street to Josephine Street, halo cameras are monitored on real time and provide active deterrence. Denver District 6 police use halo cameras for ongoing prevention, the arrest of crimes in progress, and investigation after the fact.

 

Denver Police Lieutenant, Ernest Martinez says that in the first four months the cameras have been running, there has been a 30 to 50% drop in crime within the view of this initial disbursement. He notes that halo surveillance cameras work best on center stage and community talk is key. The more residents know where the cameras are, the better they work. Currently, Upper Colfax's halo cameras line the intersections of Colfax Avenue. As crime moves off camera, more halos will be installed to catch the flow onto major side streets. Council Member Robb says, future Upper Colfax improvements will include continued investment in halo cameras in partnership with the ongoing efforts of the Denver Police.

 

The Cranmer Park/Hilltop Civic Association reports that Sundial Plaza at Cranmer Park is in need of major repairs resulting in plans to rebuild the entire structure. The project totals $1.3 million with $865,000 still needed to be raised before the project begins. An event sponsored by Denver Parks and Recreation was held at the park in May to kick off the fund raising efforts. A committee of representatives from the City and the neighborhood are meeting on a monthly basis to move the project forward. The monthly meetings are open to all interested parties. Additional information and local fund raising efforts will be shared in the coming months.   More at:

 

http://denverhilltop.com/


 

  

 
 

 

 

 

 

 
 

 

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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