James Real Estate Services - Cherry Creek Perspective
 

 

Kenney Architechts

 

 

 

Newmark, Knight and Frank - Frederick Ross

Apartment Association of Metro Denver
Fidelity National Title Company
 
SKLD
Pierce Eislen

Home Builder's Research

Colorado Comps
Bank Financial

 



 
Fidelity National Title

 
Katchen Company

 

 

Black Lable Real Estate 
 


Cherry Creek North

Cherry Creek Chamber of Commerce

Cherry Creek Rotary Club

Glendale Chamber of Commerce

Cherry Creek Steering Comittee

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

Cherry Creek Arts Festival
2010 Rocky mountain Commercial Real Estate Expo
 

CCIM Colorado Wyoming Chapter
 

James Real Estate Services, Inc.
 
December-January 2014   

At RTD, we're proud we've built the best transit system in the country, and we've just gotten started. 2014 will be an exciting year as our FasTracks program will continue to expand across the metro area with a strong commitment to improve lives and connect communities for years to come. As we start the new year, we will break ground on the first phase of the North Metro Rail Line, the I-225 Rail Line will begin full construction along the entire corridor, we're introducing new service on the Free MetroRide, and on May 9, 2014, we will celebrate the grand opening of our new state-of-the-art bus concourse at Union Station

 

The West Rail Line and the Denver Union Station renovation, both built under the Regional Transportation District (RTD) FasTracks transit expansion program, are drawing high praise and top honors from transportation and design experts across the country.  RTD's West Rail Line received the 2013 Project of the Year Award from the Colorado Chapter of the American Public Works Association (APWA), which also named the line the top transportation project of the year for a large community.

 

Meanwhile, the Denver Union Station project is the focus of an award by the American Institute of Architects (AIA). The AIA bestowed its 2014 Neighborhood Transformation Award on Skidmore, Owings & Merrill LLP at its recent Institute Honor Awards for Regional and Urban Design ceremony.  AIA recognized the architectural and engineering firm for the impact of its work related to the renovation of historic Denver Union Station in lower downtown Denver. The company designed Union Station's renovated train hall and all of the surrounding canopies, the new underground bus concourse, vent towers, pavilions and pedestrian bridges.

 

The Regional Transportation District's (RTD) North Metro Rail Line project is off and running. RTD signed a contract and issued a Notice to Proceed Dec. 13, giving Regional Rail Partners (RRP) the go-ahead to start the first phase of construction on a commuter rail line that will serve Denver's northern suburbs when it opens in 2018. The RTD Board of Directors gave final approval to RRP's $343 million proposal to design and build the 13-mile first phase of the project with the option to complete the line to 162nd Avenue as funds become available. When completed, North Metro will travel 18.5 miles between Denver Union Station to Colorado Highway 7 in Adams County, passing through Commerce City, Thornton and Northglenn. North Metro is one of four electrified commuter rail lines RTD is building across the Denver region under its FasTracks program. More at:

 

http://www.rtd-fastracks.com/nm_2

 

If transit and city building interest you consider the Transit Alliance Citizens' Academy, an incredible 7 week program.   Testimonials from graduates include "I cannot recommend it more highly to anyone interested in public transit and the urban environment." and "I completed this academy...and made not only connections but friends." and "As an alum, I highly recommend this informative and well run academy....the outcomes are well worth the investment in time."   Applications are due by 5pm on February 21.  More at:

 

http://www.transitalliance.org/academies/citizens-academy/

 

The Downtown Denver Partnership announced the recent release of the Downtown Denver Commuter Survey, a survey conducted each fall that measures the commuting trends and habits of Downtown commuters. Downtown Denver commuters reported significantly higher transit and biking use than those in the City of Denver, the Metro Area and the United States as a whole. Individuals who commute to Downtown Denver are nine times as likely to use transit, seven times as likely to bike and half as likely to drive to work as the average U.S. commuter.  

Transit and driving alone are the two most commonly used ways Downtown Denver commuters travel to work with 46% of respondents using transit and only 38% driving alone.

Commuters traveling to Downtown Denver use transit more and drive alone less than the average American commuter.

Commuters under 30 are almost twice as likely to bike to work and over three times as likely to walk to work than commuters as a whole.

In Downtown Denver, males are 167% more likely to bike to work than females.

 

Click  here to view the report in its entirety.

 

http://issuu.com/downtowndenver/docs/downtowndenvercommutersurvey2013fin

 

Denver Post reports that Denver drivers drove 10.6 percent less in 2011 than they did in 2006 - the ninth largest drop per capita of the U.S. urban areas based on information from the U.S. Federal Highway Administration, Federal Transit Administration and Census Bureau and the Colorado Public Interest Research Group.  A survey found that 0.5 percent more people - the fourth largest increase in the nation - biked to work in Denver between 2007 and 2011 than in 2000.  The trend away from cars is largely due to Millennials, people born between 1983 and 2000 and currently the largest American generation, are less inclined to drive and have more alternative-fuel and technologically advanced alternatives available to them. More at:

 

http://www.denverpost.com/breakingnews/ci_24655566/denver-drivers-dropped-990-miles-over-five-years#ixzz2sMCqq5RY

 

RTD's new circulator service, the Free MetroRide, will debut in the spring of 2014 and will travel from Union Station to Civic Center Station along 18th and 19th streets as part of RTD's FasTracks transit expansion program. Work to implement the conversion of 18th Street to a 2-way street between Wynkoop Street and Blake Street is anticipated to begin in the summer of 2014 and is estimated to take two months to complete. The estimated cost of the conversion of 18th Street between Wynkoop Street and Blake Street is $550,000.

 

The popular car share program Car2Go recently announced an expansion in East Denver. The car share program has over 300 cars; and membership includes parking fees, insurance, and is smartphone friendly. More at:

 

http://denver.car2go.com/

 

Nick LeMasters, General Manager of the Cherry Creek Shopping Center spoke recently to the Cherry Creek North Neighborhood Association.  In addition to renovation of the mall that has been underway since 2012, Nick described the plans for the former Sak's building to be demolished beginning this spring and replaced by a "mini-anchor" of some 50,000 SF and a number of small shops.  The valet parking area will be reconfigured to orient better to East 1st Avenue maintaining the "true front door" of the mall and the floor of formerly sunken central court of the mall has been raised to the floor level.  The Safeway and Rite Aid stores have a short term left on a single lease and future plans by tenants and the owner for that portion of the mall are as yet unknown.

 

Cindy Patton of Denver Public Works also spoke to the CCNNA about an Alternatives Study underway for reconfiguration of the intersection at East 1st Avenue / Steele Street.  The focus is on alternatives that could be achieved near-term and preserve the ability for transit to travel through the area using the same "footprint".  Some vehicle turning movements may be eliminated but pedestrian crossing will certainly be preserved.  Even a traffic circle is considered by very likely is not workable.

 

Denver Public Works has started a storm drainage improvement and street reconstruction project in the vicinity of Cherry Creek North Drive and University Boulevard.  Construction of the project is planned to be complete in late 2014. The project includes:

 

  • Storm drainage improvements on University Boulevard from Cherry Creek to East 2nd Avenue and Josephine Street
  • Street reconstruction of University Boulevard and Josephine Street from Cherry Creek Drive North to East 6th Avenue 

Denver City Council Member Jeanne Robb announces that Denver is moving forward with the design and construction of the Central Denver Recreation Center.  Initial plans include indoor leisure and lap pools, a large fitness/training area, a multi-court gymnasium,  multi-purpose classrooms, a child care/toddler area and a large group exercise room in addition many other amenities.  Preliminary plans call for more than 60,000 square feet on two floors with perhaps a roof-top deck and lounge area at a cost of $25 million partially from the sale of Market Street Station. 

 

The City and County of Denver will convert two blocks of 18th Street in LoDo from one way traffic to two way this summer. The change is to help accommodate development activity near Denver Union Station and is part of an overall study of which central Denver streets may be converted to two-way traffic. 

 

The long deferred second office tower at Tabor Center in downtown Denver is now being marketed by Callahan Capital Partners. The new design for the Two Tabor Center building at 17th and Larimer streets calls for about 700,000 square feet of office space to be contained in 31 floors. Depending on leasing activity construction may begin as early as late 2014. 

 

Integral Group will build a 108-unit affordable apartment building near Denver Union Station. The Atlanta development firm will construct The Chestnut on a one-acre site at 1975 18th Street. Funding is coming from several sources, including the City and County of Denver and the Colorado Housing and Finance Authority. Union Center LLC sold the site to Integral Group for $3,250,000, which equates to about $30,000 per unit. 

 

The first segment of the Denver Union Station redevelopment project was completed. The 108,000 square foot office building on the north side of the historic station is anchored by IMA Financial Group, which moved about 200 employees into the building that bears the address of 1705 17th Street.

 

The historic former Cathedral High School near downtown Denver was sold for redevelopment by the Roman Catholic Archdiocese of Denver. The 45,952 square foot building at 1840 Grant Street was purchased for $3.3 million by an investment entity called BarnHill and Company Inc. Alder LLC. The partners in the entity, Grant Barnhill and Zvi Rudawsky, retained St. Charles Town Company to restore the building and turn it into cooperative work space for small and startup companies. The owners plan to seek local and federal landmark status for the building. The seller was represented by Wade Fletcher of Newmark Grubb Knight Frank and the buyer by Pat Henry of Cassidy Turley Colorasdo and NAI Shames Makovsky broker Darrin Revious.

 

The Hanover Company is planning to develop a 220-unit apartment building near Capitol Hill. The six-story building would be located at 255 East Speer Boulevard on a triangular parcel once home to a Diamond Shamrock service station. According to Denver City Council member Jeanne Robb representatives of Hanover Company met with nearby neighbors to discuss the specifics of their proposal. Pending approval by Denver planners construction could begin by mid-2014.

 

The Colorado Department of Transportation is starting a major project to reconstruct a busy section of West 6th Avenue in west Denver. The project, which will be completed in late 2015, involves the replacement of several bridges and the creation of new lanes and traffic patterns at the I-25 interchange. In conjunction with the City and County of Denver, the CDOT efforts will include sidewalk improvements and work on Barnum Park. Initial work involves the demolition of bridges at Knox Court and Federal Boulevard. The highway was opened during World War II as a connection to what was then a munitions plant on today's Federal Center. Many of the bridges and roadway sections date from that time. 

 

Denver's Kirkland Museum of Fine and Decorative Art will build a new facility near the Denver Art Museum in downtown Denver. The museum, which specializes in art, furniture and household items by international designers, acquired a site at West 12th Avenue and Bannock Street, a block south of the Denver Art Museum and the Clyfford Still Museum. The new building will contain about 19,000 square feet of display space, about double the amount currently available at the museum's East 13th Avenue and Pearl Street building. Construction is being funded entirely by the Chamber Family Fund. 

 

An investment group sponsored by Hyder Construction bought the historic former Denver Public Schools headquarters building at 414 14th Street in downtown Denver. The 90-year old 43,344 square foot building was acquired from the Denver Art Museum for $4,750,000, or about $109 per square foot. The museum currently uses the building for its administrative offices but will vacate in 2014 when its new office building on Bannock Street is completed. The Hyder group will renovate the building and add about 6,000 square feet of space to the rear. Pinnacle Real Estate Advisors brokers Jeff Caldwell and Blake Holcomb were chosen as leasing agents.  

 

The US Department of Housing and Urban Development awarded $500,000 to the Denver Housing Authority for creation of a redevelopment plan for the Sun Valley neighborhood in west Denver. The grant comes from funds included in the Choice Neighborhood Grant program that were dispersed to nine US cities, including Denver. Sun Valley is located east of Federal Boulevard between West 6th and West 13th avenues. The center of the neighborhood is a 333-unit public housing project built in 1950. The study will consider redevelopment options, especially transit-oriented concepts due to the location of the new RTD west light rail line at Decatur Street.

 

Denver District Court Judge R. Michael Mullins rejected a suit intended to stop development of a mixed-use office, retail and condominium building at 245 Columbine Street in Cherry Creek North. The legal action was filed by the Cherry Creek North Neighborhood Association against developer James Sullivan after the project was approved by the Denver Planning Board and Denver City Council. Sullivan plans to file building permit applications shortly, with construction due to begin soon after approvals are given.  

 

Western Development reported that about 25% of the 70 condominium units in the 250 Columbine mixed-use project in Cherry Creek North are under contract. The $100 million project is being built on Columbine Street between East 2nd and East 3rd avenues and is scheduled for completion by mid-2015. In addition to the residential units, it will include 80,000 square feet of office space and 30,000 square feet of ground-floor retail space. Condo units at 250 Columbine are priced in a general range of $450,000 to $5.4 million. 

 

Representatives of local and state governments are proceeding with plans to redevelop the I-70 corridor in north Denver. The two-year process is centered on replacing the deteriorating I-70 viaduct through the Elyria and Swansea neighborhoods, rebuilding the highway partially underground, tying the work in with a redeveloped and expanded National Western Stock Show complex, improving neighborhood streets and sidewalks and reconstructing Brighton Boulevard through the area to generate new private development. The $1.8 billion I-70 project, funded by the Colorado Department of Transportation, will add several lanes to the busy highway between I-25 and Tower Road. 

 

Rosemark Development Group is developing Avenue 8, an apartment complex in the Mayfair neighborhood of east Denver containing 163 apartment units. The site will also include Rosemark at Mayfair, an 88-unit assisted living and memory care building co-owned with Pomeroy Living. The project will occupy a two-block site bounded by East 8th and East 9th avenues and Ivanhoe and Jersey streets and will cost approximately $50 million, replacing four older buildings previous used for student housing. 

 

MKS Residential announced that it will rebuild Solana Cherry Creek, a 341-unit apartment building under construction in Glendale that was destroyed by a fire of undetermined origin. The building is located at 801 South Cherry Street and had started construction in the spring of 2013. 

 

 

 

 


 

 

 
 

 

 

 


 

 
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.
This email was sent to ektriangle@aol.com by bjames@jres.com |  
James Real Estate Services, Inc. | 90 Madison St. Suite 300 | Denver | CO | 80206