DENVER | Main Development Thread #7

[Robert.hampton]

Originally Posted by wong21fr

Coincidentally, the above green roof on the condo project wouldn't meet the standards of the new green roof ordinance. Nor do I think any green roof that is currently under construction.

Just to give an idea of how extreme it is.

Maybe some of the Zeppelin projects are?


https://crej.com/news/green-roofs-su...d-by-zeppelin/

Reading that makes it seem not so extreme after all -- the added costs are less than one percent and that is for a low-rise building with a large roof-surface area. So one would expect for taller projects that relative cost would drop quite a bit -- and we can expect absolute costs to drop substantially as economies of scale and innovation kick in.

[wong21fr]

Originally Posted by Robert.hampton

Maybe some of the Zeppelin projects are?


https://crej.com/news/green-roofs-su...d-by-zeppelin/

Reading that makes it seem not so extreme after all -- the added costs are less than one percent and that is for a low-rise building with a large roof-surface area. So one would expect for taller projects that relative cost would drop quite a bit -- and we can expect absolute costs to drop substantially as economies of scale and innovation kick in.

None of them (I think) actually meet the green roof ordinance standards due to the green roof/total roof ratio. Zeppelin Station just barely misses it, not sure how far off Flight or the Source is (but I think it's significant as both still use the roof area with screening for HVAC).

[wong21fr]

Originally Posted by SirLucasTheGreat

With regard to 1770 Sherman St., I came across this article http://investorimmigrationvisa.com/p...purpose-tower/.

The article is titled, "Denver multi-purpose tower". The webpage is dated in October 19 2017 but it describes events that were supposed to transpire in 2015. They seem to detail the specifics of a project at 1770 Sherman St.. The firm described as the sole equity holder here on investorimmigrationvisa.com is the same one that actually bought site in April 2016.

So, there was an update to the DMTP, LP page on the American Investor Immigration Funds site:

DMPT, LP (“DMPT”) was formed as a Virginia Limited Partnership to take part in the development of this Denver multi-purpose tower. DMPT shall be the sole equity holder in this project and its general partner is Red Leaf Development, LLC (“Red Leaf”), a Virginia Limited Liability Company which has served as the general partner of over a dozen limited partnerships of EB-5 investors within the last two years. DMPT, LP will be delivering $29,000,000 of equity raised from 58 investors towards this roughly $156 million project that will create nearly 800 jobs in the Denver area. The project is affiliated with Golden Lamp Regional Center, Inc., based in nearby Utah. The Project secured Exemplar approval by USCIS in 2017 and investors’ I-526 petitions began being approved shortly thereafter.

Would take an immigration lawyer to explain, but I would assume that the equity that is being raised by this fund is only available once the I-536 petition's are all approved.

[Robert.hampton]

Originally Posted by wong21fr

So, there was an update to the DMTP, LP page on the American Investor Immigration Funds site:



Would take an immigration lawyer to explain, but I would assume that the equity that is being raised by this fund is only available once the I-536 petition's are all approved.

According to this website the approval process takes about 6 months: https://www.hooyou.com/eb-5/faq.html

[TakeFive]

Originally Posted by Robert.hampton

Renderings of condo project at 575 e 20th. I like the two NAVA projects so far -- bringing some fresh design and ideas after a long streak of the same old boatliner trammel crow crap.

Definitely very nice - change. Not a lot of buyers I'll assume can pay an average of $728 per square foot for their condos or the equivalent rent. At least that's what NAVA is getting for their Lakehouse project.

Speaking of Lakehouse and the ongoing redevelopment of the St. Anthony Hospital site Adrian Garcia had a great piece in Denverite yesterday that summarizes what has been done and is planned:
Sloans includes 13 projects that are already changing West Colfax

Speaking of Trevor Hines/NAVA, his Dad must be impressed by his son's real estate ventures, so much that:

In November, city officials approved plans for a seven-story, 249 apartment project fronting 17th Avenue between Quitman and Raleigh streets. Hines is listed as the developer. The Houston-based firm is under contract to buy the land, according to EnviroFinance Group.

I wasn't aware that Hines even built multifamily but then since everybody else does then why not? Yup, Hines Multifamily has 34 projects either completed or underway.

[TakeFive]

Originally Posted by Robert.hampton

Reading that makes it seem not so extreme after all -- the added costs are less than one percent and that is for a low-rise building with a large roof-surface area. So one would expect for taller projects that relative cost would drop quite a bit -- and we can expect absolute costs to drop substantially as economies of scale and innovation kick in.

Originally Posted by Robert.hampton

According to this website the approval process takes about 6 months: https://www.hooyou.com/eb-5/faq.html

Rant:
Is that 1% and time frame a guaranty? What about maintenance and repairs? How will this impact project feasibility? Now if the city wanted to offer incentives to include green roofs I'd be interested.

Denver is going the wrong direction towards becoming an increasingly regulation-happy Nanny City. Ever rising construction costs are likely to threaten the current euphoria and I could foresee a slower buildout in RiNo ahead etc. They've already burdened developers with an 'affordable housing' fee; what's next? It doesn't seem like Denver has the 'bell cows' that some cities have to support ever more costly development.

Given the new tax cuts etc. I look for Phoenix to be one of the bigger winners if you assume that new fabrication and assembly plants will be developed. Intel is positioned to spend $7 billion on their new 10nm chipset Fab 42 facility - they're just waiting for the ink to dry. Apple has been lurking and already built a new flagship $2 billion, 1.3 million SF data center in Mesa. AZ/Phoenix has positioned itself as the epicenter for self-driving vehicles. AZ has transformed itself into a highly cost-competitive and business friendly state. Fewer Regs and they'll power assist in helping with those.

Point being that Denver has slid in more recent business friendly ratings; many states/cities are vying for next-gen investments. Things can change; it's happened before.

[CastleScott]

^ I to like that fresh look of that project for 575 e. 20th-it would be awesome if one like it with 14 additional stories were built in Arapahoe Square.

[rds70]

Sign up at the site:

[SirLucasTheGreat]

Originally Posted by rds70

Sign up at the site:

I am glad that project passed the hurdle before the Green Roof Ordinance comes into effect.

[DenverPoke]

^^^Nice. That must be very new as I just walked by there yesterday and saw nothing.

It was 32 stories, did they take away parking or office space?

[ejwill04]

Originally Posted by DenverPoke

^^^Nice. That must be very new as I just walked by there yesterday and saw nothing.

It was 32 stories, did they take away parking or office space?

It could just be rounding on the sign, but it appears rentable square footage decreased 6,500. Given that each floor is about 30k sq ft, id guess they got rid of parking.

[ejwill04]

It appears demolition is wrapped up for the 12-story Jefferson View apartments in Jeff Park.

[jbssfelix]

For those of us with stiff necks.

[Robert.hampton]

Originally Posted by DenverPoke

^^^Nice. That must be very new as I just walked by there yesterday and saw nothing.

It was 32 stories, did they take away parking or office space?

I was surprised to see that 13 floors and about half of the square footage is dedicated to parking. Is that normal for an office tower like this? Even at 11 seems a bit high to me.

[CastleScott]

^ I wonder if it will still top off at 476ft?

[mhays]

Originally Posted by Robert.hampton

I was surprised to see that 13 floors and about half of the square footage is dedicated to parking. Is that normal for an office tower like this? Even at 11 seems a bit high to me.

That sounds like more than one space for every two workers. I'm surprised Denver allows that much.

[wong21fr]

Originally Posted by mhays

That sounds like more than one space for every two workers. I'm surprised Denver allows that much.

No maximums nor minimums in the Central Business District.

[SirLucasTheGreat]

^ I wonder if it will still top off at 476ft?

I would think so because that height was on the permit. Based on the design, it seems like there is a glass facade that might rise beyond the top floors. With respect to the 30 floors, 600,000 square feet, perhaps they were rounding down for simplicity sake. I suppose we will see.

[CastleScott]

^ Thanks buddy-that glass curtain element is quite tall plus it looks like it will have a tall lobby as well.

Merry Christmas all!!

[rds70]

A new office building is proposed in the Belleview Station development.

15 stories, 344000 square feet of office with 5000 square feet of retail: