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  #1  
Old Posted Aug 30, 2013, 6:17 PM
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DENVER | The Confluence | 371 FT / 113 M | 35 Floors

So, this is a project that has been simmering offstage for the last few years in Denver. The parcel was rezoned for a highrise before the Great Recession and nothing has been heard about it publicly for the last few years. Then, today, boom:

Image captured from the DBJ:

Denver developer teams with PM Realty Group on 34-story apartments
By Dennis Huspeni
The Denver Business Journal
August 30, 2013
Quote:
A high-end apartment complex that will tower over Denver’s Central Platte Valley moved significantly closer to reality after almost a decade of planning with PM Realty Group’s announcement Friday that the project has been funded with joint venture equity.
The Houston-based real estate company plans a 288-apartment, 34-story building, as of yet unnamed, in close proximity to the Cherry Creek and South Platte rivers on 15th Street and Little Raven. PM Realty Group inked the deal for the 50,000-square-foot parcel at 2166 15th St. in July for $10 million, Denver assessor records show, using the company name Confluence Apartments LLC. The seller was Paul J. Stann & Associates LLC.
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Last edited by wong21fr; Sep 1, 2013 at 5:33 PM.
     
     
  #2  
Old Posted Aug 30, 2013, 8:15 PM
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I've been wondering when some taller buildings would happen. Seems like Denver is ripe for more like this.
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  #3  
Old Posted Aug 30, 2013, 9:54 PM
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Quote:
Originally Posted by mhays View Post
I've been wondering when some taller buildings would happen. Seems like Denver is ripe for more like this.
It's something that we in Denver have been wondering as well. There a couple of projects in the 20-story range either U/C or in development, but the high-rise category of our little boom has been scarce. Hopefully a couple more 30-plus story projects pop up on the boards before the end of the year.
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  #4  
Old Posted Aug 30, 2013, 11:04 PM
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Originally Posted by mhays View Post
I've been wondering when some taller buildings would happen. Seems like Denver is ripe for more like this.
I've been wondering this for the last 15 years or so. Still waiting
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  #5  
Old Posted Aug 31, 2013, 12:00 AM
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Nice looking tower...
     
     
  #6  
Old Posted Aug 31, 2013, 7:13 PM
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If I were a REIT, looking to invest $150 MM and earn a decent ROE, a high rise in Denver would appear to make complete sense. I would expect more of this type of development. good news!
     
     
  #7  
Old Posted Sep 2, 2013, 6:01 PM
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34 floors and only 340 feet? I would expect this tower to be closer to 400 maybe 420 feet, no?
     
     
  #8  
Old Posted Sep 2, 2013, 8:39 PM
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Looks like about 370'. Apartments tend to be around 10' per floor, plus there's some roof architectural.

I spent some time in the CPV/Station/Parks area a few weeks ago. It looks like it's really coming together (and/or will soon do so), along with the area past the third ped bridge (over the freeway) and the Ballpark area. Actually the whole core looked kind of like where I live...construction everywhere. (From Highland to the football stadium to the Benedict Park area to Capitol Hill and the Cherry Creek neighborhood.)

It's hard to guess why taller residential towers aren't more prevalent. They ought to be going up on 15th for example...great confluence of easy walk to work, shopping, entertainment, etc. I'll say it again...parking determines much about what gets built, and it's harder to make a tall tower pencil when parking means it needs a larger site.

Now I'm seeing this is nearly 1.2 acres. The reason they need that is probably because the land keeps the parking costs low...whether below-grade, above-grade, above-grade and adjacent, etc.

Looks like the land was cheap at $200/sf. That should make highrises easier to build, but it'll make lower buildings easier too. Plentiful, cheap land doesn't encourage highrises.
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Last edited by mhays; Sep 2, 2013 at 8:52 PM.
     
     
  #9  
Old Posted Sep 6, 2013, 10:55 PM
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I too am having a hard time guessing the final height of this tower. Isn't the height limit in this area 375 feet? If so, I could see this tower using up every inch.

It appears to be a nice looking project but I would like to see more angles and renderings soon. This thing is really gonna stick out like a sore thumb. Like the Lakepoint Tower in Chicago or that Marriott Hotel in LA by the Staples Center. The next tallest building in the CPV will still be over 100 feet shorter. The next closest, taller building is way down in the city center!

It will also be interesting to see the shadow this building will cast on Confluence Park in the mornings. That will really lessen the appeal of the area if it is covered by a massive tower for more than an hour or two.
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  #10  
Old Posted Sep 6, 2013, 11:14 PM
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Originally Posted by FrancoRey View Post
It will also be interesting to see the shadow this building will cast on Confluence Park in the mornings. That will really lessen the appeal of the area if it is covered by a massive tower for more than an hour or two.
Or add to its appeal. If it's over 68F, I'll take shade.
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  #11  
Old Posted Sep 7, 2013, 9:35 PM
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I dont think it will really stick out like a sore thumb... at least not in a bad way.

It's pretty close to the CBD. Glass house is nearby and that is 270 ish feet?

It will definitely be taller than the surrounding developments, but I think that if it sticks out it will stick out in a good way
     
     
  #12  
Old Posted Sep 9, 2013, 3:05 PM
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Another rendering thanks to PM Realty's FB Page:
     
     
  #13  
Old Posted Sep 9, 2013, 3:39 PM
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^That rendering ticks up this project a few points on the cool-o-meter. Is that a walk-through leading to Confluence Park? Very nice.
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  #14  
Old Posted Sep 9, 2013, 3:45 PM
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Originally Posted by mhays View Post
I've been wondering when some taller buildings would happen. Seems like Denver is ripe for more like this.
Inner city Denver still has a lot of under utilized land to be developed. I drove around there back in February and for the first time realized how much vacant and low density industrial land surrounds downtown along the rail line. While much is being built and planned, the need to really push the density could be a longs ways off.
     
     
  #15  
Old Posted Sep 9, 2013, 4:33 PM
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True, but I'm thinking closer-in. Why aren't residential towers getting built along 15th?
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  #16  
Old Posted Sep 9, 2013, 5:17 PM
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Denver did have a fair amount of condo development before the great recession...

Between 2007 & 2009 The Four Seasons (45 floors) Spire (42 Floors) and One Lincoln Park (30ish) were built.

The recession, obviously, slowed down the demand for condos. Now apartment buildings are getting built everywhere, but it doesn't seem like the condo market has heated back up quite yet.



Also, This building is beautiful
     
     
  #17  
Old Posted Sep 9, 2013, 5:38 PM
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Quote:
Originally Posted by mhays View Post
True, but I'm thinking closer-in. Why aren't residential towers getting built along 15th?
Parcel ownership is one possible factor. While there are open parcels available along 15th a number of them are held by Brookfield and Hines who seem to be dedicated to using those parcels for office development and nothing else with several projects being proposed and then shelved over the last decade. Further down/east on 15th you run into a problem of disjointed land ownership with a lot of small parcels owned by small landholders who seem to be holding out for values based upon the maximum build-out (80-story office towers) instead of what the market currently demands. One parcel along 15th, called Block 162 took over thirty years for the multiple parcels to be assembled by one landowner to allow development to occur.
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  #18  
Old Posted Sep 9, 2013, 7:55 PM
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That's unfortunate. So many great sites.

PS, I noticed that the back of Pavilions is juuuust a bit too narrow for double-aisle parking, and is also too narrow for department stores. That restricts its usefulness.

Scott, my curiosity is mostly about apartments...strong demand, walkable downtown with lots of sites (ok, 15th has issues but there are other areas)...apartments can build tall too.

One tool is preferential zoning....different height limits for residential, exempting it from FAR, etc. Actually I have no idea whether Denver has height limits...ours are tight so everything gets built right to the limit...
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  #19  
Old Posted Sep 10, 2013, 2:44 PM
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Quote:
Originally Posted by mhays View Post
One tool is preferential zoning....different height limits for residential, exempting it from FAR, etc. Actually I have no idea whether Denver has height limits...ours are tight so everything gets built right to the limit...
As far as central downtown goes..




If you're REALLY interested to keep reading, here's the Downtown context in Denver's zoning code.
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  #20  
Old Posted Sep 10, 2013, 3:31 PM
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16th would be even better with more shade and more density nearby.

It's a similar concept to our zoning along Pine Street, which is about sun and protecting the existing retail buildings.
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