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Archive of posts filed under the Prospect category.

Investors Pay $55 Million for The Metro

For my first fancy post on the new DenverInfill, I thought I’d point out this press release I came across last month noting that the multi-housing wing of CB Richard Ellis Investors purchased The Metro apartment complex at 2121 Delgany for $55 million. The property located just a baseball’s throw from Coors Field, has won numerous urbanism awards for its development and site planning, including a ULI’s Pillars of the Industry award in 2004. View a Google map here.

2010-01-11_metro

The purchase was the largest multifamily investment sale in Denver in 2009 and had a significant impact on how the value of the overall multifamily market in Denver is determined, according to the Colorado Real Estate Journal. “Because there are so few sales, every sale is so important to determining value. The Metro’s sale represents where market value is today,” Cary Bruteig of Apartment Appraisers & Consultants told the publication.

It could also be an indicator of another trend: as investors begin emerging from the trenches in 2010, they’re going to be taking aim at Denver’s quality urban developments first.

Alexan Prospect Update

Trammell Crow Residential is currently building a 400-unit apartment project in the Prospect district called Alexan Prospect. The other day I rode by bike down there and snapped a few pictures to share with you.

From left to right: 1. View at 29th and Inca, 2. Looking south down Inca towards 29th, 3. In between the project and the Ajax Lofts, 4. North end of the project.

The building at the corner will have a small amount of ground-floor retail.

Baseball Stadium District: We Need More Parking Lots!

Remember back in 2007 when, for a few months, there was a controversy over the old Light Bulb Supply Building site at 21st and Delgany behind Coors Field? The owners at the time, Bill and Paula Leake, wanted to rezone their property to RMU-30, which would have allowed their underutilized property to be developed with a building up to 140 feet in height. A few neighborhood groups and the Denver Metropolitan Major League Baseball Stadium District (owner of Coors Field) objected to the plan, saying that it would block the view of the mountains from Coors Field.

In response, a view plane ordinance was proposed that would have originated at a point in Section 222 Club Level of Coors Field, limiting new buildings within the view to a height of 72 feet. The problem with a 72-foot height limit was that, with the elevated I-25 HOV lanes soaring 40 feet above ground past the property, not enough of a 72-foot tall building would rise above the flyover to make the project profitable. Also, there was some debate as to the degree to which a 140-foot tall building at the site would really block mountain views anyway. Here’s a rendering, prepared by Buchanan Yonushewski Group (which represented the Leakes at the time) of the view from Section 222 Club Level with a 140-foot building at 21st and Delgany, as well as the Commons (Central Platte Valley) approved bulk plane behind it:

For more background on the issue, here’s a Rocky Mountain News article and editorial from 2007. Anyway, the view plane issue was put on hold so that it wouldn’t detract from the Rockies’ historic World Series run at the time, and since then there’s been no news on the matter… until now.

Jared Jacang Maher has the latest at Westword: The Denver Metropolitan Major League Baseball Stadium District bought the property from the Leakes for about $2.4 million. You may conclude that this is a win-win for everybody: the Leakes get the value out of their property and Coors Field gets to protect its view. I’m not so sure.

The Stadium District plans to turn the 21st and Delgany site into a surface parking lot after they lose some of their surface parking along upper Blake Street to RTD for a FasTracks transit line. Even that may seem reasonable. But what bothers me is the Stadium District’s viewpoint, as expressed by District director Ray Baker: “There’s just not enough [parking] currently with what we have and what will be taken.”

That’s right, there isn’t enough parking around Coors Field, and that’s a damn good thing. The point of placing Coors Field in a Downtown location without nearly the number of parking spaces that it normally would have if it were in a suburban location, was to force people to either a.) take transit, or b.) park throughout the Downtown area and walk/mall shuttle to the stadium, thereby filling the sidewalks with pedestrians and making Downtown a better, more urban place. A place will never become more urban by making it easier to get there by automobile. Let me repeat that: A place will never become more urban by making it easier to get there by automobile! Until we learn that lesson in Denver, we’ll never have the Downtown we strive to have.

“We can’t simultaneously promote walking and bicycling while continuing to facilitate driving.” – Albert Einstein

And, need I remind the Stadium District that Coors Field is located two blocks from what will be the largest multi-modal transit hub in the entire region?! Why does the District feel that they will need to replace the parking spaces they lose to RTD for transit construction, when those very same transit lines will put millions of people throughout the Denver region within a few miles of a transit line that will conveniently drop them off two blocks away from Coors Field?! Did the Stadium District ever consider that when all the FasTrack lines are up and running that fewer people might, you know, drive to the stadium?

The Stadium District should be working hand in hand with the City and the Downtown Denver Partnership to steadily, strategically, replace the surface parking lots around Coors Field with dense, mixed-use development and, if we must, structured parking. The more Coors Field is surrounded by an intensity of shops, restaurants, housing, hotels, offices, and sidewalks teeming with people, the more exciting it will be to go to a game. We want Coors Field to be in the center of it all, immersed in a pedestrian-scaled urban domain, not surrounded by a sea of asphalt like the Pepsi Center is.

In the Rocky article, Mr. Baker is quoted as saying: “We have an obligation to protect the ambience of the experience of going to Coors Field and protecting that view. I think it would be detrimental to taxpayers not to do so.” You want to protect—enhance—the ambience of the experience of going to Coors Field? Make the experience more urban, more walkable, more engaging. You want to benefit the taxpayers? Make the Coors Field experience more sustainable by discouraging driving to the stadium and by invigorating the streets of Downtown with economy-stimulating pedestrians. Seems to work just fine for Yankee Stadium, Wrigley Field, and Fenway Park.

“If you plan cities for cars and traffic, you get cars and traffic. If you plan for people and places, you get people and places.” – Fred Kent

So, the Leakes get their money but Downtown gets a new surface parking lot. I’m happy for the Leakes, but I’m disappointed in the Stadium District’s parochial perspective. I expect more enlighted, progressive thinking from the owners of our Downtown ballpark. But, I’ll make the Stadium District a deal: Develop Block C into a dense, mixed-use project, and I’ll support your parking lot at 21st and Delgany.

New Prospect Project in the Works?

A rezoning application was recently filed for the Mail Well Envelope property at 3500 Rockmont Drive in Downtown Denver’s Prospect district. The property is located immediately north of City of Cuernavaca Park along I-25.

According to DenverGov.org, Alliance Realty Partners is seeking to rezone the industrial site to RMU-30, which allows for residential mixed-use development with maximum building heights of 140 feet. The Denver Planning Board approved the application on April 16 and, on April 23, City Council’s Blueprint Denver Committee agreed to forward the rezoning to the full Council. A specific date for the public hearing and final consideration by Council has not yet been scheduled.

Denver-Cityscape reports that the proposed project will include 700 to 800 residential units, 90,000 SF of office space, 30,000 SF of retail, and 180,000 SF of hotel uses.

City of Cuernavaca Park is a great Downtown amenity, but its somewhat-isolated location makes it an underutilized asset. Residential development along the north edge of the park is a great idea and will bring added vitality to the area. The site’s biggest challenge is access. Right now, Rockmont Drive (Platte Street past 19th Street) provides the only vehicular access to the site, and I-25, the Platte River, and a tangle of rail lines separates the Mail Well site from the rest of the Prospect district and adjacent districts. I think a new street connection east over to Park Avenue West and perhaps a pedestrian bridge or two will be in order. One other nice apsect about this site: it lies only 0.4 miles south of the 38th & Inca transit station on the proposed Gold Line and about 0.7 miles from Union Station.

Alexan Prospect: Updated Design Images

Here is a site plan and the latest design renderings for the Alexan Prospect project, the 400-unit apartment community planned by Trammell Crow Residential for the area around the Ajax Lofts in Downtown Denver’s Prospect District. Design credits go to Shears Adkins Architects and Kephart. Studio INSITE is the landscape architect. First, the site plan:

The project does include a small amount of retail at the corner of 29th and Inca. Next, here are two images that each contain several different perspectives and elevations of the new development:

Thank you to Aldo at Shears Adkins for the images!

Construction is planned to begin in June or July of this year.

Prospect District Infill Update: Alexan Prospect

The Alexan Prospect residential project planned by Trammell Crow Residential is currently in development review with the city planning office. The project is slated for the area surrounding the Ajax Lofts, where the other six buildings of the Prospect Place project were once proposed. Here’s a rendering giving us an idea of what the project will look like:

Alexan Prospect will include 400 rental units with structured parking. I’m not sure if the project is to include any retail space or not. In my opinion, it should have some small retail focus, like a coffee shop or a neighborhood restaurant or something as a community gathering place.