I’ve heard from several sources that the Komorebi project at 15th and Delgany in the Union Station district has been suspended (cancelled, mothballed… something like that). Clearly, this has nothing to do with the desirability of the site, but with the troubled economic times in which we live. If it’s not hard enough trying to sell condos in this struggling national real estate market (even though Denver’s fairing better than most of the rest of the country), add in the financial crisis that, as the past couple of days demonstrates, has apparently not yet hit bottom, and you’ve got yourself an environment not very conducive for launching major real estate developments.
The good news, I suppose, is that when things finally chill out and we get back to a relatively normal real estate and credit market situation, there will be a lot of nice sites out there like Komorebi, 1401 Lawrence, etc., that will be primed to be at the forefront of the next wave.
Meanwhile, we’ve got 45-story, 41-story, 22-story, and 17-story projects under construction Downtown (not counting the 32-story One Lincoln Park which is about 99% finished) that can keep us entertained until things get better. Add in the possibility that Two Tabor, at 43-stories, could still break ground this year (fingers crossed) and that the 17-story Embassy Suites project is sort of under construction now (or is that still parking-garage-foundation-removal going on?)… and we’re doing pretty good considering the national situation.
These Downtown real estate developments, within the context of this website and blog, are just part of the bigger picture of making Downtown Denver into the best urban environment it can be. There are other things, like improving our pedestrian systems, taking better care of and adding to our Downtown street trees and public spaces, improving our cultural and civic infrastructure (Denver Justice Center, new Boettcher Concert Hall, new Colorado History Museum), etc. that we must also focus on, regardless of the pace of private-sector real estate development.
Despite the uncertainty that is severely stressing the real estate development world, how can we not still feel pretty upbeat about Downtown Denver?
Wow, weird timing — I just wrote something over on Skyscraperpage about the design of the Komorebi:
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I love that Komorebi building, but I really wish it wasn't next to the MCA.
One of the most bizarre traditions in Denver architecture is the absurd idea that buildings should look like each other if they are next to each other. Constructing an MCA-like building next to the MCA weakens the design of the MCA. Constructing a Libeskind-inspired building next to the Denver Art Museum weakens the Denver Art Museum. Constructing a building with white bridge-like elements next to Millennium Bridge weakens Millennium Bridge.
It's a pretty fundamental design principle. If you have red dot on a page with 20 gray dots, it stands out. If you have a red dot on a page with 10 red dots and 10 gray dots, nothing on the page stands out — even if the initial red dot is unchanged. We have to quit designing buildings that are inspired by our city's landmarks, then sticking them next to our city's landmarks. It's like constructing a Statue of Liberty-inspired building next to the Statue of Liberty, or a Gehry-inspired building next to the Guggenheim in Bilbao. It only serves to downplay and marginalize the original building that everybody liked.
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Anyway, it's too bad to see the project die.
God, I just hope that things turn around soon. I have chope. Denver is the number 1 place for small business so hopefully if there's a depression we wont be totally affected.
Public transportation is the biggest issue. For those who are thinking about asthetics in their enthusiasm for downtown development, you can't deny its role in creating a low-asphalt, pedestrian-friendly environment. But it also puts environmental and social justice into play; it saves low-income people from the financial burden of auto repairs and gas prices, and is obviously greener. Since public transportation is funded primarily by governments, I think we have a good chance to move on that even while the private sector is fairing poorly.
I wish that ballot initiative repealing special oil and gas subsidies would have put that money into more public transportation.
The Embassy Suites project is beyond any logic or comprehension. I look at that thing every day and still can't figure out what the heck is going on. Alpine Demo vehicles are moving dirt from one place to the next, drills are drilling the caisson holes, wood walls are put up as if they're actually going to pour concrete… then more is dug, moved around, new wood walls, new caisson holes, no concrete. No Hoffa either. And now there's a big hole on Stout just up the street where Xcel seems to be involved in similar shenanigans.
It seems like they have been marketing this project for a couple of years. With only 13 units "sold" out of 43, could it be the asking price?
Saint, at a glance, what you describe sounds like the installation of drilled shaft foundations and shoring in an open excavation…
I noticed the caisson drill the other day myself. I can't imagine why else there would be caisson drills and a deep underground excavation except for construction of a foundation and underground parking (???).
I hope, assuming this is a foundation, that the Motor Hotel won't turn into another dead lot with a perfectly good foundation waiting for a building…Tabor III, anyone?
Hey Ken,
You should show everyone all the great progress that's been made at the Champa Center. It's really starting to look a whole lot different, now that things are speeding along.
I'm actually glad to see this project cancelled. The height of the proposed building is simply too tall for this neighborhood and would cause it to stick out like a clumsy intruder. At present the neighborhood has a skyline taper that is very pleasing aesthetically.
Any new proposal should be in the four story maximum height, and should not try to be a MCA look alike. With Union Station's close proximity to Lodo we should not try and overturn the aesthetic character of the existing neighborhood. Rest in peace, Komorebi. Please don't resurrect as a zombie and try to stumble back into our neighborhood.
^ those comments are completely out of character with the approved master plan for the neighborhood – the area is approved for 9 buildings up to 250' in height in the area.
i'm curious – what building do you live in lodoresident?
if you prefer four stories as a maximum should not live in the city.
Ken –
A little off subject, but walking down California today I saw a sign at 17th and Cali apparently announcing a new development in that surface parking lot. The sign was by "Paradise" the same sign that you see in the triangle off Speer. Wondering if you have heard anything on this project? After seeing their proposal for "Bell Park Tower" I'd be curious what they've got in the works here.
As always, great work!
Lodresident, are you aware that this project was actually shorter than the other buildings on the block and shorter than the buildings currently under construction across the street?
Did anyone notice the really small "Shame on Spire" protest at the corner of 14th and Stout (on the parking lot adjacent to the Spire site? I think there was something like 6 guys in total holding up a "Shame on Spire" banner. I wonder what thats about?
OK so we were asking earlier what the impact of the credit crisis will be on Denver's construction projects – now can any economists answer, what would be the impact of a $700 billion federal bailout?
If the stock markets are any indicator it looks like the effect is to adjust things to as if there were no crisis to begin with.
Matthew, what has me befuddled though is that they're not actually excavating anything, just moving dirt from one spot to the next. The hole that is there is from the old Motor Hotel. The Embassy Suites foundation is supposed to extend all the way to the west curb, whereas I'd assume they either have to dig or fill in the Motor Hotel hole. Whatever they're doing, it's taking too long for any standard operation, compared to 1LP, 4S and the Spire.
Anyone notice all the excavation going on at 9th and Broadway, behind the Beauvallon? Crazy amount of digging started overnight last week.
Pizzuti, either banks learned their lesson from all the easy lending and we'll find stricter lending requirements and higher interest rates (I'm guessing mainly on the housing market, which shouldn't concern corporations too much), or the banks haven't learned since they were bailed out and they'll continue being irresponsible. In that case, investor confidence doesn't really return for a long time and corporations, and thus construction, will suffer.
Saint,
I think the 9th and Broadway site is where the new Tony's Meats store is going:
http://blogs.westword.com/cafesociety/2008/08/_tonys_tonys_tonys_the.php
Vicki, I mean next to that. I passed by that building too. It's got a sign that says "Future home of Tony's meats". Right next to that building, there's a quarter block of excavation.
Ah, it might be for that parking structure in that rendering. Seems a bit excessive for parking!
I looked at the Komorebi project a while ago and liked what I saw. It was nice intimate condo project with lofty ceilings, a glass bottom lap pool, and wide corridors to display art, however I'm not surprised that this project is cancelled. The neighborhood seems very clausterphophic with the MCA, Art House townhomes, Monarch Mills condo and the Waterside Lofts squeezed into a few blocks. Also the prices of these condos are rather steep — a majority of the units are priced over $1 million and about a quarter of them are priced over $2 million. Sure many of the units are very spacious, but with the many other high priced condos and townhouse developments that's out there right now, I think there is a huge oversupply especially in this economy.
Oh, one more thing:
If you are going to name a building, give it a name that people could pronounce and remember. Komorebi doesn't quite roll off your tongue very smoothly.