Four months ago in late November 2012, I posted a comprehensive overview of the residential development boom taking place in Downtown Denver. Today I offer a major update to that effort. As before, I am confining the projects included to those that are new construction multifamily residential (rental or for-sale) of ten units or more and located within a 1.5-mile radius of a geographic central point in Downtown (17th and Arapahoe).
Here’s the updated map. Click/zoom on the image below to view it in a new browser window, or click here to download a high-resolution PDF version.
Next, the revised table (click to view at full size):
So what has changed since November 2012? Here’s a quick analysis:
Four projects moved from “Under Construction” to “Completed,” giving us eight projects totaling 1,284 units that have been completed since the start of 2012.
There are now 29 multifamily residential projects under construction in the Downtown area totaling 4,254 units. This is nine more projects under construction than in November, but it’s really 13 more considering four of the “Under Construction” projects in November have since moved to the “Completed” column. Eight of these additional 13 projects under construction moved over from the “Proposed” column, and five are new projects not included in the table in November that are already under construction.
Only four projects have joined the “Proposed” list since November, and with the eight projects that moved over to “Under Construction,” the total number of proposed units has dropped by nearly half to 1,858. Of those, I’m guessing projects totaling maybe 600 units are good bets to get under construction within the next few months. All together, there are 283 more units (regardless of status) in our March 2013 table than in November 2012. This represents a relatively small increase in the number of newly proposed multifamily residential units over the past four months, which is probably a good thing for now.
Assuming for the moment that all of the projects currently under construction are completed, that about 600 of the units in the “Proposed” column get underway within the next few months, and that no new projects are proposed for the rest of the year, then by the end of 2014, a time frame of three years (2012, 2013 and 2014), we will have added approximately 6,700 residential units within a 1.5-mile radius of the center of Downtown Denver.
Ken, this is really exciting news, nothing less than a residential building boom for Downtown! From your bird’s eye overview of the Downtown area, it’s clear that the Platte Valley has the lion’s share of new development. And the bull’s eye view of all that construction brings you directly into the Union Station project. Transportation planning and development have always dominated Denver’s growth, and your map clearly shows what a huge role rail will play in Denver’s future growth. This is smart growth, concentrating higher density with rail, linking work, play and leisure — and centering it all where young Urbans want to be: Downtown. And not so ironic, that the epicenter of all this smart planning is exactly where the city of Denver began, at the confluence of Cherry Creek and the South Platte River — still the crossroads where the first explorers and trappers from back east found the meeting/trading place long known to native tribes from the plains and the mountains.
Great observation, Jim. You are correct. Also, I suspect the trio of pedestrian bridges also has something to do with it. Makes one wonder what the potential might be for our other downtown-adjacent neighborhoods if we could only invest in similar pedestrian-enhancing connections with downtown.
I notice a lot of these projects are “under construction” but haven’t broken ground yet (i.e. Element 47, Cosmopolitian Club). How are you classifying “under construction”, or is there actually dirt work going on at those listed spots that I listed?
Element 47 is well underway and Cosmopolitan Club just started earthmoving. The only one that’s still a bit sketchy on “under construction” is 2785 Speer… they did site demo and fencing is up, but actual construction is still not quite there.
Thanks! I guess the area is really changing daily. If you don’t drive by an empty lot today, it might not be empty tomorrow!!
Agree with Jim – hopefully this is just the start. I’d be happy with 50,000 more residential units – even 100,000.
The projects I want to see break ground are 20th & Chestnut, 1000 Spear, 8th & Lincoln, and 2785 Speer because they are each keystone projects in their own way due to location, size, or other factors.
What’s at 1900 16th is that the Phase 3 with the units on top of the Parking garage?
What’s up at 15th and Little Raven – the JE Dunn construction site? Will we see drawings soon? Does this project have a name?
I agree with your list of next to break ground. Those would be awesome.
1900 16th is the addition of apartments on top of the parking garage… heard it’s in the works, but hard to say what that really means.
Cosmopolitan Club is finally underway. I’ve been in contact with the architect and a rendering should be available in a few weeks, hopefully.
thanks!
Ken,
very interesting information on the quantity of residential building going on in Denver. I was wondering if you could identify which development will for offered “for sale” within each of the lists.
Thanks,
Bill
I believe the only for-sale projects are the smaller townhome projects in Lower Highland and Jefferson Park.
Ken,
Love the update and the map, really shows how much is going on in Denver. Very exciting. One project that I noticed was not included was the Balfour project that is going on in Riverfront. Is that because of the nature of the project? Thanks again for all the info.
Apologize for that, I see the Balfour project as the Cosmopolitan Club. As always, you have all the info. Thanks again.