2020 TOD Status Report Introduction

This report provides an update on transit-oriented development (TOD) in the Regional Transportation District (RTD). Highlights of this report include: ▪ A significant amount of development in the region has occurred within the station influence area (half-mile radius from RTD’s stations) Solana – ▪ Development within the station influence area continues at a strong rate ▪ Multifamily deliveries in 2020 were lower than 2019, but demand in station areas continues to be strong ▪ Office deliveries in 2020 were similar to 2019. The fallout of COVID-19 is expected to hit the office real estate market hard, and the future impacts are currently unknown

Atlantis Apartments –

2 Table of Contents

1. What is TOD? 2. RTD TOD data 3. 2020 by the Numbers 4. TOD trends over time 5. TOD trends by corridor 6. Value creation 7. Union Station 8. Top stations for TOD 9. TOD Database summary

3 What is Transit-Oriented Development?

Per RTD’s TOD Strategic Plan (2010): What enables TOD? ▪ More compact and dense development ▪ Real estate market - creates greater demand for within a 10-minute walk or ½-mile development distance around transit facilities compared ▪ Zoning - higher densities allow more people to live & work to existing development patterns in the near transit same area ▪ Infrastructure/Access - critical for all developments ▪ A mix of uses — either horizontal or ▪ Jurisdiction Interest/Incentives - local governments can incentivize TOD by providing financial incentives, vertical — usually including residential, density bonuses, or infrastructure retail, and office employment ▪ Lot size and ownership - larger lots & fewer land owners ▪ High-quality, pedestrian-oriented urban facilitate TOD design and streetscapes ▪ Time - station areas may need time to mature

Arista Uptown – US 36 & Broomfield The Henry – I-25•Broadway Station FBI Office – Central Park Station HUB – 38th•Blake Station 4 RTD TOD Data and Analysis

The RTD TOD Database and TOD Trend Tool provide the data needed to understand how and where development occurs in relation to transit. This data is analyzed in different ways, providing many helpful outputs, including: ▪ TOD vs non-transit development ▪ Development trends over time and by corridor/station ▪ Development by corridor/station

RTD Development Database TOD Trend Tool Database actively managed by RTD staff that tracks Tool that analyzes property data from a national developments near RTD stations; has a narrower database (CoStar); has a broader definition of TOD: definition of TOD: ▪ Distance - development must be within a ▪ Distance - development must be within a half- half-mile radius of station mile walk of station ▪ Type of Development - includes all ▪ Type of Development - development must properties, regardless of characteristics adhere to TOD principles ▪ Scale - all multifamily/office developments ▪ Scale - only larger scale developments are are included, regardless of scale included Note: Due to COVID-19, the TOD Trend Tool was not updated for 2020; all data from this dataset is current through the end of 2019

5 Key Findings

0.6% of land area in Denver/Boulder Metropolitan Statistical Areas (MSA) is within a half-mile of an RTD station area. Between 2005 and 2019, those station areas have captured:

25% of multifamily* development

31% of office* development

*Excludes DUS, downtown Denver, and Boulder. When DUS, downtown Denver, Source: 2019 TOD Trend Tool 6 6 and Boulder are included, multifamily equals 43% and office equals 55%. 2020 By The Numbers

Multifamily Office Station Deliveries Deliveries (units) (sq ft) S’park Timber – Boulder Junction Freemont Residences – Fitzsimons 38th/Blake 287 267,000 41st/Fox 434 0 Alameda 60 0 Belleview 0 385,992 Boulder Junction 191 0

Colorado 350 0 The Pullman – Union Station Indy Street Flats – Garrison Fitzsimons 533 0 Garrison 115 0 Knox 59 0 Lamar 78 0 Sheridan 104 0

Union 164 0 Zia – 41st/Fox Rev 360 – 38th/Blake

Source: RTD Development Database 7 Multifamily TOD Deliveries by Year

▪ Fewer multifamily units delivered in 2020 than in 2019 and 2018 ▪ Developer interest remains strong, with significant deliveries expected in 2021 and 2022 despite COVID-19-related impacts Point 21 – 20th•Welton The DEN – Belleview

5,000

4,000

3,000 Units 2,000

1,000

0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 8 Source: RTD Development Database Retail TOD Deliveries by Year

▪ Retail deliveries in 2020 were down from last year, but more in line with normal ▪ A significant amount of retail deliveries are expected in S’park – Boulder Junction Whole Foods – Union Station 2021 and 2022

250,000

200,000

150,000

100,000 Square Feet Square

50,000

0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 9 Source: RTD Development Database Office TOD Deliveries by Year

▪ 2020 had a similar number of office deliveries as 2019 ▪ Though office deliveries appear to remain strong in 2021 and 2022, impacts from COVID-19 are expected to hit the CDOT HQ – Decatur•Federal Charles Schwab – Sky Ridge office real estate market particularly hard

2,000,000

1,600,000

1,200,000

800,000 Square Feet Square 400,000

0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

10 Source: RTD Development Database Multifamily TOD Deliveries by Corridor

▪ The R Line and B Line had the most multifamily deliveries in 2020 ▪ Planned multifamily deliveries are widely dispersed across all corridors Flats at Two Creeks – Lamar

9,000 8,000 7,000 6,000 5,000

4,000 Units 3,000 2,000 1,000 0 B Line Central Central CU A Line Denver Flatiron G Line L Line N Line R Line Southeast Southwest W Line Platte Union Flyer Valley Station Existing 2020 Planned 11 Source: RTD Development Database Office TOD Deliveries by Corridor

▪ The CU A Line and Southeast Corridor saw significant office deliveries in 2020 ▪ Most planned deliveries are also along these two corridors Panasonic – 61st•Peña

3,500,000

3,000,000

2,500,000

2,000,000

1,500,000

1,000,000 Square Feet Square 500,000

0 B Line Central Central CU A Line Denver Flatiron G Line L Line N Line R Line Southeast Southwest W Line Platte Union Flyer Valley Station

Existing 2020 Planned 12 Source: RTD Development Database Value Creation

Development around RTD stations has led to significant value creation of real estate in the District.

94 office properties constructed RTD’s nearly $500 million 87 multifamily properties between 2005 and 2019 with 8.1 investment in DUS catalyzed $3.5 constructed between 2005 and 2019 million square feet delivered* billion in development value with 18,421 units delivered*

Estimated Development Value 6 $5.4 billion* 5

4 $3.5 billion $2.8 billion* 3

2

1 Value Creation (billions $) (billions Creation Value 0 Office Multifamily *Excludes DUS, downtown Denver, and Boulder 13 Source: 2019 TOD Trend Tool DUS Real Estate Development DAVITA WORLD 16 CHESTNUT THE GRAND ALTA CITY HOUSE PANDO APARTMENTS HILTON 1900 16th STREET 1601 WEWATTA HEADQUARTERS (2018) (2018) (2015) (Proposed) GARDEN INN (2009) (2015) (2012) 19 Story Office, 12 & 24 stories, 508 5 Story, 281 12 Story, 222 (2019) 17 Story Office, 10 Story Office 14 Story Office Retail Apartments, Retail Apartments Apartments 233 keys Retail & Living Space Building, Retail, Parking

1 2 3 4 5 6 7 8

CADENCE APARTMENTS UNION DENVER (2013) (2017) 4 5 13 Story, 219 Apartments, 579 Apartments, 2 3 6 • 3,000 residential units 1 Retail & Parking Whole Foods Market • 1.9 million SF office 9 10 12 8 9 14 • 250,000 SF retail 7 10 11 • 750 hotel rooms 13

UNION TOWER WEST ASHLEY UNION STATION 17 18 THE PULLMAN ALARA (2017) (2017) (2020) (2015) 203 keys, 100K Office, 4 Story, 107 Apartments 15 16 14 Stories, 3K Retail, 313 Apartments, 10K Retail (Affordable) 164 Apartments King Soopers Grocer 11 12 13 14

20 19 21 DDA District COMPLETED IN 2020 DUS MET District PROPOSED HOTEL BORN & TRIANGLE BUILDING 1881 OFFICE PLATFORM COLORADAN S. WING BUILDING DUS HISTORIC BUILDING N. WING BUILDING (2015) (2017) (2015) (2019) ONE UNION STATION (2014) (2013) 11 Story Office, 200 keys, 5 Story 21 Story, 334 Condos, (2014) 112 Room Crawford Hotel 5 Story Office, Retail, Retail Office & Retail 287 Apartments 28K Retail 5 Story Office, Retail & Retail Restaurants & Parking 15 16 17 18 19 20 21 Top 10 Stations for TOD*

Total TOD Number of Total TOD Number of Office (sq ft) Properties Multifamily (units) Properties Union 1,885,994 9 20th/Welton 4,147 19 Arapahoe at Village Center 1,417,000 5 Union 2,792 9 38th/Blake 882,000 8 Belleview 1,924 7 Sky Ridge 800,000 1 Dry Creek 1,837 8 Belleview 775,992 3 Lincoln 1,810 7 Dry Creek 506,587 4 US 36 & Broomfield 1,693 5 Boulder Junction 470,000 4 25th/Welton 1,687 8 Colorado 220,000 1 I-25/Broadway 1,475 6 Lincoln 197,000 1 Sky Ridge 1,142 5 Decatur-Federal 175,000 1 Fitzsimons 1,133 3

Changes in 2020 include three new developments at Changes in 2020 include one new development at 38th/Blake (+267k SF) and one new development at Union (+164 units) and two new developments at Belleview (+390k SF). Fitzsimons (+533 units).

15 * Excludes stations in Downtown Denver and Downtown Boulder Lines TOD Status Resi Units Office S.F. Retail S.F. Hotel Keys Existing 504 - 8,486 - B Line Planned 147 - - - Existing 3,119 253,000 23,000 - TOD Summary Central Planned 1,215 170,000 46,000 - Existing 119 - - 150 Central Platte Valley Planned - - - - Existing 1,187 1,087,000 151,500 225 RTD’s transit investment has CU A Line Planned 2,530 1,596,200 222,400 680 had a significant impact on Existing 2,792 1,885,994 257,593 748 Denver Union Station development in the region. Planned 222 - - - Existing 3,542 470,000 118,200 289 Flatiron Flyer Planned 1,274 320,000 94,500 125 Transit-oriented development Existing 1,506 - - 136 G Line within a half-mile walk of a high Planned 809 - 4,000 - Existing 6,437 166,192 107,300 - L Line frequency station*: Planned 1,517 61,898 12,581 41 Existing 344 80,000 - - • 50,000 Residential Units N Line • 11,000,000 Square Feet Office Planned 363 - 7,000 - Existing 3,243 151,700 73,500 837 R Line • 1,500,000 Square Feet Retail Planned 1,384 - 27,500 139 Existing 8,647 3,916,579 302,858 559 • 4,000 Hotel Rooms Southeast Planned 1,600 518,000 10,380 190 Existing 1,599 150,000 - - Southwest Planned 783 5,000 5,000 - Existing 3,681 175,000 6,300 128 W Line Planned 1,186 - 1,500 - Overall Total 50,389 11,006,563 1,479,598 4,247 Total Existing 36,720 8,335,465 1,048,737 3,072 Planned 13,030 2,671,098 430,861 1,175

*Denver and Boulder downtowns excluded 16