Arapahoe Square $7,500,000 355 $21,127 1.150 $149.94 D-AS Apartments Aug-16 Total/Weighted Average $6,673,400 236 $26,220 0.78 $196.93
Total Page:16
File Type:pdf, Size:1020Kb
PARK CHAMPA& ARAPAHOE PEPSI CENTER SQUARE DEVELOPMENT OPPORTUNITY DOWNTOWN DENVER COORS FIELD ±.65 ACRES (28,489 SF) D-AS-12+ ZONING Broadway SITE Park Ave PRESENTED BY BRYON STEVENSON STEVE O’DELL Associate Executive Managing Director T 303-260-4483 T 303-260-4404 [email protected] [email protected] ARA NEWMARK 1800 Larimer Street CHRIS COWAN JESSICA GRAHAM Suite 1700 Executive Managing Director Director, Transaction Management Denver, CO 80202 T 303-260-4419 T 303-260-4478 T 303-260-4400 [email protected] [email protected] 2 SITE OVERVIEW OFFERING PRICE: TBD BY MARKET DEVELOPMENT HIGHLIGHTS Ʈ Please note: There are two available parcels, 12,791 SF and 15,698 SF, that can Land Size ± .65 acres (28,489 SF) be purchased together or individually. Please contact the listing broker for more Parcel 1 Size 12,791 SF information. Parcel 2 Size 15,698 SF Ʈ Flexible zoning allowing multifamily, condominium, microhousing, hotel and Zoning D-AS-12+ commercial development up to 250 feet Location 838 Park Avenue & 2250 Champa Street City Denver Ʈ No minimum parking requirements County Denver Ʈ Surrounded by 130K+ jobs in the CBD Condition Parking lot and existing improvements Ʈ Low Denver impact fees Utilities To site perimeter Mill Levy 77.134 Ʈ High visibility from Park Avenue with 30,000 vehicles passing per day Ʈ Strong demographics – Average household income of $106K, average home value of $500K and average Class A condominium value of $1MM within one mile SITE Ʈ Proximity to 4.2 million SF of retail and entertainment in downtown Ʈ Significant capital investment in downtown with $5.3 billion in new development Park Ave since 2013 Broadway Ʈ Schematic design documents available for a 169-unit microhousing development Ʈ Highly walkable/bikable to Rino, Uptown, Downtown and Ballpark 22nd St Champa St 3 CHAMPA FLATS Schematic Design January 19th 2018 CONCEPTUAL RENDERINGS MULTIFAMILY CONCEPT HOTEL CONCEPT UNIT MIX # OF UNITS SF/UNIT TOTAL SF 80 Hotel Rooms Studio 98 403 39494 1 Bedroom 9 486 4374 56 Apartments 1 Bedroom 10 564 5640 17 Stories Studio 10 429 4290 3003 Larimer Street Studio Denver, CO2 80205 401 802 Urban One Bedroom 9 561 5049 Urban One Bedroom 1 561 561 Urban One Bedroom 9 535 4815 Urban One Bedroom 20 566 11320 Urban One Bedroom 1 535 535 TOTAL: 169 5041 76880 Avg Size 455 4 NEIGHBORHOOD MAP 5 NEARBY EMPLOYMENT PRESBYTERIAN ST. LUKES MEDICAL 1,400 EMPLOYEES SITE Broadway W Park Ave ST. JOSEPH HOSPITAL 3,408 EMPLOYEES 2 6 3 20th St 4 11 13 9 7 1 8 14 5 NEARBY EMPLOYMENT 15 Civic Center 1 Republic Plaza 1,328,369 SF 14TH & GLENARM LAND Park & Municipal 12 10 Buildings 2 1801 California 1,315,428 SF 3 Wells Fargo Center 1,204,089 SF 4 Denver Place 909,685 SF 5 Denver Energy Center 777,333 SF 6 1999 Broadway 749,866 SF 7 555 17th Street 723,357 SF 8 1670 Broadway 697,555 SF Pkwy 9 Johns Manville Plaza 693,565 SF W Colfax Ave WALK SCORE 93 10 Wellington E. Webb 679,183Auraria SF “Walkers Paradise” 11 Seventeenth Street Plaza 672,465 SF TRANSIT SCORE 86 12 1144 Fifteenth* 670,000 SF “Excellent transit” 13 1001 17th St. 655,565 SF DOWNTOWN DOWNTOWN DENVER DOWNTOWN DENVER BIKE SCORE 97 14 Dominion Towers 613,528 SF OFFICE CONSTRUCTION “Biker’s Paradise” EMPLOYMENT OFFICE SPACE 11 PROJECTS 15 Block 162* 601,752 SF 130,227 JOBS 27.8 MILLION SF 2,209,549 SF *New Development 6 LAND COMPARABLES Name Sale Price Units $/Unit Acres $/SF Zoning Use Sale Date S Park & Champa TBD by Market TBD TBD 0.654 TBD D-AS-12+ TBD TBD 1 NAVA Condos - Uptown $7,100,000 188 $37,766 1.063 $153.32 R-MU-30 Condos Jun-18 2 Park Place Condominiums $2,150,000 44 $48,864 0.287 $172.25 D-AS-12+ Condos May-18 3 18th & Glenarm $8,800,000 TBD TBD 0.698 $289.62 D-C TBD Mar-18 4 600 Park Ave. $5,163,800 238 $21,697 0.721 $164.40 D-AS-12+ Apartments Jan-18 5 Cambria Hotel and Suites $7,000,000 TBD TBD 0.502 $320.12 D-C Hotel Oct-16 6 Alexan 20th Street Station $9,000,000 354 $25,424 1.149 $179.76 C-MX-12 Apartments Aug-16 7 Alexan Arapahoe Square $7,500,000 355 $21,127 1.150 $149.94 D-AS Apartments Aug-16 Total/Weighted Average $6,673,400 236 $26,220 0.78 $196.93 22nd St SITE 2 DOWNTOWN DENVER 20th St 4 7 6 18th St 20th Ave 1 Speer Blvd Park Ave 3 14th St 5 Colfax Ave 7 DEMOGRAPHICS 1 Mile 3 Mile 5 Mile 2018 Total Population 43,037 221,723 465,178 2023 Total Population 52,387 249,412 511,235 2018 Average Household Income $106,432 $91,263 $90,619 2023 Average Household Income $120,151 $104,703 $102,788 2018 Average Household Size 1.57 1.90 2.14 2018 Renters 74.61% 63.69% 56.03% 2018 Median Age 34 35 35 2018 Employees 149,371 289230 431160 Source: ESRI MARKET SUMMARY $2.47/SF $1MM $186 $35/SF $48/SF AVERAGE CLASS A AVERAGE CLASS A AVERAGE DAILY AVERAGE CLASS A AVERAGE CLASS A MULTIFAMILY RENT CONDOMINIUM HOTEL RATE OFFICE LEASE RATE NNN LEASE RATE SALE PRICE 8 THE CITY OF DENVER’S NOTABLE RANKINGS #1 TOP METRO FOR SMALL BUSINESS EMPLOYMENT [Paychex, 2018] #1 BEST 2ND BEST 3RD BEST #3 BEST 3RD FASTEST ECONOMY CITY FOR CITY FOR PLACE TO LIVE GROWING AMONG LARGE US CITIES JOB SEEKERS MILLENNIALS [US News and World Report, 2018] [USA Today, 2018] [Forbes, 2017] [Forbes, 2017] LARGE CITY [WalletHub, 2018] #3 HEALTHIEST #4 BEST #4 BEST CITY 4TH MOST FOR WORKING TOP 10 CITY IN THE NATION PLACE FOR EXCITING PLACES TO [Forbes, 2016] BUSINESS WOMEN FOOD CITY TRAVEL AND CAREERS [MagnifyMoney, 2018] [NerdWallet, 2017] [Forbes, 2017] IN THE US [Lonely Planet, 2016 9 ARAPAHOE SQUARE Located southeast of the Ballpark neighborhood and just north of the Commercial Core of Downtown Denver, Arapahoe Square has historically been one of the most underutilized areas of Downtown. In the 1970s and 80s, Arapahoe Square was cleared to serve as a parking reservoir for the Commercial Core. In 2011, the 96-acre neighborhood was designated as an Urban Redevelopment Area in an effort to spur development and create the next up-and-coming downtown neighborhood. In 2016, the Denver City Council approved dramatic zoning changes to allow buildings up to 30 stories that meet certain criteria. Today, large scale development and infrastructure improvements has begun to take place with many more planned. Select Development and Improvement Projects in Arapahoe Square: BUELL PUBLIC MILE HIGH UNITED RE-IMAGINED 21ST STREET MEDIA CENTER WAY HEADQUARTERS 2200 CALIFORNIA The Downtown Denver Partnership Proposed 63,000-square-foot 63,000-square-foot building that Redeveloped retail building originally and city planners have envisioned building that will serve as the opened in 2014 and serves as the built in 1915 that now holds the multi-modal improvements along new headquarters for Colorado’s headquarters for Mile High United Woods Boss Brewing Co., an escape the length of 21st Street to serve as largest public-media organization, Way. The building was built at a cost room and a kickboxing gym. a destination for the surrounding Rocky Mountain Public Media. The of $22 million. The location was downtown neighborhoods. development will feature shared selected as a long-term investment Improvements include a festival offices and studios for media radio in the redevelopment of the street, public art and urban trails. and TV. Development is set to begin Arapahoe Square neighborhood. this year. 10 5280 LOOP The 5280 Loop is a proposed project to create a 5.280-mile dedicated urban trail linking the neighborhoods of downtown. The loop will run through and Blake Ballpark/Arapahoe link the LoDo, Ballpark, Arapahoe Square, Capitol Hill, Golden Triangle, La Square- the Alma/Lincoln Park, and Auraria neighborhoods of Downtown Denver. The segment of the Walnut loop would repurpose streets currently reserved for cars and retrofit them to 5280 loop that prioritize people. Some segments will be completely car-free while others will runs through have cars playing second fiddle to people walking and cyclists. The project the Ballpark and Larimer is a joint effort between The Downtown Denver Partnership, Civitas, and the Arapahoe Square City and County of Denver. The planning process began in August of 2017 and neighborhoods final conceptual designs will be completed by the end of the year. Lawrence will run along 21st Street between Blake and Sherman Arapahoe streets. The goals are to create a linear park from Curtis Blake to Broadway, minimize Champa automobile use to local access only and create a Stout ‘table top’ condition at cross streets, and increase park California space adjacent to loop as much as Welton possible along the entire corridor. Glenarm 11 TRAVEL DISTANCES S D TO RT IST EL N S A R W TA O I & N C T I T H I O R T 0 N ALK 2 W LAWSON PARK UPTOWN 0 MINUTES 10 MINUTES BIKE CIVIC CENTER CHERRY PARK LOHI CITY PARK CREEK TRAIL 5 MINUTES 15 MINUTES DTC NVENT NATIO 35 MILLION SF OF AL & R CO IO ER NA IC ES N T L OFFICE D E O N E A D C I A M I 150,000 EMPLOYEES R A E R R S C R N AI E P L H N 45,000 O R T 6 FORTUNE V O 16TH STREET STADIUM AT O L C E R N 500 COMPANY JOBS AT E R O M T MALL MILE HIGH E I N C HEADQUARTERS D BUILD-OUT S T Z E T R I F 15 MINUTES 1 HOUR RIVE D CHERRY COLORADO FORT ROCKY CREEK BOULDER SPRINGS COLLINS MOUNTAINS 30 MINUTES 1.5 HOURS 12 ZONING SUMMARY There are 3 different building forms permitted in D-AS-12+ that have different requirements: GENERAL WITH GENERAL HEIGHT INCENTIVE POINT TOWER Max Stories 8 N/A N/A Max Feet 110’ 150’ 250’ DOWNTOWN Min.