TOD 2008V3.Indd

Transit Oriented Development 2008 Status Report

Transit-Oriented Development Status Report 2008

December 2008

This is a controlled document; please do not dupli- cate. If additional copies are required, please request them from the FasTracks Document Control. This will assure that all recipients of the document receive revisions and additions.

Approved By:

Bill Van Meter, Acting Assistant General Manager Planning December 2008

Transit-Oriented Development Status Report 2008

TABLE OF CONTENTS

1.0 SUMMARY ...... 1-1 1.1 Development Activity ...... 1-1 1.1.1 Existing Corridors ...... 1-3 1.1.2 Development on Planned Corridors and Extensions ...... 1-3 1.1.3 Systemwide Development Summary ...... 1-3 1.2 Planning and Zoning Activity ...... 1-4 1.2.1 Station Area Planning ...... 1-4 1.2.2 Rezoning Activity ...... 1-4 1.2.3 Corridor-wide Workshops ...... 1-4 2.0 DEVELOPMENT OVERVIEW ...... 2-1 2.1 Influence of Economic Crisis and Other Issues on TOD ...... 2-1 2.2 Regional TOD Trends ...... 2-2 2.3 Report Methodology ...... 2-5 2.4 Report Format ...... 2-6 3.0 Central Corridor, Central Platte Valley Spur, Downing Street Extension ...... 3-1 4.0 Southwest Corridor ...... 4-1 5.0 Southeast Corridor ...... 5-1 6.0 West Corridor ...... 6-1 7.0 East Corridor ...... 7-1 8.0 Gold Line Corridor ...... 8-1 9.0 NorthWest Rail/US 36 BRT Corridor ...... 9-1 10.0 North Metro Corridor ...... 10-1 11.0 I-225 Corridor ...... 11-1

i December 2008

Transit-Oriented Development Status Report 2008

1.0 SUMMARY

This report provides an update on the status of urban planning and real estate development in the vicinity of existing and planned stations within RTD’s transit system. It provides a summary of development projects that have been built, are under construction, or are being planned within an approximate half-mile of stations, as well as an inventory of land use planning and rezoning efforts being conducted by local government jurisdictions in station areas.

RTD’s existing 35-mile rail transit system services 34 stations on four corridors: the 5.3- mile Central Corridor and 1.8-mile Central Platte Valley (CPV) Spur in central Denver, the 8.7-mile Southwest Corridor to Littleton, and 19.2-mile Southeast Corridor to Lone Tree and Aurora. The FasTracks Program, approved by district voters in a 2004 ballot initiative, will add 122 miles of rail service, 18 miles of bus rapid transit (BRT), and approximately 60 new stations along six new corridors and extensions to the three existing lines by 2017. (See Exhibit 1-1 for a map of the existing and FasTracks corridors.) The new FasTracks Corridors include the West Corridor to Golden, Northwest Rail Corridor to Longmont and related US 36 BRT Corridor to Boulder, East Corridor to Denver International Airport, Gold Line Corridor to Wheat Ridge, North Metro Corridor to Thornton, and I-225 Corridor through Aurora. The extensions include approximately 1 mile for the Central Corridor in central Denver, 2.5 miles for the Southwest Corridor to Highlands Ranch, and 2.3 miles for the Southeast Corridor to the planned RidgeGate community.

Since the original FasTracks ballot initiative was passed in 2004, there have been unprec- edented increases in the cost of construction materials and sales tax revenue growth has not met expectations due to economic conditions. Because of this budget paradox - rapidly increasing costs and declining sales tax revenues - RTD is currently revisiting the scope and schedule for the FasTracks program. In late 2008 through the first quarter of 2009, RTD will be going through a process to determine how the scope and schedule of FasTracks may change. This process will include extensive coordination with key stakeholders including local elected officials.

FasTracks options being considered include delaying some projects, reducing the length of some projects or pursuing additional revenue sources to complete FasTracks by 2017. The ultimate decision by the RTD Board of Directors on the FasTracks program during 2009 will obviously have implications for development around stations, particularly if some corridors are delayed or cut short of their original termini. Therefore, this report will not directly address potential changes in the FasTracks program, but will instead make general reference to the process and will address any changes to the program in the 2009 Status Report.

1.1 Development Activity In contrast to the 2007 Status Report, this section will focus on new development activity and changes in the status of projects that were reported in 2007. It should be noted that some projects which were included in the 2007 report have been removed from the database because of changes in the status of individual corridors (i.e., changes in location or the elimination of proposed stations) and further investigation that determined that some projects were outside the ½-mile radius of a station area.

1-1 December 2008 Transit-Oriented Development Status Report 2008

Exhibit 1-1: FasTracks and Existing Transit Corridors

1-2 December 2008 Transit-Oriented Development Status Report 2008

1.1.1 Existing Corridors The rapid growth of development around existing RTD stations has slowed somewhat in 2008 with the addition of 19 newly proposed projects in 2008. Of those 19 new projects, three are hotels, seven are residential, two are office, two are retail, and five are mixed-use. In addition, six projects progressed and changed status from proposed to under construction and two projects completed construction.

The new totals for development on the existing system are 11,621 residential units, 4,586 hotel rooms, 2.1 million square feet of retail, 4.5 million square feet of office space, 1.6 million square feet of government space, 143,000 square feet of cultural facilities, and 2.4 million square feet of convention/sports space have either been built or are currently under construction at station areas and bus transfer facilities.

An additional 8,094 residential units, 2,445 hotel rooms, 1.5 million square feet of retail, and 1.4 million square feet of office are either in the local government development review process or have been proposed.

The bulk of the development activity is occurring along the Central Corridor/Central Platte Valley and the Southeast Corridor. These corridors represent approximately 95% of the development projects along the existing corridors.

1.1.2 Development on Planned Corridors and Extensions Some new projects have been proposed along the planned corridors and extensions. Of the 19 newly proposed projects, 26% are along the planned corridors or extensions. Since the passage of FasTracks in November 2004, 2,523 residential units, 140 hotel rooms, 2.7 million square feet of retail, 560,000 square feet of office space, 57,000 square feet of cultural space, 316,000 square feet of government space, 4.6 million square feet of medical-related space, and 200,000 square feet of convention/sports space, have either been built or are under construction in the vicinity of proposed stations.

Another 2,765 residential units, 768 hotel rooms, 550,431 square feet of retail, 783,394 million square feet of office space, and 1.45 million square feet of medical-related space, have been proposed for planned stations. The totals above do not include data from projects in areas for stations that were not part of the original FasTracks plan, regardless of whether they are being evaluated in their respective corridor environmental processes.

1.1.3 Systemwide Development Summary Combining the data for the existing RTD system and planned FasTracks stations, 14,608 housing units, 4,726 hotel rooms, 5.2 million square feet of retail, 5.6 million square feet of office space, 1.8 million square feet of government space, 160,000 square feet of cultural space, 4.6 million square feet of medical-related space, and 2.62 million square feet of convention/sports space have either been built or are currently under construction. This represents a net increase in 1,144 housing units, 997 hotel rooms, and 1.2 million square feet of office space since 2007.

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An additional 11,609 residential units, 3,223 hotel rooms, 2.1 million square feet of retail, 4.8 million square feet of office space, and 1.45 million square feet of medical-related space have been proposed. (See Exhibits 1-2 through 1-7 for maps of TOD along each corridor by use and by status.)

1.2 Planning and Zoning Activity 1.2.1 Station Area Planning Land use planning continued to be a priority for local jurisdictions in 2008. (See Exhibit 1-8 for summary.) Many of the planning efforts that were started in 2007 were continued into 2008 and some plans in the East, North Metro, and Gold Line Corridors were delayed because of the alignment changes that occurred as a result of negotiations with Union Pacific Railroad in early 2008. The primary reason for the surge in station area planning at the local level continues to be congestion mitigation and air-quality (CMAQ) funding made available by the Denver Regional Council of Governments (DRCOG). Prior to this incentive, very few jurisdictions had initiated any planning at proposed or even existing station areas.

DRCOG has awarded nearly $2.1 million in federal matching Congestion, Mitigation, and Air Quality (CMAQ) funds for planning at 21 station areas through 2008. In 2008, two additional station area plans were adopted at Federal and Pecos in Adams County. Several of the plans that are in process are expected to be adopted by local jurisdictions in 2009, including nine individual station plans by the City and County of Denver.

Funds are expected to be committed by local jurisdictions and DRCOG to begin station area plans in 2009 on the Central Corridor for the Welton/Downing Stations, Northwest Rail Cor- ridor at South Westminster; North Metro Corridor at the Coliseum/National Western Stock Show (NWSS) Station, and I-225 Corridor at Florida Avenue. In addition, funds to continue additional study at the 38th/Blake Station on the East Corridor are expected to be committed by the City and County of Denver and DRCOG in 2009.

1.2.2 Rezoning Activity No rezonings were adopted in 2008. Arvada will initiate a rezoning process for the Olde Town and Arvada Ridge Gold Line stations in 2009. Aurora is expected to adopt new transit supportive zoning by ordinance in conjunction with its station area plans at the Peoria/Smith, Colfax, 13th Avenue, Abilene, and Iliff Stations on the I-225 Corridor and on the 40th/Air- port Station on the East Corridor in 2009.

1.2.3 Corridor-wide Workshops RTD conducts corridor-wide TOD workshops to coordinate planning efforts among jurisdictions and to refine transit project design to maximize the potential for TOD in each corridor. This process occurs separate from the corridor environmental documentation process, but helps inform the latter by considering TOD concerns that might not ordinarily be part of the environmental process scope. RTD has received $150,000 in federal CMAQ matching grants for these efforts, in addition to sponsorship from the Metro Denver Economic Development Corporation and contributions from participating local jurisdictions.

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Exhibit 1-2: TOD Projects by Use - North Metro, Northwest Rail/US 36 BRT, and Gold Line Corridors

Draft 1 1-5 December 2008 Rev. 2 Transit-Oriented Development Status Report 2008

Exhibit 1-3: TOD Projects by Status - North Metro, Northwest Rail/US 36 BRT, and Gold Line Corridors

Draft 1 1-6 December 2008 Rev. 2 Transit-Oriented Development Status Report 2008

Exhibit 1-4: TOD Project by Use - Central/CPV, West, and Southwest Corridors

Draft 1 1-7 December 2008 Rev. 2 Transit-Oriented Development Status Report 2008

Exhibit 1-5: TOD Project by Status - Central/CPV, West, and Southwest Corridors

Draft 1 1-8 December 2008 Rev. 2 Transit-Oriented Development Status Report 2008

Exhibit 1-6: TOD Projects by Use - Southeast, I-225, and East Corridors

Draft 1 1-9 December 2008 Rev. 2 Transit-Oriented Development Status Report 2008

Exhibit 1-7: TOD Projects by Status - Southeast, I-225, and East Corridors

Draft 1 1-10 December 2008 Rev. 2 Transit-Oriented Development Status Report 2008

Exhibit 1-8: Station Area Planning and Rezoning Station Corridor Jurisdiction Plan Status Zoning Status Other Planning Tools 10/Osage Central/CPV Denver In process* Public housing study Alameda Central/CPV Denver In process* B’way Mktplace GDP Auraria West Central/CPV Denver In process* Auraria Master Plan Urban renewal, Cherokee I-25/Broadway Central/CPV Denver None Adopted 2005 GDP, Lionstone GDP Union Station Central/CPV Denver Adopted 2004 Adopted 2004 Welton/Downing Stns Central/CPV Denver Begin 2008 40/Airport East Aurora In process* Expected 2009 Peoria/Smith East Aurora In process* Expected 2009 38th/Blake East Denver In process* Subarea plan Stapleton East Denver In process Federal Gold Adams County Adopted 2008 Pecos Gold Adams County Adopted 2008 Kipling Gold Arvada Adopted 2008 Ridge Home redev Olde Town Arvada Gold Arvada Adopted 2008 Subarea plan Sheridan Gold Arvada Adopted 2008 41st/Inca Gold Denver In Process* Ward Rd Gold Wheat Ridge Adopted 2006 Abilene I-225 Aurora In Process* Expected 2009 13th Ave I-225 Auroa In Process* Expected 2009 Colfax I-225 Aurora In Process* Expected 2009 Iliff I-225 Aurora In Process* Expected 2009 Florida I-225 Aurora Begin 2009 Commerce City NorthMetro Commerce City Begin 2009 Coliseum/NWSS NorthMetro Denver Begin 2009 124th Ave NorthMetro Thornton In Process* Subarea plan Dry Creek Southeast Arapahoe County None Adopted 2004 Nine Mile Southeast Aurora In process* Belleview Southeast Denver None Adopted 2003 Colorado Blvd Southeast Denver In process* Lincoln GDP, Subarea plan Louisiana/Pearl Southeast Denver Adopted 2007 Southmoor Southeast Denver Eliminated University Southeast Denver None Adopted 2007 Arapahoe Southeast Greenwood Village Adopted 2005 Orchard Southeast Greenwood Village None Adopted 2005 Evans Southwest Denver In process* Mineral Southwest Littleton None Adopted 2007 ULI study 30/Pearl NWRail Boulder Adopted 2007 BTV Concept Plan Louisville NWRail Louisville Adopted 2003 In process Urban renewal South Westminster NWRail Westminster Begin 2009 Decatur West Denver In process* Sheridan West Denver In process* Federal Center West Lakewood Adopted 2006 Adopted 2007 GSA master plan, RTD JD Oak West Lakewood Adopted 2006 Adopted 2007 Sheridan West Lakewood Adopted 2006 Adopted 2007 Urban renewal, EDAW Wadsworth West Lakewood Adopted 2006 Adopted 2007 study, ULI study *Expected to be adopted in 2009

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Prior to 2008, RTD had completed workshops for the West Corridor, Northwest Rail/US 36 BRT Corridor, East and Gold Line Corridors (combined workshop), and the first phase workshop for the North Metro Corridor. In 2008, RTD conducted a workshop for the I-225 Cor- ridor which was closely coordinated with station area planning efforts for the City of Aurora and the Environmental Evaluation for the I-225 Corridor. The second and final phase of the North Metro Corridor workshop was conducted in July 2008. This second phase focused on a more detailed evaluation of TOD opportunities and potential for modifications to station design at four stations – Coliseum/National Western Stock Show (NWSS), Commerce City, 88th Avenue, and 112th Avenue.

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2.0 DEVELOPMENT OVERVIEW

The credit crisis which has been a major contributor to the downturn in the national economy in 2008 has had a large impact on the real estate industry. The result of this circumstance is a drastic reduction in the amount of debt financing available for real estate projects. RTD’s database of real estate development around stations has not been particularly sensitive to this issue because the database is relatively new (2 years old) and has not established year to year changes in real estate trends. RTD has documented, where possible, delays in projects or projects which have been eliminated. To supplement RTD’s development tracking database RTD conducted informal interviews with several developers and market economists with local and national experience to gauge their perspective on the implications of the credit crisis and the economy on TOD locally and nationally.

2.1 Influence of Economic Crisis and Other Issues on TOD The current economic crisis is having a major impact on development and TOD in Denver. Some of the key impacts include: • The economic crisis is causing delays and the elimination of some projects. Larger, more complicated mixed-use projects have been hit particularly hard by the economic crisis. Projects such as Metropolitan Gardens near I-25/Broadway and Belleview Station near Belleview and I-25 on the SE Corridor have been delayed because of financing difficulties, increased construction costs and/or reduced demand resulting from prospective tenants being more conservative in their future plans for growth and expansion. Larger, mixed-use projects are typically phased, have complicated financing, and have longer term returns which make them particularly vulnerable in today’s down market. • Tighter lending requirements are eliminating the potential for marginal projects to move forward. Several of the developers interviewed indicated that the credit markets have tightened lending requirements to the point where projects which are “not pre-leased or build to suit” are not moving forward. In this restrictive lending environment, many projects will have a difficult time moving forward if they are relying on complicated financing with little equity. Some interviewed suggested that this tightened credit environment could be “permanent” requiring fundamental changes in the real estate industry. For TOD, some developers indicated that early financing of projects in advance of FasTracks corridors opening for revenue service would be extremely difficult. • Land speculation is impacting TOD’s ability to be implemented. Both economists and developers interviewed pointed out that land speculation and unrealistic expectations of land values around stations are delaying TOD implementation regionally and nationally. The increased popularity of TOD has raised the expectations of property owners to the point where they are inflating land values well in advance of transit investments being open for revenue service. These inflated expectations are putting a damper on TOD because developers are finding it difficult to carry high land costs for long periods particularly with stricter lending requirements. These inflated land value expectations will likely push projects out further until rail investments like FasTracks are nearly or fully constructed.

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• Economic issues are expected to continue to influence real estate in 2009 and into 2010. Although none of the developers or economists interviewed claimed to have a “crystal ball,” all of them indicated that 2009 and likely 2010 would be difficult for the real estate industry. Beyond that most expect things to start to get better in 2011, but given the current uncertainty in the economy the recovery could be pushed out further. One developer interviewed suggested that it may take “five years or longer” for the real estate market locally to recover, similar to what happened in Denver in the late 1980s. The perceptions of those interviewed were collaborated by ULI’s 2009 Emerging Trends in Real Estate report which identified 2009 as a “downer.”

Given all these issues with the real estate market, how is TOD positioned in Denver? All interviewed said that the prospects for TOD are good and it should fare favorably when the real estate market recovers. Several factors are driving TOD’s favorable position including: the current trend towards “going green” and TOD as a development pattern which helps address climate change, volatile gas prices, and demographic trends towards young singles and empty nester households. ULI supports this perception saying Denver’s “emphasis on expanding mass transit alternatives and buttressing Denver’s Downtown core as a regional hub should pay future dividends.” (2009 Emerging Trends in Real Estate)

With the current turmoil in the real estate market and TOD’s favorable long-term position in Denver, local jurisdictions need to be patient and prioritize resources for the future. Those interviewed said that cities and counties with future rail stops need to prioritize capital investments around stations to support and help catalyze future TOD. Heavy competition will likely occur with dozens of stations opening in several corridors within a relatively short timeframe. Public private partnerships between local jurisdictions and developers will be an important tool to successfully implementing TOD.

The market slow down also presents a window of opportunity to complete TOD plans, zoning and implementation tools in advance of the next market cycle. From a public sector perspective, the collapse of the real estate market may actually be an important opportunity which needs to be seized. In an up cycle, the public sector typically struggles to stay ahead of the development community. The downturn provides a narrow window of time for the jurisdictions with existing and future RTD stations to complete TOD planning, zoning and get implementation and marketing tools in place to be ready for the next market cycle when it comes. Developers are likely to want to move quickly once financing opens up so there will be additional pressure to have TOD sites that are ready to move into development with public sector partners ready to help advance projects. The jurisdictions who are able to get their TOD sites ”development ready” will be positioned to catch the next wave.

2.2 Regional TOD Trends As part of the 2007 TOD Status Report RTD highlighted some of the trends in the different market sectors. Last year’s report identified that “TOD was poised for explosive growth.” Since 2007, we have seen a rather dramatic shift in the real estate market which was dis- cussed in the previous section.

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An analysis of RTD’s TOD data in 2008 does suggest a slowing of the growth that was identified in 2007. For residential, 1,144 new units have been constructed in 2008. Data beyond 2008 shows a similar trend to last year, however it is expected that more projects will be delayed or not move forward at all because of the impacts of the current financial crisis. RTD data also indicates that most new residential projects are being planned as rental versus for sale – 38% of units are expected to be for sale and 62% rental between 2009 and 2011.

On a positive note, there is some indication that residential values around stations are trend- ing higher than comparable housing elsewhere. “Homes near light rail stations along the southeast line have increased an average of nearly 4 percent over the past two years, but the rest of the Denver market declined an average of 7.5 percent according to Your Cas- tle Real Estate” (Margaret Jackson, “Light-Rail Can Turn into Money Train,” Denver Post, 10/29/08).

Exhibit 2-1 Residential TOD by Delivery Year 5,4155,415 5,500 5,3765,376

5,000 4,7024,702

4,500

4,000

3,500

3,000

Units 2,500 2,163 2,017 2,000 1,858

1,500 965 1,000 862 700 465 500 144 243 39 118 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

The office market around stations is still fairly strong. “Everything that’s on a light-rail station stop is leased. As Denver grows, those locations are going to become more and more important.” (Margaret Jackson, “For New Offices it’s all about the Ride, ”Denver Post, 11/05/08) RTD data suggests that an average of 2.5 million square feet of new office will be built per year around stations between now and 2011. RTD does expect these numbers to drop as more projects are delayed or put off because of tighter lending requirements and a lack of new tenants.

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Exhibit 2-3 Office TOD by Delivery Year

4,600,000 4,577,0004,577,000 4,400,000 4,200,000 4,000,000 3,800,000 3,600,000 3,400,000 3,200,000 3,000,000 2,800,000 2,600,000 2,565,7422,565,742 2,400,000 2,200,000 2,038,3452,038,345 2,000,000 1,800,000 1,600,000 1,400,000 Square Feet Square 1,200,000 1,000,000 800,000 600,000 499,509 394,200 400,000 285,000 290,000 185,000 200,000 150,000 0 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

The Denver region continues to struggle with the issue of affordable housing. In the 2007 TOD Status Report, RTD reported that “while 8.9% of the regions proposed TOD residential units are reported to be affordable, more than half of these are in Denver Housing Authority (DHA) redevelopment projects.” 2008 data shows little change to this figure with 8.6% of the regions proposed TOD residential units being reported as affordable. An interesting trend is happening on the West Corridor where the Lakewood Housing Authority and the Urban Land Conservancy (a non-profit affordable housing consortium) are both being aggressive about buying properties for future affordable housing projects. This type of early acquisition strategy may be key to the success of affordable housing around stations in the future.

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2.3 Report Methodology RTD tracks real estate development projects within an approximate half-mile radius of its existing and planned transit stations in a TOD database. (See Exhibit 1-1 for a map of Fas- Tracks and existing transit corridors.) RTD does not currently evaluate whether project design, orientation and access provide strong pedestrian connectivity to its transit facilities, one of the key definitions of TOD. Because these criteria require some degree of subjectivity, RTD is still researching generally accepted principles for their evaluation in the future. Until then, the TOD database will include all development within the area of potential transit influence.

However, discretion has been exercised regarding projects located on the periphery of the ½-mile radius from a given station. In cases where there is an existing street network and built environment, projects on the periphery have been included. In cases where there are poor street connections or significant pedestrian obstacles (including natural barriers like wa- terways or man-made barriers such as cloverleaf-style interchanges), projects on the periphery have been excluded. The transit station’s influence on a particular development decision is clearly more tenuous in the latter case than in the former.

RTD has designated development projects using four status levels: • Completed projects already built • Under construction projects currently being built • Proposed projects either in some phase of the development review process with a local government jurisdiction, or have detailed development programs already articulated for each type of use by the developer. • Expected projects announced by a developer or local jurisdiction, but have not yet been submitted for review, or do not yet have detailed development programs. Some of the latter phases of built, under construction, and proposed projects are classified as “expected” since their final buildout depends on future market conditions.

While some proposed projects will be changed based on the review process and market conditions, expected projects are even more speculative. In an effort to represent actual market conditions rather than best-case scenarios, RTD has mapped the completed, under construction, and proposed projects, but not the expected projects—even if they have detailed development programs.

Development along the FasTracks corridors is tracked beginning in November of 2004, when the ballot initiative was passed. Similarly, development along the Southeast corridor is tracked beginning in November of 1999, when the ballot initiatives to fund the T-REX project were passed. It is reasonable to assume that the public commitment to fund these transit projects removed enough uncertainty for developers to begin planning real estate projects in the vicinity of expected stations.

The starting point for inclusion of development in the vicinity of stations along RTD’s original Central Corridor, which began operations in October 1994, is 1996. Since it was Denver’s

2-5 December 2008 Transit-Oriented Development Status Report 2008 first operational fixed-guideway rail corridor in nearly 45 years, the Central Corridor was unlikely to influence development decisions until its success became apparent. RTD has ac- counted for this uncertainty with a two-year lag between corridor opening and inclusion of any nearby development in the TOD database. All development projects included in the TOD database for the Southwest Corridor were tracked since the beginning of service in 2000. All projects included for the Central Platte Valley Spur were tracked since 2001, when RTD acquired Union Station.

Information in RTD’s TOD database is gathered from a variety of sources, including: • Published or broadcast news reports • Meetings and interviews with individual real estate developers • Meetings and interviews with planning and development staff from local government jurisdictions • Other published reports, studies, and plans

RTD verifies data accuracy and provides periodic updates by confirming details with individual developers and local jurisdictions. Historical data for the Central Corridor was obtained from research provided by the Downtown Denver Partnership, Grubb & Ellis, Denver Urban Renewal Authority, Denver Housing Authority, and the DenverInfill.com website.

Because of the large number of development projects captured within the regional scope of FasTracks and the volatile nature of real estate development due to market, regulatory and community processes, it is possible that some of the information in RTD’s TOD database is not completely up to date at the time of publication. While it is not humanly possible to have a completely accurate picture of so many projects simultaneously, RTD believes its published reports have a reasonable enough degree of accuracy to provide a representative view of development near transit in the Denver region.

2.4 Report Format The sections that follow describe all known station area development and planning activi- ties by transit corridor, beginning with the three in operation today: the Central Corridor and Central Platte Valley Spur in central Denver, Southwest Corridor to Littleton, and Southeast Corridor to Lone Tree and Aurora. Individual sections then follow for each of the six new Fas- Tracks Corridors: the West Corridor to Golden, East Corridor to Denver International Airport, Gold Line Corridor to Wheat Ridge, Northwest Rail Corridor to Longmont and related US 36 BRT Corridor to Boulder, North Metro Corridor to Thornton, and I-225 Corridor to Aurora.

The database of development projects is available on DRCOG’s TOD webpage at www. drcog.org/TOD, and updated on a quarterly basis.

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3.0 CENTRAL CORRIDOR, CENTRAL PLATTE VALLEY SPUR, DOWNING STREET EXTENSION

The original 5.3-mile Central Corri- Exhibit 3-1: Central Corridor/CPV Map dor and the 1.8-mile Central Platte Valley (CPV) Spur service some of the most sought after destinations in metro Denver: The Central Busi- ness District, LoDo, Denver Union Station, Invesco Field at Mile High, Pepsi Center, Auraria Campus, and Five Points (see Exhibit 3-1). Opened in 1994, the Central Corri- dor brought fixed-guideway transit back to Denver after a nearly 45- year absence. Construction of the CPV Spur in 2002 laid the ground- work for Denver Union Station to once again become a multi-modal transportation hub. Under Fas- Tracks, Denver Union Station will serve as the junction of eight RTD rail corridors, RTD regional and local buses, and the 16th Street Mall Shuttle and Downtown Circulator. Other transportation connections under consideration include Amtrak, the Ski Train, and other private in- terstate and international buses. As part of the FasTracks plan, the Central Corridor will also be extended from its terminus at 30th/Downing Station about a mile north along Downing Street to connect to the proposed 38th/Blake Station, where passengers will be able to transfer to commuter rail trains to Den- ver International Airport on the East Corridor and Denver Union Station.

For the entire Central Corridor, CPV Spur, and Downing Street Extension, a total of 6,544 residential units, 4,127 hotel rooms, 915,000 square feet of retail, 2.5 million square feet of office space, 1.5 million square feet of government space, 103,000 square feet of cultural space, and 2.9 million square feet of convention/sports space have either been completed or are currently under construction. Another 5,462 residential units, 1,845 hotel rooms, 1.35 million square feet of retail, and 2.8 million square feet of office space have been proposed.

Denver Union Station The 19.5 acres surrounding Union Station owned by RTD and its partners represent the pre-eminent TOD opportunity in the entire Denver region. The Union Station partnering agencies (RTD, the Colorado Department of Transportation, DRCOG, and the City and County

3-1 December 2008 Transit-Oriented Development Status Report 2008 of Denver) in November 2006 announced the selection of Union Station Neighborhood Co. as the master developer for their site. Led by Continuum Partners and East-West Partners, Union Station Neighborhood Co.’s proposal includes 557 residential units, 246,100 square feet of retail, and 732,500 square feet of office space. The proposal includes an additional 13 acres of land owned by East-West Partners adjacent to the Denver Union Station site. Union Station Neighborhood Co. anticipates completion of all transportation and street-level improvements by 2011. The total development value of the site upon total buildout, which is expected by 2015, is estimated to be more than $1 billion.

RTD was granted a Record of Decision (ROD) by FTA in 2008 for the transportation infrastructure improvements needed under the FasTracks program. Construction of the transportation infrastructure is expected to begin in 2009 along with the purchase of key land parcels for development by the Union Station Neighborhood Company from RTD.

Including projects by other developers at sites directly adjacent to Union Station, 179,551 square feet of retail, 765,742 square feet of office space, and 150 hotel rooms have so far been proposed within about 1,000 feet of the new commuter rail station. Among the newest developments: • The Nichols Partnership is pursuing a $130 million project on the 1900 block of Chestnut Street that will include an upscale grocery and up to 420,000 square feet of residential and/or commercial space including office space or an extended-stay hotel by 2010. • Sunshine Development’s $175 million 1601 Wewatta project will have 450,000 square feet of office space, 70,000 square feet of retail, and 150 hotel rooms when completed in 2010.

Beyond the parcels directly adjacent to Denver Union Station, a tremendous amount of development activity has been occurring within a short walk across 16th Street and over the Millennium Bridge, led by East West partners, which purchased 33 acres in the Central Platte Valley from Trillium Corp. in 1999. Since 2001, East West Partners or other developers to whom it sold land in the CPV have either built or are currently constructing 2,217 residential units, 130,387 square feet of retail, 1.3 million square feet of office space, and 27,000 square feet of cultural space. An additional 133 residential units, 89,551 square feet of retail, and 630,742 square feet of office space, have been proposed. Among the newest developments: • Trammell Crow continued construction on its 1900 Sixteenth Street project. Located between the Consolidated Mainline (CML) and Delgany Street along 16th Street, the first phase of the three-phase project will be completed in late 2009 (see Exhibit 3-2). The initial phase will include an 18-story, 335,000 square foot office building and 1,200 space parking garage. Phases 2 and 3 will be completed subject to market conditions. • East-West Partners’ latest Riverfront Park ventures – ONE Riverfront and the Park at ONE Riverfront – were recently completed at 17th and Little Raven Streets. The combined $31 million projects have 67 luxury residential units (see Exhibit 3-3).

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Exhibit 3-2: 1900 Sixteenth Street construction site from across Wewatta

Construction is continuing on Tram- mell Crow’s 1900 Sixteenth Street project. The development’s first of three phases includes 335,000 square feet of office space and a 1,200 space parking garage.

Exhibit 3-3: ONE Riverfront Park

The newest additions to Riverfront Park – ONE Riverfront and The Park at ONE Riverfront – were recently completed along Little Raven Street.

3-3 December 2008 Transit-Oriented Development Status Report 2008

Lower Downtown (LoDo), adjacent to Denver Union Station on the east, is one of the most sought-after real estate markets in the Denver metropolitan area. Since RTD and its partners purchased Denver Union Station in 2001, 139 residential units, 156,101 square feet of retail, 1.1 million square feet of office space, and 248,000 square feet of government space has been constructed or is currently under construction in LoDo. Another 363 residential units, 34,051 square feet of retail, 227,742 square feet of office space, and 180 hotel rooms have been proposed. Among the newest developments: • Urban Villages wrapped up construction on its $40 million Sugar3 project at 16th and Blake Streets. The 9-story building has 38 luxury apartments, 50,000 square feet of office space, and 8,000 square feet of ground-floor retail (see Exhibit 3-4). • Hines Development is nearing completion of its 1515 Wynkoop project. On the site of the former United States Postal Annex at 15th and Wynkoop Streets, the $90 million project will have 267,833 square feet of office space and 27,387 square feet of retail. Construction is expected to be complete in 2009 (see Exhibit 3-5). • Opus Development recently completed two of its three planned buildings at between Wynkoop and Wewatta along Cherry Creek. 1401 Wynkoop holds 100,000 square feet of office space as well as 22 residential condos on the top floors. 1400 Wewatta encompasses 310,000 square feet of office space. A third building is planned at 15th and Wewatta. • First Century Development’s project at 18th and Blake Streets, Seventeen 55 Blake, is nearing completion. The project will have 125,000 square feet of office space on 4 floors and 20,570 square feet of ground-floor retail. Completion is expected in early 2009.

Exhibit 3-4: Sugar3

Urban Villages has completed Sugar3 at 16th and Blake Streets near the Market Street bus station. The $40 million project has 38 luxury rental apartments, 50,000 square feet of office space, and 8,000 square feet of retail.

3-4 December 2008 Transit-Oriented Development Status Report 2008

Exhibit 3-5: 1515 Wynkoop

The Hines Corporation is wrapping up construction on 1515 Wynkoop. The $90 million, 267,833 square foot building will be complete in early 2009.

Convention Center/Performing Arts Center Station The western edge of downtown Denver is a hot spot for high-rise hotel and residential development, particularly around the Convention Center/Performing Arts Center Station, which is located at 14th and Stout Streets. (The original 14th Street stations were combined in conjunction with the expansion of the Colorado Convention Center in 2004, which added 2.2 million square feet of convention and meeting space. The 36,000-square foot Ellie Caulkins Opera House was renovated at the Denver Performing Arts Center one block away a year later.)

The highly anticipated Four Seasons Hotel and Private Residences Denver is rising at the corner of 14th and Arapahoe Streets (see Exhibit 3-6). The $300 million project will have 102 luxury condos and 235 hotel rooms. The 45-story building contains some of the most expensive real estate ever sold in the Denver market.

White Lodging has broken ground on its Embassy Suites project at 14th and Stout Streets across 14th Street from the Colorado Convention Center. The $60 million project will have 403 hotel rooms and be completed in 2010.

Between the Four Seasons, Embassy Suites, the proposed Inn at Denver Athletic Club and the recently constructed hotel projects (Hyatt Regency Colorado Convention Center Hotel, Hotel Curtis, and Hilton Garden Inn) 2,433 new hotel rooms are expected within walking distance of this station by 2010 or 2011.

Spire, a 41-story residential building under construction at 14th and Champa Streets, will include 504 residential units and ground-floor retail. The $175 million project will be complete in late 2009 or 2010 (see Exhibit 3-7).

3-5 December 2008 Transit-Oriented Development Status Report 2008

1401 Lawrence at 14th and Lawrence Streets was going to be Great Gulf Group’s first project in the Denver market. It was cancelled following lackluster presales due to the ongoing real estate downturn. “As you are aware, the downturn in the U.S. real estate market continues, and unfortunately Denver is no exception. Due to these conditions, Great Gulf Colorado, LLC has not achieved the requisite pre-sales to go forward with the 1401 Lawrence project and, regrettably, is canceling the project.” – Great Gulf Group

Exhibit 3-6: Four Seasons

The Four Seasons Hotel and Private Residences Denver is under construction at 14th and Arapahoe Streets. The 45-story building will contain some of the most expensive real estate ever sold in the Denver metro area.

3-6 December 2008 Transit-Oriented Development Status Report 2008

Exhibit 3-7: Spire

The Nichols Partnership is continuing with construction on Spire. The 41- story, 504-unit condo building will be complete in 2009 or 2010.

Downtown Denver Stations (16th & California, 16th & Stout, 18th & California, 18th & Stout Stations) After several years of LoDo getting all the attention, an interesting mix of new projects are emerging in central Downtown Denver, including some new hotels and office buildings. Among the newest developments:

• The Ritz-Carlton Denver was recently completed at 18th and Curtis Streets. The $90 million project has 202 hotel rooms and 23 luxury condos. • Westfield Properties broke ground on its 1800 Larimer project after securing a long-term lease with Xcel Energy. The $192 million, 22-story project is expected to be completed in 2010. The project anticipates LEED Platinum status for green building design. • Shea Properties recently proposed 999 17th Street, a 300,000 square foot office building with 220 hotel rooms to be built at 17th and Arapahoe Streets. • Callahan Capital Partners is planning the long-anticipated second office tower at the Tabor center at 17th and Larimer Streets. The tower, planned to be 43 floors and include 830,000 square feet of office space, is expected to break ground in 2009.

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Welton/Downing Corridors (20th & Welton, 25th & Welton, 27th & Welton, 29th & Welton, 30th & Downing, 33rd & Downing and 35th & Downing Stations) The historic Five Points and Curtis Park neighborhoods have seen dramatic levels of investment and redevelopment since light rail service was first established along the Welton Street corridor in 1994: 2,209 residential units, 102,600 square feet of retail, and 40,000 square feet of cultural space have either been built or are currently under construction. Another 594 residential units and 11,000 square feet of retail have been proposed. Nearly 20% (440) of the new and more than 50% (303) of the proposed residential units are considered affordable, either through the redevelopment of existing Denver Housing Authority (DHA) facilities or new infill projects by community development groups.

For example, DHA in 2007 completed the first phase of its Park Avenue mixed-income redevelopment near Court Place, consisting of 124 (81 affordable) apartments. When complete in 2010, the project will encompass an estimated 653 residential units, of which 290 (44%) are planned to be affordable.

One Lincoln Park was recently completed at 20th and Welton Streets (see Exhibit 3-8). The $140 million, 186-unit condominium project is directly across the street from the 20th and Welton light rail station.

Century Real Estate’s Welton Place project at 23rd and Welton Streets has completed its initial phase. Eleven luxury townhomes have been completed at 24th Street and Glenarm Place, with a second phase of nearly 300 condos along Welton to follow.

Exhibit 3-8: One Lincoln Park

One Lincoln Park has completed construction across from the 20th/Wel- ton Station. The 32-story tower has 186 luxury condos.

3-8 December 2008 Transit-Oriented Development Status Report 2008

Auraria (Pepsi Center/Elitch Gardens, Invesco Field, Auraria West, Colfax at Auraria stations) The Auraria Higher Education Center Campus (home to the University of Colorado-Denver, Metropolitan State College, and Community College of Denver), Pepsi Center (home of the Denver Nuggets basketball and Colorado Avalanche hockey teams) and Invesco Field (home of the Denver Broncos football team) are all served by the Central Platte Valley (CPV) Spur, which began operations in 2002.

The Auraria Higher Education Center campus is attended by about 38,000 students and is experiencing record enrollment growth. The campus’ new master plan was adopted in 2007. While it is restricted from developing any residential uses, the campus is considering pursuing public-private partnerships for several commercial projects. One concept is a $35 million, 200-225 room hotel and conference center affiliated with Metro State’s hospitality department near the Auraria/Colfax Station. Urban Ventures, the developer of the 685-bed Campus Village student housing project just outside the campus boundary near the Auraria West Sta- tion, is planning a second phase for that project associated with that station’s relocation for construction of the West Corridor. The City and County of Denver is currently conducting a station area plan for the Auraria West station which will be complete in 2009.

The new Auraria Science Building expansion project broke ground in early 2008 (see Exhibit 3-9). The $111 million project will include 197,000 square feet of education space – essen- tially doubling the size of the science building. Completion is expected in late 2009.

Exhibit 3-9: Auraria Science Building

Construction has begun on the new Auraria Science Building along Speer Boulevard. The building doubles the size of the science facility on the Au- raria campus.

3-9 December 2008 Transit-Oriented Development Status Report 2008

10th & Osage Station In 2007, RTD sold two parcels, comprising about 3 acres, to the City and County of Denver located between the 10th/Osage Station and the South Lincoln Park Homes. The City is conducting a station area planning process in coordination with Denver Housing Authority (DHA) on how the site could be used to prevent resident displacement if the South Lincoln Park Homes were to be redeveloped as a mixed-income project. This plan is expected to be completed in 2009.

In addition, DHA released an Request for Proposal (RFP) in late 2008 for master planning of the South Lincoln Park Homes and the 3-acre site which the City purchased from RTD. The intent of the RFP is to follow-up on the station area planning by the City to test what the market will accommodate on DHA and City property. The City expects to have a master planning consultant team on board by early to mid 2009.

Alameda Station Alameda Station LLC is under contract with RTD on the former bus barn site west of Alame- da Station fronting Santa Fe Drive. The property transaction is expected to be complete in early 2009. Their proposal includes a retail and rental housing component, along with a pedestrian bridge across the Consolidated Main Line Railroad and Central Corridor light rail line to connect with the station. The City and County of Denver is developing a station area infrastructure master plan and the owners of Broadway Marketplace are developing a General Development Plan to guide the future redevelopment of the entire district between Alameda Avenue, Broadway, Exposition Avenue, and the CML – including the Alameda Station park- n-Ride. Denver’s station area plan is expected to be adopted by City Council in 2009.

I-25 & Broadway Station Development at I-25/Broadway suffered a setback when Joseph Freed and Associates pulled out as the vertical developer of the Metropolitan Gardens project in February 2008. Cherokee Denver remains the master developer of the 50-acre western half of the former Gates Rubber plant. Cherokee Denver is currently trying to recruit a vertical developer to replace Joseph Freed and rethinking the development program for the 50 acres.

Trammell Crow has broken ground on Alexan Broadway Station at the corner of Mississippi and Broadway (see Exhibit 3-10). The $84 million project will include 460 apartments – 60 of which will be designated as affordable. Completion is expected in 2009.

3-10 December 2008 Transit-Oriented Development Status Report 2008

Exhibit 3-10: Alexan Broadway Station

Alexan Broadway Station is under construction at Mississippi and Broadway. The project will be the first major construction completed on the Gates Rubber site.

Houston-based Lionstone (along with local partner McKinnon & Associates) is the master developer for the 28-acre Gates East redevelopment site. The project has an expected value of $540 million and will have about 1,500 residential units, 100,000 square feet of retail, and 500,000 square feet of office space, when completed by 2025. Lionstone has renovated the existing 300,000-square-foot former Gates Company headquarters as part of the office component. McStain Neighborhoods is building 43 infill residential units on the southern tip of the site for its Manor Homes at Platt Park project.

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Transit-Oriented Development Status Report 2008

4.0 SOUTHWEST CORRIDOR

Opened in 2000, this 8.7-mile ex- Exhibit 4-1: Southwest Corridor Map tension from the original Central Corridor brought light rail service into south Denver, Englewood and Littleton. The FasTracks program will extend the line 2.5 miles to C-470/Lucent Boulevard, bringing service to Douglas County’s High- lands Ranch community in 2016 (see Exhibit 4-1). The environmental process for the extension was initiated in 2008 and is expected to be completed in late 2009.

Situated alongside active freight rail service, the Southwest Corridor has seen limited real estate development over the past 8 years other than at CityCenter Englewood and some infill projects around the downtown Littleton Station. CityCenter Englewood, the Denver region’s first contemporary TOD, was developed as a public-private partnership in which the City of En- glewood redeveloped a failed shopping mall as a pedestrian-oriented, mixed-use center and moved its city facilities to the new station.

A total of 479 residential units, 687,804 square feet of retail, 160,000 square feet of office space, 100,000 square feet of government space, and 34,000 square feet of cultural space have either been completed or are currently under construction. An additional 515 residential units have been proposed.

Evans Station The City and County of Denver started a station area planning process in 2008 and expects to complete the process in 2009. Alternatives under consideration include higher densities along Broadway (east of the station), higher densities north of the station along Jewell Avenue, and redevelopment along Delaware Street south of the station. The plan may also include a recommendation for a pedestrian bridge across Santa Fe Drive at Iliff Avenue to connect the station to the Overland neighborhood.

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CityCenter Englewood Station The City of Sheridan rezoned the Cinderella City Twin Drive-In Theatre for the development of Embrey Partners’s $25 million Park at Sheridan project. This 317-apartment project is under construction and will be opening in 2009.

Oxford Station Miller Weingarten is developing the 300-acre South Santa Fe Drive Corridor Redevelopment Area located in Sheridan along the west side of South Santa Fe Drive between West Hamp- den Avenue and Oxford Avenue. Though the southeast corner of this large-format, auto- oriented retail project will be located less than a half-mile from the Oxford Station, there is limited pedestrian access across Santa Fe Drive.

Littleton Downtown Station Infill redevelopment projects are starting to proliferate around the Littleton Downtown Sta- tion. Littleton Capital Partners’ Littleton Station project was completed in 2007. The 35-unit condominium and townhome development also includes 10,000 square feet of remodeled office space. M2H Group has proposed Littleton Crossing, a 34-unit condominium project at 5500 Prince Street.

Other developers are evaluating potential infill redevelopment sites near the station, such as the former Arapahoe County Sherriff Building for the proposed 115-unit Littleton Gateway condo project, and the proposed 60-unit Littleton Loft project on the 5800 block of S. Rapp Street. However, recent changes in leadership of the Littleton City Council will make these projects more difficult to implement because of the staunch opposition to higher density infill development within Littleton. Recently the Developing Equities Group pulled a TOD project off the table because the developer believed “pushing it through would require too much of a fight with council” (Carlos Illescas, “Ex-Littleton mayor: Change needed,” Denver Post, 10/8/2008)

C-470/Lucent Boulevard Station (planned) Though this station is in Douglas County, the City of Englewood (through the Englewood Water District) owns 165 acres of undeveloped land around the planned C-470/Lucent Bou- levard Station. Following its successful model at CityCenter, Englewood in 2007 created a non-profit entity—the Englewood McLellan Reservoir Foundation—and appointed city officials as its directors to oversee development of this property.

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5.0 SOUTHEAST CORRIDOR

The 19-mile Southeast Corridor ex- Exhibit 5-1: Southeast Corridor Map tends from I-25 & Broadway south to Lincoln Avenue. The corridor serves southeast Denver, Greenwood Vil- lage, Centennial, Arapahoe County, Lone Tree, and Douglas County. A short spur also extends from I-25 & I-225 northeast along I-225 to Parker Road, serving the Dayton and Nine Mile stations. FasTracks will extend the Southeast Corridor by 2.3 miles south along I-25 to a new park-n-Ride at Ridgegate Parkway with stops at Sky Ridge Medical Center and the yet-to-be-built Lone Tree Town Cen- ter (see Exhibit 5-1 for a map of the corridor). The environmental process for the extension was initiated in 2008 and is expected to be completed in late 2009.

The Southeast Corridor has seen a lot of development around stations since it opened in 2006. This is not sur- prising considering that the corridor connects the two major employment centers in the Denver metro area: the Central Business District in downtown Denver, and the Southeast Business District, which includes the Denver Tech Center, Greenwood Village, Inverness, Meridian, and the City of Centennial. According to DRCOG, more than 180,000 people work in these two employment centers, and another 30,000 or so work at intermediate points along the corridor, including businesses along Colorado Boulevard, Evans Avenue, and University Boulevard.

Another key factor in real estate investment along this corridor is that the rail alignment is adjacent to I-25, the highest volume highway in metro Denver. In addition, some of the communities the Southeast Corridor provides service to are among the highest value real estate in the region. These factors have all made the Southeast Corridor stations very attractive to private investment, but are not necessarily indicative of the level of development investment one should expect to see on future FasTracks corridors.

Some 4,598 residential units, 459 hotel rooms, 537,877 square feet of retail, 1.9 million square feet of office space, and 40,000 square feet of medical space have either been completed or are currently under construction adjacent to the corridor. An additional 2,113 residential units, 610 hotel rooms, 175,000 square feet of retail, and 1.2 million square feet of office space have been proposed.

5-1 December 2008 Transit-Oriented Development Status Report 2008

Louisiana-Pearl Station Trammell Crow Co.’s $9 million Louisiana Station Lofts was completed in 2007 after being destroyed by a fire weeks prior to completion. The 29-unit residential condominium directly across Buchtel Boulevard from the Louisiana-Pearl Station also has 3,000 square feet of ground floor retail. Trammell Crow Co. is examining the feasibility of another infill project to the southeast.

In 2007, the Denver City Council in October adopted a new station area plan to address issues such as parking impacts and infill redevelopment in the adjacent Platt Park and West Washington Park neighborhoods. In November 2008, the Planning Board recommended approval to rezone the West Washington Park Neighborhood from Residential-2 to Residen- tial-1, which may affect future densities around Louisiana-Pearl on the north side of I-25. A final decision may be made by City Council in early 2009.

University Station Mile High Development received approval from the RTD Board of Directors in August 2008 to purchase a small parcel of land from RTD just north of the parking structure. Mile High has plans for a 5-7 story apartment complex with some ground floor retail at this location. As a part of their land purchase from RTD, Mile High has committed to developing a kiss-n-Ride in association with their planned development to help improve the operating conditions at the station. Campus Living Villages recently completed Vistaloft at University Boulevard and Jewell Avenue. The 86-unit housing project includes 317 rooms (see Exhibit 5-2).

Exhibit 5-2: Vistalofts

Campus Living Villages finished Vista- loft along University Boulevard near the University of Denver in 2008.

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Colorado Boulevard Station The City and County of Denver is in the process of developing an infrastructure master plan for the Colorado Boulevard Station to guide future development of new roads, utilities and other infrastructure needed to support redevelopment in the station area. The city’s plan is expected to be adopted by City Council in 2009.

Following a rezoning to TMU-30 in 2007, Lincoln Property Group is planning an expansion of Colorado Center at Colorado Boulevard and I-25. The expansion will include a major office tower and 50,000 to 75,000 square feet of retail in a first phase. A hotel and/or multif-amily housing may follow in a later phase.

Yale Station Byers Street Properties is planning the Townhomes at Yale Station project on Yale Circle, about 500 feet from the station. Construction of these 24 townhomes has been delayed and the hope is that construction can begin in 2009.

Koelbel and Company has been working in partnership with Mile High Development to plan a 48-unit workforce housing project at the corner of Yale and I-25 just south of the station platform. The project, which will also include some ground floor retail, is expected to open in mid-to-late 2010 depending on approval of tax credit financing from the Colorado Housing and Finance Authority in early 2009.

Southmoor Station Gart Properties recently completed its expansion of the Continental Theater south of Monaco Parkway and Hampden Avenue. The expansion added four new screens and 15,344 additional square feet.

The City and County of Denver is looking into planning how future development along Hamp- den Avenue, including those areas near the Southmoor Station, may look. The plans are very long-term – 10-20 years – and no consensus has been reached.

Nine Mile Station The City of Aurora is in the process of finalizing a station area plan. This plan is expected to be adopted by ordinance in early 2009.

Belleview Station Several projects are in the works near the Belleview Station at Belleview Avenue and Niagara Street. These projects are part of the 50-acre master planned site on the old Mountain View Golf Course west of the station being developed by Front Range Land and Development Company, a partnership between the landowner, the Bansbach family, and the master developer, Continuum Partners. A total of 2.2 million square feet of office space, 250,000 square feet of retail, 1 hotel, and 2,000 residential units are planned on the entire 50 acre site, for a total value of $1.5 billion. Phase 1 will include 120,000 square feet of speculative office space to be built by Trammell Crow Company and 120,000 square feet of retail to be built by Continuum Partners. Plans for 240 apartments were recently put on hold by the Hanover Company because of market conditions.

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Fairfield Residential is close to completion on three rental projects near the station. DTC III, a $70 million, 397-unit apartment complex is nearing completion at Monaco Street and Tufts Avenue. The $51 million, 270-unit DTC IV East and $51 million, 240-unit DTC IV West are also both nearing completion at Monaco Street and Union Avenue.

Orchard Station Everest Development Company is nearing completion of The Landmark, a 15-acre, $160 million mixed-use development located to the north of the Orchard Station at Berry Avenue and Landmark Place (see Exhibit 5-3). It includes 251 luxury condos in two towers with 168,000 square feet of retail space adjacent to the towers. The developer anticipates completion in 2009.

Everest is planning a second phase called The European Village of Homes at The Landmark. The project will have 160 luxury townhomes and 10 single-family homes. This second phase will be located directly south of the first phase, across Berry Street.

Exhibit 5-3: The Landmark

Construction is nearing completion at The Landmark, a $160 million mixed- use development with 251 condos and 168,000 square feet of retail.

Arapahoe at Village Center Station Several new development projects have been completed or are moving forward at this station, building on the implementation of Greenwood Village’s Village Center at Arapahoe Framework Plan (adopted in 2005).

5-4 December 2008 Transit-Oriented Development Status Report 2008

John Madden Company’s Palazzo Verdi, a $100 million, 285,000 square foot office building, was recently completed east of Fiddler’s Green Circle and South Greenwood Plaza Boulevard (see Exhibit 5-4). The Class AA office building will eventually be joined by a second building which is currently being planned by Madden.

Exhibit 5-4: Pallazo Verdi

John Madden Company recently completed Palazzo Verdi. The $100 million, 285,000 square foot office building may be followed with a second phase already in the works.

Shea Properties has started construction on the first phase of the Village Center Station project off of Fiddler’s Green Circle. Phase 1 will have 454,000 square feet of office space – including Shea Properties’ Colorado headquarters – and 30,000 square feet of retail. The project will be complete in 2009 (see Exhibit 5-5).

Exhibit 5-5: Village Center Station

Shea Properties has broken ground on Village Center Station. The multi- phase project will eventually have up to 600,000 square feet of office space.

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Multiple other projects are on the drawing board adjacent to the station. The $200 million Hotel Palomar, being developed by ING Clarion Partners, will include 200 hotel rooms and 25 luxury condos when completed. Charlie Biederman, Steve Roitman, and Walter Isenberg have announced plans for a five-star Renaissance Hotel. The $60 million project will include 180 hotel rooms and 15 luxury condominiums along Fiddler’s Green Boulevard.

Dry Creek Station Metropolitan Homes’ $194 million Vallagio project is nearing completion. The 30-acre, mixed- use project at Dry Creek Road and Inverness Drive West has 389 residential units, 20,000 square feet of retail and 24,000 square feet of office (see Exhibit 5-6).

Exhibit 5-6: The Vallagio

Metropolitan Homes is nearing completion on the Vallagio. The mixed- use community includes 389 residential units, 20,000 square feet of retail, and 24,000 square feet of office space.

Fairfield Residential’s Ballantyne project is also nearing completion. Located north of the Val- lagio across Dry Creek Road, the $34 million, 219-unit complex will be completed in early 2009.

Embrey Development Company continues construction on AMLI at Inverness, a $30 million, 309-unit apartment complex. The project is located to the east of the Vallagio at Dry Creek Road and Inverness Drive East. The project is slated for completion in 2009 (see Exhibit 5-7).

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Exhibit 5-7: AMLI Inverness

Embrey Development’s AMLI In- verness project is under construction along Dry Creek Road. The 309-unit apartment complex should be done in 2009.

Mountain View Homes’ Dry Creek Crossing was completed in mid-2008. The $60 million project has 248 condos and is located to the west of the station at Dry Creek Road and Yosemite Street.

Panorama Corporate Center 4 was recently completed adjacent to the station. The CarrAmerica project has 137,288 square feet of office space – which has been entirely leased by Dex.

County Line Station RTD initiated construction of a pedestrian bridge to Park Meadows Shopping Center in Spring 2008. The bridge opened in late 2008 with some ongoing construction planned for 2009 to complete access from the Park Meadows parking lot.

Lincoln Station Westfield Development is nearing completion of the first phase of Lincoln Station, a mixed- use project located directly adjacent to the station and park-n-Ride off of Park Meadows Drive. The $70 million first phase includes 9,083 square feet of retail and 188,052 square feet of office (see Exhibit 5-8). The entire office portion of the first phase has been leased by Dex. A residential portion – 73 condos – previously planned to be included in the first phase, was pushed back due to market conditions. Later phases planned by Westfield may include upwards of 1,900 residential units, 30,000 square feet of retail and 1.8 million square feet of office. These later phases will be completed as determined feasible by market conditions.

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Exhibit 5-8: Lincoln Station

Westfield Development is nearing completion of Lincoln Station. The multi-phase project will eventually include upwards of 2,000 residential units and 500,000 square feet of office space.

RidgeGate Extension RidgeGate, a 3,500-acre, mixed-use, master planned community is being developed by Cov- entry Development Corporation. Complete buildout of the project is expected by 2050. All three of the planned stations included in the Southeast Corridor extension will be located within the RidgeGate project.

The 600-acre first phase of RidgeGate, the West Village, is currently under construction near Sky Ridge Station, which will serve the expanding Sky Ridge Medical Center. The $200 million Commonwealth Heights community is about a 10-minute walk from the planned station site. Century Communities is planning 334 residential units in two condo buildings with 17,000 square feet of ground-floor retail. New Town Builders will add 123 townhomes and 9 single-family homes. High Point Investments is also building a 222-unit apartment building.

In addition to Commonwealth Heights, Prime West Development has completed on the Colo- rado Center for Reproductive Medicine across RidgeGate Parkway from Sky Ridge Medical Center. The 40,000-square foot medical facility also includes room for expansion at a later date. Also to the west of Sky Ridge, Lauth Development received approval for and is moving forward with RidgeGate Point, a 125,000-square foot speculative office building.

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6.0 WEST CORRIDOR

The approximately 12-mile, Exhibit 6-1: West Corridor Map 12-station West Corridor will be the next addition to the RTD rail system and the first FasTracks corridor to be completed. Construction began on the West Corridor in 2008 and revenue service is expected in early 2013. The West Corridor will add 11 new stations and relocate the Auraria West Station on the Central Platte Valley spur to serve as a transfer point between the West Corridor and other light rail lines. The West Corridor will link lower downtown Denver and the Aura- ria Higher Education Center (whose three growing institu- tions have 38,000 students today) to residential neighborhoods in west Denver and Lakewood, the Denver Federal Center (a 670-acre campus with 6,000 jobs and 4 million square feet of office space that is planning a major expansion), Red Rocks Community Col- lege main campus (which serves nearly 12,000 commuting students), and Jefferson County Government Center (a 180-acre campus with about 2,500 employees that will also expand in the near future). See Exhibit 6-1 for a corridor map.

A total of 230 residential units, 437,186 square feet of retail, 250,000 square feet of office, and 900,000 square feet of medical space have either been built or are currently under construction. An additional 200 residential units and 16,000 square feet of retail have been proposed for the corridor.

Federal-Decatur Station The City and County of Denver is in the process of developing a station area plan. More than 40 acres of land around the station are in public ownership through the City and the Denver Housing Authority (DHA), with many more acres currently used as surface parking by the Metropolitan Football Stadium District, which owns Invesco Field at Mile High. This station area has strong redevelopment potential due to three factors: • A 10-acre City maintenance facility located east of Decatur Street and north of the alignment is slated for demolition as part of the West Corridor project,

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• While it currently has no identified funding for the project, DHA plans to redevelop the 33-acre, 333-unit Sun Valley public housing located 3 blocks south of the station as a mixed-income community, and • Land use restrictions on Invesco Field at Mile High will sunset when the Stadium District bonds are retired in 2012, creating the opportunity for development on the parking lots located north of the station.

Knox and Perry Stations Denver adopted the West Colfax Plan in September 2006, which calls for a new urban neighborhood station zone to allow denser infill development to support transit near these stations. The City plans to amend its zoning code and remap the station areas.

About a half-mile north of the Perry Station is the current 16-acre St. Anthony Central Hos- pital campus, which will be available for redevelopment when the hospital completes its move to the Denver Federal Center in 2010. The hospital and the City have created a task force to address the redevelopment of the site. The task force has recommended that the primary land use on the site will be residential and that it could support higher densities. Some complementary neighborhood retail could be accommodated as first floor development, in combination with higher density residential, in a vertical mixed-use configuration toward the center of the site and toward Colfax Avenue. The hospital has also expressed a desire to retain a neighborhood-serving health center on the site.

Sheridan Station Exhibit 6-2: Lakewood Rezoning of Sheridan Boulevard is the boundary between Sheridan Station the City and County of Denver and the City of Lakewood; Denver is to the east and Lake- wood is to the west. The City of Lakewood in 2007 rezoned 90-acres on its half of the station area to a newly created designation, transit mixed use, consistent with the station area plan the City adopted in 2006 (see Exhib- it 6-2). Denver is in the process of developing a plan for its half of the station area, building off of Lakewood’s land use vision. This plan is expected to be adopted by Denver City Coun- cil in 2009.

RTD plans to issue an RFP in Spring 2009 for the planned 800-space parking structure at this station, with the potential for joint development on the site, which will be approximately 4-acres.

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Lamar Station Exhibit 6-3: Lakewood Rezoning of McCormick Barron Salazar is moving forward Wadsworth Station with a 90-unit mixed-income housing project just south of the station at the corner of 13th Avenue and Lamar. McCormick Barron is hop- ing to secure its financing for the project in early 2009 with the potential to complete construction in late 2010 or 2011. In addition, McCor- mick Barron Salazar has formed a partnership with the Lakewood Housing Authority to potentially develop the 6-acres the housing Authority owns immediately east of the parcel where the 90-unit mixed-income project is planned.

Wadsworth Station Lakewood in 2007 rezoned 320-acres in this station area to transit mixed use, consistent with the station area plan the City adopted in 2006 (see Exhibit 6-3). The station area is located in the West Colfax Avenue Corridor Reinvestment Area—an urban renewal designation—making it eligible for the use of tools, such as tax incre- ment financing, to facilitate new development and infrastructure. This designation has spurred redevelopment along Colfax Avenue near the Exhibit 6-4: Lakewood Rezoning of station, where several large-format, auto-ori- Oak Station ented retail projects were recently completed, such as a Wal-Mart and a Home Depot, as well as Colfax Central, a 14,000-square foot retail center.

RTD plans to issue an RFP in 2009 for the planned 1,000-space parking structure at this station, with the potential for joint development on the site, which will be approximately 4-a- cres.

Oak Station Lakewood in 2007 rezoned 300 acres in this station area to transit mixed use, consistent with the station area plan the City adopted in 2006 (see Exhibit 6-4).

Denver Federal Center Station The Romani Group and Catholic Health Initia- tives recently broke ground on the new St. An-

6-3 December 2008 Transit-Oriented Development Status Report 2008 thony West Hospital. The $500 million facility will contain 900,000 square feet of medical space and be the first and only hospital located in the City of Lakewood. Completion is expected in 2010. In early 2008, RTD selected Aardex as the developer of its 15-acre site with the hope of integrating development with its planned 16-bay bus facility and 1,000-space park-n-Ride. RTD terminated negotiations with Aardex in September primarily as result of the dramatic changes in the real estate market. RTD is still open to partnering with a developer to pursue joint development on its site, but has an immediate need to relocate the Cold Spring park-n-Ride to the station site by mid-2010 to accommodate West Corridor light rail construction.

In 2007, Lakewood rezoned 220 acres in this station area along the Union Boulevard corridor to transit mixed use, consistent with the station area plan the City adopted in 2006. After annexing the entire 700-acre Denver Federal Center in August 2007, Lakewood also adopted an Official Development Plan (ODP) to govern development on the 65 acres for the transit center and hospital as well as the remaining 635 acres of future development. The federal General Services Administration (GSA), which manages the Denver Federal Center, in 2007 released a Draft Master Site Plan and EIS to guide new development on those 635 acres that will connect the campus to the surrounding community over the next 20 years (see Exhibit 6-5). Within a half-mile of the station, the plan projects the potential for 1,400 residential units, 100,000 square feet of retail, and 800,000 square feet of new office space in addition to the new hospital and any joint development on the RTD site.

Exhibit 6-5: Preferred Alternative for Denver Federal Center

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7.0 EAST CORRIDOR

The East Corridor, sched- Exhibit 7-1: East Corridor Map uled to open in 2015, will extend approximately 23 miles from Denver Union Station through the emerging Denver neighborhood of River North and along the northern edges of North Park Hill and Stapleton, into Au- rora (a transfer point to the I-225 Corridor), then along Peña Boulevard to Denver International Airport (DIA) (see Exhibit 8-1 for a corridor map). Private landown- ers have proposed two additional stations that could be integrated with large green- field developments along the Peña Boulevard corridor: L.C. Fulenwider’s Denver In- ternational Business Center and LNR Property’s High- point at DIA project. RTD has held discussions with these developers, but the East Corridor Environmental Impact Statement (EIS) is not evaluating these additional stations at this time. However, there is the potential for these stations to move forward depending on the commitment of additional funding from other parties. A total of 6 stations (38th/Blake, Colorado Blvd., Central Park Blvd., Peoria/Smith, 40th/Airport, DIA) are planned for the corridor. The Draft Environmental Impact Statement (DEIS) will be released in Feb- ruary 2009 with the Final Environmental Impact Statement (FEIS) and Record of Decision (ROD) expected before the end of 2009.

RTD plans to utilize a public-private partnership (PPP) to design, build, finance, operate and maintain (or some combination thereof) the East and Gold Line corridors—both of which are recommended to use electric multiple unit (EMU) commuter rail technology—and their associated maintenance facility. In 2007, RTD was one of three transit agencies in the U.S. selected to participate in the Federal Transit Administration’s (FTA) Public-Private Partner- ship Pilot Program (Penta-P). Authorized by the current federal transportation bill (SAFETEA- LU), Penta-P is intended to demonstrate the benefits of PPPs for the development of public transit in the U.S. (While widely used in Europe, Australia and other parts of the world, PPPs are a relatively new approach to transportation infrastructure projects in the U.S., where they have primarily been used for highway projects to date). While Penta-P will not provide

7-1 December 2008 Transit-Oriented Development Status Report 2008 any additional funding for the East and Gold Line corridors (which were both designated as candidates for federal funding in the FasTracks plan), it provides regulatory relief and expedites the federal New Starts program funding process. A Request for Qualifications (RFQ) for DBFOM teams was issued in Fall 2008. Three teams were short-listed for the RFP phase which was released in draft form in late 2008.

38th/Blake Station This station is expected to be a transfer point between the East and Central corridors. The current land uses around the station are mostly industrial, but the City and County of Den- ver’s River North Plan (adopted in 2003) envisions a major transformation of this area into a thriving urban neighborhood. The private sector has started this change with a number of small adaptive-reuse and infill projects slowly marching northeast from LoDo that are bringing new vitality to this area.

For example, Byron Weiss is planning a second phase for his Denver Rock Drill development at 39th Avenue and Franklin Street. The $40 million project will include 30 condominium units. Tim Larson has proposed an adaptive reuse of the Brighton Ironworks Foundry site on the 3600 block of Delgany Street consisting of 24 condos. Peter Barnes is planning nearly 150 condos, retail and offices in a new development near 37th Avenue and Walnut Street, and Larry Burgess is working on plans for a live/work project near 35th Avenue and Brighton Boulevard. There is also large-scale development occurring in the vicinity (but beyond the station area) with Cypress Real Estate Advisors’ plans to redevelop the 30-acre Denargo Market site with 2,000 residential units in buildings as tall as 22 stories over the next 10 years.

Denver is also in the process of developing a station area plan. A significant development challenge in this area is the need for improved regional-scale drainage facilities.

Colorado Boulevard Station In 2007, Landon Enterprises broke ground at the northeast corner of Colorado Boulevard and 40th Avenue on a $5 million, 19,000-square foot retail project (adjacent to Delwest’s Park Hill Village). Three pad sites opened in 2008 and more retail is expected in the future. The west phase of the Park Hill Village project is expected to add 152 residences. On the west side of Colorado Boulevard, the Denver Work Lofts has been proposed along 41st Avenue, south of the station.

Central Park Boulevard Station RTD, the City and County of Denver and Forest City initiated a station area planning effort to establish how TOD could be phased in over time on the planned surface parking facility at the station. This effort, which will be complete in early 2009, is developing consensus on the location of the planned 16-bay bus transfer facility, the location of a potential future parking structure, and the cross sections for the street network within the station area.

The Federal Bureau of Investigation (FBI) has broken ground on a new headquarters for its Denver offices on 10 acres south of the new park-n-Ride site. The 175,155-square foot building is expected to be complete by 2010 (see Exhibit 7-2).

7-2 December 2008 Transit-Oriented Development Status Report 2008

Exhibit 7-2: FBI Building at Stapleton

The new Denver Headquarters of the FBI is being built south of the central Park Boulevard station. The 10-acre complex should be done in 2010.

Peoria & Smith Station This will be a transfer station between the I-225 and East corridors. Aurora initiated station area planning in 2008 and will complete its planning process in 2009. Initial concepts from the plan call for emphasis of office uses near the station with some high density residential located to the south of the station.

40th & Airport Station Aurora has completed its station area plan, which was conducted in partnership with RTD and the Pauls Corporation, the major landowner in the station vicinity. The plan calls for a grade separation of 40th Avenue and the East Corridor tracks and moving the platform north to straddle 40th Avenue. These improvements are currently not in the budget for the East Corridor, but RTD is in discussions with the Pauls Corporation, the City of Aurora, the City and County of Denver and DIA to determine how these improvements could be added to the project if they are paid for by someone other than RTD.

Denver International Airport DIA is currently ranked as the fourth busiest airport in the nation (January-September 2008 enplaned passengers), trailing Atlanta, Chicago-O’Hare, and Dallas-Fort Worth. Annual total passenger traffic should surpass DIA’s existing capacity of 50 million by the end of calendar year 2008. The need for new capacity, ambitious new development plans around the terminal, and the integration of the end-of-line commuter rail station are being addressed in a new airport master plan currently being developed. RTD staff is working with DIA to design the station as part of the East Corridor EIS process. To integrate the commuter rail station with the near-term expansion of the terminal, in 2009 DIA will be completing a new “Terminal Pro- gramming Study” to prepare a programmatic development plan to expand the south end of the Jeppesen Terminal to incorporate new baggage claim, concessions, automated guideway transit system (AGTS) passenger train facilities to serve the concourses and, potentially, the

7-3 December 2008 Transit-Oriented Development Status Report 2008 long-anticipated Terminal Hotel and associated “Denver Airport Center.” The Denver Airport Center will comprise a mixture of airport-related retail, restaurant, concession and entertain- ment amenities to enhance the traveling experience of both rail and air passengers.

Capacity expansion plans include at least 10 new gates on Concourse C and an additional aircraft parking apron. Development plans include The Landings at DIA, a 17-acre project north of Peña Boulevard and southeast of the rental car lots that is expected to include a 200-room boutique hotel, 60,000 square feet of in-line retail and 5-8 retail pad sites. A new parking garage is under design and will add approximately 1,800 parking spaces to the terminal area. Overall, the Airport’s Capital Improvement Program has budgeted $1.2 billion in airport improvements for the next 6 years.

The ridership impacts of airport-area development differ from typical TOD, but the plans to expand the Jeppesen Terminal, including the Denver Airport Center, and an increase airport capacity will result in more travelers using the rail system to access the metro area, and the new development will create ridership from additional airport employees and new workers at the airport-area developments.

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8.0 GOLD LINE CORRIDOR

The Gold Line Corridor is Exhibit 8-1: Gold Line Corridor Map planned to extend approximately 11 miles from Den- ver Union Station through north Denver before turn- ing west into unincorporat- ed Adams County, and the cities of Arvada and Wheat Ridge. The corridor will link Olde Town Arvada and the redevelopment of the former Ridge Home site to downtown Denver and the rest of the FasTracks network when completed in 2015 (see Exhibit 8-1 for map). The decision document (which indicates that the environmental planning for the project is complete) is also expected from the Federal Transit Administra- tion (FTA) in 2009.

There has been a small but significant amount of development activity occurring in Gold Line station areas during the project’s planning phase. A total of 550 residential units, 283,324 square feet of retail, and 55,372 square feet of office space have either been completed or are currently under construction. An additional 525 residential units, 3,500 square feet of retail, and 36,000 square feet of office space have been proposed.

RTD plans to utilize a public-private partnership (PPP) to design, build, finance, operate and maintain (DBFOM) the East and Gold Line corridors—both of which are recommended to use electric multiple unit (EMU) commuter rail technology—and their associated maintenance facility. In 2007, RTD was one of three transit agencies in the U.S. selected to participate in the Federal Transit Administration’s (FTA) Public-Private Partnership Pilot Program (Penta-P). Authorized by the current federal transportation bill (SAFETEA-LU), Penta-P is intended to demonstrate the benefits of PPPs for the development of public transit in the U.S. (While widely used in Europe, Australia and other parts of the world, PPPs are a relatively new approach to transportation infrastructure projects in the U.S., where they have primarily been used for highway projects to date). While Penta-P will not provide any additional federal funding for the East and Gold Line corridors (which were both designated as candidates for federal funding in the FasTracks plan), it provides regulatory relief and expedites the federal

8-1 December 2008 Transit-Oriented Development Status Report 2008

New Starts program funding process. A Request for Qualifications (RFQ) for DBFOM teams was issued in Fall 2008. Three teams were short-listed for the RFP phase which was released in draft form in late 2008.

41st & Inca Station Through additional engineering and environmental processes, it was determined that the preferred location for the station is at 41st and Inca, rather than further south at 38th and Inca. The City and County of Denver initiated a station area planning process in 2008 and expects to complete the process in 2009. Development surrounding the proposed station has remained primarily industrial to the east and residential to the west, with the exception of the Regency Student Housing project which was completed in 2007. This project involved conversion of a former hotel site into student housing for the Auraria campus.

The second phase of the Railyard Marketplace at Park Avenue West and Globeville Road is currently under construction southeast of the station. The 26,000 square foot retail center is expected to be complete in 2009.

The Colorado Coalition for the Homeless has broken ground on Renaissance Riverfront Lofts next to the Railyard Marketplace project. The $12 million, 100-unit affordable housing development is expected to be completed in 2009 (see Exhibit 8-2).

Exhibit 8-2: Railyard Renaissance Riverfront Lofts

Colorado Coalition for the Homeless is building the Renaissance Riverfront Lofts along the South Platte River.

Pecos and Federal Stations Adams County completed a station area planning process in 2008 for both of these stations that examined how these largely industrial and floodplain areas could transition toward uses that could generate economic development and be a regional attraction.

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Sheridan, Olde Town Arvada, and Kipling Stations The City of Arvada in 2007 adopted station area plans for the Sheridan, Olde Town Arvada, and Kipling Stations. While the land uses around Sheridan are not expected to change dra- matically in the near future, the existing pedestrian-scale of Olde Town offers an opportunity for transit-supportive growth that respects the neighborhood’s historical context.

The Grandview Plaza and Reno Place project at the corner of Grandview and Olde Wadsworth was completed in 2008 and has approximately 20,000 square feet of retail and 20,000 square feet of office space on a key corner in Olde Town very close to the commuter rail station (see Exhibit 8-3). The Jehn Center is now under construction in Olde Town Arvada. Joe Jehn of Jehn Engineering is developing the project with the assistance of the Arvada Urban Renewal Authority. The 36,000 square foot office building will also have 3,500 square feet of retail when completed in 2009 (see Exhibit 8-4). Skyline Ridge, a 40-unit condo project along Ridge Road completed only one building in the multi-building complex before halting construction.

Exhibit 8-3: Grandview Plaza and Reno Plaza

Landon Enterprises has completed construction on this $8 million office/ retail infill project on a key corner in Olde Town near the station.

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Exhibit 8-4: Jehn Center

Construction is nearly complete on the Jehn Center in Olde Town Ar- vada. The project was a partnership between the Arvada Urban Renewal Authority and Joe Jehn.

Shea Properties and Peregrine Group Development have begun the redevelopment of the 68-acre former Ridge Home site, which surrounds the planned Kipling Station. At the southern edge of the site, a 221,000-square-foot retail center anchored by a Super Target was completed in 2006. They are also planning a 325-unit apartment complex to the west of the station, and a 200-unit condo complex north of Ridge Road and north of the station. There is also potential for joint development on the 5 acres directly surrounding the station, including a shared parking structure.

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9.0 NORTHWEST RAIL/US 36 BRT CORRIDOR

After suffering through the collapse of Exhibit 9-1: Northwest Rail Map its office market in the first half of this decade, the US 36 Corridor market today has rebounded with an eclectic mix of large-scale developments under construction or are on the planning board, most of which are located near planned rail and bus stations. On the office side, vacancy rates are down, lease rates are up, and existing buildings are selling to investors. But the introduction of residential uses, which has been encouraged by the passage of FasTracks, has also reinvigorated the corridor market, offering residences for office workers and creating demand for site-scale retail.

Scheduled for completion in 2015, the Northwest Rail Corridor will extend approximately 41 miles from Denver Union Station with 7 new stations in Westminster, Broomfield, Louisville, Boulder and Longmont (see Exhibit 9-1). At the request of local government stakeholders, the Northwest Rail Environmental Evaluation (EE) is also clearing the impacts of additional stations at 88th Avenue & Harlan Street in Westminster, 116th Avenue in Broomfield, and 63rd Street & Arapahoe Road in Boulder. Though there is no funding for these additional stations in the project budget, RTD will evaluate their impacts in the event that other parties provide the financial resources to construct them at a later date.

The US 36 Bus Rapid Transit (BRT) Corridor includes approximately18 miles of BRT service from Denver Union Station north along I-25 and northwest along US 36 through Westmin- ster, Broomfield, and Superior to the Table Mesa park-n-Ride in Boulder, where it becomes local bus service terminating at either the downtown Boulder Transit Center at 14th and Walnut Streets or the Boulder Transit Village at 30th and Pearl Streets (see Exhibit 9-2). The BRT will be built in two phases. Phase I, scheduled to be completed in 2009, will use slip ramps at park-n-Ride locations for buses to leave the general purpose lanes to access the loading platforms, instead of leaving the highway. Parking is planned to be located on both sides of the highway. Phase II improvements are linked to the reconstruction of the highway by CDOT (which has no timetable at present) and would include a managed lane for transit,

9-1 December 2008 Transit-Oriented Development Status Report 2008 high occupancy vehicles (HOVs) and Exhibit 9-2: US 36 BRT Map the potential for high occupancy tolls (HOTs) the whole length of the US 36 Corridor.

A total of 1,190 residential units, 140 hotel rooms, 1.6 million square feet of retail, 259,209 square feet of office space, 17,373 square feet of cultural space, and 180,000 square feet of convention/sports space have either been completed or are currently under construction. This total does not include the 670,000- square foot Superior Marketplace, which was completed prior to the passage of FasTracks in 2004 adjacent to the McCaslin park-n-Ride. An additional 707 residential units, 428 hotel rooms, 134,599 square feet of retail, and 180,000 square feet of office space have been proposed.

South Westminster Commuter Rail Station (71st & Lowell) Several infill and redevelopment projects are underway or being planned around the South Westminster commuter rail station. Icon Investment Group has aggregated property between the station and Federal Boulevard, an area for which the City of Westminster envisions major redevelopment. The City was awarded a CMAQ grant for station area planning in 2008 and expects to start its planning process in 2009.

Church Ranch Commuter Rail and BRT Stations Urban Pacific Builders’ Axis project, at West 108th Avenue and Westminster Boulevard directly north of the Westminster Promenade, was approved by Westminster in early 2008. The first phase will include 233 apartments on the northern-most edge of the 16-acre site. All phases of the project – totaling 725 residential units – are expected to be complete by 2017.

Other proposed projects in the station area include the long-delayed third office building in the Circle Pointe office park located just north of the Axis site.

Broomfield BRT Station In 2009, the Broomfield park-n-Ride will be relocated to the Arista Grand Parkade, a facility shared by RTD with the Broomfield Events Center. The natural use patterns of a commuter

9-2 December 2008 Transit-Oriented Development Status Report 2008 parking facility and that of an events center make the partnership an excellent fit for both RTD and the Broomfield Events Center. The $45 million Events Center is part of Wiens Real Estate Ventures’ planned 215-acre Arista project, which is expected to total 1,200 residential units and 800,000 square feet of retail at total buildout in 2011.

The Arista project has made progress on several fronts. Alexan Arista (see Exhibit 9-2), Trammell Crow Residential’s luxury apartment complex, has completed several buildings within the complex and is working on additional units. The entire complex, located at Arista Place and Colony Row, is expected to be complete in 2009.

Stonebridge Companies have broken ground on aLoft Arista – Denver Northwest at the corner of Uptown Avenue and Arista Place. The 140-room hotel is expected to be complete by May 2009.

Arista Place, a mixed-use project located next to the Broomfield Events Center was recently completed. The $24.2 million building has 70,000 square feet of retail and 150,000 square feet of office (see Exhibit 9-3). The 13-unit Live/Work development from Sunburst Design and New Design Logic was recently completed as well.

Hibernia Holdings has broken ground on Venue at Arista. The 116-unit project at Parkland Street and Uptown Avenue is expected to be completed in 2009.

Exhibit 9-2: Alexan Arista

Trammell Crow Residential has completed portions of Alexan Arista next to the Broomfield Events Center. The complex will be completed in 2009.

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Exhibit 9-3: Arista Place

Construction is complete at Arista Place, a mixed use, main street project adjacent to the new Broomfield park-n-Ride and Broomfield Events Center.

Flatirons & 96th Commuter Rail and BRT Stations Trammell Crow Residential’s Vantage Pointe development, which includes 251 condominiums and 99 townhomes on 13 acres near the Flatirons park-n-Ride, is now complete. Urban Frontier and Granite Properties are pursuing a mixed-use development in the Inverness Office Park. The 12-acre project is expected to have 15,000 square feet of retail, 180,000 square feet of office space, and 175 hotel rooms.

Louisville Commuter Rail Station Three infill projects were completed within the last few years across Front Street from the planned commuter rail station: the City of Louisville’s new 17,373-square foot public library; the redevelopment of the old library by LJD Enterprises into 13,800 square feet of office space; and Arlin Lehman’s One Koko Plaza infill project, which includes 5,800 square feet of retail and 16,400 square feet of office space.

The City also envisions mixed-use development occurring in the future in a 25-acre currently industrial area east of the planned station location, which is addressed in the Highway 42 Corridor Plan (adopted in 2003) and included in a 230-acre urban renewal district created in 2006.

Boulder Transit Village Commuter Rail and Bus Stations (30th & Pearl) The Boulder City Council in 2007 adopted the Boulder Transit Village Area plan for the 160 acres surrounding the planned commuter rail and bus stations. The plan calls for new uses that would support 1,400 to 2,400 new residences and 2,900 to 4,300 new jobs over the next 25 years. The City is now looking at potential zoning changes and how to fund the infrastructure improvements needed to support redevelopment in the area.

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In 2004, RTD and the City of Boulder purchased 11 acres at 30th and Pearl streets to relocate the Foothills park-n-Ride and develop a new regional bus facility, whose construction will be funded by a $7.8 million federal grant. A design team lead by EDAW was hired by the City of Boulder and RTD to develop a master plan for the 11-acre site and design RTD’s bus facility. The master plan will be complete in early 2009 and design of the bus facility is expected to be complete by late 2009/early 2010.

Meanwhile, construction is nearly complete on The Peloton, a $142 million, mixed-use project on 10 acres of former industrial land located north of Arapahoe Road between 38th and 33rd Streets, just less than a half-mile south of the planned bus facility (see Exhibit 9-4). The Peloton, being developed by Bancroft Capital, includes 390 condos and 17,000 square feet of retail and office space. Completion is expected in early 2009.

Exhibit 9-4: Peloton

The $142 million, 390-unit Peloton project is nearing completion. The condo complex also includes 17,000 square feet of retail or office space. Completion is expected in early 2009.

Longmont Commuter Rail Station Longmont Station, at 1st and Terry Streets near downtown Longmont, is adjacent to the historic Golden West Flour Mill, a 3-acre site that has not been in use since 1979 and offers an opportunity for adaptive reuse and/or redevelopment. The City of Longmont is developing a mixed-use/TOD overlay zone, which will be considered in early 2009.

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Transit-Oriented Development Status Report 2008

10.0 NORTH METRO CORRIDOR

The North Metro Corridor Exhibit 10-1: North Metro Map will extend approximately 18 miles from Denver Union Station northeast through Denver into the Adams County cities of Commerce City, North- glenn and Thornton (see Exhibit 10-1 for map). As result of negotiations with the Union Pacific (UP) railroad, alignment changes were made in early 2008 which moved the alignment adjacent to the BNSF right of way at the south end of the corridor (still on UPRR ROW further north) and eliminated 2 stations, the planned 40th/40th transfer station with the East and Central corridors and the Swansea/Elyria station. The new alignment has an additional station at the Coliseum/National West- ern Stock Show (NWSS) complex and includes the same stations as previously evaluated to the north at 72nd Avenue (Commerce City), 88th Avenue, 104th Avenue, 112th Avenue, 124th Av- enue, 144th Avenue and 162nd Avenue. The DEIS will be released in 2009. The corridor is expected to be open for service in 2015.

Coliseum/NWSS Station The City and County of Denver plans to initiate a station area planning process in 2009 which will focus on opportunities to encourage TOD and enhance connections to the station from the Swansea and Elyria neighborhoods. NWSS is currently considering how it will grow and evolve at its current location or potentially move to a new location. The future of the NWSS will be a primary consideration of Denver’s station area planning efforts.

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Commerce City Station The North Metro team, with input from Commerce City, is recommending locating the station at 72nd Avenue. Commerce City is initiating a station area plan process for this location as part of an update to their Comprehensive Plan.

88th Avenue Station New Town Builders has proposed Welby Station, a $100 million new urbanist development to be located on 52 acres north of 88th Avenue and east of Welby Road in the City of Thorn- ton. The nearly 750 housing units would be a mix of stacked condos, townhomes, and single family homes, and include community retail. This project is still in the planning stage.

124th Avenue Station The City of Thornton initiated a station area planning effort in 2008. As a part of this process, the City is evaluating alternative frameworks for circulation around the station (including creating a clear connection between Eastlake and the station), alternatives for integrating transit parking with development, and land use alternatives to preserve the character of Eastlake. This effort is building upon the adopted Eastlake Sub Area Plan that was developed in 2003. This area offers a major opportunity for TOD because large vacant parcels are available for redevelopment that are in both public and private ownership.

162nd Avenue Station Thornton Gateway Property is planning a 135-acre mixed-use development around the proposed end-of-line station. The project is in the early planning stages, but could support as much as 3,580 housing units and 275,000 square feet of commercial space.

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11.0 I-225 CORRIDOR

The I-225 Corridor will extend light Exhibit 11-1: I-225 Map rail approximately 10 miles from the existing Nine Mile Station north along I-225 through a new planned Aurora City Center into the Fitzsimons redevelopment site (which will include the University of Colorado Anschutz Medical Campus, Colorado Science + Technology Park at Fitzsimons, Children’s Hospital, Denver Veterans Administration Medical Center, and a mixed-use development project), ending at the Peoria & Smith Station, a transfer point to the East Corridor with access to DIA and downtown Denver (see Exhibit 11-1 for map). RTD is expected to complete the environmental evaluation (EE) process and preliminary engineering for the corridor in 2009. Service is expected to begin in 2016.

A significant amount of development activity is occurring at several station areas, much of it located at the Fitz- simons redevelopment site. A total of 854 residential units, 34,973 square feet of retail, 3.74 million square feet of medical-related space, and 19,475 square feet of convention space have either been completed or are currently under construction. An additional 2,042 residential units, 340 hotel rooms, 486,617 square feet of retail, 603,394 square feet of office space, and 1.45 million square feet of medical-related space have been proposed.

Iliff Station The City of Aurora initiated station area planning in 2008. The plan will be adopted by City Council in 2009.

Aurora City Center Station Working with the City of Aurora, Woodbury Corporation continues to refine plans for Met- ro Center, a 65-acre, mixed-use development located between the Aurora Mall and the City’s municipal complex, at the southeast corner of Sable Boulevard and Alameda Parkway. The project could encompass nearly 1,000 residential units, 435,000 square feet of retail, 235,000 square feet of office, and a 260-room hotel when completely built out, but will be

11-1 December 2008 Transit-Oriented Development Status Report 2008 developed in phases. RTD, working with Woodbury and the City, was able to transfer land to site a bus transfer facility that would be integrated into the future rail station. Construction of the facility started in 2008 and will be complete in 2009.

2nd Avenue Station Aurora conducted a station area plan in 2008 and is expected to finish the plan and have it adopted by City Council in 2009. A couple of residentially focused projects are currently proposed or under construction at this station area. Embrey Development’s 288-unit Aurora Town Center project at 4th Avenue and Sable Boulevard will be complete in early 2009. David J. Erb & Company has proposed a 15-acre, mixed-use development called Abilene Sta- tion at the southeast corner of Abilene Street and 4th Avenue. This project would have 767 residential units in four-story lofts and about 16,000 square feet of convenience retail.

Colfax/Fitzsimons South Station Two stations will serve the former the 578-acre Anschutz Medical Campus, formerly the Fitzsimons Army Medical Center, which was closed in 1995. Aurora conducted station area planning for Fitzsimons South in 2008 and will finalize its plan in 2009.

Congressman Ed Perlmutter (D-CO) recently sponsored and secured authorization for $568.4 million for the construction of a new VA Medical center. The highly anticipated medical center – which has been years in the making – will be located between the Children’s Hospital and Potomac Street north of Colfax Avenue on the Anschutz Medical Campus.

Lighthouse Properties has proposed a 140-room Hilton Garden Inn across Colfax Avenue from the Anschutz Medical Campus. The hotel, at the southwest corner of Colfax Avenue and Potomac Street, is expected to be complete in 2010. South of Colfax, Icon Investment Group has proposed a $400 million, 32-acre mixed use project called Fitzsimons Commons. It will include 700 residential units, two hotels with a total of 380 rooms, 100,000 square feet of retail space, and 500,000 square feet of office space. The project is expected to be completed by 2014.

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Exhibit 11-2: Research 2

Research 2, a major research facility on the Anschutz Medical Campus, was completed in 2008.

Montview Station The Pauls Corporation is wrapping up construction on 21 Fitzsimons at Montview and Ur- sula Streets. The $57 million complex has 550 apartments with 16,000 square feet of retail space and is expected to be complete in early 2009 (see Exhibit 11-3).

The $2 billion Colorado Science + Technology Park at Fitzsimons officially broke ground in 2008. The project, being developed by Forest City directly north of the Anschutz Medical Campus, will include 3.5 million square feet of development and bring an estimated 6,000 jobs to the area when built out by 2030.

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Exhibit 11-2: Fitzsimons

The Pauls Corporation is nearing completion on 21 Fitzsimons. The $57 million complex has 550 apartments and 16,000 square feet of retail space.

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