Inside Real Estate News » Denver

Downtown – Job magnet

John Rebchook — Sat, 18 Feb 2012 01:55:53 +0000

Tami Door - "(Downtown's) future is so bright, I gotta wear shades."

The Downtown Denver Partnership this week released a new research report, Downtown Denver: A Magnet for the Future Workforce.

The report was released at the 2012 Rocky Mountain West Urban Leadership Symposium at the Ritz Carlton Denver.

The report details city building efforts—including amenities, transportation infrastructure, educated population, residential growth, innovation and entrepreneurship, and emerging green economy—that make the urban core of the Mile High City an attractive place for a new generation of workers. The report also discusses strengths and opportunities for Downtown Denver.

Denver appears to be well-positioned to reap the economic benefits of the millennial generation, in large part because of our community’s long-term commitment to comprehensive and collaborative planning that strengthens the center city.

A recent report by the Brookings Institution analyzing U.S. Census Bureau data notes, “To the extent they are moving at all, young adults are headed to metro areas which are known to have a certain vibe—college towns, high-tech centers, and so-called ‘cool cities.’ These “cool cities are places where “it is easier to consume less and live more sustainably.” They are places with transportation infrastructure, an educated population, and innovative business climates. Brookings goes on to name Denver as the number-one city in terms of attracting the future workforce from around the country to live and work.

Nationally, employers recognize that the millennial generation is more likely to choose to live and work in or near an urban center. Mountains and oceans have become secondary to downtown amenities. In response, strategically minded companies are leveraging downtown locations or proximity to downtown to attract and retain candidates. This is important to entire metropolitan areas because downtowns are, and will continue to be, hubs of economic activity.

“It used to be, ‘If you build it, they will come,’’ said Tami Door, president and CEO of the Downtown Denver Partnership. “It is now, ‘If we build the right place, they will stay.’ Employers in Denver tell us that during the interview process, candidates are asking questions beyond benefits and salaries. They ask about the vitality of the city center, culture and amenities, including if an area is walkable or there are continuous bike lanes and bike paths to get them between home and work. Building both tangible and intangible infrastructure—including fostering a diverse and inclusive culture where innovation and entrepreneurship are valued—is a regional economic development tool.”

To read the report, please visit this link.

Contact John Rebchook at JRCHOOK@gmail.com

Vacancies down, rents up

John Rebchook — Thu, 02 Feb 2012 07:00:42 +0000

The apartment vacancy rate in the Denver metro area fell to 5.4 percent in the fourth quarter of 2011, dropping to the lowest fourth-quarter vacancy rate recorded since 2000, according to a report released today. The report by the Apartment Association of Metro Denver and the Colorado Division of Housing show that apartment vacancy rates were down from 2010’s fourth-quarter rate of 5.5 percent. 2011’s fourth-quarter rate was up from the third-quarter rate of 4.9 percent.

For the past nine quarters, the vacancy rate has fallen when compared to the same quarter one year earlier. The last time the quarterly vacancy rate rose year over year was during the third quarter of 2009.

From the fourth quarter of 2010 to the same period of 2011, the vacancy rates dropped in Adams, Denver, Douglas and Jefferson counties. Vacancies rose in Arapahoe County and in the Boulder/Broomfield area.

Renters hunting for lower rates

“Vacancies continue to decline year over year as demand grows faster than the production of new rental product,” said Ron Throupe, professor of Real Estate at the Burns School of Real Estate and Construction Management at the University of Denver, and the report’s author. “However, since the third quarter of 2011 we’re seeing some additional frictional vacancy as tenants move around in response to rising rents.”

As vacancy rates moved down, the area’s median rent increased. During the fourth quarter of 2011, the median rent in metro Denver rose to $870, increasing 2.8 percent from 2010’s fourth-quarter median rent of $846.

The median rent rose in all counties measured, with the largest increases found in Denver County and in the Boulder/Broomfield area where the median rent grew year over year by 3.4 percent and 3.7 percent, respectively. The county areas with the highest median rents were the Boulder/Broomfield Area and Douglas County where the median rents were $993 and $1,046, respectively. Denver County reported the lowest median rent at $834.

“The overall median rent in the Denver area has now increased year over year for eight quarters in a row, and the median rent has increased by almost 60 dollars over that time,” said Ryan McMaken a spokesman for the Colorado Division of Housing. “The rent growth we’re now seeing is more robust than what we saw during the last expansion between 2002 and 2008.”

Rental losses due to concessions, discounts and delinquencies fell to a ten-year low, dropping to 8.8 percent during the fourth quarter of 2011 from 2010’s fourth-quarter rate of 9.8 percent. Fourth-quarter rental losses have not been lower since 2002.

2011’s second-quarter vacancy rates by county were Adams, 5.3 percent; Arapahoe, 6.8 percent; Boulder/Broomfield, 4.4 percent; Denver, 4.8 percent; Douglas, 4.7 percent; Jefferson, 4.4 percent.

Median rents for all counties were:

Adams, $873
Arapahoe, $840
Boulder/Broomfield, $993
Denver, $834
Douglas, $1046
Jefferson, $836.

Contact John Rebchook at JRCHOOK@gmail.com

Support letter for Shepherd

John Rebchook — Sun, 22 Jan 2012 23:35:23 +0000

Take a poll on the women involved in the “incident” at the end of this article.

Susan Shepherd before the "incident" when she had more to smile about.

City councilwoman Susan Shepherd on Sunday received more support from what was describe as a “cross-section of Northwest Denver and city-wide community activists.”

The letter, titled Community is Unity: Letter in Support of Civility and Councilwoman Susan Shepherd, was released by Michael Kadovitz, the Democratic co-captain of Colorado House District B, in response to what the missive described as an “unfortunate incident” that took place in Shepherd’s home from two women who on a recent evening showed up at her door step to talk about their opposition to RedPeak Properties plan for three, five-story apartment buildings.

Earlier, Chris Nevitt, Denver City Council President, released a similar letter, calling what happened to Shepherd “appalling,” and asking for people to behave more civilly toward each other and elected officials.

The grassroots group, No High Rises in West Highland, also released a statement saying that it does not “condone or encourage this type of behavior,” adding that as a group, it had nothing to do with what is being called “the incident.” InsideRealEstateNews, so far, has been unsuccessful in contacting the unidentified women to get their side of the story, but would welcome the opportunity.

Kadvovitz said that he was motivated to gather the signatures for the letter because he thinks such things as arriving at a council person’s house without an appointment that escalated into a shouting match is crossing the line and should not be seen as acceptable behavior.

“This upsetting incident unfolded in front of her family, including her four year child, who has special needs. Showing up at a Council member’s house to berate and attack them in front of their family simply crosses the line,” the letter states at one point.

Old-style politics in NW Denver

“I grew up here,” Kadovitz said. “I have been pretty active in Northwest Denver and neighborhood groups and I am the co-captain of the Democratic Party up here. Honestly, I’ve seen it all.”

He said that Northwest Denver politics in the past have included such things as leaving fish-heads on doorsteps and dumping opposition’s political signs in Sloan’s Lake.

“Frankly, I’ve had enough. We can disagree with us without resorting to yelling and berating elected officials. I didn’t vote for Susan (Shepherd),” although he did work in her office for three months.

He is not among the 2,000-plus people who signed the No High Rise group’s petition, “but I do think that five stories is a little too high. I’d probably rather see two or three stories.”

“On the war path”

On the other hand, he criticized some of the tactics of the group. “Five stories is in no way a high-rise,” he said. “And to run drawings of hyper-exagerrated building with 28 feet of HVAC and elevator shafts on the roof and publish it in an ad in the North Denver Tribune, when they know that is not accurate, is irresponsible. It seems like everyone is on the war path.”

That type of rhetoric fuels the already heated situation, leading some people to think it is acceptable to show up at Shepherd’s home in the evening and engage in shouting match, he said.

“I know people are passionate about the issue, and I understand why they are, but I think they have to realize that Susan and other council members have to represent everyone – not just people on their side. They should try to walk in Susan’s shoes before they feel it is Ok to berate her and come to her home and threaten her with a recall election.”

Been there, done that

Kadvovitz said he was guilty of the same type of rhetoric a few years ago, when he unsuccessfully opposed the downzoning of much of the homes in Sloan’s Lake and parts of West Highland.

“I think I expressed myself a little too strongly. I later apologize and made amends to (then councilman) Rick Garcia. Frankly, I think some of the newer three-story townhomes built in the neighborhood (before the zoning change) are quite lovely. I was against the downzoning, mostly because I thought property owner’s zoning shouldn’t be changed with out their permission, but I lost. But it went through a process, the other side won, and I live with it, and that is OK.”

He said Shepherd is aware of the letter and she thanked him for it.

Following is the letter:

“Recently an unfortunate incident occurred in the home Councilwoman Susan K. Shepherd. Two constituents showed up at her home on a Saturday night, unannounced, to ask five minutes of her time to share their opinion of the Red Peak development slated in the Highland Square district. Susan, being a public servant, and out of courtesy, allowed them into her home to listen to their concerns against the project. However the situation devolved into a heated verbal assault leveled at her with shouting and threats of a recall.

This upsetting incident unfolded in front of her family, including her four year child, who has special needs. Showing up at a Council member’s house to berate and attack them in front of their family simply crosses the line. NW Denver should be proud of the fact that we produce leaders, and not bullies. Currrently five of our elected city officials hail from NW Denver; Auditor Dennis Gallagher, and At-Large Council Members Debbie Ortega, and Robin Kniech, School Board Member Arturo Jimenez, as well as Councilwoman Susan Shepherd.

“We may disagree with them at times, but they are due some respect for stepping up to represent the entire electorate and not just those who supported them at election time.

As active community members, who care just as much about the welfare of our district and our city, we ask that others who may disagree with our elected officials, to maintain a civil manner when discussing issues of concern to our neighborhoods.

We the undersigned also wish to express our highest regard and respect for Councilwoman Shepherd as she represents the entirety of Council District #1.

Community is Unity.

Sincerely,

Daniel B. Markofsky, Esq.
Gosia Kung, Esq.
Rosemary Duane
Betty J. Kadovitz, Disabilities Advocate
Will Ferrara
Chad Reichl , Co-President, WeCAN
Linda MacIntyre
Ilan Salzberg
Niccolo Casewit, AIA
Janine and Marshal Vanderberg
Rev. Fidel “Butch” Montoya, H. S. Power & Light Ministries – Latino Faith Initiative
Jacob Werther, Westside Jewish Community
Sister Georgeanne Quinlin, BVM
Ed and Sally Augden, Retired Teachers
Dr. Martha M. Urioste- Education Consultant
Darrell B. Watson, President, Denver Parks and Recreation Advisory Board (DPRAB)
Dave Felice, Delegate, Inter-Neighborhood Cooperation (INC)
Isabelle “Izzy” DeSilver, Democratic Capt. Colorado House District 4A
Michael Wiltberger, Democratic Co-Capt Colorado House District 4A
Gino Furzi, Democratic Capt. Colorado House District 4B
Michael Kadovitz, Democratic Co-Captain, Colorado House District 4B
Betsy Daniel
Jon Lehmann
Susan Richardson, PCP #422
Diane Dunne, Democratic Vice Chair, Colorado House District 4
Mary Gonzalez, Democratic Secretary, House District 4
Rabbi Joel Schwartzman, Member, Rocky Mountain Rabbinical Council
Wendy Hawthorne, Executive Director, Groundwork Denver
Jude Del Hierro, Founder/Executive Director, Confluence Ministries

Kadovitz added that he contacted a number of other people, but they have not yet gotten back to him on whether they would be willing to sign the letter. He also said he would be open to have other people sign the letter who approve of its message.

Note: There is a poll embedded within this post, please visit the site to participate in this post's poll.

Contact John Rebchook at JRCHOOK@gmail.com

Zoning changes all over the map

John Rebchook — Wed, 21 Dec 2011 23:24:59 +0000

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Wherever there is color on the map, shows former R-4 zoning and its current zoning. (Click on images for a more detailed view.)

Take a poll at the end of this blog.

The answer: All over the map.

The question: How did Denver rezone parcels that previously held the R-4 designation?

The question is timely because three parcels near West 32nd Avenue and Lowell Boulevard, in the heart of West Highland, had been zoned R-4, and last year were rezoned as U-MS-5, or Urban Main Street zoning that allows a maximum of 5-story building, outraging a grassroots group, No High Rises In Northwest Denver.

More former R-4 parcels.

Neighbors opposing current plans for the three buildings on Lowell, Meade Street and Moncrieff Place by Denver-based RedPeak Properties are anxiously waiting to see if City Councilwoman Susan Shepherd agrees to move to rezone the parcels against the wishes of the current landowner, a group headed by Tom Wootten. If she decides to move forward on changing the current zoning, she must recuse herself from voting, and it would require a super-majority of the council, or 10 of the remaining 12, to downzone them.

If the move to downzone the land proceeds, it is expected to ripple throughout the fabric of Denver. One developer in northwest Denver, who is quietly working on his own plans of a 5-story apartment building, told InsideRealEstateNews that he will pull the plug on his plans if he feels that a group of neighbors who don’t like it could petition the City Council to change the zoning. He talked on the condition that his name not be used, as he is still negotiating to buy the land.

Chilling effect on development?

“What is the point of zoning if you can’t count on it? It serves no purpose,” he said.

I asked Denver’s Community Planning and Development agency to analyze how every R-4 zoned parcel had been changed, in part to see if the rezoning of the the West Highland parcels were unique. The CPD describes West Moncrieff Place and Meade Street as “undesignated local streets” and Lowell Boulevard as a “Residential Collector,” which opponents to the RedPeak project say should not allow such high density under guidelines from Blueprint Denver. However, the CPD said noted that the three streets are at an “important intersection directly near a Main Street Collector,” West 32nd Avenue, which is one of the reasons the department recommended U-MS-5 for the parcels.

Any colored areas represents a parcel where a 5-story building is allowed

The CPD did not have a data base that allowed it to sort and analyze the zoning changes as I requested. However, it created a map showing every former R-4 designation and what the new zoning on the land is now, following last year’s first major overhaul of the zoning code in more than 50 years. The department allowed me to look at the map on Wednesday, as well as one showing every 5-story designated parcel in the city, but did not allow me to keep copies of the maps.

The first map showed about 130 parcels that had been R-4. Of those, neither I nor members of the CPD staff with me, identified any other parcels that had been rezoned as U-MS-5, other than those in Wes Highland. However, there are seven new zoning designations that allow 5-story buildings and there are hundreds of parcels with those zoning designations. About 30 of the approximate 130 former R-4 zoned parcels now allow 5-story or higher buildings. Some parcels allow up to 20-story buildings, while one was rezoned as open space, which planners said they believe is its current use.

However, Principal Planner Tina Axelrad cautioned that simply quantifying what had been allowed and the zoning changes is misleading and doesn’t tell the entire story.

“That doesn’t consider the size of the parcels, the configuration of the land, or whether it is vacant or already has buildings on it,” she said. “In some cases, land might have been rezoned for 12-story buildings, because it already has a 12-story building on it.”

Rezoning R-4 parcels was especially difficult, she said.

Formerly R-4 zoned parcels

“R-4 was an odd duck,” Axelrad said. “The “R” stands for residential, but it also could include office, hotels and limited retail. It typically had no height limitations,” but in the West Highland case new developments would have allowed only up to 75 feet, or about six-story buildings under R-4, because of its proximity to single-family homes.

One size doesn’t fit all

Axelrad said the map that shows the fate of the former R-4 parcels confirmed what the department believed.

Colored areas show where 5-story buildings are allowed under the new zoning.

“There is no pattern,” Axelrad said. “The results truly are all over the map. We had no formula to plug in to determine the outcome of the new zoning.”

She also noted that the CPD did not change the zoning. After public hearings to hear as many voices as possible, it made a recommendation, which was presented to the City Council member, which in the West Highland case, was Rick Garcia. The entire City Council than approved the zoning changes.

Wootten, the landowner, earlier said it is his recollection that the planning department came up with the ultimate recommendation of U-MS-5, not him.

That is most likely true, said Steve Gordon, the city’s chief planner.

“With 200,000 pieces of property being rezoned, it is hard to single out the event around any specific parcel,” Gordon said. “But it would be highly unusual for a landowner to come up with the new zoning,” adding he doesn’t recall any such efforts by Wootten.

However, Wootten’s input was sought as the landowner, which was the procedure for all rezonings. Wootten clearly preferred the 5-story zoning more than the initial recommendation for a maximum height of two stories, but Gordon said he wouldn’t consider that “lobbying” for the higher-density zoning, at least not in a pejorative fashion.

“I don’t know why you would consider than ‘lobbying,’ any more than you would consider neighborhood group wanting a different zoning, lobbying,” Gordon said. “It was a very open process.”

The planning department decided on the U-MS-5 zoning using the same criteria as it did for all of the rezonings:

Existing conditions.
Zoning at the time.
Recommendations based on the Comprehensive Plan 2000 – an umbrella plan for all plans – and Blueprint Denver, an integrated land use and transportation plan approved by the city in 2002.

Opponents have said that the CPD clearly over-weighted the R-4 zoning, ignoring that the parcels are primarily surrounded by single family homes and that Blueprint Denver describes that part of the city as an “area of stability,” and not an “area of change.” An area of stability typically has less dense developments than an area of change.

But Axelrad insisted there was no over-weighting of the existing R-4 zoning.

Colored areas show where 5-story buildings are allowed.

“Our objective was to analyze everything,” she said, including the existing zoning, but also including such things as the pattern of the streets, alleys, existing buildings, its proximity to the West 32nd Avenue retailers and restaurants, as well as its proximity to single-family homes.

It also considered the feedback and perspectives of the landowners, neighbors and the West Highland Neighborhood Association, which opposed the zoning change from the get-go.

“We encouraged everyone and their mother to attend public hearings on the zoning change,” she said. “And we did have higher turnouts in West Highland than in most part of the city.”

To see a synopsis of a Dec. 6 meeting regarding how the parcels near West 32nd Avenue and Lowell Boulevard were rezoned, please visit this link.

Note: There is a poll embedded within this post, please visit the site to participate in this post's poll.

Boulder, Denver economically advantaged

John Rebchook — Tue, 20 Dec 2011 22:08:41 +0000

Richard Florida, the “Creative Class” guru who has long been admired by Gov. John Hickenlooper and others, has created an economic rating system that ranks Boulder and Denver in the nation’s top 20 cities as being economically advantaged.

Boulder ranked No. 8 and the Denver-Aurora area was 17th, on the new index, which examined 360 metropolitan statistical areas across the country.

Of the top 20, 15 of them were on either the West or East coasts. In other words, Colorado claimed two of the five spots between the coasts.

Florida, a senior editor at The Atlantic and director of the Martin Prosperity Institute at the University of Toronto’s Rotman School of Management, as well as the founder of hte Creative Class Group, ranked the MSAs on three measures of regional productivity and wealth: median household income, per capita income and average wages and salaries. Washington, D.C. and Silicon Valley topped the list.

Tom Clark, CEO of the Metro Denver Economic Development Corp. and Executive Vice President of the Denver Metro Chamber of Commerce, said not everyone is a fan of Florida’s and plenty of people have taken shots at him over the years.

But he seems to be on target when it comes to the Boulder-Denver area, especially in light of current and prospective economic development coups, he said.

For example, Clark, Hickenlooper and others recently launched an effort to bring a futuristic “spaceport” to the area, probably at the Front Range Airport in Adams County. General Electric this year announced plans for a cutting-edge solar manufacturing facility in Aurora and Arrow Electronics moved its world headquarters to the Denver area.

“I will tell you that one thing we watch are art and technology coming together,” Clark said. “By this I mean things that we once only dreamed about, which seemed like science fiction, are coming true. The mix of creativity and intellectual power are powerful combinations.”

Florida, in an Atlantic Cites Place Matters article titled, U.S. Metros That Can Most Afford to Buy Gifts This Year,” said that metro areas that rank high on the Economic Advantage Index share a number of traits.

They tend to have “more highly educated and more highly skilled populations – or what economists refer to as higher levels of human capital…The same is true of metros with a larger share of knowledge-based, professional and creative jobs.”

He goes on to say that metro economic advantage is associated with the concentration of high-tech industry, a high level of technological innovation measured by patents per capita. Also, MSAs that rank highly on the index have “higher levels of openness and diversity – whether in terms of the share of new immigrants or of gays and lesbians. More economically advantaged metros, not surprisingly, are also happier.”

Clark noted that he predicted that 2011 would be better than 2010 for the Front Range economy, and he expects 2012 to be another good year, with 50,000 new jobs coming to the area.

Some of the most prized jobs will be found in business “clusters” that his group has targeted for the past nine years, such as aerospace and clean energy.

“Our goal is to make the Denver area the most economically diverse area of the country,” Clark said. “2012 is going to be another solid year. It will be really solid, but not great.”

However, while the Denver-area housing market will benefit a bit from jobs coming to the metro area, Clark predicted the local housing market will not shoot the lights out next year.

“Housing is not going to really stage a comeback until 2013 and 2014,” Clark said. “The problem is we have a whole generation coming up that does not see houses as a wealth-building asset. They’ve seen what has happened in recent years, so that is a completely foreign concept to them. They are going to be more slow to buy real estate than previous generations. But their parents will help them buy homes and they will start to come around. We have to work on that.”

Rank	Metro Area	Economic Advantage Index
1	Washington, D.C., Arlington, Alexamdria	0.995
2	San Jose, Sunnyvale, Santa Clara	0.994
3	Bridgeport, Stamford, Norwalk	0.993
4	San Francisco, Oakland, Fremont	0.991
5	Boston, Cambridge, Quincy	0.981
6	Trenton, Ewing	0.981
7	Anchorage	0.973
8	BOULDER	0.969
9	New York, Northern New Jersey, Long Island	0.965
10	Hartford, West Hartford, East Hartford	0.964
11	Seattle, Tacoma, Bellevue	0.962
12	Baltimore, Towson	0.96
13	Napa	0.956
14	Manchester-Nashua, NH	0.951
15	Oxnard, Thousand Oaks, Ventura	0.948
16	New Haven, Milford	0.947
17	DENVER-AURORA	0.933
18	New Haven-Milford	0.932
19	Rochester, MN	0.931
20	Philadelphia, Camden, Wilmington	0.926

Contact John Rebchook at JRCHOOK@gmail.com

Real Estate conference coming to Denver

John Rebchook — Tue, 20 Dec 2011 21:08:10 +0000

“Denver hasn’t enjoyed such good press since Dynasty topped the Nielsen ratings.”

My former boss, Rob Reuteman, wrote those words 13 years ago when he was the Business Editor of the Rocky Mountain News.

Dynasty was a popular TV series that ran from 1981 to 1989 that followed the lives of a fictional oil family in Denver. The cast included Joan Collins, John Forsythe and Linda Evans.

The column he wrote was prompted by a flurry of positive newspaper articles from across the country following the National Association of Real Estate Editor’s conference was held in Denver in 1998.

“St. Petersburg and other Tampa Bay cities can take a cue from Denver, whose heart now pulsates with a diverse crowd of shoppers, diners, sports fans, and even condo and apartment dwellers,” an article in the St. Petersburg Times crowed following the conference.

While the Rocky Mountain News bit the dust in February 2009, ending the reign of the longest ongoing business in Colorado, NAREE is coming back to the Mile High City.

Denver will host NAREE’s 46th Annual Real Estate Journalism Conference from June 20-23 at the Brown Palace Hotel & Spa in downtown.

The Brown Palace and adjoining Comfort Inn will be the site of a real estate convention next June.

The four-day conference, titled A Mile High Recovery? is NAREE’s ”Ultimate News Conference” and is designed to draw writers, editors, authors and the nation’s leading real estate analysts and experts to focus on new trends in residential and commercial real estate and home and urban design.

NAREE went on to say this about the conference: “Conferees will enjoy newsworthy speakers, panel discussions, along with off-site tours to cutting-edge projects in Denver, known as a green city that promotes sustainable and walk-able development.”

The conference sessions will feature architects, urban planners, brokers, builders and developers discuss contemporary issues impacting development, sales and real estate finance. Topics are expected to include green building, design, multi-family development, foreclosure problems, vacation homes, seniors housing, appraisals, the office market, and more.

Some of the conference time also will be devoted to journalists and how they can adapt, survive and excel in print, video and online.

The conference will be headquartered in the historic Brown Palace Hotel, which Denverites all know, is “the grand dame of Denver hostelry,” as NAREE described it.

The hotel opened in 1892 and is connected by a second-floor skybridge to the affordable, contemporary-styled Comfort Inn, an outstanding limited-service value hotel. NAREE conference attendees may opt for rooms in either hotel, and will enjoy privileges of the Brown Palace in both.

Denver’s hotel market has been has been strong and those planning to attend should make hotel reservations early. Make reservations for either hotel by calling: 800-321-2599. Ask for NAREE’s special rates of $185 at the Brown Palace Hotel or $109 at the adjoining Comfort Inn.

“The Brown Palace has a stunning eight-story atrium lobby and myriad charming banquet rooms and historic suites,” said said NAREE Executive Director, Mary Doyle-Kimball.

A view of the interior of the Brown Palace

“Moving between the two hotels on the second story skybridge is seamless,” she continued. “Guests get a panoramic view of the Denver skyline on the bridge as they head to the impressive ballrooms. The Comfort Inn at the Brown Palace offers a refreshing contrast to its sister hotel. Rooms are delightful – appointed in light woods with metal and primary colors -and offer plenty of light. Those on the NAREE block at the Comfort Inn will be offered upgraded queen-sized rooms.”

NAREE registration fees, which cover admission to the elegant 62nd Journalism Awards event and the Bruss Book Awards, are affordable. Pre-registration before Feb. 15th is $99 for journalists who are Active Members of NAREE or $299 for Associate Members (publicists and industry representatives). After Feb. 15 and before June 15, registration is $119 for journalists and $399 for associates. The conference is open to all journalists covering the broad field of real estate. Journalists are encouraged to join now to receive a complimentary entry in NAREE’s upcoming real estate journalism competition.

What former Rocky Business Editor wrote in 1998, rings just as true today as it did then.

“No one here needs to be told that great strides have been made in downtown Denver in recent years,” Reutean wrote. “But maybe we need to be told a couple other things. First, that we are actually the object of envy, judging by some of what is being written. Second and more important, that the people who made things happen are not resting on their laurels.”

For more information on the conference, including sponsorship opportunities, please contact NAREE Executive Director Mary Doyle-Kimball: 561-391-3599 or at madkimba@aol.com To register, please visit this link.

Mortenson – 30 years in Colorado

John Rebchook — Tue, 13 Dec 2011 16:21:48 +0000

Mortenson Construction recently celebrated its 30th anniversary in Colorado.

1800 Larimer is one of the many high-profiled buildings constructed by Mortenson.

Since 1981, Mortenson has built more than 350 projects totaling 35 million square feet of space in Colorado, valued at more than $4.9 billion, including some of the most significant and recognizable structures in Denver and Colorado. They have ranged from 1800 Larimer, the first Platinum LEED-certified office high-rise in Denver to the Vestas wind turbine factory in Windsor.

To mark the occasion, the company hosted a “thank you” party at the Denver Center for the Performing Arts. More than 450 people attended, and Denver Mayor Michael Hancock spoke to the gathering of friends, family, employees and associates.

“Mortenson is very proud of our achievements in Colorado our ability to build many of the structures and buildings that have contributed to growth and success of the state and the people who live and work here,” said Bob Hansen, vice president of Mortenson in Denver. “We have established many trusted and long lasting relationships over the years, and we greatly appreciate all of those relationships. These past 30 years – and our next 30 years – would not be possible without the outstanding people we work with and those who make-up the Mortenson team.”

Some high-visbility and well-known Colorado projects include The Pepsi Center, Coors Field, ; the NREL Science and Technology Building in Golden (the nation’s first LEED Platinum federal building), and the recent 1800 Larimer addition to the downtown skyline.

Beyond successful construction projects, Mortenson’s Colorado office has also achieved several other important milestones during its history in the state. For example, the company has achieved a world class safety record with zero recordable OSHA incidents during the past year; has recorded millions of hours without a lost time accident, and has been awarded scores of industry awards for its new and innovative approaches to construction.

Some of Mortenson’s notable Colorado projects include:

1800 Larimer Office Building — Denver
Commerce City Civic and Justice Center — Commerce City,
Coors Field Colorado Rockies Baseball Stadium — Denver
Denver Art Museum Frederic C. Hamilton Building — Denver
Denver Health Pavilion for Women and Children — Denver
Denver International Airport Concourse B — Denver
Edith Kinney Gaylord Cornerstone Arts Center — Colorado Springs
Exempla Lutheran Medical Center Northeast Addition — Wheat Ridge
National Renewable Energy Lab Science and Technology Facility — Golden
Pepsi Center — Denver
Ralph L. Carr Colorado Judicial Center – Denver
Ritz-Carlton Hotel — Denver
RTD Elati Light Rail Maintenance Facility — Englewood
University of Colorado Denver Anschutz Medical Campus Research II — Aurora
Vestas Blade Facility — Windsor

Contact John Rebchook at JRCHOOK@gmail.com

Foreclosure freefall continues

John Rebchook — Tue, 08 Nov 2011 07:00:28 +0000

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New foreclosure notices in Colorado fell to 23,338 filings during 2011’s first nine months, falling 27 percent from the 32,009 filings reported during the same period of 2010, according to a state report released on Tuesday.

Foreclosure sales at auction, the event that completes the foreclosure process, were also down during the first nine months of the year, the Colorado Division of Housing reported. Auction sales fell 18 percent from 2010’s nine-month total of 19,163 to a total of 15,560 sales reported during the same period of this year.

Foreclosure filing totals for the third quarter of this year were down 24.6 percent, falling to 8,026 this year from 2010’s third-quarter total of 10,640. Foreclosure sales at auction fell 29.8 percent to 4,627 from 2010’s third-quarter total of 6,590.

From the second quarter to the third quarter of this year, foreclosure filings rose 11 percent, while foreclosure auction sales fell 13.2 percent.

Foreclosure filings fell to an 11-quarter low during the second quarter of this year, and although filings rose during the third quarter, they remain near three-year lows. During the third quarter of this year, foreclosure filings totals were 35 percent below the peak in foreclosure filings reached during 2009. The year-over-year decline in foreclosure filings and in auction sales reflects an ongoing trend that began in late 2010.

“In the wake of the controversies about the processing of foreclosures that surfaced in late 2010, foreclosure totals fell off significantly,” said said Ryan McMaken, a spokesman with the Colorado Division of Housing. “The surprising thing is that the numbers didn’t bounce back this year. We’re now likely to end this year with far fewer foreclosure filings than occurred last year, but there still may be a sizable inventory in pending foreclosures that have yet to be processed.”

While several regions of Colorado saw improvement during the third quarter, some areas continued to experience continued growth in foreclosures.

Statewide trend

All 12of the state’s metropolitan counties reported drops in both foreclosure filings and auction sales during the third quarter. From the third quarter of 2010 to the same period this year, Adams County filings fell 32 percent and Denver County filings fell 31 percent. Foreclosure filings in Mesa County fell 33 percent during the same period. Most of the state’s 64 counties reported year-over-year declines in foreclosure filings.

Those counties that did experience increases were generally found on the Western Slope and outside the Front Range. From the third quarter of 2010 to the same period this year, filings in Summit County rose 19 percent, and they rose 20 percent in Chafee County. Filings rose 19 percent in San Miguel County.

“The few pockets of growth we found in foreclosures tended to be in the mountains, and we’re also finding more mountain counties among the counties with the highest foreclosure rates,” McMaken said. “The 10 counties with the highest foreclosure rates now include Summit, Grand, Gunnison, and Park counties. The demand for home buying dropped off much later in the mountains than along the Front Range, and it looks like they’re still adjusting to the shift in those markets.”

Foreclosure sales are opened foreclosures that have proceeded through the full foreclosure process to final sale at public auction. Filings denote the beginning of the foreclosure process, and once a foreclosure is filed, the borrower has at least 110-120 days to work with the lender to avoid a completed foreclosure. It is during this period that borrowers work with lenders and housing counselors to work out loan modifications, short sales, or other ways of withdrawing the foreclosure.

The full report is available on the Division of Housing blog.

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Contact John Rebchook at JRCHOOK@gmail.com

Down-zoning unlikely to spark taking

John Rebchook — Thu, 03 Nov 2011 23:49:57 +0000

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The Fifth Amendment to the U.S. Constitution states that private property shall not be “taken for public use without just compensation.”

Over the years, “takings” have become major property right issues that the U.S. Supreme Court has grappled with, resulting in various decisions. On a number of occasions, the court cases revolved around a drop in property values due to zoning changes.

Many residents in West Highland in Denver would like to see land that was rezoned last year in their neighborhood to allow five-story buildings to be changed to a zoning that would bring fewer people and less congestion to the trendy northwest Denver area.

Prominent DU law professor thinks Denver could down-zone property without "taking" the property rights of the developer.

Denver-based RedPeak Properties is looking at developing three, five-story buildings on parcels near West 32nd Avenue and Lowell Boulevard, and many neighbors feel that is inappropriate for an area of mostly single-family, detached homes, where street parking and traffic congestion already are hassles. They fear the tall buildings would change the character of the neighborhood and bring more congestion and noise to the area. Many said they would welcome a more appropriate development that would fit in better with the character of the charming strip of nearby retailers, restaurants and homes.

But the question, although academic at this time, looms: If the parcels were down-zoned, would Denver be seen as “taking” the property rights of RedPeak and be liable for damages?

An executive at RedPeak declined to comment on that possibility, as he is meeting with City Councilwoman Susan Shepherd on Friday to discuss the project.

“Clearly, the developer could claim that,” said Byron Koste, emeritus executive director of the Colorado Real Estate Center in Boulder. “Whether they would be successful or not is unclear. That is why judges get paid a lot of money.”

City could likely down-zone church site

Jan Laitos, a University of Denver professor at the Sturm College of Law, who is one of the nation’s foremost experts on takings, said based on what he was told about the West Highland parcels by InsideRealEstateNews, he doesn’t think a developer could successfully claim a taking, if the land is down-zoned.

“My guess is that it would not be an actionable taking,” Laitos said. “The reason is because there would still be some use for the land after it was down-zoned. Its value is not going to go down to zero. The developer would simply make less money. If the city had a rational thesis for the change, and it was not based on animus, or anger toward the developer, or some racially exclusionary reason, my guess is that it would be a hard sell to a judge.”

Still, in some ways the situation presents a “textbook classic case” of issues raised in taking cases, he said, since the developer would be buying the land in good faith that he would be able to develop the parcels under the current zoning.

“And then the city changes the rules,” Laitos said “Changes them in mid-stream. There is a lot of money involved in these big projects and part of a taking addresses investment-backed expectations.”

It is possible the developer, he said, could make the case that it is owed any money it has spent so far, based on the current zoning,

“But on balance, I think it would be an uphill battle for the developer,” Laitos said. “I would give it a 60-40 chance. Of course, that means there is a 40 percent chance the developer could win. You never know how a judge is going to rule.”

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Give me land…lots of land

John Rebchook — Tue, 01 Nov 2011 18:42:52 +0000

Hedge fund billionaire Louis Bacon may have won his battle with Xcel to preserve the views of Trinchera Peak.

If you combined their land holdings, their ranches would exceed the size of Connecticut.

These six moguls either are based in Colorado, have have strong ties to Denver, or have large real estate holdings in Colorado.

Led by John Malone, chairman of locally-based Liberty Media, and the nation’s No. 1 landowner, these half-dozen ranch barons together own more than 4 million acres of property, according to the fall edition of the Land Report, which recently published a list of the top 100 landowners in the U.S.

That’s the equivalent of all the land in Connecticut with enough room left over to add five cities the size of Denver.

Malone accounted for more than half of the total, with 2.2 million acres. His holdings include the 290,100-acre Bell Ranch in New Mexico, as well as more than a million acres of timberland in Maine and New Hampshire. He bought a million acres this year alone, putting him ahead of long-time friend, CNN-founder Ted Turner. Turner ranked No. 2 on the list this year. Indeed, Malone says it was Turner who first inflicted him with “this land-buying disease.”

Malone: Good time to buy

Malone’s land-buying spree in 2011 was fueled by the same factors considered by many recent home buyers who are not billionaires – depressed prices and low interest rates.

He told Land Report that he operates his property to break even and he thinks real estate is a “pretty decent hedge on the devaluation of currency.” Ultimately, Malone plans to put all of his land into perpetual conservation easements.

Here are others based in Colorado or with strong ties to the state who made the list.

Rank: No. 10

Who: Stan Kroenke

Acres: 740,000

What LandReport said: Stan Kroenke is perhaps most famous for his extensive ownership interests in various professional sport franchises: the NFL’s St. Louis Rams, the NBA’s Denver Nuggets, the NHL’s Colorado Rapids, the MLS’s Colorado Rapids. But he’s also made a name for himself in the West with his CedarRanch, PV Ranch and Q Creek Land & Livestock Company. If you find yourself at Kroenke’s Pepsi Center in Denver to watch his Nuggets play, try a buffalo burger at his Blue Sky Grill, supplied by his herd at Q Creek.”

Rank: No. 18

Who: Philip Anschutz

Acres: 434,493

What Land Report said: Although fiercely private, Philip Anschutz has made his name known in a wide variety of industries thanks to his unerring business acumen. In addition to owning sizeable and successful ranching operations such as the Overland Trail Cattle Company in Wyoming, his Anschutz Corporation has worldwide investments in energy exploration and production, real estate, ranching and agriculture, telecommunications, newspapers, and Internet publishing. And his Anschutz Entertainment Group, the world’s largest owner and operator of sports and entertainment venues, recently made new by announcing a new NFL stadium in Los Angeles.

Rank: No. 25

Who: Patrick Broe

Acres: 310,000

What Land Report said: The Broe Group founder Patrick Broe champions sustainability and conservation efforts on his ranches At his Notch Peak Ranch in Wyoming, the focus is an ongoing reforestation project as well as initiatives to protect wild game. The ranch is home to one of the area’s largest herds of bighorn sheep. At his Great Western Ranch in New Mexico, Broe works to preserve the spirit of the true Western ranch, complete with a large, well-managed herd of cattle an an abundance of big game.

Rank: 45

Who: Louis Moore Bacon

Acres: 212,000

What Land Report said: The bulk of this hedge fund manager’s holdings can be found in Southern Colorado, where his 171,000-acre Trinchera Ranch abuts Great Sand Dunes National Park in the San Luis Valley. Trinchera is also home to the fifth highest peak in the lower 48. A noted conservationists, Bacon is battling to prevent Xcel Energy and Tri-State Generation from erecting a $180 million power line that will run some 136 miles over La Veta Pass and into San Luis Valley. (Editor’s Note: Xcel said this week it is considering pulling its plans for the power line due to a lack of projected demand and other factors.)

Rank: No. 87

Who: Linnebur Family

Acres: 110,000

What Land Report said: The family had a proud history of land-holdings in Colorado. Gene Linnebur and descendants of his late brother, Emmett and Lloyd continue the tradition in a variety of farming and ranching endeavors, including Linnebur Grain & Buffalo.

To read the entire Land Report magazine, please visit this link.

Contact John Rebchook at JRCHOOK@gmail.com

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