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Page 2C — COLORADO REAL ESTATE JOURNAL — March 18-March 31, 2015
D owntown Denver is currently
experiencing one of the
most dynamic and active
development cycles in its history.
Cranes tower across the city’s
skyline and there is an unmistakable
feeling of energy and vibrancy on
almost every corner. Approximately
$1.87 billion is being invested in
over 34 private and public projects
in the Central Business District and
throughout Downtown’s city center
neighborhoods. Combined this
investment will continue Downtown’s
growth and make it an even more
attractive place to build, live, work,
stay and play.
While these projects vary in use,
density and scale, each one is
different and when completed will
contribute in its own way to the
city’s overall economic vitality. Two
unique features of this development
cycle are the diversity of the types
of projects and where they are
located geographically. This will result
in an outcome that provides more
sustainable land use and at the same
time delivers financially successful
developments.
Developers have analyzed historical
trends and past development cycles
and are using the lessons learned as
a lens as they evaluate new projects
to ensure they are responding
appropriately to our markets’ current
demand for additional space.
One of the macro trends fueling
this development is that for the
first time in this country’s history,
the majority of the population lives
in cities. Leading this charge are
the nation’s two fastest growing
demographic segments: baby
boomers (born 1946-1964) and
the millennials (born 1981-2000).
The millennials, seeking work-life
balance, short commutes and
compact communities, wish to be
near cultural, social and convenient
amenities. They are looking for
accessible education, recreation and
cultural amenities; smaller workplaces
with open spaces for creative
interaction and meetings; close
proximity to transit; and compact
communities.
Employers are beginning to
realize that millennials – their future
workforce – want to work in urban
centers located close to where they
want to live. Strategically-minded
companies are looking to return to
downtowns as part of a recruitment
plan to attract the best and brightest
of the future workforce.
Denver appears to be well
positioned to reap the economic
benefits of the millennial generation
and its desires. According to a recent
report by the Brookings Institution,
in 2013, Denver was ranked as the
number two city in terms of attracting
the future workforce from around the
country to live and work.
T he redevelopment of
Denver Union Station is a
unique and transformative
development project that is already
changing Downtown Denver. As
the future multimodal transportation
hub of the Rocky Mountain region,
the publicly funded Denver Union
Station Infrastructure Redevelopment
project is spurring significant private
development around the transit center.
This multi-billion dollar project has
been in the works for several years
and over the past year a number of
significant milestones were reached.
When the final phase is completed,
Denver Union Station will be the hub
for the entire multi-billion FasTracks
program that was approved by
voters in 2004. The RTD FasTracks
Program is a comprehensive transit
expansion plan to build 122 miles of
new commuter rail and light rail, 18
miles of bus rapid transit, 21,000
new parking spaces at light rail and
bus stations, and enhanced bus
service for easy, convenient bus/rail
connections across the metro area.
This Program is one of the most
ambitious rail projects in the United
States.
Denver Union Station will serve
as a centralized transportation hub,
integrating light rail, commuter rail,
and intercity rail (Amtrak), as well
as regional, express, and local bus
service, the 16th Street Mall shuttle,
Free MetroRide, and intercity buses,
taxis, shuttles, vans, limousines,
bicycles and pedestrians.
The hub includes a 22 bay
underground bus terminal that
serves as the spine of the entire site
and features an interior pedestrian
concourse. The new terminal opened
and began operation in May of 2014
and replaced the existing Market St.
Station which will soon become a
new re-development site. The recently
completed Chestnut and Wewatta
pavilions and plaza areas now provide
a street level connection between
the light rail station and Mall shuttle
platforms at one end of the terminal
and the commuter rail platforms at the
other.
The existing Denver Union Station
building underwent an 18 month
long extensive historic renovation that
was completed in summer of 2014.
The station remains a downtown
landmark and serves as an anchor of
the larger master plan for the overall
development. The station will continue
to serve as the gateway to the new
transportation hub which is in its final
phase of construction being developed
on land behind it. The station’s upper
floors of the north and south wings
were converted into the 112 room
The Crawford Hotel that welcomed its
first guests in July of 2014.
The station’s Great Hall now
serves as the hotel’s lobby and
the remaining 22,000 SF of retail
space on the ground floor is now
home to a number of distinct new
restaurants and stores including Stoic
& Genuine by Chef Jennifer Jasinski,
Mercantile Dining & Provision by Chef
Alex Seidel, Snooze, The Kitchen
Next Door, Five Green Boxes, Acme
Burger & Brat Corporation, Bloom,
The Cooper Lounge, Milkbox Ice
Creamery, Fresh Exchange, Pigtrain
Coffee Co., Terminal Bar and a new
outpost for The Tattered Cover.
The first rail line of FasTracks to be
completed, the West Line, opened in
April of 2013 connecting Downtown
Denver with the Jefferson County
Government Center in Golden. The
12.1 mile light rail corridor features
11 new stations as well as new Park-
n-Rides and Call-n-Rides.
The Eagle P3 Project is currently
under construction and scheduled
for completion in 2016. When it
is completed, it will provide three
new commuter rail lines to the RTD
network. These include a segment
of the Northwest Rail Line towards
Westminster including a Commuter
Rail Maintenance Facility and the Gold
Line that will connect the system to
Wheat Ridge. The third component of
the project is the East Rail Line that
will provide a direct rail connection
between Downtown and Denver
International Airport.
Image courtesy of Larimer Associates and Denver Union Station
View of the recently opened Terminal Bar on the ground floor of the Great Train Hall with
the Cooper Lounge on the mezzanine above featuring windows that look out onto 17th St.
Image courtesy of RTD
The recently completed outdoor train room where the East Line commuter rail will begin service between Denver Union Station and
Denver International Airport beginning in early 2016.