Page 2B —
COLORADO REAL ESTATE JOURNAL
— June 15-July 5, 2016
DENVER UNION STATION
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
$2.5 billion is being invested in
over 32 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. In 2016, U.S. News
and World Report ranked Denver as
the number one best place to live in
the entire country and Forbes ranked
it the number one best place for
business and careers.
T
he redevelopment of Denver
Union Station is a unique and
transformative development
project that continues to change
Downtown Denver. As the 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.
Denver Union Station is 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 enhance
bus service for easy, convenient bus/rail
connections across the metro area. This
Program is one of the most ambitious
transit projects in the United States.
Denver Union Station serves as
the 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 Chestnut
and Wewatta pavilions and plaza
areas 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 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 serves as the gateway to the
new transportation hub, which was
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 serves as
the hotel’s lobby and the remaining
22,000 SF of retail space on the
ground floor is 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 Delicatessen, Bloom,
The Cooper Lounge, Milkbox Ice
Creamery, Terminal B, 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.
There are four new transit lines that
will open in 2016 and further connect
Denver Union Station to surrounding
cities and communities. The Flatiron
Flyer began operations in January
and is a bus rapid transit service that
connects Downtown to Boulder and all
of the cities in between. The University
of Colorado A Line opened in April and
provides easy, affordable and reliable
connections to Denver International
Airport and the communities along
the way. The B Line will open in July
providing direct service to Westminster
and the G Line service that connects
to Wheat Ridge will open later this fall.
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
Aerial view of the recently completed outdoor train room where the University of Colorado A Line commuter rail began service between
Denver Union Station and Denver International Airport in April of 2016.
