July 2016 — Land & Development Quarterly —
Page 19
Industrial.
The light-industrial por-
tion of 2534 has become very active
recently with recent sales of land to
High Country Beverage, a beer dis-
tributor who is under construction
on its headquarters facility, which
will be approximately 130,000 sf,
and to Swire Coca-Cola U.S.A. for an
approximately 125,000-sf regional
distribution facility. Chrisland bro-
kered both of these sales. Addi-
tionally, a small site recently was
acquired by a self-storage developer.
The activity at 2534 remains
extremely strong with numer-
ous transactions in some phase of
negotiation, or under contract, and
very strong interest from many
developers, or users, for a variety
of property types. We estimate that
the aggregate value of the projects
that will be completed, are under
construction or will break ground
at 2534 in 2016 will approach, or
exceed, $500 million. 2534 remains
the address of choice in Northern
Colorado and we expect this to
continue until full build-out, which
likely won’t take long at the pace
we’ve seen the project absorb over
the past 24 months.
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mental and Xcel Energy cooperation
to remedy. After all the obstacles
were overcome, FTDI was able to
move forward with the project.
“Although the entitlement process
was lengthy, the speed at which
we were able to secure commercial
contracts was very quick because
everyone saw the enormous poten-
tial of this new development given
the proximity to the growing popu-
lation in southeast Aurora and the
Southlands Shopping Center,” said
Johnson. “Forest Trace Village repre-
sents some of the last retail space
available east of E-470 on Smoky Hill
Road. The demand for this location
was high and Forest Trace was able
to capitalize on that,” said Johnson.
Norris Design was the land plan-
ner for the residential area of Forest
Trace Village and worked closely
with Martin & Martin, who was
responsible for engineering the resi-
dential land. Galloway Engineering
acted as both the land planner and
engineer for the commercial pad
development. Waner Construction
was the general contractor for the
commercial pads, while Richmond
American Homes managed its own
construction. Citywide Bank pro-
vided the construction loan for all
vertical development of the mult-
itenant building and the commercial
pad sites.
There is a tremendous amount of
construction activity on the property.
Commercial and retail sites are in
full construction mode, as is the resi-
dential infrastructure and construc-
tion. The 7-Eleven convenience store
and the Sherwin-Williams store are
already open. The excitement around
this project has been evident since
the beginning and we are excited to
continue moving forward with the
development. All retailers are likely
to be open by the end of 2016 or
early 2017.
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tion – approximately 100 projects
underway – across the metro area
with 21,000 to 22,000 units still pro-
posed.
However, he noted that vacancy
ended the second quarter at 5.07
percent – consistently trending ever-
so-slightly upward – and rent growth
is starting to slow from “nosebleed”
levels of 12 to 13 percent annually
to today at 6 percent. He anticipates
rent to have reached its high point
and level off while the market will
continue to deliver 9,000 to 11,000
units per year with absorption
around 8,000 to 8,500 units per year.
“The rate of the pipeline is slow-
ing,” added O’Dell. “We are seeing
(land) prices at a high point and don’t
expect them to fall significantly,
maybe level off.”
In addition to areas of growth along
South Broadway and Santa Fe, espe-
cially the arts district, O'Dell sees a
lot of activity in Northern Colorado,
such as Loveland and Fort Collins.
Additionally, activity is growing in
Colorado Springs.
The wild card, O’Dell acknowledges,
is construction defect legislation.
“That’s a game changer if and when
reform happens,” he said. “We’d see
a significant amount of new activity
put pressure on land sales.”
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Council Aug. 1, 2011.
In summer 2012, a year after ini-
tial entitlements were in place, the
future arrived at Leyden Rock.
With an emphasis on sustainable
design and “doing simple well,” the
“Lookout” neighborhood, the first at
Leyden Rock, was under construc-
tion. The first model homes opened
in September. Several homebuilders
were involved or looking to become a
part of the exciting new community.
Future phase neighborhood designs
were moving through the approval
process, following quickly on the heels
of the work already underway. It cer-
tainly had been stormy for a while, but
it appeared as though the clouds were
breaking.
In December 2012, the second phase
of Leyden Rock was unanimously
approved by City Council. Entering
2013, we welcomed signs of continu-
ing improvement in the homebuilding
marketplace. Model homes opened
and home sales were brisk.Wayfind-
ing signage was complete and con-
struction of the main entry landscape,
monuments and signage was under-
way.
May 20, 2014, the final phase of Ley-
den Rock was unanimously approved
by City Council. This final entitle-
ment approval represented an over-
all approval of 1,439 homes, or 100
percent of the units, approved with
the original master plan in 2011 and
included the final portion of over 600
acres of parks and public open space
that includes over 19 miles of trails.
Results, naturally.
On Jan. 19, Leyden
Rock was awardedThe Nationals
Silver Award for Best Landscape of a
Master Planned Community in the
International Builders Show in Las
Vegas.With a focus on sustainability
and preservation, Leyden Rock’s land-
scape design was critical in communi-
cating to the diverse market of future
residents that the community genu-
inely brings people together through
nature. The award also validated the
design’s emphasis on the conserva-
tion and stewardship of water and the
natural environment.
In the May 2016 issue of Builder
Magazine, Leyden Rock was No. 9
among the 25 top-selling communities
in the United States – the only Colo-
rado community to make the list.
Design diversity in neighborhoods,
street scenes and home styles contin-
ues to contribute to the beauty and
sustainability of Leyden Rock. The
community now includes 10 home-
builders, seven product lines – second
move-up, third move-up, small patio,
luxury patio, paired patio, semicustom
and luxury – 52 models and 156 differ-
ent elevations.
Thriving community.
By preserving the
inherent virtues of the site, establish-
ing a unique community character
and integrating nature into every
aspect of the master plan process,
Leyden Rock transcended the troubled
economic climate into which it was
born. Following through on the integri-
ty of its original vision, it has matured
into a vibrant, dynamic community
that will endure for generations.
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Main & Main
Forest Trace
Land Rush
Leyden
Sheels will open its 250,000-square-foot store in 2017.
Jay S. Simon
Design goals for the project included consolidating open space and preserving native
landscapes and wildlife habitat while simplifying maintenance.
Jay S. Simon
Jack fencing, a historic Colorado fence style, was incorporated into Leyden Rock.
