CREJ - Office Properties

24 / 32

Page 24 — Office Properties Quarterly — January 2015
Developer Spotlight
I nnovation is not always associ-
ated with commercial real estate
development. But that didn’t
stop three developers – George
Wallace, John Madden and
George Beardsley – from turning sub-
urban Denver into a national pioneer
in office park master planning and
development.
The notorious George Wallace was
the founder and creator of the Den-
ver Tech Center. His land assembly
and master-planning skills initiated
the vision for what has become one
of the more vibrant and compre-
hensive office parks in the country.
In the 1950s, with a desire to create
an area where people could live and
work comfortably, Wallace bought 40
acres between Interstate 25, Valen-
tina Street and Prentice Avenue. With
that, the Denver Tech Center was
born. By 1965, Wallace had acquired
nearly 1,000 acres.
Soon to follow was the creative and
entrepreneurial John Madden, who
pioneered the west side of I-25 in
Greenwood Village, when there was
nothing but horse properties and
old farms. Belleview and I-25 was
an outpost on the southern extremi-
ties of Denver. The next interchange
was not until the remote County
Line Road, where Inverness would
follow as the next major office park
development under the leadership of
George Beardsley.
All three of these men were inno-
vators ahead of their time. They had
vision, courage and a keen sense for
development that helped shape Den-
ver’s economy since the 1960s. The
developers pursued their own respec-
tive zoning and entitlements, and,
as the market advanced, so did the
developments.
Following their own instincts and
aesthetics led to respective suc-
cesses. Beardsley is
remembered for his
strong belief in the
balance of devel-
opment with land
conservation, while
Madden is known
for his blend of art,
architecture and
landscape. With
individual flair,
each office park has
a distinct legacy
and reputation that
is largely connected
to the founders of
each park.
The innovations transformed the
high desert Plains of Denver into one
of the most revered suburban office
park assemblages in the country.
Before the Urban Land Institute was
mature enough to be a resource for
development, developers learned
from each other by taking the best
practices and applying them to their
respective developments.
These men individually, and at
times collectively, initiated compre-
hensive land development strategies
that introduced water conservation,
infrastructure funding, mass transit
options, recreation, entertainment,
culture and a wide variety of lifestyle
features distinct to their own office
parks. Over the last 40-plus years,
the southern I-25 corridor evolved
into the office park development
handbook. Collaborations with spe-
cial improvement districts, water and
sanitation districts and inter-govern-
mental agreements, strict develop-
ment covenants, and a focused eye
on aesthetics were all intelligently
assembled in the pursuit of creating
lasting values, as well as a place for
people to enjoy where they worked.
The development progress over the
decades became more sophisticated
with national office building, retail
and housing developers placing their
stakes in each of these parks. As
growth moved south, so did the cre-
ation of yet another formidable office
park: Meridian. Meridian was mas-
ter planned under the skilled team
of the Denver Tech Center owner-
ship. Meridian advanced the lessons
learned from the original office park
developments and crafted a well-
conceived extension of this proven
trend.
Each of these office parks has indi-
vidual style and appeal. Inverness
consists mostly of low- to mid-rise
office buildings and the Inverness
Hotel, as well as a golf course, res-
taurants and some retail. In the Tech
Center, Greenwood Plaza is mostly
low- and mid-rise office buildings,
alongside the Greenwood Athletic
and Tennis Club as well as mixed-use
development consisting of high-rise
buildings and Fiddlers Green Amphi-
theater. DTC is the most diverse and
versatile south suburban office park
due to its distinct mix of low-, mid-
and high-rise office buildings, retail,
service, single and multifamily resi-
dential, hospitality, hotels, education
and recreation facilities.
Each park attracts a group of office
users that select one geographic
location over the other for their own
specific reasons, which created a
competitive environment that perme-
ates today.
The progressive growth of the
southern I-25 corridor generated an
expansion in all phases of develop-
ment, including public transportation,
expansive residential developments
and retail centers of all types. The
Regional Transportation District’s
light rail took decades to go from
concept to reality, but today anchors
each of the I-25 office parks with
strategically placed stations. Centen-
nial Airport is one of the country’s
busiest private aviation airports,
which caters from the sophisti-
cated corporate fleets to the private
aviation enthusiasts. Dove Valley is
the home of the Denver Broncos,
which adds even more caché to this
remarkable economic engine.
Park Meadows mall was a natural
progression for southern I-25 cor-
ridor’s ever-growing market. This
regional upscale shopping center was
a magnet for a wide variety of other
lifestyle retail, which eventually drew
the iconic Ikea to this market.
Well-planned and strategic growth
continues. The prestige of this sub-
market has a national presence
and reputation for the quality of the
development, as well as the value
of the real estate assets. School dis-
tricts flourish, housing developments
remain strong, sales tax collection
continues to grow and the focus on
the high quality of life continues to
lead the way.
The southern I-25 corridor still
will feel the impacts of a recession,
like anywhere else, but the market
has demonstrated remarkable resil-
ience and ability to recover over the
decades. National developers and
corporate headquarters are the norm
today. It took decades to get to this
point and progress continues at an
impressive rate.
This corridor may have taken a dif-
ferent course if it had not been for
the vision, creative energy and appe-
tite for risk exhibited by the original
developer pioneers of Wallace, Mad-
den and Beardsley. Their pioneer-
ing spirit has forever altered the real
estate landscape of the south metro
area, which has created billions of
dollars of value.s
J Madden
Co-chairman,
director of
development,
John Madden Co.,
Greenwood Village
The lobby plan for the JM Plaza, a proposed office property in Greenwood Village, is one example of the ever-growing market.