CREJ

I n December 2018, Denver City Council approved a rezoning for the 62-acre parcel that is cur- rently home to the Elitch Gar- dens amusement park, the first step toward realizing a massive urban reconfiguration that developer Revesco Properties is calling “The River Mile.” The River Mile is a mixed-use devel- opment and one of the first in Denver to offer true riverfront real estate.With no height restrictions, the rezoning also opened the door for The River Mile to build some of the tallest towers in the city, meaning it has potential to greatly influence not only the live-play sectors of retail and multifamily but the office sector as well. With its proximity to downtown and Interstate 25 and Revesco’s dedicated vision,The River Mile is primed to feed the growing tech demand for office space and change Denver’s commercial land- scape. However, with the project still in its infancy, the question becomes: Can the early phas- es of The River Mile cash in on this promise before the economic climate changes and growth slows? Amid a federal interest rate cut – the first since 2008 – and discussions of a bear market that may lead to another major economic slowdown, the simple answer would seem to be “no.” Revesco’s first task is mak- ing infrastructure improvements and dredging parts of the South Platte River to avoid flooding. As a result of this much-needed preliminary work, Revesco has indicated that it likely will not break ground for another two years at least. However, Denver has experienced incredible growth since the beginning of the recovery cycle in 2009, one that has seen demand for Class A space downtown skyrocket. Over the last several years, Denver has cultivated a reputation as a “second Silicon Val- ley” of sorts, attracting both startups and more established tech tenants seeking asylum from the high rents in San Francisco and Silicon Valley. It is a movement the state has wholly embraced, offering tax credits to companies that can commit to creat- ing new jobs. While the influx of tech compa- nies (and capital) may have been Please see Stamp, Page 23 September 201 9 INSIDE Paying off PAGE 7 One of a kind PAGE 19 Being human PAGE 10 Owners who have invested heavily in capital improvements are realizing increased rents Functional design implements a company’s unique culture into the workplace Investing in relationships can add value amid changing office space trends Elitch redevelopment to change Denver – but when? Cara Stamp Research analyst, Avison Young Revesco Properties envisions The River Mile as an iconic destination and major step in the evolution of downtown Denver.