CREJ - Office Properties Quarterly - October 2015
During the Great Recession, Lincoln Property Co. halted plans for an office development at Colorado Boulevard and Interstate 25. After the markets recovered, those involved say the project benefited from this hiatus. The project’s goal evolved from enhancing the office environment at the upcoming transit site to the current goal of making the site a 24/7 balanced mix of uses that still capitalized on the active transit site. “The Great Recession had a silver lining as far as this project is concerned,” said Collin Kemberlin, AIA, LEED AP, principal with Tryba Architects. “It allowed us to get back to a conversation of what really is worth investing in, what really holds its value, and what people find important and exciting about the places where they live, work and play.” Lincoln Property Co. acquired the 12 acres of land at 2000 S. Colorado Blvd. in January 2006. At the time, the site was a quasi-suburban office park with three Class A office buildings, a Dave & Busters and United Artists Colorado Center Stadium 9 and IMAX, as well as several surface parking lots. Immediately after acquiring the land, Lincoln, along with partners Tryba Architects, ASB Real Estate Investments and JE Dunn Construction, began a rezoning campaign to change the site to a transit mixeduse zone. The southeast corridor of the light rail was set to make Colorado Center a major light-rail station and above-ground bus transfer facility. The initial plans for the complex called for another large office building at the center of the site, with some retail on the ground floor and along a main street, which would connect the parking lot and the office building, Kemberlin said. However, in 2008, the market turned and Lincoln Property Co. decided to table the plan, said Scott Caldwell, Lincoln Property Co. senior vice president. Once the market bounced back, the plans were redesigned with a new emphasis on creating an urban environment that remained active well after the workday ends. In August, the first phase broke ground. The project now includes 210,000 square feet of Class AA office building with covered parking – about 100,000 sf less office space than originally planned; 205,000 sf of residences – originally not planned for the first phase; and 40,000 sf of main street retail – substantially more than planned originally. “What came to the forefront in the reboot of the project was the importance of adding a residential component to Phase 1,” said Kemberlin. “It became clear that the office and the retail would not be as successful, the main street would not be as successful, if it shuttered its doors at 5 p.m. We needed the 24/7 activity that residential uses would bring to keep the retail and entertainment going. To allow people to live on the site was a game changer.” Kemberlin refers to the unique nature of the site – not quite suburban, but also not fully urban. Finding a balance that embraced the urbanization of the area while still offering nods to suburban comforts was a balancing act. The recession also allowed investors to reexamine what was important to the project. Rather than looking for a quick build and sell, investors acted as long-term visionaries who acknowledged that the main street and retail, which might not speak to the bottom line of the office property, would help command higher office rents and attract the eye of tenants looking for Class A property, he said. All of these changes were prompted by observing the evolution of what people want, including the way people office in space from a density standpoint as well as what they say is important, said Caldwell. “I think the way people are looking for convenience has evolved – so walkable amenities, multiple opportunities for transit and their commuting patterns have changed over time,” he said. “A lot of what we’re designing is catered to address those demands and needs that we see today that have accentuated over time.”