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Downtown Denver Construction
by John Ludwig, Downtown Denver Real Estate Specialist
Seems like there’s a lot of cranes and cone zones downtown, doesn’t it? It’s like the city is trying to put on its best outfit for the DNC gathering coming up in August….
But are we overbuilding? Depends on what you read. According to CB Richard Ellis commercial brokers Sam DePizzol and Greg Holm the answer is no.
In a May 2008 Rocky Mountain News article written by John Rebchook, the brokers claim that office space is increasing currently only at about 1% annually, compared to the early 1980s when office space doubled downtown. And this time around according to their study, rents are cheaper when adjusted for inflation. They argue that downtown’s is now more diversified thanks to a couple recent boom and bust periods associated with the oil and telecom industries.
However, lending in the construction business has become very tricky of late. Just ask the developers of the Spire building, a residential project now back on track near the Hyatt Convention Center hotel. Although that development will be completed, it certainly has been delayed. Banks these days are requiring substantial 
presales prior to lending money. And that pressure has unfortunately halted plans to build the Great Gulf residential tower at 14th and Lawrence – which would have added a stunning 51-story condo hi-rise to downtown’s skyline.
But don’t mention any of that to the folks behind the Four Seasons, Ritz-Carlton, and ongoing Riverfront developments. They are confidently pressing forward and literally raising the bar for prices in the downtown Denver marketplace. And if you think you’ve heard all that before, just keep in mind that this time around, buyers are getting vacation-like amenities with purchases in this day and age. At the Four Seasons, permanent residents will be treated to the same service as the hotel guests (room service, plant care, pet walking) in addition to enjoying their own private fitness center and year-round pool. Got a million to spend downtown? Give me a call I’ll show you all your options!
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I recently toured the Ritz-Carlton development, and they’re definitely raising the bar for downtown Denver development. Our downtown real estate market is vibrant in many sectors, and although the spire was a bit delayed, you can see it emerging today.
The Great Gulf pull-out was more a reflection of the current lending climate than the Denver real estate market. Just walk down the 16th Street Mall and witness the new and renovated buildings.
Another great resource is the Denver Infill Blog, written by an employee at the Denver Planning Department.
Gretchen Kentwood
http://www.lifestyledenver.com