The positive spiral
This is old news, but I was out of town and everyone is buzzing about this article in the Denver Business Journal. Trammell Crow has acquired some of the land around Prospect Park and are putting in some luxury apartments. How hot is that.
Loosely translated, there are going to be alot more bodies living downtown. This influx of people contributes to what I call the positive spiral. You have heard of the death spiral, where one bad thing leads to another. The positive spiral is just the opposite of that… all things positive.
More people move in to Denver.
More Restaurants want to be there, better restaurants compete to come in.
More shops, amenities, activities, etc. all move in as well.
And then of course more people want to move in to dowtown Denver.
Shake, stir and repeat…
Rental project coming near Ajax Lofts
The Denver Business Journal - 5:25 PM MST Wednesday, March 7, 2007Developers plan to build an “upscale rental project” on about five acres of land near the Ajax Lofts, a largely undeveloped neighborhood directly west of Coors Field, according to details of a recent letter sent to nearby homeowners by Urban Neighborhoods Inc.
Homeowners are invited to a “design meeting” for the new project at 6 p.m. March 7.
Trammell Crow Residential has the property under contract, according to the letter. A Trammell Crow representative didn’t return calls for comment. The property previously was part of a plan to build a live/work residential neighborhood next to the existing Ajax Lofts near 20th and Inca streets.
“Costs … have escalated by more than 30 percent, making further timely development a challenge,” according to the letter, which asks recipients to contact Jack or Dana Crawford with any questions. Dana Crawford owns Urban Neighborhoods, a development and real estate company. Crawford didn’t return a call for comment.
“Based on stagnant sales prices and escalating costs, Prospect Place, as originally conceived, is no longer buildable. At the same time, the apartment market has improved dramatically,” the letter said.
The land is currently zoned for high-density development. It’s less than a one-half mile to Union Station, where several other condominium projects have been completed recently, including the 23-story Glass House project at the corner of 18th and Little Raven streets.
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2 comments
While I appreciate continuing development and infill in and around downtown Denver and more housing is always welcome, will there ever be “middle-class” apartments, lofts or condos? I make a pretty good salary and I have a good chunk of equity in my suburban townhouse, but whenever I go looking for a place in live in Central Denver, I come away depressed. There seem to exist or promised “luxury” residences galore, and maybe few “affordable” homes if you’re willing to live in 700 square feet or less, but not much else in between. I would like and am willing to downsize, but not to the point I don’t have room for a dining table and a place to put an overnight guest. Can anyone, developer, real estate agent, or lay person, give me some hope???
Rob,
I hope other folks comment and I am sure they will. Downtown Denver certainly has a number great options. Prices started in Glass House originally with less than $300 a foot prices and across the downtown area there is also an affordable housing options.
But you are right, property values have increased and will likely continue to do so as the downtown area keeps adding amenities. I was in San Francisco recently and they were amazed at how low our prices are compared to other major cities.
So folks out there, throw your thoughts in on this question.
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