Businesses are making downtown Denver HOME – What about downtown residents…is Denver ready?

In Market Trends, Pressby Lori GreenlyLeave a Comment

As we look around our city and see buildings rising out of the ground and newly established neighborhoods, you may have asked, are we ready to be a “livable city” and attract the residents needed to fill the condos popping up throughout town?

This is an exciting time in Denver!

  • As of March 2018, Denver took the lead from Seattle for top-ranked metro small business employment growth (Paychex | IHS Markit Small Business Employment Watch report)
  • Larger companies are making Denver their home – Denver is on board, offering tens of millions of dollars in tax incentives which in turn will create thousands of jobs with salaries near $200,000
    • VF Corp has committed – they recently leased 10 floors of the Gates Plaza building on a 12 year lease. It will immediately house 800 employees with room for 400 more.
    • Udemy – online education platform and is headquartered in San Francisco. They have committed to opening their 5th US office here in Denver, creating 200 jobs.
    • Trans America is moving their tech headquarters, as are many other technical companies; we are a good central hub location in US with mild weather and minimal natural disaster threats.
    • Slack Technologies also signed their lease last week for over 500 employees to house at 16 Chestnut, near VF Corp.
    • And then there’s Amazon – the fact we are in the running says a lot! This move will offer the winning city 50,000 jobs. Decisions are expected in December 2018.
  • Local companies are moving their offices from the suburbs to downtown. A report from Smart Growth America in 2015 was spot on if you look around us today. It’s titled “Core Values: Why American Companies are Moving Downtown” and said that hundreds of American companies, including many in Denver, are leaving the suburbs and moving their offices downtown, often because they see advantages to setting up shop in a walkable downtown neighborhood, which fits into Denver’s planning. This provides a better living experience for workers and ultimately minimizes commuting issues for everyone.
  • Denver planners are leading the way, they are focused on building Denver to bring businesses and residents downtown, which, again, will lighten our highway traffic. Look at areas like Union Station, RiNo, LoHi, Uptown. They didn’t just pop up overnight as it might have seemed, it took years of planning to make it happen the right way and as we can see, they are still planning with the upcoming River Mile and Broncos Stadium at Mile High, neighborhoods.
  • One of biggest and most exciting changes for condo development and Denver was in May of 2017 – when builder defect laws changed. They still need a little more shifting and attention, but enough change has taken place to help developers and investors feel good enough to move forward.

The city is committed to creating a downtown that is “prosperous, walkable, distinctive, diverse and green”  for businesses and residents.  Look at a couple of the newest neighborhoods currently in planning:

  • The largest one currently is the Central Platte Valley-Auraria District, referred to as RIVER MILE.   On June 11, 2018, Denver City Council voted unanimously to adopt the Downtown Area Plan Amendment.
    • They are anticipating several sky skyscrapers over 40 stories, up to 59 stories.
    • 15,000 residential units – including affordable housing
    • An arts and entertainment center of which Meow Wolf has already committed to.
    • It is anticipated to be a 20 year project. They are currently working on re-zoning which should be complete by year end, in hopes the first shovels will be in the ground in 2020
  • Broncos Stadium at Mile High development & SunValley is another new neighborhood focus currently in planning.
    • The $240 million project will consist of 2000+ residences, 400+ hotel rooms, retail, restaurants in a mixed-use, mixed-income neighborhood on 22 acres on the south side of Mile High Stadium.
    • They will also focus on creating an arts and entertainment district as well as a walkable neighborhood plan.
    • Delivery ETA 2022. Over the course of six phases of development.

The city is thriving and committed to continued downtown development for businesses and exceptional urban living!

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