Greyhound Denver

Developer with high-rise condo experience has big plans for Denver Greyhound site

In Condo Tracker, Development, New Constructionby Andrew DodsonLeave a Comment

A Canadian developer has plans for two 400-foot towers and 2 million square feet of development at the Greyhound Station, 1055 19th St., located in a district known as Arapahoe Square.

The plans, filed Monday, March 9, by Toronto-based First Gulf Corp. call for a 29-story office tower and 38-story residential tower. Both would share a multi-story parking lot as a base.

Messages were left with representatives from First Gulf Corp. seeking comment.

The plans filed Monday are considered concept plans — the earliest in the city’s development process. No renderings were included, but the plan outlined an idea for 900,000 square feet of residential space and 700,000 square feet of office.

It’s unclear if the residential side of the project — which calls for 750 units — would include any for-purchase condominium units, but First Gulf certainly has high-rise condo experience.

It’s residential arm, Great Gulf, has been around since 1975 and is one of the largest home builders in North America, including several high-rises across Canada.

One of those high-rises, Eight Cumberland, is a 51-story luxury project currently in development in Toronto’s Yorkville neighborhood, an affluent shopping district, similar to Cherry Creek North in Denver.

First Gulf, though, also has a large rental apartment portfolio.

The site, which takes up an entire city block, is still owned by Greyhound.

First Gulf firm also developed 1401 Lawrence, a 310,000-square-foot office tower that it sold in 2017 for about $223.2 million in 2017, according to Colorado Real Estate Journal.

The site is part of the Arapahoe Square Urban Renewal Area, a 96-acre district that’s heavy on parking lots. The Downtown Denver Partnership has highlighted the area as one of Denver’s biggest opportunities for future development.

Karina Christiansen, with Ubuntu Partners, is pursuing a two-tower condo project called Evolve Towers in the district, at 838 Park Avenue West and 2250 Champ St. That development calls for 314 condo units.

Not too far away, Vancouver-based Amacon is developing a large-scale condo project tentatively called Block 176. The development team is currently brainstorming a permanent name for the project, which will consist of roughly 461 units.

Denver is currently behind demand for condos by about 18,000 units, largely due to unfavorable construction defect laws. In 2017, Gov. John Hickenlooper signed legislation that gave developers more confidence in pursuing condos without the threat of being sued down the road for defects that pop up.

Recently proposed construction defect laws, though, could jeopardize efforts to meet that demand.

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