Glass House Denver

Denver’s most popular Residential High Rise Tower, the Glass House, added one more reason to love living there. They expanded the fitness center.

To begin with I should share that the Glass House already had what may be the best fitness center of any building in Denver. With two floors, full weight room, full cardio and high tech workout equipment, two classrooms offering spin, yoga, and other classes it was already awesome. Somehow it got even better.

This past year the HOA and the Glass House residents acquired all the remaining commercial space within the building. That included the Fitness Center. One of the goals expressed by the HOA was an objective to improve the operation with more classes and reduce costs or fees.

It also meant that a huge square footage area accessible from the fitness center became HOA property as well. It had previously been used for storage.

Now it has been combined in with the gym to give it one more training and workout room. It is pretty rough right now and has only been used for boot camp style classes BUT plans are over the next several weeks to start improvements including carpeting, lighting so it blends in with the rest of Riverfront Athletic Club’s high end design.

Square footage is at a premium in our city. The Glass House just figured out a way to find more, and to use it to enrich the living experience of its residents.

Other changes with the fitness center since the change of ownership to the homeowners has been a restructuring of classes including a new weekend football boot camp. Which means if you live in the Glass House you probably don’t need any outside fitness memberships. For most that can be a $100-$200 a month value.

Just one more reason why living in the Glass House is so exceptional. Learn more about this amazing building here.

One other side note. The new Confluence Denver tower everyone was expecting to be a for sale new development at 15th and Little Raven… it’s being advertised as for lease. One more reason to look at the Glass House or any of the towers we cover.

The post Glass House Expands Resident Fitness Center appeared first on Denver Urban Living.

It’s pretty amazing how fast time flies. It doesn’t feel like yesterday, but it certainly doesn’t feel like it’s been more than a decade since the only building at Riverfront Park was a slim little trailer used as an office amidst huge construction vehicles working to build what would later become the Plaza space and roads in Riverfront Park. That same plaza is shown above during one of the Riverfront Park Fashion Shows.

Just over 10 years, and look how much has been built.

Riverfront Park started with just three main buildings around the Plaza space. Those buildings were the Promenade Lofts, Park Place Lofts, and Riverfront Tower.

Those buildings sold out quickly, tenants began occupying the ground floor retail, and things kept growing.

What followed was the height of Real Estate conditions. Creekside Lofts and Flats, The Delgany Lofts, The Brownstones, ONE Riverfront and the Park at ONE Riverfront, and of course we all remember the huge excitement surrounding the Glass House.

At the same time several parcels were sold to apartment developers. Monarch Mills put in an affordable housing project. The Station (as it is currently known) and the Manhattan opened their doors.

By 2008 the neighborhood was thriving and the secret was out. With plans laid out for the New Union Station everyone had their eyes on Riverfront Park. Many expressed intentions of buying in the next new development to appear in this hot neighborhood.

But that may not happy, at least not anytime soon.

In the past few years the Manhattan expanded their apartment offerings by taking the parcel across the street (behind the Brownstones). Balfour Senior Living finally took the leap on their large project occupying the land adjacent to 15th street behind the Promenade and Riverfront Tower (they had looked at starting years earlier but held off, we are guessing, for reasons tied to the market drop in late 2000’s). Then AMLI built their own new apartment building across from the Skate Park and adjacent to the dog park (on 20th and Little Raven).

Very quickly a lot of land was spoken for.

And now it appears that the parcel in front of Glass House (Between Glass House and Little Raven Street) will be almost entirely apartment development. We reported earlier that sampling and testing vehicles were on the site with. While many hoped for a chance to buy into a new Riverfront Park project our sources are now sharing that the parcel is being planned as a rental, with the exception of the tip of that triangle which is privately held and could one day be the location of a single family home (what a great spot).

So… if this turns out to be the case that leaves one Last Parcel at Riverfront Park. There is a vacant parcel located next to the Brownstones, across the street from the AMLI apartment, and directly on Little Raven. Since it is on Little Raven the zoning will probably limit what could be built there. If we look at what has been planned on Little Raven it might be fair to expect another townhome project (perhaps Brownstones Phase II) or a more affordable offering. Or, it could be another rental project.

Either way it is interesting to stop and consider the implications off all this development. Riverfront Park just became a neighborhood of a very fixed supply. There is no new high rise coming out of the ground, there may not be any new developments coming that will be for sale.

But that limited supply situation may be the spark that allows a developer to put something on Riverfront Park’s last unclaimed parcel. If they wait just long enough for the certainty on all the other parcels be solidified (i.e. the apartments in front of Glass House are underway) the demand for something (anything) new in Riverfront Park could support doing that last parcel as a high end residential project.

If not, then the inventory that exists may be all there will ever be.

That kind of perspective gives a new value to living and owning a Denver Urban residence in Riverfront Park. Because if you follow a love of great locations Riverfront Park is hard to beat. It has it’s own park at the front door, the great downtown and Union Station transportation hub in the back yard, and a central location surrounded by hundreds of restaurants, shops, sporting events, theater, and the list goes on from there.

View all Riverfront Park Listings

Contact us today about this amazing neighborhood.

The post The Last Parcel at Riverfront Park appeared first on Denver Urban Living.

The Sky is the Limit

When it comes to parking, the sky is the limit for just how high prices can go. The rules of supply and demand can become a little extreme when you are talking about parking spaces. Let’s look at a story that was on NPR this morning about a new project in New York City. As reported in the article “Buy Condo, Then Add Parking Spot for $1 Million”

A new development, 42 Crosby Street, is pushing the limits of New York City real estate to new heights with 10 underground parking spots that will cost more per square foot than the apartments being sold upstairs.

How does this happen? Developers are building new projects with fewer parking spaces. This creates huge demand for limited parking spaces and as monthly parking rental costs rise the value of owning a space increases. While New York City is certainly the extreme, it only takes one trip downtown to realize just how scarce parking has become. No one wants to park blocks from their building, especially when winter arrives. Parking rules that limit parking to 2 hours until a certain hour (often 10 pm) downtown have created a culture in such neighborhoods as Riverfront Park where people set timed reminders for themselves to move their car until the magic hour arrives. This reminds me of the old Seinfeld episodes where parking spaces on the street were valued like gold. Remember the episode where George fills in for the gentleman who has a job just moving cars on certain days of the week. Yep, that is how strongly people work to have a space for their car.

Sure, we have a great and growing light rail system. Our weather and the attitude of our residents lends itself to more biking, walking, and car sharing. But that doesn’t change the fact that we are still a car driving city. Many of our friends and clients who are couples love living downtown and have learned that with so many restaurants, shops and amenities to enjoy outside their front door they only require a one bedroom space. The do, however, often require (or at least desire) two parkings spaces. However, almost all one bedroom condos and many two bedroom sold downtown only allowed one parking space. So now you have a market where building residents rent parking spaces from other residents or from parking garages downtown.

Or they wait, and wait, and wait, for the rare occurrence when someone offers a parking space for sale. And when they do come up for sale they can be expensive.

Glass House and SPIRE Parking Spaces

Glass House was one of the first to see parking spaces skyrocket. During initial sales at the Glass House every unit was sold with one parking spot except the penthouses, which had two. The additional spaces in the building were then offered for sale to anyone who purchased a two bedroom. No additional spaces were available for one bedroom owners.

Because there were not enough spaces for every two bedroom unit to buy a second space they developer tried to slow down the sale of two bedroom spaces (back in 2006) by doing price increases. At first additional parking spaces were $15,000. That lasted almost no time at all before the price was increased to $25,000. This price didn’t slow down demand either so prices very quickly were raised to $40,000 which seemed to be the magic number to slow demand.

SPIRE approached this differently. They sold the units with NO parking spaces assigned which made it more affordable to get a condo downtown if you could rely on light rail and car sharing. The sales process at SPIRE focused heavily on reinforcing the fact that light rail and BCycle was across the street and they struck an agreement with Connect by Hertz who located an office in the base of the building. For many who opted to go parking space free their purchase included some car share or BCycle membership.

For those who did want a SPIRE parking space the prices ranged from under $10K (for scooter or motorcycle parking spaces) up to $55K. The cost of the space was based on how low in the garage you wanted to be. For example, what was considered a premium space on the first level might be $55k but a space at the top might be $25K. It all depends on how much you value the number of loops you have to do every day for the lifetime of your condo.

But for residents of Glass House or SPIRE (and the many other buildings downtown) there is no developer option. Now owners have to wait and hope someone offers a parking space for sale. The Glass House bulletin board is filled with posting from people seeking parking spaces to buy or rent.

So what is a parking space worth downtown? We will have to wait until the next one comes up for sale and see.

But at least it won’t be a million dollars. At least not this year. Of course you can rent a space for roughly $150 to $200 a month. Here is a website with parking rates and details https://denver.parkingspotter.com/lower-downtown.

The post What is a Denver Parking Space Worth appeared first on Denver Urban Living.

Market is Getting Tougher

The Metro area market continues to make it more challenging to buy or rent a property. Many renters we speak with tell the same story. As soon as any available rentals come on the market they are snapped up. The feeding frenzy to live in and around all the great developments such as Union Station Neighborhood, Riverfront Park, LoHi and Lodo is not slowing down, it’s speeding up. Even the new inventory coming online doesn’t seem to be helping.

In this month’s Denver Post Article “Metro Denver’s tight housing market puts a squeeze on rentals” the author highlights one possible cause for this.

Exacerbating the tight inventory is metro Denver’s ongoing popularity with young adults from other states. More people are also moving out on their own as the economy improves and unemployment drops.

That makes sense. With the improvements to the economy those who wanted to relocate are finally able to. Denver has a GREAT reputation for jobs, affordable cost of living, weather, activities, and more. With all those transplants taking up inventory the new housing just can’t be built fast enough.

And that trend is not likely to change anytime soon. Our downtown continues to evolve and draw in more folks and that may keep the flow of new residents moving into downtown on the rise.

So we are finding more and more renters are realizing that they can buy a new home more affordably (and with less of a feeding frenzy) than renting. Sure, the housing market to purchase is moving quickly too, but with the team at DenverUrban at your side we help make sure you can find something that fits your budget and your lifestyle.

Homeowners have an advantage over renters, they know what their costs are. As rents continue to grow today is a great time to ask the question about whether it makes more sense to own. Contact DenverUrban.com today and learn more.

Valuable Links

• Neighborhood PSF Report
• Glass House
• Union Station Neighborhood
• Riverfront Park
• LoHi / Lower Highland
• LoDo
• Light Rail Friendly Homes
• Top Trending Neighborhoods
• Top Trending Buildings

The post It’s Good to be a Seller, a Landlord, or a Homeowner appeared first on Denver Urban Living.

The Glass House Purchase

One of our clients was happy to share the details behind their recent investment purchase in the Glass House and we thought it might be a fun case study for the site.

The target acquisition was the Glass House in Riverfront Park.  This particular client was very focused on this specific building.  Factors included the great amenities, swimming pool, fitness center, views, but ultimately it was all about location.  The new Union Station Neighborhood project and all the benefits of being adjacent to the hub of our Denver transportation network was one location benefit.  The location became exponentially more valuable when front door access to three public parks (Commons Park, Cuernavaca Park, and Confluence Park), the Downtown (both LoDo and Union Station Neighborhood) restaurants, shops and amenities, the cool hip dining and fun spots of LoHi, and walking distance to all of Denver’s sporting arenas.

The location scored for this buyer on all these marks, and they like to look to the future for investments.  It didn’t hurt that so many available parcels in Union Station and Riverfront Park have, over the past 3 years, gone the way of apartment development leaving fewer condos for ownership in this awesome location.

The target was a one bedroom which which they were able to close on for approximately $330,000.

Now let’s look at the Rental Market side.

Renting Market at Glass House

The rental market at Glass House is strong.  It is a desirable location (for all the reasons above) and for many the idea of living in a condo building is much more appealing than living in an apartment.  The property was put under lease for $1,850, but it did take a couple months to go under contract.  There are a LOT of options for rentals in this area.  The new Union Station, Riverfront Park, and LoHi are rolling out brand new apartment buildings fast and furious.  So far this has not affected rental prices, in fact over the past few years they seem to still be rising.

These new buildings have great amenities too so we will see how the market bears the weight of all these new available properties on rental rates.  The magic word in rental buildings seems to be amenities.  If you have a pool, a fitness center you are in a pretty good spot to attract tenants.

After property management fees and some water/sewer and the HOA fees (which are higher in buildings such as the Glass House with all those amenities) it looks like the net income per month is about $1,100.

So a $330,000 investment is going to start off generating about $13,200 or about 4% per year.  This particular owner is super happy with that.

The consider this a great start when looking at a long term investment horizon.  This 4% is only the cash flow from the investment property itself, this does not factor in any appreciation toward the future sale.

The investor’s objective is to have and hold this property with a goal of seeing that monthly amount increase over the years (decades) as our Denver market continues to evolve.

It’s simply a matter of personal choice.  Some are more comfortable weathering the stock market (rough time last week though) and others prefer real estate.  For this particular buyer the target location made this their ideal long term choice.

If you could invest in any property, in any neighborhood, of any type (condo, home, land) what would you choose?

Contact anyone on the Denver Urban Team to talk about your Real Estate Goals today.

Valuable Links

• Neighborhood PSF Report
• Glass House
• Union Station Neighborhood
• Riverfront Park
• LoHi / Lower Highland
• LoDo
• Light Rail Friendly Homes
• Top Trending Neighborhoods
• Top Trending Buildings

Contact Denver Urban

The post A Glass House Investment Case Study appeared first on Denver Urban Living.

Riverfront Park’s Undeveloped Park Front Real Estate

Most everyone knows the triangle piece of land in Riverfront Park just in front of the Glass House.  This piece of real estate has been closed off for years awaiting news of development plans to offer new condos and homes.  There are many reasons for all the buzz.  After all, Riverfront Park is one of the hottest, if not THE hottest, neighborhoods in all of Denver.  This triangle piece of prime real estate has been watched so closely by home shoppers because it occupies a huge section along Little Raven Street looking out to the Commons Park.

If you are familiar with how rare it is to find a home directly on Wash Park, or Sloan’s Lake, you get the idea.

Well in case you didn’t notice, behind those wooden fences there has been quite a bit of activity this week.  Trucks and drilling machines have been going around this little spot of land digging into the ground.

Are they taking soil samples?  Is it just a routine service call?  Could this be the first step in planning out a new Development in Riverfront Park.

If so, it is the first brand new residential project in Riverfront Park since ONE Riverfront and The Park at ONE Riverfront were offered going back all the way to 2007.

And that could get a lot of people excited. Unfortunately it is our guess that what was once thought to for sale residential will likely be for rent residential. With the current market conditions and the boom of apartment construction it seems more likely to see another apartment development on this site, and most likely in the back corner where the height zoning is the highest.

The zoning and height restrictions for this parcel don’t lend themselves to something that might be a tower such as Glass House, but instead some lower or Mid Range Buildings.   Usually the zoning along Little Raven by the park is much lower.  This is why you see the ONE Riverfront Townhomes and The Brownstones facing Commons Park.

So it is reasonable to expect that we might see a lineup of new Townhomes or Rowhomes lining Commons Park.

As you move away from the park the zoning usually allows  for some more mid range buildings.  This could allow for a small tower like structure.

Which, if you wanted an example, is exactly what happened in the design of the ONE Riverfront Tower.  Townhomes line the street and a higher structure goes behind it.

Either way it is too early to know for sure what is being planned until the developer makes an announcement, but make sure to contact someone on our Denver Urban team to stay updated.  Plans to develop this parcel years ago were going fast following the success of Glass House.  Then everything came to an abrupt halt when market conditions changed and prices weren’t as attractive to creating new condos.

Prices sure have bounced back.  Maybe that is the carrot needed to spark something new on the triangle.

Contact us to stay updated on the triangle

The post Activity in the Riverfront Park Triangle appeared first on Denver Urban Living.

Glass House Owners Now Own All Common Space

Things are really moving up at the Glass House in Riverfront Park with an announcement this month that the Homeowners Association (aka all the owners) have purchased the remaining common space within their own building.

What common space would that be you might ask…

Homeowners already owned the great amenities on the 8th floor including the awesome Glass House pool, the club lounge, theater room and business center.

However, the space that held the Riverfront Athletic Club, the front desk, and some of the offices on the ground level were owned by an outside company.   With real estate values rising on such a rapid trend and these amenities providing cornerstone services to the existing homeowners control over these spaces is certainly a nice aspect for those who live in the building.

This helps the Glass House residents and their Homeowners Association to ensure that amenities like the fitness center can be managed, maintained, and updated as they see fit.  Signs on the fitness center itself announced this change along with requests for homeowners to share their feedback as the new owners (the HOA) look to improve classes, technology for scheduling classes, the variety and skills of instructors, and more.  It is conceivable that the fitness center, which already has great early and late hours, could be expanded to offering 24 hour access.

I guess the point is that with control for these core spaces resting within the building future buyers and existing homeowners don’t have to worry about an external third part doing a major change that isn’t in the best interest of those that live in the building.   For example, what if the owners of the fitness center discontinued the gym altogether, or there was an issue with service years down the road and they wanted to change property management companies.

Folks who live in the Glass House love the teams that have kept the building as the top caliber and most desired address in Denver.  If you walk through the halls or tour the amenities you will find everything always looking immaculate.  So a big kudos to all those that have been, and continue to support the Glass House.

However, the Homeowner’s Association probably realizes that all things change and the folks who are doing an incredible job today may be focused on a new city or project down the road.  Acquiring these assets might just be a stroke of genius in the road map to ensuring the Glass House stays the most popular building in all of Denver.

After all, Denver is young.  I am guessing acquiring these assets today makes a lot more sense than trying to buy them in 20 or 50 years.

To learn more about the Glass House and all the incredible real estate in Denver contact us today.

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The post Glass House Association Purchases Common Space Amenities appeared first on Denver Urban Living.

Condo Legislation Killed in Procedural Move

For those who were watching the progress on the new construction defect and Home Ownership Bills that were put before the State Judiciary Committee the outcome is easy to report.  Nothing will be happening.  According to the Denver Post article “Procedural move kills last of three Colorado construction-defects bills” the bill got squashed.   We aren’t here to debate whether this was the right bill or not to help encourage condo development.  Perhaps a better bill is yet to be written, one that can make both sides of this debate.  But what is disappointing is the news that whatever seems to be stalling the construction of new high rise projects from breaking ground may continue for months or years.

Benefit of New Projects

New Condo Projects are great!  They are great opportunities for buyers in a strong market, which is what we see in Denver right now.  For example when SPIRE and Glass House first came on the market buyers could put a one bedroom condo under contract for as low as $150K.

There are several factors that work to create such attractive pricing.  Often the Developer is motivated to get a certain number of units under contract (usually 30% of the building) so they price some of the lower floors and smaller residences more aggressively.

Plus, buyers are being asked to buy off of floor plans and renderings with a construction completion date that may be years down the road.  For that risk factor Buyers also often see a discount in pricing.  This is part of the reason the first to make that leap of faith in a project can often have a lower price offering.  Developers often raise prices as they move through the sales at certain benchmarks, such as the 30%, 50% or 70% milestones.

Why are developers motivated to reach these milestones?  It is because they often have certain requirements with their lenders and investors.  Hitting such requirements can often be buying opportunities our team helps to identify.

But all of this is academic if new condo developers don’t build a new high rise project.  Recent legislation was put on the books in an attempt to try and create a marketplace that encourages development.   Now we aren’t lawyers or legislators so while I am sure there are many pro and con points about the proposed Homeownership Opportunity Act SB 14-220 we discussed here, the end result was that it did not get passed.

And the topic for today is how will this affect the market over the next few years.

How will this affect the market

No one has a crystal ball to predict the future.  Supply and demand would probably predict that getting into a high rise building with amenities such as SPIRE, Glass House, or ONE Lincoln might get more competitive.  These units are already so popular, with swimming pools, fitness centers, movie theaters and more part of your home ownership benefit.  Prices have already been going up, days on market going down, and the Denver Urban team’s job never stops in staying current and up to date on inventory to help our clients get the best opportunities with new listings.

Denver is still growing, and that is the Demand side of the equation.  Without at supply side increase these units will likely stay among the most desirable and sought after.  This might also continue the fast paced development of mid rise, townhome, and single family home projects.

According to the Denver Post article quoted above

“Condos represent only 2 percent of the new housing mix in metro Denver, versus 20 percent in other areas. When California shifted from a litigation to an arbitration model of dispute resolution, it saw condo construction rebounded from similarly low levels, backers argued.”

Read more: Procedural move kills last of three Colorado construction-defects bills – The Denver Post https://www.denverpost.com/business/ci_25707252/procedural-move-kills-last-three-colorado-construction-defects#ixzz31iQVIZML
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2 percent is a drop in the bucket compared to the number of folks who are seeking the amenity rich lifestyle these Denver Urban buildings offer.  At some point market demand may create a large enough incentive to draw Developers back into the new construction process for a new high rise project.  Keep in mind that even once that decision is made it could be years before a project goes through design, approval, construction and sales.

Might be a good time to do a walk through of the existing inventory at the existing amazing high rises our great city has today.

Helpful Links

• Glass House Denver Listings
• SPIRE Denver Listings
• High Rise Condo Buildings
• All Buildings
• Trending Buildings

Get more information about existing Denver High Rise Inventory

The post New Condo Legislation Was Squashed and How it Might Affect the Market appeared first on Denver Urban Living.

Riverfront Park’s History:  An Empty Rail Yard to a Master Planned Community

Many people don’t realize that Riverfront Park, which has consistently been number one in our most popular neighborhoods, has a great deal of design and vision based upon the fundamentals of a Colorado Ski Resort.

The Developer, East West Partners, who originally purchased the approximately 20 acres of land that would eventually become Riverfront Park began with roots and experience developing resort real estate communities such as Beaver Creek, Bachelor Gulch, Arrowhead, Vail, Park City, and Northstar at Tahoe.   If you have ever skied Beaver Creek you know just how special this ski village is.  The village offers great open spaces to enjoy (ice skating rink, fire pits, creekside paths) and the surrounding buildings are designed to make you feel like you have entered a European village.  Don’t forget about the fresh baked cookies that Vail Resorts friendly employees pass out to ski visitors.  It’s pretty amazing.  Two things are very evident when you are at Beaver Creek.  The village is beautiful, clean, and safe.

So how did a Resort Real Estate Developer become the visionary for Riverfront Park.  The vision started before any developers got involved.  If you look waaaaaaay back at the urban planning documents for the area you see they included a lot of the elements of a park, public space, and mixed use.  Under Denver’s mayor Webb a deal was created with then landholder Trillium to provide the area called “The Commons” and would eventually become Common’s Park” to the city in exchange for the city implementing needed infrastructure for development.  For those who remember this area at the time there was little except vacant rail lines and dirt.   Mayor Wellington Webb was quoted as saying “I wanted parks to be my legacy, and I saw parks as a value-driven investment—an investment that would enhance surrounding areas.”

It was an investment to be sure.  Decades of the land being used as a rail yard meant investing remediating the brownfield railroad land that had accumulated coal dust.  Looking at Riverfront Park now it is hard to imagine what this land once looked like.

In 1997, the city government and the County of Denver Planning and Development Office, and Trillium Corporation and Design Workshop, released a comprehensive urban design plan that included the various design elements of the neighborhood (architecture, signage, parking, pedestrian flow, set backs, lighting, etc.) and the major public amenities including the  set aside for the more than 20 acres for the centerpiece park and integration of the Cherry Creek Bike Path.  It was a brilliant plan and design for everything we see today.

And that may be why East West Partners leapt at the chance to buy the land with partner Crescent Real Estate for  a reported $25 per square foot. and develop here.   Which is exactly what happened next.

Building a Heart of Riverfront Park

The first area of development focus was the Plaza in Riverfront Park in what I like to think was a great example of building the heart of a community.   A beautiful Architectural design became a reality as the Millennium Bridge and open Plaza Public Space took shape.  Around this plaza, three initial buildings were built (2002) as Riverfront Park welcomed The Promenade Lofts, the Park Place Lofts, and Riverfront Tower.  These three buildings remain some of the most popular addresses to call home in Denver, and a balcony facing the plaza or Commons Park is a coveted amenity.

At roughly the same time these initial buildings were coming to market land was being sold to Apartment Developers to build what is currently the Station and the Manhattan and commercial tenants were sought to fill those first floor spaces in the Plaza.  When you visit a ski village it’s nice to have great places to eat, drink, and shop outside your front door.  This lesson was not lost on the Riverfront Park project as we slowly saw INK Coffee, Zengo Restaurant, McLoughlins Pub and other enjoyable tenants were recruited to continue making Riverfront Park an amazing place to live.

The Master HOA Provides Beauty and Security

One of the great amenities within Riverfront Park has nothing to do with architecture.  It is all about place making, perhaps taken from the principles of Beauty, Cleanliness, and Security that are fundamentals of a Ski Village.  Riverfront Park implemented a Master HOA, meaning that every resident of the entire neighborhood is a member.  This Master HOA is funded by payments from residents, meaning in addition to your building HOA fees you have a smaller fee that gets added on.

This fee does something pretty amazing.  It is used to employ a team that works throughout the neighborhood keeping everything beautiful.  They plant, maintain and seasonally change out the various landscaping features and planters in the neighborhood.  They put up holiday lights and other aesthetic elements.

And perhaps of the most value, these funds employ off duty police officers to provide security and assistance in the neighborhood.  When people talk about reasons they love living in Denver’s Riverfront Park the story almost always includes the peace of mind they have on their morning run, walking their dog in the park, venturing out with tickets for a Rockies, Broncos, Nuggets or Avalanche game (all walking distance) or returning from a night of dining in LoHi or LoDo.  It is pretty amazing.

Off duty police officers offer a very unique advantage.  They can enforce the laws.  If someone is misbehaving, or causing a disturbance, Denver’s finest can quickly resolve the situation and their presence in the neighborhood has a value unique anywhere in our city.

Let’s face it, you can’t get a whole bunch of buildings, let alone the residents within, to agree on the same thing very easily.  Duplicating this benefit anywhere other than in a master planned community such as Riverfront Park would be tough.

There are so many reasons why Riverfront Park is an amazing place to call home.  It has, without question, the benefit of one of the most amazing locations in Denver adjacent to the new Union Station with awesome transportation access.  Riverfront Park enjoys being our Central Park neighborhood with acres of green space and trails to enjoy.  And of course residents constantly share their love of the accessibility to great restaurants in LoHi, LoDo, West Highlands and more.

To learn more about living in this amazing neighborhood contact us today.

Helpful Links in your Search

• Riverfront Park Listings
• Union Station Listings
• Highland / LoHi Listings
• West Highland Listings
• Riverfront Park Buildings
  • Creekside Flats
  • Creekside Lofts
  • Creekside Townhomes
  • Glass House
  • Monarch Mills
  • ONE Riverfront
  • Park at ONE Rivefront
  • Park Place Lofts
  • Promenade Lofts
  • Riverfront Tower
  • The Art House
  • The Art House Townhomes
  • The Brownstones
  • The Delgany

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The post How Riverfront Park’s Master Planned Approach Creates an Urban Advantage appeared first on Denver Urban Living.

UPDATED:  LOOKS LIKE THIS BILL WAS KILLED

May 6th, 2014:  DENVER POST “Procedural move kills last of three Colorado construction-defects bills”  

SB 220, which sought to push more condo construction defect cases into arbitration, was killed in a procedural move after the Senate Judiciary Committee didn’t convene Monday night.

Read more: Procedural move kills last of three Colorado construction-defects bills – The Denver Post https://www.denverpost.com/business/ci_25707252/procedural-move-kills-last-three-colorado-construction-defects#ixzz31iIPdtRv
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Where is the next Glass House or SPIRE?

It’s a pretty common question. With everyone talking about how Denver real estate is BOOMING and everyone throwing around terms like “low days on market”, “sellers market” and “home availability index”; and with buyers getting into bidding wars over the most coveted Denver Urban listings, everyone wonders why no one is building a new high rise. Don’t get me wrong, there is a LOT of great new development going on. LoHi, Jefferson Park, LoDo and all our great Denver Urban neighborhoods are seeing some great new modern projects getting designed, sold and built (usually in that order).

However all of these projects seem to be single family homes, duplex projects, triplex projects, row homes, or mid rise buildings of 4 floors or less. There have been no grand announcements about a new Denver high rise residential tower the likes of the amazingly popular Glass House, SPIRE or Riverfront Tower. These towers are so amazingly hot that resale listings are often snatched up the very day they come on the market. This is especially true of the Glass House which is the gem of Riverfront Park and sits between the hot LoHi neighborhood and the new transit center of Union Station. Side note, if you don’t know why this location is so amazing read the story “A long road led to Denver Union Station’s rebirth” including the quote…

“a transformation that started with the 2007 opening of the 23-story Glass House residential buildings in Riverfront Park, just west of downtown”

So if these buildings are so very very very popular why hasn’t anyone built a new one with all the buyer demand we keep talking about? One big reason may be how the laws are currently written. Apparently the reason real estate developers aren’t racing to build a new Glass House or Spire is because they have too much construction liability. That is a worry for many, including urban planners and fans of high density that want to see more vertical condominium projects for the Denver skyline to continue the growth and development of our city.

Last week Senator Ulibarri’s Homeownership Opportunity Act (SB 14-220) was introduced in an effort to find some common ground that protects condominium homeowners while also creating an environment that encourages large condominium project development. One of the big issues in the new bill covers the issue of arbitration or mediation. Most governing documents that developers write create a structure where the HOA or homeowners must settle their dispute via mediation or arbitration. However, in other states and even here in Colorado this has been challenged as homeowner associations attempt to go to litigation. Simply put, they want to be able to sue the Developer even if the governing documents call for mediation/arbitration to resolve conflicts.

However the developers want new homeowners to be held to the original governing documents they signed. This element could be a protection for the developer, but don’t worry… the new law has something in place to protect the HOA too. One of the biggest concerns that might discourage a developer is the possibility that just one or two homeowners might initiate a lawsuit even if the majority of residents feel everything about their purchase was great, or that the issue is being addressed. To manage this instance and attempt to create a compromise the law appears to allow for the HOA Board of Directors to still initiate a lawsuit BUT with a process that makes it an action by the entire building. That may allow for some measure of validating the concerns and issues.

Of course this brings in the whole aspect of WHO exactly is on this board of directors. Are they biased in some way, or are they in a position where they have a relationship with the developer that might create a situation where they aren’t acting in the best interest of the residents. This is a big issue folks, and it is probably great for future home buyers that it is being debated out in the open.

Cities need different types of development and many urban planners feel that high density buildings offer the best foundation for city growth. If you read the article we mentioned above you can see how valuable the entire Riverfront Park and Glass House development has been for the wonderful advancement and transit oriented development that is now taking place in the Union Station Neighborhood and Northwest Denver.

Read the Proposed SENATE BILL 14-220 Here or call us to learn more about buying and owning a high rise condominium in Denver.

In the meantime, unfortunately for buyers, is that many great parcels that could have been utilized for a new Glass House style building are being developed as apartments. Rents hare high and for many these apartment buildings offer the best use of the land. That means an even more competitive environment to find a great high rise condo home. This is why our team stays on top of new listing and market opportunities to help our clients get the best information to help them find their dream home.

Even if Senate Bill 14-220 passes and creates an environment for developers to enter back with a new high rise offering it could be YEARS before something of that scale is designed, approved, and built to be occupied. That is a lot of time to watch what the market can do with prices and continue to pay rent.

Hopefully, this new bill or one based on it can find a way to make everyone happy. The goals of the new Homeownership Opportunity Act Senate Bill 14-220 seem to be to working to:

• Create an environment where Real Estate Developers are encouraged to bring us great new high rise condominium residential towers.
• Allow for new homeowners to feel safe and confident that any issues, should they arise will be addressed
• Ensure that the HOA boards, Arbitrators, and Mediators are all unbiased and acting in the proper interest

What will the passing of this SENATE BILL 14-220 mean for Buyers?

It could mean a lot of things, but the goal would be more options.  What I mean by that is the possibility that all those Real Estate Developers who have been waiting to start a new high rise Denver residential condominium building will get off the bench and start throwing in their proposals to the city and breaking ground.  No, it doesn’t mean that we will have a brand new residential tower for homebuyers to move into tomorrow, but it could mean there might be one started that could be available in down the road.  In which case we return to the world or looking over floor plans, identifying which units are the best value, have the best view, and the best amenities.  It means reading condo documents very closely and understanding what future development will be happening wherever the new building is located.  What are the materials in construction, what are the HOA fees, and hundreds of other questions to ask.  Our team has worked on so many high rise buildings because we love them.  But buying off a drawing and a model means making sure you know and understand all the details being presented.

But this is all hypothetical, and as mentioned above it requires a LOT of time.  We can speculate forever on what the length of time will be for a final bill to get approved, but that is only the start.  Then if a Developer decides to come forward they need to go through all their steps to get the project approved and ultimately built.   Based upon past projects such as SPIRE and Glass House you might want to assume a couple years.  So… would that mean the next person to move into a new high rise might not happen until 2016? 2017?  2018?

If you are looking for a new Denver condominium or home your best bet might be today.  You can walk it, touch it, and move in.  That doesn’t mean you can’t get in on a future new condo opportunity down the road.  It all depends on what your own goals are for home ownership and your reasons for doing so.  For some, it is the peace of mind that you aren’t putting dollars into rent.  For others it is knowing they can have something to own in the neighborhood they love.  Contact us to discuss your goals, ideal time frame, and property criteria.  Keep in mind this is mostly affecting new high rise condominium towers, not smaller projects or mid rise buildings.

Homeownership Opportunity Act SB 14-220 seems to be more focused on Glass House or SPIRE style amenity rich building.  However, these are often the most desired buildings because their density helps to build a community that can support all those attractive lifestyle amenities like swimming pools, fitness centers, media rooms and more.

What Property Type fits your Lifestyle?

Share your thoughts

I’m a writer on this team along with being a huge fan of Urban Planning, Architecture , Sustainable Living and transit oriented development.. but not a lawyer or real estate broker so any legal experts who want to weigh in are welcome to comment and share their thoughts.  What I’d love to do is hear a variety of thoughts, hopes, and pet peeves about this issue from condominium residents, prospective homebuyers, and industry experts. We will keep following this story so make sure to subscribe to our blog and follow us on Facebook and Google+.

Updates in the News

• May 14, 2014:  CBE CLE Legal Connections “SB 14-220: Requiring Mediation or Arbitration of Construction Defect Claims Where Required by Owners’ Association Governing Documents“
• May 6, 2014:  Westword  “Condo construction: One of three bills to boost affordable housing moves forward“

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The post Real Estate Developers May Get Incentive to Build New GlassHouse, SPIRE Style Buildings with the Homeownership Opportunity Act SB 14-220 appeared first on Denver Urban Living.