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Sodd 2013-presentations-pdf
Tami Door
President and CEO, Downtown Denver Partnership
Elbra Wedgeworth
Chairwoman, Downtown Denver Partnership
Chief Government and Community Relations Officer,
Denver Health
PRESENTING
SPONSOR
PLATINUM
SPONSOR
GOLD & SILVER
SPONSORS
Brownstein Hyatt Farber Schreck
The IMA Financial Group
Metropolitan State University of Denver
Schomp Automotive
Suncor Energy USA
ViaWest
Wells Fargo
THANK YOU
TO OUR HOST
Kevin McCabe
Executive Vice President, Regional Managing Director
Newmark Grubb Knight Frank
Sodd 2013-presentations-pdf
Paul Washington
Executive Director,
Denver Office of Economic Development
Sodd 2013-presentations-pdf
Walter Isenberg
President and
Chief Executive Officer,
Sage Hospitality
Hotel Room Inventory
• Current Downtown Core Hotel Room Inventory 7,944
• By 2014 Downtown Core Hotel Room Inventory 8,782
– Renaissance Hotel at Colorado National Bank 230 rooms
– Union Station Hotel 112 rooms
– Aloft Hotel 150 rooms
– Dual-branded Hyatt Place/Hyatt House 346 rooms
Downtown Denver
76.00%
77.00%
78.00%
79.00%
80.00%
81.00%
82.00%
83.00%
Occupancy
Source: Rocky Mountain Lodging Report 7/31/13
$116.00
$118.00
$120.00
$122.00
$124.00
$126.00
$128.00
Average Rate
2012
2013
YTD
YTD
Denver City & County
2,850,000
2,900,000
2,950,000
3,000,000
3,050,000
3,100,000
Demand
2012
2013
Source: Smith Travel Report 7/31/13
YTD
YTD
+5.3%
Recent Hotel Expansion
Hotel Opening Date Rooms Jobs
Hyatt Hotel Conv. Ctr 2005 1100 750
Residence Inn 2006 229 110
Hilton Garden Inn 2008 221 100
Embassy Suites 2010 403 201
Four Seasons Hotel 2010 239 230
Springhill Suites 2012 150 72
Hampton Inn 2013 182 94
Homewood/Hampton 2013 120 59
Renaissance Hotel 2014 230 115
Union Station Hotel 2014 112 60
Total 2,986 1,791
Downtown Hotel Development Only
New Rooms!
Total Hotel Check-Out Tax
2000 to 2013
$44.6
$40.7
$37.7 $37.7 $38.7
$46.5
$59.8
$68.6
$74.3
$60.8
$67.9
$76.8
$79.5
$0.0
$20.0
$40.0
$60.0
$80.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Millions
Hotel Tax Detail: 2000 to 2013
$32.3
$29.5 $27.3 $27.3 $28.0
$32.7
$43.3
$49.7
$53.8
$44.0
$49.1
$55.6 $58.0
$0.0
$20.0
$40.0
$60.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Millions
Lodgers Tax
$12.3 $11.2 $10.4 $10.4 $10.6
$13.8
$16.5
$18.9 $20.5
$16.8 $18.7
$21.2 $21.6
$0.0
$20.0
$40.0
$60.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Millions
Non-Lodgers Tax (SCFD, RTD, State Tax)
• SnowSports Industries America
• Society for Mining, Metallurgy and Exploration
• Colorado Crossroads Volleyball Tournament
• American Organization of Nurse Executives
• COLLABORATE
• National Council of Teachers of Mathematics
• DaVita
• Heart Rhythm Society
• American Society for Microbiology
• American Society of Military Comptrollers
• Massachusetts Mutual Financial Group
• American Water Works Association
• American Institute of Architects
• Creative Memories
• PennWell Corporation
• Pampered Chef
• National Cattlemen’s Beef Association
• American Association of Petroleum Geologists
• Harley-Davidson Motor Company
• American Society of Microbiology
Strong 2013 Convention Calendar
Note:
In the next 6 years:
 30% of the business is Medical
 20% Engineering/Science
 15% Business/Trade
 15% Corporate
•Custom Electronic Design Installation Association
•Council of Supply Chain Management Professionals
•Geological Society of America
•Bank Administration Institute
•American Physical Society
•Association for Computing Machinery
•National Science Teachers Association
•International Robot Olympiad
•Institute of Electrical and Electronics Engineers/EMC
Society
2012
1 San Diego
2 Orlando
3 Chicago
4 Las Vegas
5 Boston
6 San Francisco
7 Atlanta
8 San Antonio
9 Dallas
10 Washington DC
Denver’s Competition – “best of the best”
Source: VISIT DENVER
Economics 101 – Supply & Demand
21
Buyers market for
convention center
business as a result of
increased supply and flat
demand
“Gains made by new
facilities came at the
expense of existing
facilities” Doug Ducate, CEIR
Infrastructure Supply Increases
22
Competition Status
Las Vegas Over supply of center and hotel availability
San Diego Center expansion approved and being sold
Austin 1100 room headquarter hotel under construction
New Orleans Availability after Katrina recovery - Aggressive
Philadelphia Expansion opened mid - 2010
Nashville Just opened center expansion 2013
Washington, DC 1500 room Marriott under construction
Dallas 1200 room Omni opened late 2011
Chicago $15 mil from State to buy down center rental
Los Angeles Recent LA Live package & $1 center rental
San Antonio Center expansion to open 2014
Phoenix Expansion completed late 2009
Indianapolis Expansion & 2300 new hotel rooms opened 2010
Orlando, Atlanta, Baltimore, Houston, San Fran, Boston are fierce competitors
Cities - Discount & Incentive Funds
23
BOSTON—Rivalry between cities isn't limited to
sports teams.
Across the country, cities are duking it out like never
before over conventions, vying to host everyone
from the Barbershop Harmony Society to the
American Academy of Cosmetic Dentistry.
City convention bureaus are undercutting each
other with offers of freebies and incentives, such as
free banners, breaks on rent and donations to a
trade organization's charity. "It's been going on for
years, but not at the magnitude that it is today,"
said Mr. Vaughan in Atlanta.
Dominick Reuter for The Wall Street Journal The AABB, a medical-industry association focused on
blood transfusion and cell therapy, holds an expo in Boston earlier this month.
U.S. NEWS October 12, 2012, 6:01 p.m. ET
By JENNIFER LEVITZ and CAMERON MCWHIRTER
Cities Clash in Battle to Land Conventions
Sodd 2013-presentations-pdf
William E. Mosher
Senior Managing Director,
Trammell Crow Company
State of Downtown Denver Presentation
September 11, 2013
Denver Union Station
A 25 Year Story....and Counting
• Civic and Political Will
• Big Vision with Persistence
• Public Investment As A Catalyst For Private
Investment
• Place Making Is Important; Design Is
Important
• Transparent, Accountable, & Inclusive
Denver’s Central Platte Valley Rail Yards
Denver’s Central Platte Valley Rail Yards
DUS
Denver’s Central Platte Valley: Late 1980s
LODO
Historic
District
LODO
Historic
District
Denver’s Central Platte Valley: 1990s
Coors Field
Commons
Park
NEW 15TH STREET
AND UNDERPASS
DUS
NEW PARK AVENUE
OVERPASS
Prospect
HousingCuernavaca
Park
REMOVAL OF 16TH
STREET VIADUCT
LODO
Historic
District
Denver’s Central Platte Valley: 2000s
Coors Field
Commons
Park
NEW 15TH STREET
AND UNDERPASS
NEW PARK AVENUE
OVERPASS
Prospect
HousingCuernavaca
Park
DUS
DUS Transit Center
Kennedy/TCC
EPA/Hines
Riverfront
Housing
By East West
Partners
REMOVAL OF 16TH
STREET VIADUCT
• Voter approved November
2004
• 119 miles of Rail Rapid Transit
(LRT/CRT)
• 18 miles of Bus Rapid Transit
(BRT)
• 31 new park-n-Rides with
over 21,000 new spaces
• Enhanced Bus Network &
Transit Hubs (FastConnects)
FasTracks Program Multi-Modal Vision for the Metropolitan Area
Major Transit Elements Transit Framework
• 8 track CRT (plus expansion)
– East (DIA) - 2016
– North Metro (I-25 North)
– Northwest (Boulder)
– Gold (Arvada/Golden) - 2016
– Amtrak - 2014
• 3 track LRT
– Existing Southwest & Southeast - 2011
– West (Lakewood/Golden) - 2013
• 22 bay regional bus facility - 2014
– 16 regional
– 4 Downtown Circulator
– 2 commercial bus
• 16th Street Mall Extension - 2011
• Downtown Circulator
Wewatta Plaza
DUS - Transit Infrastructure
DUS HISTORIC
BUILDING
LIGHT RAIL + MALL SHUTTLE
STATIONS
REGIONAL BUS TERMINAL
COMMUTER RAIL
TERMINAL
DUS Project Cost Summary
Light Rail $ 69.6 M
Passenger Rail $153.7 M
Regional Bus $191.2 M
Streets & Public Spaces $ 65.3 M
DUS Renovation $ 0 M
$479.8 M
Public Finance Summary Cash Sources
Cash Sources Description Amount
FHWA PNRS $ 45.3 M
FTA 5309 $ 9.5 M
CDOT SB-1 $ 17.4 M
DRCOG TIP Funds $ 2.5 M
RTD ARRA (stimulus) Grant $ 18.6 M
ARRA (stimulus) Grant $ 9.8 M
RTD FasTracks Contribution $ 40.8 M
CPV District Bond Funds $ 1.1 M
Total Grants $145.0 M
Other Sources
Proceeds from Sale of RTD Sites $ 26.3 M
New Contributions from RTD $ 5.1 M
Contributions from Amtrak $ .3 M
Miscellaneous Reimbursements $ 2.5 M
Total Other Sources $ 34.2 M
TOTAL CASH SOURCES $ 179.2 M
Required Financing $300.6 M
Public Finance Summary USDOT Loan Structure
Loan Sources Amount
TIFIA Loan Proceeds $145.6 M
RRIF Loan Proceeds $155.0 M
Total $300.6 M
Repayment Sources Description
RTD Bond Voter Authorized Sales Tax Proceeds
City Tax Increment Proceeds Property, lodger’s & sales tax
increment from properties in DDA
Metro District Mil Levy Additional property mil levy
captured as increment from DUS
property (capital and maintenance)
Spent $427M / 89%
% Complete By Mode
LRT - 99.5%
CRT - 78%
Bus - 94%
Streets & Plazas - 90%
Construction Progress as of July 31, 2013
Light Rail
• LRT Final Acceptance Obtained December 22, 2011
• LRT Plaza Opened on May 18, 2012
Regional Bus Facility
as of July 31, 2013
• Phases I & II – West of Wewatta
o Millwork & Casework Installation Complete
o Glass Tile Installation Nearing Completion
o Terrazzo Installation Nearing Completion
o Restroom Fixture Installation Underway
o Stair Rail Installation Underway
• Phase III – East of Wewatta (behind DUS)
o Wewatta Pavilion Elevator & Escalator Installation Nearing Completion
o DUS Pavilion Elevator & Escalator Installation Underway
o CRT Pavilions Aluminum Storefront Framing & Glazing Underway
o East Starter Booth Steel Columns & Beams Installation Underway
o Glass Tile Installation Nearing Completion
o Terrazzo Installation Nearing Completion
Hand Rail On Stair No. 12 (Chestnut Pavilion) is Progressing
Commuter Rail
as of August, 2013
• Pedestrian Bridge Structural Steel Erection
Complete
• Precast Platform Walls Installation Complete
• CRT Train Hall PTFE Installation Complete
• Amtrak Canopy ETFE Installation Nearing
Completion
•CRT Platforms Nearing 75% Complete
•Final Track Work Into Station Underway
View Of Train Hall Canopy From Pedestrian Bridge Near North Wing Building
Stairs & Elevator
Formwork Progressing For Stairs No. 3 & 4 From Pedestrian Bridge To
Platforms No. 2 & 4
Work Continues in the EVA Lane Including Trench Drains
and Structural Tree Trenches
DDA Development by Land Use
As of August, 2013
Uses Feasibility Study
Absorption Range (Lo/Hi)
2009 - 2019
As of August, 2013
Built or Under Construction/
Plus Under Design
Office 418,000 – 628,000 SF 1,117,500 – 1,830,500 SF
Retail 193,000 – 245,000 SF 163,500 – 266,500 SF
Commercial 611,000 – 873,000 SF 1,281,000 – 2,097,000 SF
Hotel (2019 – 2024 Time Frame) 112 – 288 Rooms
Residential 1,520 – 1,930 Units 1098 – 1,348 Units
*Taxes Received To Date are 80% Above Forecast
*Estimated Market Value of Projects Built or Under Construction - $734 Million
*Parking Spaces in Projects Built or Under Construction – 3,270 Spaces
Completed
 1900 16th Street
 385,000 SF Office
 24,000 SF Retail
 Completed: Sept. 2009
 DaVita
 260,000 SF Office
 Completed: Aug. 2012
- IMA Financial Plaza
 112,000 SF Office with Retail
 Scheduled Completion: Nov. 2013
One Union Station
 110,000 SF Office with Retail
 Scheduled Completion: Dec. 2013
Cadence Apartments
 219 Unit Apartment
 Scheduled Completion: Nov. 2013
- Historic Denver Union Station
 Boutique Hotel and Retail
 Scheduled Completion: Summer 2014
- Alta City House
 281 Unit Apartment
 Scheduled Completion: Spring 2014
- 1650 Wewatta
 290 Unit Apartment
 Scheduled Completion: Dec. 2014
- 20th & Chestnut
 55,000 SF Retail
 312 Unit Apartment
 Projected Completion: April, 2015
- 1601 Wewatta
 301,500 SF Office
 Projected Completion: Q1, 2015
- 16 Wewatta & The Bike Hub
 200,000 SF Office
 The Bike Hub
 Projected Completion: Spring 2015
- 16th & Wewatta
 51,000 SF Office and Retail
 176 Room Hotel
 Projected Completion: Q3, 2015
- 17 Wewatta
 105,000 SF Office and Retail
 250 Unit Apartment
 Projected Completion: TBD
- 16 Chestnut
 440,000 SF Office
 Projected Completion: TBD
4
6
3
8
10 13
14
7
9
WEWATTA ST.
CHESTNUT ST.
16THSTREET
17THSTREET
18THSTREET
19THSTREET
20THSTREET
18THSTREET
WYNKOOP ST.
1
2
5
11
12
1
2
3
4
5
6
7
8
9
10
11
12
13
14Currently Under Construction
Under Design
1900 16th Street
Developer: Trammell Crow Company
Contractor: Saunders
Architect: Tryba Architects
Date Began: October 2007
Date Completed: September 2009
Square Footage: 400,000
Notes:
 Seventeen story building developed in 3
phases includes: Approximately 600,000 SF of
Class A office and supporting retail space, 100-
150 residential units and 1,400 parking spaces
when completed
 The first phase multi-tenant office building
consisted of 385,000 SF office Space, 24,000 SF
of retail and 1,086 parking stalls
 Achieved LEED - Gold Certification
1
DaVita World
Headquarters
Developer: Trammell Crow Company
Contractor: Saunders
Architect: MOA
Date Began: December 2010
Date Completed: August 2012
Square Footage: 260,000
Notes:
 The 2nd phase of the 1900 16th Street project
serves as DaVita’s world headquarters and
features a DaVita information center on the
first floor along with training rooms and a
kidney dialysis training facility. DaVita
University, 265 parking space, a top floor open
air terrace, and teammate cafeteria also
included.
 Accommodates approximately 950 DaVita
teammates
 Achieved LEED - Gold Certification
2
North Wing Building:
IMA Financial Plaza
Developer: First Century Development
Contractor: Haselden Construction
Architect: Anderson Mason Dale
Architects
Date Began: April 2012
Scheduled Completion: November 2013
Square Footage: 112,000
Notes:
 Five story office building with two parking levels
below ground
 Retail and restaurants operating on the ground
floor
 IMA Financial Group Inc. corporate office space
will be on the upper four levels
 Pursuing LEED - Gold Certification
 Construction photos are on the next page
3
Front View Upper Side View
3 North Wing Building: IMA Financial Plaza
Construction Photos
South Wing Building:
One Union Station
Developer: East West Partners/Starwood
Capitol Group
Contractor: Kiewit Building Group
Architect: Anderson Mason Dale
Architects
Date Began: August 2012
Scheduled Completion: December 2013
Square Footage: 110,000
Notes:
 Five story office building
 Antero Resources, the lead tenant, will reside in the
2nd, 3rd, 4th, and 5th floors; 1st Floor Retail
 Pursuing LEED - Gold Certification
 Construction photos are on the next page
4
4
South Wing Building: One Union Station
Construction Photos
Lower Side View Upper Side View
Cadence Apartments
Developer: Zocalo
Contractor: GE Johnson
Architect: JG Architects
Date Began: May 2012
Scheduled Completion: November 2013
Square Footage: 8,000 SF Retail
219 Unit Apartment
Notes:
 Thirteen story apartment building containing
219 apartments
 Includes a parking garage and 8,000 SF of
retail on the ground level
 Pursuing LEED Gold Certification
 Construction photos are on the next page
5
5 Cadence Apartments -Construction Photos
Below View Front Side View
Side View Back Side View
Historic Denver Union
Station
Developer: Union Station Alliance
Contractor: Milender White Construction
Architect: Tryba Architects & JG Johnson
Architects
Date Began: December 2012
Scheduled Completion: Summer 2014
Square Footage: 112 Room Hotel
21,000 SF Retail
6,500 SF AMTRAK/Transit
Main Floor Train Hall Remains
Public Space
Notes:
 Remodeled into a 112 room boutique hotel
residing in the 2nd and 3rd floors with retail and
restaurants on the ground floor
 Amtrak will operate out of the ground floor
 Historic Central Train Hall remains an open public
space
 Construction photos are on the next page
6
6 Historic Denver Union Station – Construction Photos
Upper Front View Upper Side View
Lower Back View Upper Back View
Alta City House
Developer: East West
Partners/Wood Partners
Contractor: Wood Partners
Architect: Paul T. Bergner
Associates
Date Began: November 2012
Scheduled Completion: Spring 2014
Square Footage: 280 Unit Apartment
Notes:
 Five story apartment building containing 280
units
 Construction photos are on the next page
7
7 Alta City House – Construction Photos
Upper Back View Lower Front View
Block A:
1650 Wewatta
Developer: Holland Partners
Contractor: Holland Partners
Architect: Shears Adkins Rockmore
Date Began: January 2013
Scheduled Completion: December 2014
Square Footage: 6,000 SF Retail
287 Unit Apartment
Notes:
 Twenty-one story apartment building with
287 apartments
 287 total parking spaces will be provided on 2
underground levels as well as levels 2-4, while
ground floor will include 6,000 SF of retail.
Apartments will be on levels 5 through 21
 Pursuing LEED – Gold Certification
 Construction photos are on the next page
8
8 Block A: 1650 Wewatta – Construction Photos
20th & Chestnut
Developer: Greystar
Contractor: Martines Palmeiro Construction
Architect: The Molhern Group
Date Began: April, 2013
Scheduled Completion: April, 2015
Square Footage: 55,000 SF Retail
312 Unit Apartment
Notes:
 Five story multi-use building
 Includes 42,000 SF King Soopers grocery and 13,000
SF of additional ground floor retail
 The four top floors will contain 312 apartments
 Construction photos are on the next page
9
9 20th & Chestnut – Construction Photos
1601 Wewatta
Developer: Hines/Perlmutter
Contractor: Whitting - Turner
Architect: HOK
Scheduled Start: August, 2013
Scheduled Completion: Q2, 2015
Square Footage: 300,000
Notes:
 Ten story multi-tenant office building
 Four levels of underground parking with 400
parking spaces
 17,500 SF of retail on the ground level
 Pursuing LEED - Platinum Certification
 Construction photos are on the next page
10
10 1601 Wewatta – Construction Photos
Triangle Parcel:
16 Wewatta & The Bike Hub
Developer: East West Partners/
Starwood Capital Group
Contractor: TBD
Architect: TBD
Scheduled Start: October, 2013
Projected Completion: Spring, 2015
Square Footage: 220,000 SF Office
Notes:
 Ten story office building
 Two underground parking levels, ground level
containing retail, and nine floors of office space
 The Bike Hub offers bike racks, heated locker
rooms with toilets and showers, and bike maintenance
 Pursuing LEED –Gold Certification
11
16 Wewatta
The Bike Hub
16th & Wewatta:
Office Building and Hotel
Developer: Continuum Partners
Contractor: TBD
Architect: TBD
Scheduled Start: Q1, 2014
Projected Completion: Q3, 2015
Square Footage: 200,000 SF
176 Room Hotel
Notes:
 Five story office building
 Office building includes 35,000 SF of office
space and 16,000 SF of retail
 Nine story hotel with 176 rooms
12
17 Wewatta
Developer: Holland Partners
Contractor: Holland Partners
Architect: TBD
Scheduled Start: TBD
Projected Completion: TBD
Square Footage: 105,000 SF, including
45,000 SF Retail and
60,000 SF Office
250 Unit Apartment
Notes:
 Property contains three buildings including 60,000
SF of office and, 45,000 SF of retail with grocery
space
 60,000 SF of office space will be located above
grocery
13
16 Chestnut
Developer: East West
Partners/Starwood
Capital Group
Contractor: TBD
Architect: Gensler
Scheduled Start: March, 2014
Projected Completion: TBD
Square Footage: 440,000 SF Office
Notes:
 Nineteen story office space
 Underground and above ground parking as
well as ground floor retail
 Possible pedestrian bridge to connect
Millennium Bridge with Mezzanine level of
lobby.
14
Sodd 2013-presentations-pdf
Barbara Weiske
Executive Vice
President for
Administration/
Agency CEO,
Auraria Higher
Education Center
Annual Report
2012 - 2013
The Auraria Campus
Denver’s Urban Academic Community
Sodd 2013-presentations-pdf
Sodd 2013-presentations-pdf
Sodd 2013-presentations-pdf
MSU Denver
Student Success Building
$62 million
Photo courtesy of Frank Ooms
CCD Confluence Building
$50 million
Marriott SpringHill Suites & MSU
Denver
Hospitality Learning Center
$45 million
Sodd 2013-presentations-pdf
CU Denver
Academic Building
$60 million
MSU Denver
Athletic Sports Field
Complex
$17 million
79
5th Street Parking Structure with
Retail Component
$20 million
Library Renovation
$32 million
The 5th Street Hub
$1.5 million
Campus Infrastructure Development
$3 million
Sodd 2013-presentations-pdf
•MSU Denver – Aerospace Engineering Technologies Building
•Projected: $40 – 50 million
•CU Denver - Instructional Lab Wing, Science Building
•Projected: $19 million
•CCD - Boulder Creek Building Expansion/ Renovation
•Projected: pending
•Arts Building Renovation
•Projected: $20 million
Performing Arts Center Expansion & RenovationTivoli Conference Center Concept
Tivoli Park & Events Center Renovation
Other Initiatives
Connecting Auraria (and Higher Education) with Denver…
…through Presence…
…through Investment & Development…
Mine Pavilion by Pezo von Ellrichshausen
…through Concept…
…through Streetscape…
The “Connect Auraria Coalition”
…through Partnerships…
…through Transit & Access….
…through the Education of
the Future Workforce & Leaders of Downtown Denver…
Questions and Answers
Sodd 2013-presentations-pdf

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Sodd 2013-presentations-pdf

  • 2. Tami Door President and CEO, Downtown Denver Partnership
  • 3. Elbra Wedgeworth Chairwoman, Downtown Denver Partnership Chief Government and Community Relations Officer, Denver Health
  • 6. GOLD & SILVER SPONSORS Brownstein Hyatt Farber Schreck The IMA Financial Group Metropolitan State University of Denver Schomp Automotive Suncor Energy USA ViaWest Wells Fargo
  • 8. Kevin McCabe Executive Vice President, Regional Managing Director Newmark Grubb Knight Frank
  • 10. Paul Washington Executive Director, Denver Office of Economic Development
  • 12. Walter Isenberg President and Chief Executive Officer, Sage Hospitality
  • 13. Hotel Room Inventory • Current Downtown Core Hotel Room Inventory 7,944 • By 2014 Downtown Core Hotel Room Inventory 8,782 – Renaissance Hotel at Colorado National Bank 230 rooms – Union Station Hotel 112 rooms – Aloft Hotel 150 rooms – Dual-branded Hyatt Place/Hyatt House 346 rooms
  • 14. Downtown Denver 76.00% 77.00% 78.00% 79.00% 80.00% 81.00% 82.00% 83.00% Occupancy Source: Rocky Mountain Lodging Report 7/31/13 $116.00 $118.00 $120.00 $122.00 $124.00 $126.00 $128.00 Average Rate 2012 2013 YTD YTD
  • 15. Denver City & County 2,850,000 2,900,000 2,950,000 3,000,000 3,050,000 3,100,000 Demand 2012 2013 Source: Smith Travel Report 7/31/13 YTD YTD +5.3%
  • 16. Recent Hotel Expansion Hotel Opening Date Rooms Jobs Hyatt Hotel Conv. Ctr 2005 1100 750 Residence Inn 2006 229 110 Hilton Garden Inn 2008 221 100 Embassy Suites 2010 403 201 Four Seasons Hotel 2010 239 230 Springhill Suites 2012 150 72 Hampton Inn 2013 182 94 Homewood/Hampton 2013 120 59 Renaissance Hotel 2014 230 115 Union Station Hotel 2014 112 60 Total 2,986 1,791 Downtown Hotel Development Only New Rooms!
  • 17. Total Hotel Check-Out Tax 2000 to 2013 $44.6 $40.7 $37.7 $37.7 $38.7 $46.5 $59.8 $68.6 $74.3 $60.8 $67.9 $76.8 $79.5 $0.0 $20.0 $40.0 $60.0 $80.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Millions
  • 18. Hotel Tax Detail: 2000 to 2013 $32.3 $29.5 $27.3 $27.3 $28.0 $32.7 $43.3 $49.7 $53.8 $44.0 $49.1 $55.6 $58.0 $0.0 $20.0 $40.0 $60.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Millions Lodgers Tax $12.3 $11.2 $10.4 $10.4 $10.6 $13.8 $16.5 $18.9 $20.5 $16.8 $18.7 $21.2 $21.6 $0.0 $20.0 $40.0 $60.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Millions Non-Lodgers Tax (SCFD, RTD, State Tax)
  • 19. • SnowSports Industries America • Society for Mining, Metallurgy and Exploration • Colorado Crossroads Volleyball Tournament • American Organization of Nurse Executives • COLLABORATE • National Council of Teachers of Mathematics • DaVita • Heart Rhythm Society • American Society for Microbiology • American Society of Military Comptrollers • Massachusetts Mutual Financial Group • American Water Works Association • American Institute of Architects • Creative Memories • PennWell Corporation • Pampered Chef • National Cattlemen’s Beef Association • American Association of Petroleum Geologists • Harley-Davidson Motor Company • American Society of Microbiology Strong 2013 Convention Calendar Note: In the next 6 years:  30% of the business is Medical  20% Engineering/Science  15% Business/Trade  15% Corporate •Custom Electronic Design Installation Association •Council of Supply Chain Management Professionals •Geological Society of America •Bank Administration Institute •American Physical Society •Association for Computing Machinery •National Science Teachers Association •International Robot Olympiad •Institute of Electrical and Electronics Engineers/EMC Society
  • 20. 2012 1 San Diego 2 Orlando 3 Chicago 4 Las Vegas 5 Boston 6 San Francisco 7 Atlanta 8 San Antonio 9 Dallas 10 Washington DC Denver’s Competition – “best of the best” Source: VISIT DENVER
  • 21. Economics 101 – Supply & Demand 21 Buyers market for convention center business as a result of increased supply and flat demand “Gains made by new facilities came at the expense of existing facilities” Doug Ducate, CEIR
  • 22. Infrastructure Supply Increases 22 Competition Status Las Vegas Over supply of center and hotel availability San Diego Center expansion approved and being sold Austin 1100 room headquarter hotel under construction New Orleans Availability after Katrina recovery - Aggressive Philadelphia Expansion opened mid - 2010 Nashville Just opened center expansion 2013 Washington, DC 1500 room Marriott under construction Dallas 1200 room Omni opened late 2011 Chicago $15 mil from State to buy down center rental Los Angeles Recent LA Live package & $1 center rental San Antonio Center expansion to open 2014 Phoenix Expansion completed late 2009 Indianapolis Expansion & 2300 new hotel rooms opened 2010 Orlando, Atlanta, Baltimore, Houston, San Fran, Boston are fierce competitors
  • 23. Cities - Discount & Incentive Funds 23 BOSTON—Rivalry between cities isn't limited to sports teams. Across the country, cities are duking it out like never before over conventions, vying to host everyone from the Barbershop Harmony Society to the American Academy of Cosmetic Dentistry. City convention bureaus are undercutting each other with offers of freebies and incentives, such as free banners, breaks on rent and donations to a trade organization's charity. "It's been going on for years, but not at the magnitude that it is today," said Mr. Vaughan in Atlanta. Dominick Reuter for The Wall Street Journal The AABB, a medical-industry association focused on blood transfusion and cell therapy, holds an expo in Boston earlier this month. U.S. NEWS October 12, 2012, 6:01 p.m. ET By JENNIFER LEVITZ and CAMERON MCWHIRTER Cities Clash in Battle to Land Conventions
  • 25. William E. Mosher Senior Managing Director, Trammell Crow Company
  • 26. State of Downtown Denver Presentation September 11, 2013
  • 27. Denver Union Station A 25 Year Story....and Counting • Civic and Political Will • Big Vision with Persistence • Public Investment As A Catalyst For Private Investment • Place Making Is Important; Design Is Important • Transparent, Accountable, & Inclusive
  • 28. Denver’s Central Platte Valley Rail Yards
  • 29. Denver’s Central Platte Valley Rail Yards DUS Denver’s Central Platte Valley: Late 1980s LODO Historic District
  • 30. LODO Historic District Denver’s Central Platte Valley: 1990s Coors Field Commons Park NEW 15TH STREET AND UNDERPASS DUS NEW PARK AVENUE OVERPASS Prospect HousingCuernavaca Park REMOVAL OF 16TH STREET VIADUCT
  • 31. LODO Historic District Denver’s Central Platte Valley: 2000s Coors Field Commons Park NEW 15TH STREET AND UNDERPASS NEW PARK AVENUE OVERPASS Prospect HousingCuernavaca Park DUS DUS Transit Center Kennedy/TCC EPA/Hines Riverfront Housing By East West Partners REMOVAL OF 16TH STREET VIADUCT
  • 32. • Voter approved November 2004 • 119 miles of Rail Rapid Transit (LRT/CRT) • 18 miles of Bus Rapid Transit (BRT) • 31 new park-n-Rides with over 21,000 new spaces • Enhanced Bus Network & Transit Hubs (FastConnects) FasTracks Program Multi-Modal Vision for the Metropolitan Area
  • 33. Major Transit Elements Transit Framework • 8 track CRT (plus expansion) – East (DIA) - 2016 – North Metro (I-25 North) – Northwest (Boulder) – Gold (Arvada/Golden) - 2016 – Amtrak - 2014 • 3 track LRT – Existing Southwest & Southeast - 2011 – West (Lakewood/Golden) - 2013 • 22 bay regional bus facility - 2014 – 16 regional – 4 Downtown Circulator – 2 commercial bus • 16th Street Mall Extension - 2011 • Downtown Circulator
  • 34. Wewatta Plaza DUS - Transit Infrastructure DUS HISTORIC BUILDING LIGHT RAIL + MALL SHUTTLE STATIONS REGIONAL BUS TERMINAL COMMUTER RAIL TERMINAL
  • 35. DUS Project Cost Summary Light Rail $ 69.6 M Passenger Rail $153.7 M Regional Bus $191.2 M Streets & Public Spaces $ 65.3 M DUS Renovation $ 0 M $479.8 M
  • 36. Public Finance Summary Cash Sources Cash Sources Description Amount FHWA PNRS $ 45.3 M FTA 5309 $ 9.5 M CDOT SB-1 $ 17.4 M DRCOG TIP Funds $ 2.5 M RTD ARRA (stimulus) Grant $ 18.6 M ARRA (stimulus) Grant $ 9.8 M RTD FasTracks Contribution $ 40.8 M CPV District Bond Funds $ 1.1 M Total Grants $145.0 M Other Sources Proceeds from Sale of RTD Sites $ 26.3 M New Contributions from RTD $ 5.1 M Contributions from Amtrak $ .3 M Miscellaneous Reimbursements $ 2.5 M Total Other Sources $ 34.2 M TOTAL CASH SOURCES $ 179.2 M Required Financing $300.6 M
  • 37. Public Finance Summary USDOT Loan Structure Loan Sources Amount TIFIA Loan Proceeds $145.6 M RRIF Loan Proceeds $155.0 M Total $300.6 M Repayment Sources Description RTD Bond Voter Authorized Sales Tax Proceeds City Tax Increment Proceeds Property, lodger’s & sales tax increment from properties in DDA Metro District Mil Levy Additional property mil levy captured as increment from DUS property (capital and maintenance)
  • 38. Spent $427M / 89% % Complete By Mode LRT - 99.5% CRT - 78% Bus - 94% Streets & Plazas - 90% Construction Progress as of July 31, 2013
  • 39. Light Rail • LRT Final Acceptance Obtained December 22, 2011 • LRT Plaza Opened on May 18, 2012
  • 40. Regional Bus Facility as of July 31, 2013 • Phases I & II – West of Wewatta o Millwork & Casework Installation Complete o Glass Tile Installation Nearing Completion o Terrazzo Installation Nearing Completion o Restroom Fixture Installation Underway o Stair Rail Installation Underway • Phase III – East of Wewatta (behind DUS) o Wewatta Pavilion Elevator & Escalator Installation Nearing Completion o DUS Pavilion Elevator & Escalator Installation Underway o CRT Pavilions Aluminum Storefront Framing & Glazing Underway o East Starter Booth Steel Columns & Beams Installation Underway o Glass Tile Installation Nearing Completion o Terrazzo Installation Nearing Completion
  • 41. Hand Rail On Stair No. 12 (Chestnut Pavilion) is Progressing
  • 42. Commuter Rail as of August, 2013 • Pedestrian Bridge Structural Steel Erection Complete • Precast Platform Walls Installation Complete • CRT Train Hall PTFE Installation Complete • Amtrak Canopy ETFE Installation Nearing Completion •CRT Platforms Nearing 75% Complete •Final Track Work Into Station Underway
  • 43. View Of Train Hall Canopy From Pedestrian Bridge Near North Wing Building Stairs & Elevator
  • 44. Formwork Progressing For Stairs No. 3 & 4 From Pedestrian Bridge To Platforms No. 2 & 4
  • 45. Work Continues in the EVA Lane Including Trench Drains and Structural Tree Trenches
  • 46. DDA Development by Land Use As of August, 2013 Uses Feasibility Study Absorption Range (Lo/Hi) 2009 - 2019 As of August, 2013 Built or Under Construction/ Plus Under Design Office 418,000 – 628,000 SF 1,117,500 – 1,830,500 SF Retail 193,000 – 245,000 SF 163,500 – 266,500 SF Commercial 611,000 – 873,000 SF 1,281,000 – 2,097,000 SF Hotel (2019 – 2024 Time Frame) 112 – 288 Rooms Residential 1,520 – 1,930 Units 1098 – 1,348 Units *Taxes Received To Date are 80% Above Forecast *Estimated Market Value of Projects Built or Under Construction - $734 Million *Parking Spaces in Projects Built or Under Construction – 3,270 Spaces
  • 47. Completed  1900 16th Street  385,000 SF Office  24,000 SF Retail  Completed: Sept. 2009  DaVita  260,000 SF Office  Completed: Aug. 2012 - IMA Financial Plaza  112,000 SF Office with Retail  Scheduled Completion: Nov. 2013 One Union Station  110,000 SF Office with Retail  Scheduled Completion: Dec. 2013 Cadence Apartments  219 Unit Apartment  Scheduled Completion: Nov. 2013 - Historic Denver Union Station  Boutique Hotel and Retail  Scheduled Completion: Summer 2014 - Alta City House  281 Unit Apartment  Scheduled Completion: Spring 2014 - 1650 Wewatta  290 Unit Apartment  Scheduled Completion: Dec. 2014 - 20th & Chestnut  55,000 SF Retail  312 Unit Apartment  Projected Completion: April, 2015 - 1601 Wewatta  301,500 SF Office  Projected Completion: Q1, 2015 - 16 Wewatta & The Bike Hub  200,000 SF Office  The Bike Hub  Projected Completion: Spring 2015 - 16th & Wewatta  51,000 SF Office and Retail  176 Room Hotel  Projected Completion: Q3, 2015 - 17 Wewatta  105,000 SF Office and Retail  250 Unit Apartment  Projected Completion: TBD - 16 Chestnut  440,000 SF Office  Projected Completion: TBD 4 6 3 8 10 13 14 7 9 WEWATTA ST. CHESTNUT ST. 16THSTREET 17THSTREET 18THSTREET 19THSTREET 20THSTREET 18THSTREET WYNKOOP ST. 1 2 5 11 12 1 2 3 4 5 6 7 8 9 10 11 12 13 14Currently Under Construction Under Design
  • 48. 1900 16th Street Developer: Trammell Crow Company Contractor: Saunders Architect: Tryba Architects Date Began: October 2007 Date Completed: September 2009 Square Footage: 400,000 Notes:  Seventeen story building developed in 3 phases includes: Approximately 600,000 SF of Class A office and supporting retail space, 100- 150 residential units and 1,400 parking spaces when completed  The first phase multi-tenant office building consisted of 385,000 SF office Space, 24,000 SF of retail and 1,086 parking stalls  Achieved LEED - Gold Certification 1
  • 49. DaVita World Headquarters Developer: Trammell Crow Company Contractor: Saunders Architect: MOA Date Began: December 2010 Date Completed: August 2012 Square Footage: 260,000 Notes:  The 2nd phase of the 1900 16th Street project serves as DaVita’s world headquarters and features a DaVita information center on the first floor along with training rooms and a kidney dialysis training facility. DaVita University, 265 parking space, a top floor open air terrace, and teammate cafeteria also included.  Accommodates approximately 950 DaVita teammates  Achieved LEED - Gold Certification 2
  • 50. North Wing Building: IMA Financial Plaza Developer: First Century Development Contractor: Haselden Construction Architect: Anderson Mason Dale Architects Date Began: April 2012 Scheduled Completion: November 2013 Square Footage: 112,000 Notes:  Five story office building with two parking levels below ground  Retail and restaurants operating on the ground floor  IMA Financial Group Inc. corporate office space will be on the upper four levels  Pursuing LEED - Gold Certification  Construction photos are on the next page 3
  • 51. Front View Upper Side View 3 North Wing Building: IMA Financial Plaza Construction Photos
  • 52. South Wing Building: One Union Station Developer: East West Partners/Starwood Capitol Group Contractor: Kiewit Building Group Architect: Anderson Mason Dale Architects Date Began: August 2012 Scheduled Completion: December 2013 Square Footage: 110,000 Notes:  Five story office building  Antero Resources, the lead tenant, will reside in the 2nd, 3rd, 4th, and 5th floors; 1st Floor Retail  Pursuing LEED - Gold Certification  Construction photos are on the next page 4
  • 53. 4 South Wing Building: One Union Station Construction Photos Lower Side View Upper Side View
  • 54. Cadence Apartments Developer: Zocalo Contractor: GE Johnson Architect: JG Architects Date Began: May 2012 Scheduled Completion: November 2013 Square Footage: 8,000 SF Retail 219 Unit Apartment Notes:  Thirteen story apartment building containing 219 apartments  Includes a parking garage and 8,000 SF of retail on the ground level  Pursuing LEED Gold Certification  Construction photos are on the next page 5
  • 55. 5 Cadence Apartments -Construction Photos Below View Front Side View Side View Back Side View
  • 56. Historic Denver Union Station Developer: Union Station Alliance Contractor: Milender White Construction Architect: Tryba Architects & JG Johnson Architects Date Began: December 2012 Scheduled Completion: Summer 2014 Square Footage: 112 Room Hotel 21,000 SF Retail 6,500 SF AMTRAK/Transit Main Floor Train Hall Remains Public Space Notes:  Remodeled into a 112 room boutique hotel residing in the 2nd and 3rd floors with retail and restaurants on the ground floor  Amtrak will operate out of the ground floor  Historic Central Train Hall remains an open public space  Construction photos are on the next page 6
  • 57. 6 Historic Denver Union Station – Construction Photos Upper Front View Upper Side View Lower Back View Upper Back View
  • 58. Alta City House Developer: East West Partners/Wood Partners Contractor: Wood Partners Architect: Paul T. Bergner Associates Date Began: November 2012 Scheduled Completion: Spring 2014 Square Footage: 280 Unit Apartment Notes:  Five story apartment building containing 280 units  Construction photos are on the next page 7
  • 59. 7 Alta City House – Construction Photos Upper Back View Lower Front View
  • 60. Block A: 1650 Wewatta Developer: Holland Partners Contractor: Holland Partners Architect: Shears Adkins Rockmore Date Began: January 2013 Scheduled Completion: December 2014 Square Footage: 6,000 SF Retail 287 Unit Apartment Notes:  Twenty-one story apartment building with 287 apartments  287 total parking spaces will be provided on 2 underground levels as well as levels 2-4, while ground floor will include 6,000 SF of retail. Apartments will be on levels 5 through 21  Pursuing LEED – Gold Certification  Construction photos are on the next page 8
  • 61. 8 Block A: 1650 Wewatta – Construction Photos
  • 62. 20th & Chestnut Developer: Greystar Contractor: Martines Palmeiro Construction Architect: The Molhern Group Date Began: April, 2013 Scheduled Completion: April, 2015 Square Footage: 55,000 SF Retail 312 Unit Apartment Notes:  Five story multi-use building  Includes 42,000 SF King Soopers grocery and 13,000 SF of additional ground floor retail  The four top floors will contain 312 apartments  Construction photos are on the next page 9
  • 63. 9 20th & Chestnut – Construction Photos
  • 64. 1601 Wewatta Developer: Hines/Perlmutter Contractor: Whitting - Turner Architect: HOK Scheduled Start: August, 2013 Scheduled Completion: Q2, 2015 Square Footage: 300,000 Notes:  Ten story multi-tenant office building  Four levels of underground parking with 400 parking spaces  17,500 SF of retail on the ground level  Pursuing LEED - Platinum Certification  Construction photos are on the next page 10
  • 65. 10 1601 Wewatta – Construction Photos
  • 66. Triangle Parcel: 16 Wewatta & The Bike Hub Developer: East West Partners/ Starwood Capital Group Contractor: TBD Architect: TBD Scheduled Start: October, 2013 Projected Completion: Spring, 2015 Square Footage: 220,000 SF Office Notes:  Ten story office building  Two underground parking levels, ground level containing retail, and nine floors of office space  The Bike Hub offers bike racks, heated locker rooms with toilets and showers, and bike maintenance  Pursuing LEED –Gold Certification 11 16 Wewatta The Bike Hub
  • 67. 16th & Wewatta: Office Building and Hotel Developer: Continuum Partners Contractor: TBD Architect: TBD Scheduled Start: Q1, 2014 Projected Completion: Q3, 2015 Square Footage: 200,000 SF 176 Room Hotel Notes:  Five story office building  Office building includes 35,000 SF of office space and 16,000 SF of retail  Nine story hotel with 176 rooms 12
  • 68. 17 Wewatta Developer: Holland Partners Contractor: Holland Partners Architect: TBD Scheduled Start: TBD Projected Completion: TBD Square Footage: 105,000 SF, including 45,000 SF Retail and 60,000 SF Office 250 Unit Apartment Notes:  Property contains three buildings including 60,000 SF of office and, 45,000 SF of retail with grocery space  60,000 SF of office space will be located above grocery 13
  • 69. 16 Chestnut Developer: East West Partners/Starwood Capital Group Contractor: TBD Architect: Gensler Scheduled Start: March, 2014 Projected Completion: TBD Square Footage: 440,000 SF Office Notes:  Nineteen story office space  Underground and above ground parking as well as ground floor retail  Possible pedestrian bridge to connect Millennium Bridge with Mezzanine level of lobby. 14
  • 71. Barbara Weiske Executive Vice President for Administration/ Agency CEO, Auraria Higher Education Center
  • 72. Annual Report 2012 - 2013 The Auraria Campus Denver’s Urban Academic Community
  • 76. MSU Denver Student Success Building $62 million Photo courtesy of Frank Ooms CCD Confluence Building $50 million Marriott SpringHill Suites & MSU Denver Hospitality Learning Center $45 million
  • 78. CU Denver Academic Building $60 million MSU Denver Athletic Sports Field Complex $17 million
  • 79. 79 5th Street Parking Structure with Retail Component $20 million Library Renovation $32 million
  • 80. The 5th Street Hub $1.5 million Campus Infrastructure Development $3 million
  • 82. •MSU Denver – Aerospace Engineering Technologies Building •Projected: $40 – 50 million •CU Denver - Instructional Lab Wing, Science Building •Projected: $19 million •CCD - Boulder Creek Building Expansion/ Renovation •Projected: pending •Arts Building Renovation •Projected: $20 million
  • 83. Performing Arts Center Expansion & RenovationTivoli Conference Center Concept Tivoli Park & Events Center Renovation Other Initiatives
  • 84. Connecting Auraria (and Higher Education) with Denver… …through Presence… …through Investment & Development… Mine Pavilion by Pezo von Ellrichshausen …through Concept…
  • 85. …through Streetscape… The “Connect Auraria Coalition” …through Partnerships…
  • 86. …through Transit & Access….
  • 87. …through the Education of the Future Workforce & Leaders of Downtown Denver…