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Old July 29th, 2005, 06:56 PM   #21
Density4Denver
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Yet another new high-rise announced this week for Denver.

From the Rocky Mountain News on Wednesday, July 27:

=================

Plan unveiled for 41-story condo tower
By John Rebchook, Rocky Mountain News
July 27, 2005

The developer of the luxury Clayton Lanes development in Cherry Creek North on Tuesday unveiled plans for a 41-story, $110 million condominium high-rise at 14th and Champa streets in downtown.

Randy Nichols' project will be one of the largest buildings constructed in downtown Denver in the past 20 years and joins a flurry of developments on the drawing board.

Last week, developer Erik Osborn announced plans for a 31-story condo development at Lincoln and 20th streets. In addition, a 50-story Four Seasons hotel and condominium development is planned a few blocks from the latest project by Nichols.

Unlike the other projects, however, Nichols plans to make his 505-unit development more affordable. Nichols on Monday closed on his purchase of the Davis & Shaw Furniture store at 1434 Champa St., which he plans to raze. Earlier in the year, he bought the lion's share of the block from St. Charles Town Co.

"We're turning back the clock," said Nichols, whose Clayton Lane boasts some of the most expensive condos in the metro area, with some selling for more than $500 per square foot.

Clayton Lane also includes high-end retail, the JW Marriott Hotel and Janus' world headquarters.

At the downtown development, "we're going to be selling units at $290 per square foot," Nichols said. "We're trying to fit into a demographic that has been underserved. We're aiming at the young professional who works downtown who enjoys LoDo and everything downtown has to offer but is priced out of the vast majority of projects."

Ten percent of the units, which must be affordable under a city ordinance, will be priced from $165,000. Market rate units will be priced from about $220,000 to about $570,000, he said. RNL is the architect. Construction will start in the first quarter of 2006, and no pre-sales are required, he said.

John Shaw, who is developing a condo high-rise at City Park, said he welcomes new developments downtown.

"They will compete with us to a certain extent," said Shaw, of Opus Northwest. "But we can offer some things they can't offer, and they offer some things we can't offer. But overall, all of these developments are good for Denver. And they reaffirm belief that that there is a lot of demand for high-rise living."

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Old July 29th, 2005, 08:56 PM   #22
Phoenix Ashes
 
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Quote:
Originally Posted by Density4Denver
Construction will start in the first quarter of 2006, and no pre-sales are required, he said.
Who knows why a project would require no pre-sales? Isn't financing pretty much dependent on some demonstration of viability? Unless the developer has awfully deep pockets (although even these guys still get outside financing) or the developer's street cred is so good that financiers are already lined up to underwrite it, something rings false here. Anybody have an idea?
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Old July 29th, 2005, 11:10 PM   #23
Density4Denver
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Quote:
Originally Posted by Phoenix Ashes
Who knows why a project would require no pre-sales? Isn't financing pretty much dependent on some demonstration of viability? Unless the developer has awfully deep pockets (although even these guys still get outside financing) or the developer's street cred is so good that financiers are already lined up to underwrite it, something rings false here. Anybody have an idea?
Well, this developer just recently finished a very successful project in Cherry Creek (http://www.claytonlane.com) then turned around and sold it for a TON of money. So he's got both deep pockets and street cred.
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Old July 30th, 2005, 01:46 AM   #24
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^
I'll assume a 41 story building is going to cost somewhere in the neighborhood of $150 million. The developer probably walked away with $15 to 20 million from his Cherry Creek project. Agreed, that's a lot of money, but not even Donald Trump self-finances his ego trips. I really don't know the details here. I am curious, of course, so I'd love to know whether this is common or even heard of.
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Old July 30th, 2005, 03:48 AM   #25
Density4Denver
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Right. It's hard to say what's going on. I guess if he can pull it off legally, good for him.
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