Transit-Oriented Development Status Report March 2013

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2 March 2013 This is a controlled document; please do not duplicate. If additional copies are required, please request them from the FasTracks Document Control. This will assure that all recipients of the document receive revisions and additions. Approved By: Bill Van Meter, Assistant General Manager Planning March 2013

3 TABLE OF CONTENTS Transit-Oriented Development 1.0 RTD AND FASTRACKS OVERVIEW RTD and FasTracks Overview RTD and TOD Report Format SUMMARY OF TOD RELATED ACTIVITY Development Activity Planning, Zoning and Other Activity DEVELOPMENT OVERVIEW Regional TOD Trends Perspectives on 2012 and Beyond CORRIDOR SUMMARIES Central Corridor, Central Platte Valley Spur, Central Corridor Extension Southwest Corridor Southeast Corridor West Corridor East Corridor Gold Line Corridor North Metro Corridor I-225 Corridor Works Cited APPENDICES APPENDIX A DEVELOPMENT PROJECT TRACKING METHODOLOGY i March 2013

4 1.0 RTD AND FASTRACKS OVERVIEW 1.1 RTD and FasTracks Overview RTD s existing 35-mile rail transit system services 34 stations on four corridors: the 5.3-mile Central Line and 1.8-mile Central Platte Valley (CPV) Spur in central Denver, the 8.7-mile Southwest Line to Englewood, Sheridan, and Littleton, and the 19.2-mile Southeast Line to Lone Tree and Aurora. The FasTracks program, approved by district voters in a 2004 ballot initiative will add 122 miles of rail service, 18 miles of Bus Rapid Transit (BRT), approximately 60 new stations along six new corridors, and extensions to the three existing light rail lines. (See Exhibit 1-1 for a map of the existing and FasTracks corridors.) FasTracks corridors include the West Line to Lakewood and Golden; Northwest Rail Line to Westminster, Broomfield, Louisville, Boulder, and Longmont and related US 36 BRT Corridor to Boulder; East Line through Denver and Aurora to Denver International Airport; Gold Line to Wheat Ridge and Arvada; North Metro Rail Line to Commerce City, Northglenn, and Thornton; and I-225 Line through Aurora. The extensions include approximately one mile for the Central Line in central Denver, 2.5 miles for the Southwest Line to Highlands Ranch and Douglas County, and 2.3 miles for the Southeast Line through the planned RidgeGate community. An escalating recovery seemed to be the theme of the 2012 economic climate as real estate activity picked up significantly in the Denver region. Led primarily by the apartment market, more residential units began construction in 2012 than any other year since RTD researched trends for this report. While residential construction activity spread throughout stations in the metro region, the epicenter is Denver Union Station, the hub of FasTracks, where multiple office and residential high rises are under construction immediately adjacent to RTD s flagship transit facility. FasTracks also made some significant progress in 2012 despite continued challenges with completing the program in a reasonable timeframe. RTD staff pressed ahead in 2012 with creative solutions to fund and construct all FasTracks corridors. A high bar was set with 2011 s securing of a $1.03 billion federal New Starts grant for the Eagle Public Private Partnership (P3), the first American P3 of its kind that allowed for the construction of the East Line, Gold Line and a segment of the Northwest Rail Line. In 2012, RTD received and approved an unsolicited bid from a team led by Kiewit Infrastructure Group to complete the entire I-225 Line from the existing Nine Mile station to the Peoria/Smith station on the East Line. This bid was a direct result of RTD s new unsolicited proposal policy which encourages innovation and public private partnerships to advance FasTracks and help RTD fund base system operations. The East Line, Gold Line and Northwest electrified segment which make up the Eagle P3 Project began construction in earnest in With construction approximately 30 percent complete, notable progress can be observed along the East Line where multiple bridges are being constructed and rail is being stockpiled along the corridor. In addition, significant progress can be seen at the Denver International Airport (DIA), where DIA s South Terminal redevelopment project is well underway, creating a major gateway to the Denver region with an elegant commuter rail station integrated with a high end conference center hotel. The Eagle P3 Project is on schedule to open in March 2013

5 The construction of managed lanes along US 36 to Table Mesa Park-n-Ride also kicked off in These lanes make up a key component of RTD s vision for Bus Rapid Transit along the 18 mile corridor, which will also include branded BRT buses and enhanced station designs. The US 36 BRT corridor is on schedule for a late 2015 completion. FasTracks construction on the West Line and at Denver Union Station remained on schedule and progressed significantly in Civil construction for the West Line was completed in 2012 allowing for the project to remain on schedule for a April 26, 2013 opening. Test trains will be running on a full schedule in early 2013 prior to the opening of revenue service on April 26. Construction progress at Denver Union Station also saw major progress in A contract to redevelop and operate the historic station building was awarded to Union Station Alliance who will redevelop the inside of the building into a hotel with ground floor shops and restaurants. Additionally, significant progress has been made on the transit infrastructure, with the commuter rail canopy structure nearly in place. Construction of the transit elements including the underground bus station is 70 percent complete. The transit infrastructure is slated to be complete in May 2014 while renovations to the historic station are on scheduled for a July 2014 completion, well ahead of the arrival of the first East Line commuter trains in In advance of both of these milestones, Amtrak will begin operating at the station in early 2014 with the completion of its office space and its track and station platform improvements. Other progress made with the FasTracks program includes: The establishment of the Risk Allocation Matrix (RAM) and FasTracks Internal Savings Account (FISA). These two items were put in place at the end of 2012 to use creative financial solutions to fund the completion of RTD s remaining commitment of the US 36 BRT project and to extend the initial segment of the North Metro line from the National Western Stock Show to 72nd Avenue. RTD made the decision to initiate the Northwest Area Mobility Study (NAMS) in order to develop a comprehensive mobility solution for the Northwest Area which can be completed within a reasonable timeframe. 1-2 March 2013

6 Exhibit 1-1: FasTracks and Existing Transit Corridors 1-3 March 2013

7 1.2 RTD and TOD The RTD and TOD section of this report gives a brief summary of the key TOD projects where RTD is playing a proactive role in facilitating transit-supportive development around stations was a milestone year for RTD s TOD efforts as multiple projects progressed through planning, design, negotiation, and construction phases. Nearly two years after the start of the TOD Pilot Program, the first project gained board approval and another is poised to enter the market as a public private partnership. In addition to the pilots, RTD kicked-off construction on its first joint-development project and advanced several others as jurisdictions throughout the metro region work with RTD to realize mutual goals of efficient development near transit. In April 2012, the RTD Board of Directors approved the purchase and sale agreement for the Alameda Station TOD Pilot Project. This agreement was the culmination of nearly two years worth of work with the City and County of Denver, the Denver Urban Renewal Authority (DURA), and D4 Urban. The agreement lays out the conditions and terms where RTD will sell a portion of the current Alameda Station property to D4 Urban. D4 Urban will then construct high density, multifamily housing on the property, as well as an improved passenger plaza and a new on-street bus loading facility. At this point D4 Urban is finalizing engineering and design on the enabling works for Alameda Station, a drainage improvement project that will address a major impediment to development in the area and resolve ongoing drainage issues with the West Washington Park Neighborhood. The improvement will extend from West Washington Park through Alameda Station via Dakota Street, and finally connect to the major storm water outfall recently constructed by CDOT at Santa Fe Boulevard. Construction of the drainage improvements, the apartments and other infrastructure is expected to begin in One key lesson from the Alameda Station process was the need for better articulated design goals from RTD that express the desired form and function of development that will drive transit ridership. As a result, RTD TOD staff developed the RTD TOD Design Criteria for use in future design work with development partners. The Criteria include principles, standards, and guidelines that determine how development should be oriented around a station, how the pedestrian-focused space should be incorporated, and even how parking should be managed. In addition to the Alameda Pilot site, staff from RTD, the City of Arvada, and the Arvada Urban Renewal Authority (AURA) worked together to develop a procurement process for TOD and parking at the Olde Town Arvada Station on the Gold Line. RTD worked with City of Arvada and AURA to first remove the surface parking lot from the Gold Line contractor s scope and then use funds from that component to facilitate the construction of a parking structure by opening day, as well as transit supportive development. The City, AURA, and RTD are working with a developer and owners representative to craft an RFQ/RFP process that would help the public agencies reach their planning and development goals while remaining fair for the private-sector bidders. The RFQ-RFP process will begin in March of 2013 and last through next year. Planning is still underway on the Welton Corridor Pilot Project. The Five Points Business District (FPBD) built off the work of the Urban Land Institute in 2011 and developed a series of development scenarios for multiple parcel configurations along the Welton Corridor. These scenarios evaluated specifically what building forms were allowed by local zoning 1-4 March 2013

8 and building regulations. In turn these designs informed what uses could be developed to produce a financially feasible project. The FPBD and their team of consultants will use this information to inform other property owners in the Corridor interested in redevelopment what options are available and what expectations are reasonable. RTD will continue to work with FPBD in 2013 to develop a corridor-wide redevelopment strategy and to identify RTD s role. One of the biggest TOD accomplishments for RTD in 2012 was the successful negotiation of the Denver Union Station master lease agreement with Union Station Alliance (USA) ended with the RTD Board of Directors choosing USA as the preferred development entity to oversee the rehabilitation of the historic station. Starting in January, 2012 and lasting through the fall, RTD and USA negotiated a 99-year lease deal that includes a revenue sharing agreement that splits funds from the private hotel and retail uses in the building with RTD. Parallel to the lease negotiation, FTA approved RTD s joint development application regarding the project, a necessary step for any public-private partnership that utilizes federal money. Construction on the rehabilitation project kicked off in late 2012 and opening is slated for summer Finally, the Boulder Depot project and the Boulder Transit Village progressed towards final closing and eventual groundbreaking. Negotiations over the ownership structure of the shared parking garage, and public infrastructure dominated This complex publicprivate partnership will eventually lead to the development of 71 units of income-restricted housing, a 140-room hotel room, and the redevelopment of the historic Boulder Train Depot. All of this private development will sit on top of a new underground bus facility that will serve as the end of the line for the FasTracks US 36 BRT project. Construction is expected to begin in March RTD has played a role in multiple other TOD projects throughout the metro region. Please refer to the corridor summary section of this report for more specific details on those projects. 1.3 Report Format The remainder of the report focuses on an update to the status of urban planning and real estate development near existing and planned stations within RTD s transit system. The first section provides a high level summary of development, planning, zoning and other TOD activity in existing and planned corridors, highlighting changes that have occurred since the beginning of Next, the report offers a development overview which gauges the perspectives on the TOD market, analyzes trends from RTD s TOD database and provides some perspectives on what to expect in 2013 and beyond. Following the development overview, the subsequent section provides a detailed description of all known station area development and planning activities by transit line, beginning with the three in operation today: the Central Line and CPV Spur, Southwest Line, and the Southeast Line. Individual descriptions follow for each of the six new FasTracks Corridors. Most of the discussion in the corridor summary section focuses on new projects, updates to the status of current projects and TOD planning activities that have occurred in March 2013

9 2.0 SUMMARY OF TOD RELATED ACTIVITY This section provides a summary of development projects that have been built, are under construction, or are being planned within an approximate half-mile walking distance of stations, as well as an inventory of land use planning and rezoning efforts being conducted by local government jurisdictions in station areas. 2.1 Development Activity RTD tracks development activity within a half-mile walking distance of existing and planned stations and records this activity in a TOD database. Recorded projects typically include a commercial or residential component that would allow the building s users to benefit from increased proximity to transit. Development projects are organized into built, under construction, or proposed projects. Proposed projects are either in some phase of development review with a local government jurisdiction, or have detailed development programs already articulated for each type of use by the developer. (See Appendix A for more detailed information on the methodology for RTD transit-oriented development activity). Tables 2-1 and 2-2 summarize all projects completed and under construction in RTD s existing rail and planned FasTracks corridors, from the opening of the system and in 2012 alone. Table 2-3 details proposed projects within the development pipeline. Table 2-1 shows that the majority of projects completed or under construction were along the Central Line, specifically in the Denver Union Station redevelopment area. The Southeast Line and Northwest/US-36 corridors also showed strong growth. While a large amount of office and retail development has taken place in previous years, the dominating 2012 trends were residential development in Downtown Denver and rapid medical office construction at the Anschutz health and educational campus. Corridor Residential (Dwelling Units) Table 2-1: Summary of Completed and Under Construction Projects by Type on All Corridors Hotel (# of Rooms) Retail (ft 2 ) Office (ft 2 ) Gov t (ft 2 ) Cultural (ft 2 ) Medical (ft 2 ) Education (ft 2 ) Central/CPV 11,140 4, ,458 3,251,933 1,986, , ,000 East ,000 20, , Gold 1, ,274 55, I-225 1, , , ,610,000 1,379,606 North Metro Southeast 6, ,569 1,931, ,000 - Southwest ,385 50, ,000 40, ,000 50,000 US 36 2, ,333, ,209-17,373 19,900 - West , , ,000 - Totals 24,439 6,336 5,374,185 6,018,065 2,303, ,373 7,019,900 1,942,606 Note: Central corridor tracked since Southeast tracked since November Southwest tracked since Central Platte Valley Spur tracked since All others tracked since March 2013

10 Corridor Transit-Oriented Development Table 2-2: 2012 Only Projects Completed or Under Construction Residential (Dwelling Units) Hotel (# of rooms) Retail (ft²) Office (ft²) Gov't (ft²) Cultural (ft²) Medical (ft²) Education (ft²) Central/CPV 3, , ,000-4, ,000 East Gold , I ,940,000 - NorthMetro Southeast 1, , ,000 - Southwest 50-7, ,000 - US 36 1, , ,900 - West Totals 6,923 1, , ,000-4,000 2,409, ,000 Corridor Table 2-3: Summary of Proposed Projects by Type on All Corridors Residential (Dwelling Units) Hotel (# of Rooms) Retail (ft2) Office (ft2) Medical (ft2) Central/CPV 1, , ,000 - East , Gold 1, , I , ,902 3,440,000 North Metro Southeast ,500 1,290,785 - Southwest 1, NW/US36 1, , ,000 - West , Totals 6,974 1,110 1,052,743 2,392,687 3,440,000 While residential development has consistently been strong near transit stations, the market for for-lease multifamily units exploded in While only about 700 units were completed this year, close to 5,000 units started construction in 2012 and will come online in 2013 or The other development anchor for 2012, like the past several years and likely several years to come, was medical office. Over two million square feet of medical space broke ground or were completed in 2012, more than half of which were located on the Anchutz campus along the I-225 Line. As a major employment sector in the Denver region, this campus will be a key destination served by the new rail line. At nearly the lowest point of the recent recession, the 2009 TOD Status Report added only nine new projects for the entire year. This increased to 30 new projects in 2010 but only 19 in RTD TOD staff recorded 44 new projects announced in 2012, bolstered primarily from the residential and medical pillars mentioned above. Despite those two dominant trends however, other forms of development also contributed, including several Downtown Denver hotel projects, a slow return of retail, and additional office development as existing stock has absorbed much of the vacant supply brought on by the recession March 2013

11 2.2 Planning, Zoning and Other Activity With over 40 plans adopted in the past seven years, station area planning activity continued to slow as most jurisdictions transition from the planning phase to the implementation phase. A notable sign of this transition is the popularity of the Urban Land Institute s Technical Advisory Panels (TAP) throughout the Denver region. TAP panels bring together real estate experts from multiple specialties to develop key implementation steps necessary to spur development in a targeted area. A TAP panel for the Decatur-Federal Station compiled a series of steps and strategies straight from the real estate community that will help realize the goals of the current community planning efforts. This TAP was performed in conjunction with the plan to ensure that key recommendations were consistent with the market and real estate realities. The City and County of Denver s Decatur-Federal station area plan was Denver s primary station planning focus for much of This plan, federally funded as part of the Denver Livability Partnership, focused on the future of DHA s Sun Valley development and how it and the surrounding neighborhood can grow into a more connected transit-oriented community with the arrival of the new West Line station. The plan was in draft form at the end of 2012 and should be adopted in early The Central Park station area plan was the City and County s other focus in This plan was approved in September of Planners and other RTD staff worked closely during this planning process to help design transit facilities and parking so they can be more integrated with future development. Along the Southwest Line, Englewood is putting the finishing touches on the Englewood Corridor plan, which looks at the Englewood, Oxford, and potential future Bates station. With Englewood City Center relatively built out, the plan is focusing on how to improve connections between existing neighborhoods and the stations. The plan should reach draft form by the spring of 2013 and will be adopted later in the year. Several plans are still slated for 2013, including two along the North Metro Rail Line at the 88th Avenue Station and 104th Avenue Station. The Southwest Extension s Lucent/C-470 Station Area Plan is also due to kick off in early See Table 2-4 for a complete list of station area planning activities in the Denver area. Table 2-4: 2012 Station Planning Activity Station Corridor Jurisdiction Plan Status Notes 104th Avenue North Metro Thornton Upcoming 10th/Osage (LaAlma/ Lincoln Park) Central/CPV Denver Adopted 2010 Public Housing Plan/Phased redevelopment 124th Ave. North Metro Thornton Adopted th Avenue I-225 Aurora Adopted st and Main NW Rail Longmont In Process 38th/Blake East Denver Adopted th/Airport East Aurora Adopted st/Fox Gold Denver Adopted nd Avenue North Metro Commerce City In Process 88th Avenue North Metro Adams County/ Thornton Upcoming Abilene I-225 Aurora Adopted March 2013

12 Station Corridor Jurisdiction Plan Status Notes Alameda Central/CPV Denver Adopted 2009 Alameda Station Area Plan/ Broadway Marketplace GDP Arapahoe Southeast Greenwood Village Adopted 2005 Arvada Ridge Gold Arvada Adopted 2008 Auraria West Central/CPV Denver Adopted 2009 Auraria Campus Master Plan Belleview GDP Southeast Denver Adopted 2006 Boulder Transit Village NW Rail Boulder Adopted 2007 Central Park East Denver Adopted 2012 Colfax Ave. I-225 Aurora Adopted 2009 Colfax Corridor Connections Central/CPV Denver In Process Colorado Station GDP Southeast Denver Adopted 2008 Lincoln GDP, Subarea Plan Decatur/Federal West Denver In Process Elyria-Swansea/NWSS North Metro Denver In Process Englewood, Oxford, Bates Southwest Englewood In Process Evans Southwest Denver Adopted 2009 Federal Gold Adams County Adopted 2008 Federal Center West Lakewood Adopted 2006 GSA Master Plan, Union Corridor Station Area Plan Florida I-225 Aurora Adopted 2011 Garrison West Lakewood Adopted 2010 Iliff I-225 Aurora Adopted 2009 Lamar West Lakewood Adopted 2010 Louisiana/Pearl Southeast Denver Adopted 2007 Louisville NW Rail Louisville In Process Lucent Blvd/C-470 Southwest Douglas County In Process Nine Mile SE/I-225 Aurora In Process Northwest Area Mobility Study NW Rail/ US-36 RTD Upcoming Consultant study to evaluate mobility needs in the Northwest corridors Oak West Lakewood Adopted 2006 Master Infrastructure Plan Olde Town Arvada Gold Arvada Adopted 2008 Ped/bike, parking, & roadway design studies also complete Pecos Gold Adams County Adopted 2008 Peoria/Smith East Aurora Adopted 2009 Sheridan Gold Arvada Adopted 2008 Sheridan West Lakewood Adopted 2006 Sheridan West Denver Adopted 2009 Southmoor Southeast Denver Eliminated Union Station Central/CPV Denver Adopted 2004 Union Station Neighborhood Company US-36 First and Final Mile Study Table 2-4: 2012 Station Planning Activity (continued) US Commuting Solutions (RTD, CDOT, Boulder, Louisville, Superior, Broomfield, Westminster) In Process Wadsworth West Lakewood Adopted 2006 Urban renewal; Master Infrastructure Plan Ward Road Gold Wheat Ridge Adopted 2006 Charter amendment to eliminate density cap for station area Welton Corridor Central/CPV Denver Upcoming Part of Northeast Downtown Neighborhoods Next Steps Welton Corridor Central/CPV Denver Adopted 2011 Part of Northeast Downtown Neighborhoods Plan Broadway/I-25 Central/CPV Denver Adopted Blueprint Denver 2-4 March 2013

13 3.0 DEVELOPMENT OVERVIEW Transit-Oriented Development While the effects of the recession were still felt throughout the Denver metro area real estate industry during 2012, signs point to an impending recovery. Even though completed projects were down 50 percent, current projects under construction suggest that 2013 will be a banner year. High rents and low vacancy rates are bolstering private activity and contributing to an upward development trend for 2013 and Major locations of growth in 2012 were similar to 2011, with Denver Union Station and the Anschutz Medical Campus leading the way for TOD. The trends section of our report will discuss demographic and development trends shaping the country and the Denver region in depth, but while growth overall declined this year, the stage is set for a powerful development comeback in 2013 and Regional TOD Trends This section analyzes trends in different market sectors based on data from RTD s TOD Database. As noted earlier in Section Two, the RTD TOD database is updated continuously and tries to reflect the most accurate information known at the time of the publication of this report. Residential This year s analysis of residential market data shows a continuation of the decline in housing unit production after 2009, but an uptick in apartment construction. After a record breaking year of TOD residential development in 2009 (5,062 units completed) there was a 78 percent decrease in 2010, followed by a 64 percent decrease in In 2012 the trend continued with a 49 percent decrease (699 total units produced compared to 1,360 in 2011). However, projections indicate this is the bottom of this trend as many stalled projects started construction in 2012, leading to huge growth projections for 2013 and Although last year s report projected 1,296 units in 2012, only 699 were completed. However this appears to just a small delay as the remaining projects shifted into 2013, with a record 5,250 apartment units alone expected to enter the market. Both nationally and in the Denver area, apartment vacancies are at record lows and rents at record highs. The drastic increase in apartment construction shows that the market is reacting accordingly by providing major new supply. This trend is discussed in detail later in this report. According to current data, the coming years will surpass the previous residential peak of 2009, with major projects under construction around Union Station and in the US-36/Northwest Corridor, as well as on seven of the nine FasTracks lines. 3-1 March 2013

14 Exhibit 3-1 Residential TOD by Delivery Year Office Market The office market continued its downward trend since the 2008 peak, with construction falling in 2012 by 40 percent from Despite this, office construction looks to rebound in 2013 and 2014, with 574,000 square feet currently under construction or expected in Office vacancy rates have fallen recently, and developers are responding in kind. Office growth is concentrated in the Downtown Denver/Central Platte Valley/DUS area, with several TOD projects of note: Around DUS, DaVita completed its new 270,000 square foot headquarters. Now a Denver landmark, the building brings a unique architectural style to the Denver and DUS skyline. IMA Financial will move into the North Wing building of DUS, which is expected to be complete in The South Wing will also open with Antero Resources as the primary tenant. Mixed-use buildings will figure prominently in the office market in 2013 and 2014, with several high-profile buildings such as 16M, One Union Station, and 1601 Wewatta scheduled for completion in Downtown Denver and around DUS. 3-2 March 2013

15 Exhibit 3-3: Office TOD by Delivery Year Transit-Oriented Development Office Square Feet Retail Market Retail development plunged since its peak in 2006, with just 13,000 square feet of retail space built in Although several retail projects were proposed for 2012, only one project was completed, the redevelopment of the Craig Building in Olde Town Arvada. Despite the softness of the macro-level retail market, urban development trends continue to embrace the active ground floor, and small scale retail space will continue to be available for neighborhood retail or restaurant uses. Many projects currently under construction integrate retail into mixed-use building envelopes, including Cadence Apartments next to Union Station, the Observatory Park development adjacent to the University of Denver, and One City Block in Denver s Uptown neighborhood. A total of over 115,000 square feet of retail space is currently under construction, with an upward trend projected for 2013 and As with office space, mixed-use buildings will play a key role with over 10,000 square feet of retail space being integrated into the Denver Union Station renovation, the Lincoln Park Homes redevelopment, and the 16M building at 16th and Market. Projections show little in the way of retail development in the next few years. Two of the projects due in Zocalo Development will build 11,953 square feet of retail in its new mixed use building on the Denver Union Station site at 17th and Chestnut. The One Observatory Park mixed use development at University and Evans, near the University of Denver, will have 25,000 square feet of dedicated retail. 3-3 March 2013

16 Exhibit 3-4: Retail TOD by Delivery Year Transit-Oriented Development Retail Square Footage Perspectives on 2012 and Beyond Cautious Optimism ULI s Emerging Trends in Real Estate 2013 offers a comprehensive look at real estate and development trends nationwide, summarizes economic activity, and offers predictions for the year ahead. In general, the ULI report paints a market very similar to what the RTD TOD Database has observed. Most areas can sustain little if any new commercial construction, according to Emerging Trends, with the notable exception of the residential sector. The for-lease multifamily market is strong nationally and locally, buoyed by ongoing demographic and social changes that are driven by young people: The large generation-y demographic cohort orients away from the suburbs to more urban lifestyles, and these young adults willingly rent shoebox-sized apartment units as long as neighborhoods have enticing amenities with access to mass transit. This trend bodes well for the future of residential TOD, characterized by smaller units in more walkable urban neighborhoods with increased connectivity through transit. As is usually the case though with booming markets, ULI warns of potential overbuilding and that rents could have already reached their high relative to low vacancy rates. Emerging Trends suggests that industrial development and hotels will report gains in 2013, as well as downtown office space. However, the demand for downtown or urban infill space could quickly drive up prices. ULI advises then that developers and investors need to realize 3-4 March 2013

17 future success may rest in identifying prime locations suitable for densification in suburbs and linking into transit-oriented hubs. If the Denver market heeds this advice, subsequent TOD Status Reports should note an increase in commercial projects near suburban RTD transit stations. From one developer surveyed by ULI: Anything near suburban rail is gold. We re seeing superior rent growth compared to buildings away from light rail; it s no longer hypothetical. The ULI Emerging Trends report ranks Denver in its Top 20 Markets to Watch at number 14, behind traditional powerhouses like San Francisco and New York City, but ahead of cities including Chicago, Los Angeles, and Portland, Oregon. Part of this ranking is due to the relatively small effect of the housing downturn compared to many other metro regions in the United States. Another noticeable strength is Denver s highly educated workforce, which is concentrated in the growing technology and energy industries. From an investment perspective, Denver has strong growth potential. Results show the city moving up three spots in the investment prospects rankings over the previous year. An attraction is the city s central location in the country s southern and western regions, as well as Denver s ever-expanding international airport, which offers access to national and global destinations. Trend 1 Apartment boom continues, but worries about cooldown persist 2012 was a boom year for apartment construction. However, ULI analysts say they have begun to see a potential tapering of the trend, and offer some cautions: Cooler heads distinguish between infill markets with few developable sites, especially near mass transit stops, and traditional hot growth areas where new commodity, garden-style product can mushroom and often overshoot demand. The concern of oversupplying the apartment market has been echoed among many local Denver developers as well, but ULI sees TOD as a product type that could assuage future price shocks for developers, thanks to the added value of accessibility through transit. In the Denver Metro area, apartment vacancy rates have fallen to 4.3% in 2012 s third quarter, a twelve-year low, with rent growth hitting an eleven-year high earlier in the year, up 5% from 3rd-quarter 2011 alone. The ongoing expansion of the transit system is helping to drive demand in infill areas that will become much more accessible once premium transit accesses more of the metro area, but also creating pockets of density, centered on transit as a primary amenity. Trend 2 Demographic changes contribute to changing living patterns So-called Echo Boomers (or Millenials, or Generation Y ) are not only helping to drive demand for apartment living, but are also propelling changes in living patterns, shifting location and ownership preferences. According to ULI researchers, For now and at least until they start families, proximity to stimulating urban action living and working within reasonable distances and using mass transit holds more attraction for the 20-something crowd than spending time and money commuting by car to quiet suburban lanes. An article from The Atlantic titled What Has the Recession Done to Millennials?, identified that 18-to-24-year-olds were affected worse than any other group, which combined with 3-5 March 2013

18 the rising cost of education, has delayed their ability to be financially independent. But the trend is not just financial Generation Y is getting married later, having children later, and clustering more and more in cities. As for buying homes, ULI paints a current picture where, people need to find a place to live, and we see a cyclical move away from homeownership in metropolitan markets. In light of these trends, The Brookings Institution identifies Denver as having the third-highest average annual net migration ( ) for both young adults (25-29) and college graduates over 25 attributable to urban infill locations and lively, active close-in neighborhoods and expanding transit options that drive further infill and apartment development. Trend 3 Apartment living evolves: smaller spaces and less parking Dense, high-demand metro areas are considering changes to their zoning that will allow apartments as small as 300 square feet, with San Francisco even considering allowing 150 square foot units. In Seattle, developers have proposed dorm-like apodments, stacked single-floor common areas with square foot living spaces surrounding them. While these changes have met with some opposition, it is clear that vibrant urban spaces are in high demand, and have themselves become key amenities. Developers look to capitalize on these amenities by emphasizing experiences over space: Apartment developers home in on echo boomers socialization penchant; they can build smaller units if they supply wi-fi and provide common space like roof decks or event rooms for texting-inspired get-togethers. This trend will also provide housing options for lower income renters who value vibrant, transit-accessible places but cannot necessarily afford the price premium when capitalized in a larger unit. For many young people, especially in outdoor and active lifestyle-oriented communities like Denver, primary amenities are to be found outside the immediate walls of the home, and developers are seeking to capitalize on these preferences. Meanwhile, as some people drive less and increasingly seek urban housing, parking ratios for apartment buildings are coming down. In Denver, the new apartment buildings in the Denver Union Station redevelopment, 1650 Wewatta and Cadence, will be the first buildings with a parking ratio of less than one space per unit. This unbundling of living space and parking space could help to lower costs for developers and renters and attract more people seeking car-free (or car-light) urban lifestyles. Trend 4 Falling VMT is here to stay Compounding the trends we ve looked at above is the ongoing decline in total vehicle miles traveled, or VMT, in passenger cars. While some point to this decline as simply a symptom of a down economy, in which fewer people are traveling for work, a number of studies are showing the decline is not simply tied to the economy, but to changing lifestyles and living patterns. According to a US PIRG study, after 2004 per-capita VMT turned downward, falling 6 percent, and leading to a decline in total VMT since 2007 The largest decline comes from drivers aged 16 to 34, the key demographic behind the apartment boom and other social shifts, who reduced their miles driven by 23 percent between 2001 and At the same 3-6 March 2013

19 time, they increased their travel by bicycle by 24 percent, and miles traveled on public transit by a whopping 40 percent. Analysts and pundits advance a number of competing theories to explain the decline, including the less need for cars as social tools, electronics taking the place of cars as objects of desire among young people, and increasing congestion and gas prices making driving simply less pleasurable. The Economist ran a major feature in September on the decline of car usage in America and other developed countries, raising the possibility of peak car usage and pointing out that the share of metropolitan residents with cars has fallen since the 90s, partially replaced by alternatives like car-sharing and more reliable and capacious public transportation systems. Add to that continued growth in urban cores, increasing costs for fuel and insurance, and cultural shifts in attitude toward cars in young people, and you have the recipe for a strong future for transit-oriented development. Trend 5 Transit at the ballot box 2012 was an important election year for transit at the ballot box. The Center for Transportation Excellence followed transit-specific initiatives and tallied 70 percent of election year activity as victories for transit. Many communities, including Arlington County, Virginia, Kalamazoo, Michigan, and Orange County, North Carolina, voted to tax themselves to provide for more funds to invest in transit infrastructure and service. Voters in suburbs outside of Grand Rapids, Portland, Maine, and Toledo, Ohio, all rejected initiatives to sever themselves from regional transit agencies, while Virginia Beach voters passed an advisory referendum recommending a connection to the regional light rail system. Additionally, supporters of Honolulu s longplanned elevated rail system have breathed a sigh of relief, as the mayor s race, which had largely become a referendum on the project, was called for Kirk Caldwall, a rail supporter. However, there were still a handful of major disappointments for transit boosters. These included the failure of Measure J in Los Angeles, which would have extended the city s halfcent sales tax until 2069 and allowed the city to borrow against that revenue. A proposed gas tax to fund transit in Memphis failed, and Houston voters upheld the policy of diverting 25 percent of revenues earmarked for transit to road projects. All told, the American Public Transportation Association says that when November election results are added to votes earlier in the year, nearly 80 percent of pro-transit ballot measures passed. Michael Melaniphy, APTA President and CEO, says this successful trend demonstrates that public transportation is a vital and essential service that people want and need. Despite economic concerns, voters decided to pass taxes, create bonding, or take other actions to improve or maintain public transportation. 3-7 March 2013

20 4.0 CORRIDOR SUMMARIES Transit-Oriented Development Introduction This section of the report summarizes significant changes and developments for each rail transit corridor of the RTD system during the last year. The status of the corridor as a whole is reviewed, development statistics from our database are provided, and individual projects with notable changes or advances are identified for each station. 4.1 Central Rail Line, Central Platte Valley Spur, Central Rail Line Exhibit 4-1: Central Rail Line/CPV Map Extension The original 5.3-mile Central Line and 1.8-mile Central Platte Valley (CPV) Spur service include some of the busiest destinations in metro Denver: the Central Business District (CBD), Lower Downtown (LoDo), Denver Union Station (DUS), Sports Authority Field at Mile High, Pepsi Center, Auraria Campus, and Five Points (see Exhibit 4-1 for a corridor map). Opened for service in 1994, the Central Line restored fixed-guideway transit service in central Denver after a nearly 45-year absence. Completion of the CPV Spur in 2002 established the groundwork for DUS to once again become a multimodal transportation hub serving the entire region. Through the FasTracks program, DUS will serve as the intersection of RTD light rail and commuter rail, RTD local, express, and regional bus service, the 16th Street Mall shuttle, the future Downtown Circulator, and Amtrak service. Other possible future connections include a revamped Ski Train service and other private interstate and international bus service. As part of the FasTracks plan, the Central Line will be extended from its current terminus at the 30th/Downing Station north about one mile along Downing Street to its connection with the East Line at the future 38th/Blake Station with service to Denver International Airport (DIA) and DUS. As part of $305 million in savings from the Eagle Public-Private Partnership (P3), RTD is able to undertake about $500,000 in additional technical analysis along the Central Extension project in anticipation of future construction. The scope for this study was developed in 2012 and is expected to be completed in March 2013

21 The Central Line, CPV Spur, and Central Line Extension have seen a total of 11,140 residential units, 4,637 hotel rooms, 953,458 square feet of retail, 3,251,933 square feet of office, 107,000 square feet of cultural space, 1,986,850 of government space, and 513,000 square feet of educational space either completed or currently under construction. An additional 1,957 residential units, 642 hotel rooms, 106,500 square feet of retail, and 787,000 square feet of office space have been proposed. Denver Union Station As the hub of the FasTracks system, DUS is often referred to as the ultimate site for TOD in the Denver metro area. That reputation was justified in 2012 as DUS experienced more groundbreakings and project announcements than any other station in the system. Private development is encouraged by the feverish pace of transit infrastructure construction at the station. Crews have topped off the new 22 bay bus terminal and started erecting the commuter rail station canopy. The white supports of the station showcase the most striking visual evidence yet of the change FasTracks is bringing to the Denver region (see Exhibit 4-2). Exhibit 4-2: Denver Union Station Cranes work to construct the train shed canopy over Denver Union Station s commuter rail tracks. Credit: Fritz Clauson The highest profile project to begin construction in 2012 was the adaptive reuse of the Denver Union Station historic building. Union Station Alliance (USA) received approval in the summer for $4.5 million in historic tax credits necessary to finance the redevelopment. 4-2 March 2013

22 Shortly after RTD and USA agreed on a long-term lease and construction began on December 3rd, The historic building will remain closed until the Amtrak office space is complete in early The hotel and ground floor retail will open later in the summer of When the full station reopens, the ground level will showcase a restored great hall surrounded by ground floor retail, restaurants, Amtrak service and other transit amenities. The upper floors will be adapted to hold 110 hotel rooms that will be operated by Sage Hospitality in conjunction with the Oxford Hotel. Zocalo Development broke ground on its Cadence project at 17th and Chestnut Streets. The 13-story, 220 unit apartment building is so closely integrated with transit that RTD General Manager Phil Washington spoke at the groundbreaking event. The proximity to DUS s transit facilities will allow Cadence to generate rents above two dollars per square foot while keeping the parking ratio below one per unit. Cadence is the first residential highrise to begin construction at DUS (see Exhibit 4-3). Exhibit 4-3: Cadence The mixed-use Cadence apartment project, under construction behind Union Station, expected to be complete in Credit: Fritz Clauson Other apartment projects breaking ground near DUS include the 5-story, 242 unit AMLI Riverfront at 20th and Little Raven and Alta City House, a similarly sized project at 18th and Chestnut. Delgany Apartments also broke ground at the corner of 15th and Delgany. This project by the Opus Group will include 284 units, reach 10 stories, and include additional ground floor space for the Contemporary Art Museum. Farther to the south across from Market Street Station, the former Office Max building was demolished to make way for another 10 story project that will be a mix of office, residential and ground floor retail (see Exhibit 4-4). 4-3 March 2013

23 Exhibit 4-4: 16M Transit-Oriented Development A rendering of the mixed-use 16M project, currently under construction, which replaces the former Office Depot at 16th and Market Street. Credit: Both the North and South Wing buildings began construction in 2012, replacing what used to be surface parking lots immediately in front of the DUS historic building. The North Wing will serve as the headquarters of IMA Financial while the South Wing will be the headquarters of Antero Resources. Both buildings will be integrated into the southern DUS plaza which is also currently under construction. DaVita is another notable corporate headquarters project which completed construction in With its distinctive look the 14-story structure has become a landmark in the DUS and Central Platte Valley neighborhoods (see Exhibit 4-5). Exhibit 4-5: DaVita Headquarters Completed in 2012, DaVita s new headquarters building sits adjacent to both the Millennium Bridge and Union Station light rail platform. Credit: Fritz Clauson 4-4 March 2013

24 Several projects at DUS were announced but otherwise have not started construction. One of the largest of these is another apartment development on part of DUS s A-Block (RTD property under contract by the Union Station Neighborhood Corporation). Holland Partners has proposed a 21 story, 288 unit apartment high-rise at 1650 Wewatta just north of the DUS commuter rail station. Like Cadence, this building will have a parking ratio below one, due in large part to its proximity and integration with surrounding transit infrastructure. Across the street from this site to the northeast, Jordan Perlmutter & Co. proposed a new mixed use building at 1601 Wewatta. The ten story building will include 284,000 square feet of leasable space, including 17,000 square feet of ground floor retail Wewatta should be complete by Other notable projects include: General Investment Properties completed the second phase of their Manhattan apartment development located at 19th and Bassett Streets. Phase two included 134 apartments in a 5-story building directly west of their first phase, which was completed in East/West Partners proposed 16 Wewatta on the Triangle Parcel formerly owned by RTD and sold as part of the master developer agreement that helps fund the DUS project. 16 Wewatta is anticipated to reach a height of 11 stories and consist primarily of office uses. 16 Chestnut is another East/West Partners concept for the parcel at the intersection of 16th and Chestnut adjacent to the RTD light rail station and 16th Street Mall turnaround. The current concept is for an 18-story office building with both ground floor access and second floor access from a bridge connecting to the Millennium Bridge. Downtown Denver Stations 16th/California, 16th/Stout, 18th/California, 18th/ Stout A trend in 2012 seems to be the adaptive reuse of older buildings into modern hotels. In addition to the DUS historic building redevelopment, two hotels downtown are emerging from shell of formerly underutilized structures. Construction began on the iconic Colorado Bank Building as it is converted to a 230 room Marriott Hotel. Developed by Stonebridge and financed with the help of historic tax credits and the Denver Urban Renewal Authority (DURA), two stories will be added to the structure while the historic interior will be largely maintained. A former Xcel office building at th street will also be converted into a hotel that will be jointly operated by Hampton Inn & Suites and Homewood Suites. The 13 story building will have a total of 302 rooms and amenities that include an indoor pool. Recently completed is 2020 Lawrence, another apartment project by Zocalo Community Development. The 10-story 231 unit building is the first residential project of such a large scale developed in the Arapahoe Square neighborhood. Combined with the strength of the residential rental market, the influx of new residents will have great potential to catalyze new activity in the largely underdeveloped Arapahoe Square neighborhood. 4-5 March 2013

25 Welton/Downing Corridors 20th, 25th, 27th, 29th & Welton Stations, 30th, 33rd, 35th & Downing Stations RTD continued to make progress on the Welton Corridor Pilot Project throughout DURA created an Urban Renewal District (URA) for the Welton Corridor in 2012 that was eventually approved by the Denver City Council. This new URA will allow tax increment financing for potential catalytic projects, including future plans for RTD s pilot project properties. Building off of 2011 s Urban Land Institute Technical Assistance Panel, the Five Points Business District (FPBD) and its team of consultants assisted RTD in developing further details about what TOD on the 29th and Welton parking lot could look like. Architects developed a series of potential building concepts with enough detail to ensure that each structure would adhere to local building code and that exact leasable square footages and unit counts were known. This information will then be analyzed by development and market experts to determine how feasible each concept is and what, if any, subsidy is needed from DURA or other sources. The FPBD is collecting this information for multiple parcel types along the corridor with the expectation that this work will establish a clearer redevelopment strategy for the entire Welton Corridor. Auraria Pepsi Center/Elitch Gardens, Sports Authority Field at Mile High, Auraria West, Colfax at Auraria The CPV Spur provides rail service to some of the most sought-after destinations in and around downtown Denver the Auraria Higher Education Campus (home of the University of Colorado Denver, Metropolitan State University of Denver, and the Community College of Denver), Pepsi Center (home of the NHL s Colorado Avalanche, the NBA s Denver Nuggets, and the NLL s Colorado Mammoth), Sports Authority Field at Mile High (home of the NFL s Denver Broncos and MLL s Colorado Outlaws), and the Elitch Gardens amusement park. The three higher education institutions that make up the Auraria Higher Education Campus (AHEC) have over 40,000 students in attendance nearly one of every five college students in the state of Colorado. The campus is legally restricted from developing any residential uses within its campus boundaries, but has pursued and completed several projects in the past few years. Metropolitan State University of Denver completed the Springhill Suites Hotel Learning Center at the intersection of Speer Boulevard and Auraria Parkway. The hotel is one of only few in the country that employs students and is centered around hospitality education. The hotel has 150 rooms with over 40,000 square feet of academic and conference space. The academic space includes a Sensory Analysis Laboratory for food and wine tastings and a 3,000 bottle wine cellar. Also completed in 2012 was the Metropolitan State College of Denver Student Success Building. Funded entirely by student fees, the 145,000 square foot building provides additional space for offices and classrooms (see Exhibit 4-6). 4-6 March 2013

26 The Community College of Denver has broken ground on its Student Learning and Engagement Building (SLEB). The 143,000 square foot, $50 million building is located on the northeast corner of East Colfax Avenue and Osage Street and will be complete in Exhibit 4-6: Metropolitan State University s Student Success Building MSU s most recent expansion, the Student Success Building, is the first of their new Auraria Campus neighborhood. Credit: Fritz Clauson 10th/Osage Station The Denver Housing Authority (DHA) has kicked off construction of the second phase of its transformation of the South Lincoln Homes into a mixed-income neighborhood with residential, retail, and office space. Crews have demolished several vacant structures containing 182 units in the area directly east of the Buckhorn Exchange and are rebuilding the neighborhood with help from a $22 million HOPE VI grant awarded by the US Department of Housing and Urban Development (HUD). The new structures will replace the 182 demolished units with 457 units of housing for mixed-income residents. Construction should be complete in early The ultimate goal of DHA is to triple the density of the original South Lincoln Homes development while introducing a diversity of income levels (including market rate housing) into the neighborhood (see Exhibit 4-7). DHA has completed the 1099 Osage project directly north of the 10th & Osage Station. The 100-unit affordable, senior apartment building was funded with money from the American Renewal & Reinvestment Act (ARRA) in March 2013

27 Exhibit 4-7:10th & Osage Behind the historic Buckhorn Exchange, crews are at work constructing the second phase of the South Lincoln Homes redevelopment. Credit: Fritz Clauson Alameda Station In the spring of 2012, the RTD Board of Directors approved the purchase and sale agreement (PSA) for the Alameda Station TOD Pilot Project. This agreement was the culmination of nearly two years worth of work with the City and County of Denver, DURA, and D4 Urban (see Exhibit 4-8). The PSA lays out the conditions and terms where RTD will sell a portion of the current Alameda Station property to D4 Urban. D4 Urban will then construct high density, multifamily housing on the property, as well as an improved passenger plaza and a new on-street bus loading facility. At this point D4 Urban is finalizing engineering and design on the enabling works for Alameda Station, a drainage improvement project that will address a major impediment to development in the area and resolve ongoing drainage issues with the West Washington Park Neighborhood. The improvement will extend from West Washington Park through Alameda Station via Dakota Street, and finally connect to the major storm water outfall recently constructed by CDOT at Sante Fe Boulevard. Construction of the drainage improvements, the apartments and other infrastructure is expected to begin in Currently named Alameda Station Village, the residential portion of the Alameda TOD Pilot Project will incorporate approximately 275 apartment units on the current Alameda Station property, along with a new residential plaza and improved transit plaza. Current bus operations will be relocated to Cherokee Street and utilize the current street grid within the Broadway Marketplace of egress back to Alameda. Selected units in ASV will have a townhouse form and front directly on the residential plaza, activating the open space as well as the station platform. Since ASV is so tightly integrated with the transit service provided at Alameda Station, the proposed parking ratio is currently at one space per unit, the lowest outside of Downtown Denver. 4-8 March 2013

28 Exhibit 4-8: Alameda Station Village Transit-Oriented Development The Alameda Station Village, a joint project of RTD, the City and County of Denver, DURA, and D4 Urban, will transform the Alameda station area, with a vision for 275 apartment units in a dense, walkable urban form. Credit: D4 Urban Just north of Alameda Avenue from the station, Wood Partners broke ground on another apartment project named Alta Alameda Station. The 338 unit development is under construction on the old Denver Studio Complex and will incorporate artifacts from the area s film history. Alta Alameda Station is larger than most multifamily residential buildings currently in the works and should provide an influx of new residents to the Baker Neighborhood and Alameda Station area. I-25/Broadway Station Fore Property and Prospect LLC have broken ground on the newest addition to the former Gates Rubber Factory South Broadway, a 260-unit apartment complex is currently under construction at Mississippi Avenue and Broadway. The complex is expected to be complete in March 2013

29 4.2 Southwest Rail Line The 8.7-mile Southwest Line opened in 2000, extending light rail service from the I-25/ Broadway Station through south Denver, Englewood, and Littleton. The FasTracks program will extend the rail line 2.5 miles south to a future Park-n-Ride facility at C-470 and Lucent Boulevard, serving Highlands Ranch and Douglas County (see Exhibit 4-9 for a corridor map). Exhibit 4-9: Southwest Rail Line Map The Southwest Line has seen limited real estate development due in large part to its position alongside active freight rail service, with CityCenter Englewood and Downtown Littleton being notable exceptions. Since opening, a total of 813 residential units, 678,385 square feet of retail, 50,000 square feet of office, 100,000 square feet of government space, 40,000 square feet of cultural, 175,000 square feet of medical space, and 50,000 square feet of educational space has been completed or is currently under construction along the corridor. The corridor is looking at rapid growth in the future with an additional 1,475 units proposed at existing and future stations. Evans Station The Urban Land Conservancy (ULC) purchased land near the Evans Station in 2011 utilizing the Denver TOD fund. After partnering with the housing developer Medici Communities, the developers started construction on the 50-unit Medici Evans Station Lofts directly east of the station (see Exhibit 4-10). The project also includes 7,100 square feet of ground-floor retail and commercial space. The project will also be the first project along RTD s Southwest Line to utilize low-income housing tax credits focusing on housing for residents earning between 30 and 60 percent of the area median income. The project is expected to open in March 2013

30 Exhibit 4-10: Evans Station Apartments Transit-Oriented Development The Evans Station Lofts, a joint project of the Urban Land Conservancy and the Medici Group, brings mixed-use affordable housing right to the foot of the station. Oxford Station A 252-unit residential development by Littleton Capital Partners has been proposed directly south of the station on Oxford and Santa Fe, at the former Martin Plastics Site. The project is currently under design review with the City of Englewood and is on schedule to begin construction in Littleton-Mineral Station The renovation of the Aspen Grove Shopping Center is underway and will be complete in The project includes Colorado s first Alamo Drafthouse, a popular movie theatre and pub chain. Future Lucent Boulevard/C-470 Station The extension of the Southwest Line will connect the light rail system to the Highlands Ranch area, with a new station envisioned at the intersection of Lucent Boulevard and C-470. This station would link new projects like the recently-completed Ben Franklin Academy Charter School and the under construction Colorado Children s Hospital with existing and proposed residential development, like the 208-unit Villas at Shea Center. A station area planning effort led by Douglas County for the Lucent C-470 Station will kick off in March 2013

31 4.3 Southeast Rail Line The 19-mile Southeast Line extended light rail service from the I-25/Broadway Station through the southern suburbs of metro Denver when completed in 2006 (see Exhibit 4-11 for a corridor map). The corridor serves southeast Denver, Greenwood Village, Centennial, Lone Tree, and unincorporated Arapahoe and Douglas Counties. A short spur also extends into Aurora through the Dayton and Nine Mile Stations, which will become part of the I-225 FasTracks Corridor upon completion in The FasTracks program will extend the Southeast Line 2.3 miles south to a future Park-n-Ride at Ridgegate Parkway and I-25. The Southeast Extension will have stations at the Sky Ridge Medical Center, the future Lone Tree Town Center, and the Ridgegate Parkway interchange. RTD recently completed an FTA New Starts grant application to fund the extension, the first steps of a multi-year process. Exhibit 4-11: Southeast Rail Line Map A total of 6,963 residential units, 471 hotel rooms, 601,569 square feet of retail, 1,931,551 square feet of office, and 315,000 square feet of medical space has been built along the corridor or is currently under construction at present. An additional 680 residential units, 66,500 square feet of retail, and 1,290,785 square feet of office space have been proposed. University Station Two TOD projects are currently underway at the University station. The Shops and Apartments at Observatory Park is a mixed-use development consisting of 213 apartments and 25,500 square feet of ground floor retail. Observatory Park is under construction at the corner of University Boulevard and Evans Avenue and should open in University Apartments, a joint project by Mile High Development and Koelbel and Co. will break ground in February of 2013 (see Exhibit 4-12). The 60-unit income restricted senior housing development is located on RTD s surface drainage facility for the University Station March 2013

32 Exhibit 4-12: University Apartments Transit-Oriented Development Mile High Development and Koelbel and Co s University Apartments brings 60 senior housing units directly to University Station light rail, and uses RTD s existing infrastructure and parking facilities. Credit: Koebel and Mile High Development The developers worked closely with RTD to design a new drainage mitigation feature, as well as a new kiss-and-ride facility for the station. RTD also played a role in facilitating this residential opportunity for low-income seniors by entering into a lease agreement with the developers for unutilized parking at the University Station parking garage. Colorado Station Colorado will see enhanced pedestrian connectivity to its surrounding neighborhoods, as the City and County of Denver has proposed a pedestrian bridge crossing I-25 at Cherry Street, directly connecting the station to the neighborhood north of I-25.. The bridge is expected to begin construction in early Belleview Station The Belleview Station area underwent significant infrastructure improvements over the past year. What used to be a golf course immediately adjacent to the station is now a gridded street system ready for development. Holland Partners recently acquired one of these blocks and plans to build a mixed-use apartment community consisting of 353 residential units and 33,000 square feet of retail space. Construction is underway and future development projects at the station are expected to be announced (see Exhibit 4-13) March 2013

33 Exhibit 4-14: Belleview Station Apartments Transit-Oriented Development Holland Partners Belleview Station Apartments is under construction at the corner of Belleview Ave and Niagara St, with 353 units expected to be complete in 2015, with further plans expected to be announced soon. Credit: Fritz Clauson Dry Creek Station Metropolitan Homes has started construction on the Vallagio Luxury Apartments, a 272 apartment unit and 5 townhome development expected to finish in The project is located just southwest of the station along Inverness Boulevard within the Vallagio community. Lincoln Station Kaiser Permanente began the first phase of a massive new medical campus directly west of Lincoln Station. The first phase will have 275,000 square feet of medical space, with subsequent phases incorporating a total of 185,000 square feet of medical office space and 26,750 square feet of retail. Sky Ridge Station The first station of the Southeast Corridor Extension is already seeing new development activity, with a Hampton Inn and residential projects like Vue Apartments and Commonweatlth Heights surrounding the existing Sky Ridge Medical Center. In 2013, the station area will see the completion of nine single-family homes, 281 apartments, 160 condominium units, and 133 townhomes, as well as 106 hotel rooms. Looking past 2013, numerous plans are in the works for more apartment units, office, and medical space March 2013

34 4.4 West Rail Line The 12-mile West Line will be the first FasTracks corridor completed when it opens on April 26th, The West Line will add 11 new stations as well as relocate the existing Auraria West Station to facilitate transfers between the West Line and other RTD rail corridors (see Exhibit 4-14 for a corridor map). The West Line will link downtown Denver Transit-Oriented Development Exhibit 4-14: West Rail Line Map and the Auraria Higher Education Campus (three educational institutions serving over 40,000 students) to the residential neighborhoods in west Denver and Lakewood, the Denver Federal Center (a 670-acre campus with 6,000 employees and 4 million square feet of office space with a major expansion planned), Red Rocks Community College s Lakewood campus (serving more than 12,000 students), and the Jefferson County Government Center (a 180- acre campus with nearly 2,500 employees). Major construction along the corridor is largely complete, a milestone noted with the electrification of the line in late This allowed for powered trains to begin operations and testing along the corridor. RTD crews will be running trains in early 2013 in anticipation of the start of revenue service on April 26. A total of 278 apartments (192 affordable), 425,186 square feet of retail, 280,000 square feet of office, and 900,000 square feet of medical space have been built or are currently under construction along the corridor. An additional 388 residential units (383 apartments 60 affordable and 5 townhomes) and 16,000 square feet of retail have been proposed along the corridor. Decatur-Federal Station The City and County of Denver is nearing completion of a station area plan for the Decatur- Federal Station, expected for review by council in March, The plan is funded through a US Department of Housing and Urban Development (HUD) Community Challenge Grant as part of the Denver Livability Partnership. Focusing on the area within a half mile of the station, 4-15 March 2013

35 the plan will develop strategies to incentivize additional investment in the area, improve connectivity within the neighborhood and to the rest of Denver, and make redevelopment recommendations for DHA s aging Sun Valley housing development. Also near Decatur-Federal Station, the City and County of Denver began construction on the Westside Library at West Colfax Avenue and Irving Street. Land for this new library was purchased with money from the Denver TOD Fund from the Urban Land Conservancy and is part of a larger project that will add 60 units of workforce housing nearby. The $15 million building should be complete in late 2013 or early Sheridan Station The Urban Land Conservancy is spearheading two projects near Sheridan Station and leading redevelopment efforts in the area. Plans for their purchase of the Jody Apartments adjacent to the station call for the eventual redevelopment of the 62-unit affordable complex currently owned by New West Side Economic Development (NEWSED). Prior to future redevelopment, ULC and RTD continue to work together during the construction of the Sheridan parking garage to more efficiently configure the contiguous space between the station and the Jody Apartments property. The goal of this partnership is for a larger development that is well integrated with the station. ULC also purchased an 0.83 acre property along 11th Avenue east of Sheridan station. This site will be a future 5-story TOD with 58 income restricted senior housing units. Developed in partnership with Rocky Mountain Communities, the $10 million project will serve seniors between 30 percent and 60 percent of area median income. Lamar Station Metro West Housing Solutions (formerly the Lakewood Housing Authority) has kicked off construction of its Lamar Station Apartments project just south and west of the station platform along 13th Avenue. The complex will include 176 apartments, 90 of which will be affordable. The project is slated for completion in 2015 (see Exhibit 4-15) March 2013

36 Exhibit 4-15: Lamar Station Apartments Transit-Oriented Development Metro West Housing Solutions is constructing a 176-unit (over half of them affordable) apartment project on a former car storage lot at 13th Avenue and Lamar Street, directly adjacent to the light rail station platform. Credit: Fritz Clauson Lakewood-Wadsworth Station In addition to purchases at Sheridan Station, ULC purchased its first property outside the City and County of Denver near Lakewood-Wadsworth Station. Instead of a large scale redevelopment project like at Sheridan Station however, ULC hopes to preserve the existing 100 units at the Villas at Wadsworth Station complex as workforce housing. Federal Center Station Federal Center Station is one of RTD s TOD Pilot Projects and is arguably the biggest development opportunity in Lakewood. The prime development site lies on an approximately 40 acre parcel currently owned by the General Services Administration (GSA) north of the Federal Center rail platform and park-n-ride. RTD continued discussions with Lakewood and GSA in 2012 following a ULI TAP panel the previous year that focused on strategies that could be used to develop the site. These discussions will continue into 2013 as the parties work out the best way to transfer the property from GSA to Lakewood or a development partner. The long-term goal is a development that integrates with the RTD station and parkn-ride and strategically manages commuter parking throughout the site March 2013

37 4.5 East Rail Line The East Line will travel approximately 23 miles from Denver Union Station (DUS) through the emerging River North neighborhood and along the northern fringes of North Park Hill and Stapleton, into Aurora (a transfer point with the I-225 Line), and north along Peña Boulevard to Denver International Airport (DIA) (see Exhibit 4-16 for a corridor map). Exhibit 4-16: East Rail Line Map The East Line, in combination with the Gold Line and a fivemile segment of the Northwest Line (known as the Northwest Electrified Segment) make up what is known as the Eagle Project, the nation s first transit public-private partnership (P3). RTD selected Denver Transit Partners (DTP) as the Eagle Project concessionaire team in Lead by Fluor, HDR, John Laing, and Uberior, DTP has kicked off major construction activities across the East Rail Line. RTD was awarded a $1.03 billion Full Funding Grant Agreement (FFGA) in August 2011 from the Federal Transit Administration (FTA) to help construct all components of the EAGLE Project. The East Line is expected to be open for revenue service in A total of 205 apartments, 516 hotel rooms, 19,000 square feet of retail, 20,000 square feet of office, and 216,322 square feet of government space have been completed or are currently under construction along the corridor with an additional 100 apartment units and 26,000 square feet of retail space proposed. 38th & Blake Station This station will serve as a transfer point between the East Line and future Central Extension, providing connections from the Cole, Whittier, Curtis Park, and Five Points neighborhoods to destinations served along the East Line, including DUS and DIA. Development interest and activity near 38th and Blake has picked up significantly since construction became evident near the future station site. Numerous infill opportunities are present within ½ mile of the station March 2013

38 Prospect Properties is nearing completion on Block 32 at RiNo, a 205-unit apartment complex at 32nd Street and Brighton Boulevard (see Exhibit 4-17). The project was partially financed by a $26 million loan sourced through Love Funding using the US Department of Housing and Urban Development (HUD) s 221(d)4 loan program. The complex will be complete in Exhibit 4-17: Block 32 at RiNo Block 32 at RiNo, on Brighton Boulevard across the tracks from the 38th and Blake Station, features 205 apartment units, a 15,000 SF courtyard, and streetscape improvements along Brighton. Credit: Fritz Clauson The Urban Land Conservancy (ULC) continues to move forward with development plans on 1.4-acre site just south of the station site. The project will eventually be developed as a mixed-use project with an emphasis on affordable housing. The timeline for redevelopment has not been determined as of yet. The Source by Zeppelin Development is a major project slated to open in 2013 and one that will likely bring lots of activity to the area around 38th and Blake. Located in a historic industrial building north of the rail tracks near 35th and Brighton, The Source will be a food and beverage market with multiple tenants. So far The Source has signed on a bakery, distillery, restaurants and coffee shops, among many other potential tenants that could join the list before it opens in the summer. Central Park Boulevard Station Forest City continues environmental remediation efforts at the site of the future Central Park Park-n-Ride near Smith Road and Ulster Street. Construction of the future permanent Parkn-Ride will begin after an agreement is finalized between RTD, Forest City, and the City and County of Denver over funding issues and a potential future reconstruction of Smith Road March 2013

39 Peoria-Smith RTD accepted a proposal from Kiewit Infrastructure to construct the I-225 Line in October 2012 with a completion date expected in RTD is coordinating with the City of Aurora on station design efforts to ensure that RTD passengers have a safe, simple cross-platform connection. RTD is working with both the City and County of Denver and the City of Aurora on constructing a grade-separated crossing across the Union Pacific Railroad (UPRR) tracks which will take Peoria Street up and over the UPRR and RTD East Line tracks to ease back ups on Peoria from train movements. The project is expected to begin construction in 2013 with completion in Aviation Station RTD and the City and County of Denver have agreed to redesign a portion of the East Line north of the 40/Airport Station to allow for the construction of one additional station, informally designated the Aviation Station. This station will be located near 61st Avenue along the East Line. Denver International Airport Crews have completed excavation for the South Terminal Redevelopment Project (STRP) at DIA, which includes the future DIA Station. The $500 million project will include a 500-room Westin Hotel, train station, plazas, and a bus terminal. The hotel and train station will contain nearly 100,000 square feet of developable, leasable space. Vertical construction will begin in early 2013 with a completion in late 2014 or early March 2013

40 4.6 Gold Line The Gold Line will travel 11 miles from Denver Union Station (DUS) through north Denver before traveling through portions of unincorporated Adams County and through the cities of Arvada and Wheat Ridge (see Exhibit 4-18 for a corridor map). The Gold Line will permanently link the historic Olde Town Arvada with downtown Denver and the rest of the FasTracks network when open for revenue service in mid Exhibit 4-18: Gold Line Map The Gold Line, in combination with the East Line and a five-mile segment of the Northwest Rail Line (known as the Northwest Electrified Segment) make up what is known as the EAGLE Project, the nation s first transit public-private partnership (P3). RTD selected Denver Transit Partners (DTP) as the Eagle Project concessionaire team in Lead by Fluor, HDR, John Laing, and Uberior, DTP has kicked off major construction activities across the East Line. RTD was awarded a $1.03 billion Full Funding Grant Agreement (FFGA) in August 2011 from the Federal Transit Administration (FTA) to help construct all components of the EAGLE Project. Since 2004, a total of 1,018 residential units (1,010 apartments and 8 condominiums), 296,274 square feet of retail, and 55,372 square feet of office space have been built or are currently under construction. 41/Fox Station Central Street Capital has broken ground on the long-anticipated expansion to the Regency Student Housing complex at 39th and Elati Streets. The 120-unit apartment expansion is located north of the remodeled hotel in a former parking lot and should be completed in March 2013

41 Olde Town Arvada Station Staff from RTD, the City of Arvada, and the Arvada Urban Renewal Authority (AURA) worked together to develop a procurement process for TOD and parking at the Olde Town Arvada Station on the Gold Line. RTD worked with City of Arvada and AURA to first remove the surface parking lot from the Gold Line contractor s scope and then ad to facilitate the construction of a parking structure by opening day, as well as transit supportive development. The City, AURA, and RTD are working with a developer and owners representative to craft an RFQ/RFP process that would help the public agencies reach their planning and development goals while remaining fair for the private-sector bidders. The RFQ-RFP process will begin in March of 2013 and last through next year. RTD s Pilot Project is not the only development activity in Olde Town Arvada. A 152 unit apartment project titled Park Place Olde Town was proposed east of the station on Teller Street. Developer Mark Goldberg will construct the building on land currently owned by AURA and bring additional density to the already urban-feeling neighborhood. Arvada Ridge Station Embrey Partners 378-unit Arvada Station apartment complex is nearing completion just south of the future Arvada Ridge Station (see Exhibit 4-19). RTD and the developer are discussing the potential for shared parking and a parking garage, in lieu of a surface lot. The apartment complex will be complete in Exhibit 4-19: Arvada Station The Arvada Station project redeveloped an abandoned hospital complex into a 378-unit apartment community with access to retail and future Gold Line commuter rail transit, with future structured parking, retail, and condominium units planned. Credit: AURA RTD and DTP have finalized and executed an agreement to replace a planned pedestrian bridge across the eastbound Gold Line tracks with a tunnel spanning both the Gold Line and Burlington Northern Santa Fe (BNSF) tracks to connect Ridge Road, the Gold Line platform, and the Arvada Ridge park-n-ride March 2013

42 Ward Road Station RTD, DTP, and the City of Wheat Ridge are finalizing plans to reconfigure the station area near the Ward Road Station to include a realigned Ridge Road/Tabor Street intersection, sidewalks along Tabor Street south of the Gold Line and BNSF tracks, as well as other streetscape improvements in the area. Finalization of the agreement is expected in March 2013

43 4.7 Northwest Rail/US 36 BRT Corridors The Northwest Rail Line will extend approximately 41 miles from Denver Union Station (DUS) north to Longmont with service to Westminster, Broomfield, Louisville, Boulder, and Longmont (see Exhibit 4-20 for a corridor map). The Northwest Rail Line is longest in the RTD FasTracks system. The first six miles of the corridor from Denver Union Station to the Westminster Station are currently under construction. The completion date for the remaining 35 miles of the corridor is contingent upon when RTD is able to secure additional funding. Transit-Oriented Development Exhibit 4-20: Northwest Rail Map In 2012, RTD and its partners broke ground on the Eagle Public-Private Partnership (P3) Project, which consists of three commuter rail lines, the East Line to Denver International Airport, the Gold Line to Arvada, and the Northwest Electrified Segment, the first part of the Northwest Rail Line, from Denver Union Station to 71st Avenue. These lines, including the six-mile initial segment of the Northwest Line to Westminster Station, are all expected to open in Regarding the rest of the Northwest Rail Line, when the RTD Board was considering seeking a tax increase from District voters to accelerate the completion of the FasTracks program, it became clear that, even with additional revenue, the completion date for the Line would still be well into the future. When the Board opted not to pursue an election, the Northwest area stakeholders requested that RTD evaluate proposed mobility improvements in the area and further define potential investments to improve regional mobility in advance of the rail investment. The Northwest Mobility Study is the response to that request. Specifically, the study will focus on the following elements: 4-24 March 2013

44 1. Determine how the remaining FasTracks US 36 BRT commitment will be allocated to the corridor and determine what, if any, BRT elements are needed to achieve full BRT in the corridor. 2. Evaluate the feasibility and determine the cost associated with constructing the Northwest Rail in segments. 3. Evaluate the possibility for extending the North Metro Corridor to Longmont. 4. Evaluate potential for early implementation mobility improvements in the area, such as arterial BRT. 5. Conduct a high-level analysis of the reverse commute issues on the I-25 Downtown Express lanes. RTD chose HNTB as the prime contractor after a procurement process in late It is expected that the NAMs study will be complete by early The US 36 Bus Rapid Transit (BRT) Corridor includes approximately 18 miles of BRT service from DUS north along I-25 in the existing High Occupancy Toll (HOT) lanes and along US 36 through Westminster, Broomfield, and Superior to the Table Mesa Park-n-Ride in Boulder (see Exhibit 4-21 for a corridor map). The BRT service will become local service at Table Mesa, terminating at either the Downtown Boulder Transit Center at 14th and Walnut Streets or Boulder Junction at 30th and Pearl Streets. The BRT network along US 36 is being built in three phases with three different funding mechanisms. Phase One, completed in 2010, constructed slip ramps at existing Park-n-Ride locations along the highway for buses to leave the general purpose lanes and safely access bus stops, allowing for quick access Exhibit 4-21: US 36 Corridor Map 4-25 March 2013

45 back the highway. $306 million in Phase Two improvements began 2012, following the finalization of a $54 million Transportation Infrastructure and Innovation Act (TIFIA) loan. The remaining $252 million of the project comes from CDOT, RTD, the High Performance Transportation Enterprise (HPTE), the Colorado Bridge Enterprise, and DRCOG. The US 36 Expansion project will include the following elements: Reconstructing pavement on US 36 and widening the highway to include a 12-foot shoulder; Adding a barrier-separated managed lane in both direction between Pecos and the Interlocken Loop; Reconstructing the Wadsworth Parkway, Wadsworth Boulevard, and Lowell Boulevard bridges over US 36; Adding BRT improvements; Installing Intelligent Transportation Systems (ITS) similar to what is found along I-25 today; and Constructing a commuter bikeway. A total of 2,720 residential units, 559 hotel rooms, 2,333,520 square feet of retail, 259,209 square feet of office, 19,900 square feet of medical space, and 17,373 square feet of cultural space have been built or are currently under construction along both corridors. An additional 1,143 residential units, 305 hotel rooms, 338,363 square feet of retail, and 180,000 square feet of office space have been proposed. Westminster Station The City of Westminster and RTD have finalized plans to consolidate the station s parking into one structure, thus freeing more surrounding land for redevelopment. The City of Westminster is continuing work on the Westminster Station Area Plan, which is slated for completion in RTD, DTP, and the City of Westminster are also working on finalizing an agreement which changes the construction method and design of the underpass beneath the rail tracks from a rectangular box culvert design to a larger, precast concrete arch culvert. Finalization of that agreement is expected sometime in US-36 Westminster Center Station The first stop on the US-36 BRT corridor is facing massive redevelopment, as the Westminster Center Mall saw demolition in August of A mixed-use development consisting of 2,300 housing units, 1,125,000 square feet of retail space, and 2,000,000 square feet of office space will eventually replace the former mall. Church Ranch Station Church Ranch Station is significant for the corridor, as it is one of two areas with stations for both the Northwest Rail and US-36 BRT corridors. Adjacent to the existing Westminster Promenade mall, the area is seeing significant development in the hotel sector, with a 297- room Marriott under construction, and a 115-room Hyatt proposed for March 2013

46 US-36 Broomfield Station Broomfield station has been a major development cluster throughout the past several years, highlighted by the construction and successful operation of the popular FirstBank Center. The catalytic effect of that and other projects in the area sparked two additional apartment developments nearby. The 272-unit Arista Uptown and 297-unit Alta Harvest Station Apartments are both expected to be complete in Boulder Junction RTD continued to work throughout 2012 alongside Pedersen Development and the City of Boulder to finalize plans for Depot Square, formerly referred to as the Boulder Transit Village project. Depot Square is the end of the line BRT station and public-private partnership that will bring 70 units of income restricted housing, a 110-room hotel, a redeveloped historic train depot, and a parking garage all on top of an underground RTD bus facility. Much of 2012 was spent finalizing legal agreements related to the condominium-style ownership of the parcel. The end of the pre-development work is nearly done and a ground breaking is expected around April, Another large apartment and mixed-use project underway is the 319-unit Junction Place Village, which includes over 8,000 square feet of retail space and is expected to receive a certificate of occupancy in Junction Place Village is located directly across from Depot Square at 3100 Pearl March 2013

47 4.8 North Metro Rail Line The North Metro Rail Line will travel approximately 18 miles from Denver Union Station northeast through Denver through Adams County to Commerce City, Northglenn, and Thornton (see Exhibit 4-22 for a corridor map). All required environmental documents have been completed, including both a Final Environmental Impact States (FEIS) and a Record of Decision (ROD). Exhibit 4-22: North Metro Rail Line Map RTD has begun Final Design (FD) on Segment 1 of the North Metro Rail Line which extends from Denver Union Station north to the 72nd Avenue Station in Commerce City. As part of RTD s $305 million in EAGLE P3 savings, RTD has allocated $90 million to construct the corridor from DUS to the National Western Stock Show Station as well as executed an option with Hyundai-Rotem to procure six additional rail cars for operation along the corridor. Also, RTD is moving forward with the development of the FasTracks Internal Savings Account (FISA) to secure funding to extend North Metro to 72nd Avenue by At this early stage, a total of 276 residential units have been built along the corridor, while an additional 36 residential units space have been proposed. National Western Stock Show (NWSS) Station The fate of the National Western Stock Show was unknown for most of 2012 as it was up in the air if the Denver institution would move to Aurora and integrate with the proposed Gaylord hotel project closer to DIA. As a result, the City and County of Denver temporarily suspended the NWSS station area planning process until it was determined if the move would go through or not. When the Gaylord project fell through the City and County of Denver renewed its commitment to keep the NWSS within Denver. The planning process kicked off again near the end of 2012 as part of the Elyria-Swansea neighborhood plan. Also near the NWSS Station, the Odyssey Apartments Project proposed by The Empowerment Program received $5.6 million in low income housing tax credits from the Colorado Housing 4-28 March 2013

48 Finance Authority. Odyssey is a 36-unit apartment complex at the site of the historic Elyria Elementary School is designed specifically for female veterans and expected to open in the fall of nd Avenue Station With a grant from the Denver Regional Council of Governments (DRCOG), Commerce City is finalizing a station area plan to help boost economic development in the area surrounding the station at 72nd Avenue and Colorado Boulevard. The study is scheduled to be complete in mid March 2013

49 4.9 I-225 Rail Line The I-225 Line will extend light rail approximately 10 miles north form the existing Nine Mile Station at Parker Road and I-225 to the future Peoria Station along the East Line with connections to both downtown Denver and Denver International Airport (DIA). The corridor will serve the Aurora City Center, Anschutz Medical Campus (formerly Fitzsimons Army Medical Center) including the University of Colorado Health Sciences Center, Colorado Science + Technology Park, Children s Hospital Colorado, and a new Veterans Affairs Medical Center scheduled to open in 2015, and the rest of the I-225 Corridor (see Exhibit 4-23 for a corridor map). Exhibit 4-23: I-225 Map RTD and CDOT are working jointly on an expansion project along I-225 between Parker Road and Iliff Avenue which will expand the highway to three general traffic lanes in either direction between Parker Road and Mississippi as well as extend RTD light rail service to the future Iliff Station to help ease overcrowding at the Nine Mile Station. Construction on this segment began in Kiewit Infrastructure Company and others submitted an unsolicited proposal to RTD in March 2012 to complete design and construction of the I-225 Corridor from Iliff Avenue to the Peoria Station. A competing bid was also submitted by a Balfour Beatty/Ames joint venture, but RTD selected the Kiewit proposal because it would complete the entire I-225 Corridor for a fixed price of $350 million by November 2015, with revenue service to begin in 2016 following RTD testing March 2013

50 The overwhelming majority of the development activity along the I-225 Corridor is focused in and around the Anschutz Medical Campus near East Colfax Avenue and I-225. Since 2004, a total of 1,026 apartments, 153 hotel rooms, 66,793 square feet of retail, 170,000 square feet of office, 5.61 million square feet of medical space, 19,475 square feet of convention space, and 1.38 million square feet of education space have been constructed or are currently under construction along the 10.5 mile corridor, with an additional 163 hotel rooms, 240,540 square feet of retail, 3.4 million square feet of medical, and 134,902 square feet of retail space proposed. Colfax Station Construction is underway at the future $800 million Veterans Affairs (VA) Medical Center near Fitzsimons Parkway and East Colfax Avenue. The facility will provide medical care to veterans from Colorado, Kansas, Nebraska, and Wyoming. The new VA Medical Center is expected to employ nearly 2,000 people serving 82,000 veterans annually when complete in 2015 (see Exhibit 4-24). Exhibit 4-24: VA Hospital Cranes work to bring up the US Department of Veterans Affairs hospital, which will have over a million square feet of dedicated medical space, directly accessible from the Colfax light rail station. Credit: Fritz Clauson Children s Hospital Colorado has completed their first major expansion after relocating to the Anschutz Medical Campus. The expansion project added 350,000 square feet of medical space and 124 beds to its facility, including space for several different hospital units including pediatric intensive care and maternal fetal medicine. The $228 million project added nearly 500 permanent jobs to the hospital s workforce. The I-225 and East Colfax interchange is nearing the end of a $43 million reconstruction project which will result in expanded capacity to better serve both East Colfax and the burgeoning Anschutz Medical Campus. The project was funded through a combination 4-31 March 2013

51 of local, state, and American Renewal and Reinvestment Act (ARRA) monies and will be complete in Montview Station The University of Colorado Hospital is nearing completion on its 700,000 square foot, $400 million expansion project which will add new operating rooms, double the size of the emergency room, and add up to 260 beds in a new 12-story tower. The expansion will be complete in The University of Colorado Cancer Center has completed its expansion project which added nearly 36,000 square feet in patient examination rooms and expanded radiation therapy rooms. The $20 million project was completed in The University of Colorado has also completed its $40 million, 93,000 square foot Health and Wellness Center for the Anschutz Medical Campus at the corner of Montview Boulevard and Racine Street March 2013

52 WORKS CITED Transit-Oriented Development Brennan, Morgan America s Best Cities for Young Professionals. Forbes.com. [Online] July 12, Dittmar, Hank and Hulme, James Valuing Sustainable Urbanism: A Report Measuring & Valuing New Approaches to Residentially Led Mixed Use Growth. London : The Prince s Foundation for the Built Environment, Finley, Bruce More Denver Residents Embrace Car Sharing. Denver Post. June 9, Harden, Mark Intrawest picks Denver site for new HQ. Dever Business Journal. June 2, Jackson, Margaret Investors eager for metro Denver housing projects. Denver Post. March 27, Leinberger, Christopher B Are the Millenials Driving Downtown Corpoarte Relocations? Brookings Institution Up Front Blog. June 13, McIlwain, John Housing in America: The Next Decade. Washington D.C. : Urban Land Institute, Metro Denver EDC. Metro Denver Office Market Statistics: Q3. Metro Denver EDC. [Online] [Cited: November 8, 2011.] Pankratz, Howard Metro Denver Apartment Vacancies Fall to a 10-Year Low. Denver Post. April 28, Quigley, Leo Preserving Affordable Housing Near Transit: Case Studies from Atlanta, Denver, Seattle, and Washington D.C. s.l. : Enterprise Community Partners, Raabe, Steve Bridgepoint Education opens Denver service center. Denver Post. April 15, Rebchook, John Rental Home Vacancies At Recod Low. Inside Real Estate News. August 25, Sobel, Lee S Market Acceptance of Smart Growth. Washington D.C.: Environmental Protection Agency, Turner, Ben Denver B-cycle Reaches Milestone for 2011 Season. denverbcycle.com. [Online] July 25, March 2013

53 ULC. Urban Land Conservancy. [Online] [Cited: November 8, 2011.] ULI & PWC Emerging Trends in Real Estate Washington D.C. : Urban Land Institute, Urban Land Institute Finding Certainty in Uncertain Times March 2013

54 Appendix A 2012 APPENDIX A DEVELOPMENT PROJECT TRACKING METHODOLOGY RTD tracks real estate development projects within an approximate half-mile radius of its existing and planned transit station in a TOD database. (See Exhibit 1-1 for a map of FasTracks and existing transit corridors). RTD does not currently evaluate whether project design, orientation and access provide strong pedestrian connectivity to its transit facilities, one of the key definitions of TOD. Because these criteria require some degree of subjectivity, RTD does not comment on each project s consistency with these generally accepted TOD design principles. As a result, RTD s TOD database includes all development within the area of potential transit influence. However, discretion has been exercised regarding projects located on the periphery of the ½-mile radius from a given station. In cases where there is an existing street network and built environment, projects on the periphery have been included. In cases where there are poor street connections or significant pedestrian obstacles (including natural barriers such as waterways or man-made barriers including cloverleaf-style interchanges), projects on the periphery have been excluded. The transit station s influence on a particular development decision is clearly more tenuous in the latter case than in the former. RTD has designated development projects using four status levels: Completed projects already built; Projects currently under construction; Proposed projects either in some phase of development review process with a local government jurisdiction, or with detailed development programs already articulated for each type of use by the developer; and Expected projects announced by a developer or local jurisdiction, but have not yet been submitted for review, or do not yet have detailed development programs. Some of the latter phases of built, under construction, and proposed projects are classified as expected since their final buildout depends on future market conditions. While some proposed projects will be changed based on the review process and market conditions, expected projects are even more speculative. In an effort to represent actual market conditions rather than best-case scenarios, RTD reports on the completed, under construction, and proposed projects, but not the expected projects even if they have detailed development programs. The tracking of development along FasTracks corridors began in November of 2004, when the ballot initiative was passed. Similarly, development along the Southeast Corridor was tracked beginning in November of 1999, when the ballot initiatives to fund the Transportation Expansion (T-REX) project were passed. It is reasonable to assume that the public commitment to fund these transit projects removed enough uncertainty for developers to begin planning real estate projects in the vicinity of expected stations. A-1 March 2013

55 Appendix A 2012 The starting point for inclusion of development in the vicinity of stations along RTD s original Central Corridor, which began operations in October 1994, is Since it was Denver s first operational fixed-guideway rail corridor in nearly 45 years, the Central Corridor was unlikely to influence development decision until its success became apparent. RTD has accounted for this uncertainty with a two-year lag between corridor opening and inclusion of any nearby development in the TOD database. All development projects included in the TOD database for the Southwest Corridor were tracked since the beginning of service in All projects included for the Central Platte Valley Spur were tracked since 2001, when RTD purchased Denver Union Station with the City & County of Denver, the Denver Regional Council of Governments, and the Colorado Department of Transportation. Information in RTD s TOD database is gathered from a variety of sources, including: Published or broadcast news reports; Meetings and interviews with individual real estate developers; Meetings and interviews with planning and development staff from local government jurisdictions; and Other published reports, studies, and plans. RTD verifies data accuracy and provides periodic updates by confirming details with individual developers and local jurisdictions. Historical data for the Central Corridor was obtained from research provided by the Downtown Denver Partnership, Grubb & Ellis, Denver Urban Renewal Authority, Denver Housing Authority, and a variety of websites. It should be noted that some projects which were included in previous TOD Status Reports have been removed from the database because of changes in the status of individual corridors (i.e., changes in station location or the elimination of proposed stations, or finalization of development location) and further investigation that determined that some projects were outside the ½-mile radius of a station area.). Because of the large number of development projects captured within the regional scope of FasTracks and the volatile nature of real estate development due to market, regulatory, and community processes, it is possible that some of the information in RTD s TOD database is not completely up to date at the time of publication. While it is not humanly possible to have a completely accurate picture of so many projects simultaneously, RTD believes its published reports have a reasonable enough degree of accuracy to provide a representative view of development near transit in the Denver region. A-2 March 2013

56 Appendix B 2012 Central Rail Line and CPV Spur B-1 March 2013

57 Appendix B 2012 Southeast and Southwest Rail Lines B-2 March 2013

58 Appendix B 2012 West & Gold Rail Lines B-3 March 2013

59 Appendix B 2012 East Rail Line B-4 March 2013

60 Appendix B 2012 Northwest Rail/US 36 BRT (Southern Section) B-5 March 2013

61 Appendix B 2012 Northwest Rail/US 36 BRT (Northern Section) B-6 March 2013

62 Appendix B 2012 North Metro Rail Line B-7 March 2013

63 Appendix B 2012 I-225 Rail Line B-8 March 2013