Coronavirus or not, developers are keeping their eyes on the prime Denver real estate known as the Golden Triangle.
Bounded by Speer Boulevard on the west, Colfax Avenue to the north and Lincoln and Broadway to the east—and appealingly close to the Denver Art Museum and Central Denver Public Library— the area contains several surface parking lots practically begging to be re-envisioned.
Even in the wake of the pandemic, “the city is currently working on an update to the neighborhood’s zoning and design standards,” reports the Denver Business Journal. The idea is to “encourage more office and retail development to balance out the residential-heavy area.”
And while “the coronavirus pandemic and accompanying economic turmoil have cast new uncertainty on these plans,” adds the Journal, “… developers and the city say they’re moving forward.”
The Golden Triangle is home to the 46,476-square foot Evans School Building, purchased in 2019 by City Street Investors, which is responsible for the redevelopment of the Union Station Building.
The group hopes to make the building an anchor in the area, featuring “retail, food and beverage, outdoor gathering spaces and possibly office space.”
Meanwhile, Lennar Multifamily Communities, another real estate investment group, already has “roughly 1,600 residential units in various stages of development,” in the area. And other residential projects are well underway.
Proposed zoning changes would allow for taller but slimmer “point tower” buildings on wider lots, to introduce variety, as well as control the impact of shadows on the street.
In all, developers see the area as a prime location where workers can walk to desired amenities while avoiding the density of downtown.
“The biggest benefit of the Golden Triangle is just location,” one developer told the Journal. “It’s close to downtown, close to Cherry Creek, but you don’t really have the congestion of downtown.” And while rates for offices have gone up in recent years, “there’s still a discount compared to downtown.”