Developers: RiNo needs cooperation
The booming neighborhood won’t work out well without proper connectivity, they say.
Improved connectivity and a continued commitment to maintaining the neighborhood’s “grit” will be key for the future vitality of Denver’s River North, developers said Tuesday.
“The cat’s out of the bag,” said Kevin McClintock, partner at Westfield Co. “A lot of folks are focused on RiNo today, us included, among others. The land has appreciated in the last two years well over 100 percent.”
The U.S. Green Building Council Colorado chapter hosted a commercial real estate forum focused on adaptive reuse in Denver’s hottest neighborhood, with insight from three players in RiNo.
McClintock, whose firm owns the Midtown Industrial Center on Brighton Boulevard planned for redevelopment, said continued cooperation among developers, neighborhood and city is essential.
“If folks do that, it will help to keep the vibe alive, keep the grit real, keep the artists involved and everything that makes this place so special,” he said. “It’s only going to be maintained if folks work together.”
Connectivity and infrastructure are another big piece of the puzzle, said Tracye Herrington, co-owner and cofounder of GreenSpot Real Estate. That includes parks, bike lanes and pedestrian access, “basic things you need to enjoy an area at all times of day.”
Among the upcoming projects are the city’s $26 million reconstruction of Brighton Boulevard between 29th and 44th streets and the 2016 opening of the RTD commuter-rail station at 38th and Blake streets.
New homes in RiNo are selling for more than $300 per square foot, Herrington said.
“With the skyrocketing sales prices, we’re going to have to take a hard look at condominiums,” Herrington said.
GreenSpot is building a 24-unit condo building at 32nd and Blake streets. Units in the Factory Flats are selling in the $450,000 to $500,000 range, she said.
Another for-sale housing development is in the works for the two city blocks on Lawrence Street between 25th and 27th streets owned by the Denver Housing Authority, McClintock said.
Kyle Zeppelin, a partner in Zeppelin Development, said the neighborhood needs to better embrace the opportunity provided by the South Platte River. Among Zeppelin’s resume in RiNo is the Taxi mixed-use development and The Source culinary marketplace.
“There’s only one river that runs through Denver. It’s not maybe as majestic as in some cities,” he said, “but it’s a feature that you really can’t build into a neighborhood.”