Population Influx Will Sustain Denver Growth
Downtown and other parts of Denver are hardly recognizable compared with even 10 years ago, but growth isn't over by a long shot, according to the speakers at Bisnow's second annual Denver New Construction & Development event. There's some reason for caution about Class-A residential development in the near future, however.
One critical factor in driving long-term growth in Denver, our speakers explained, is that many Millennials, even as they start their somewhat delayed families, will want to stay in the city, as opposed to moving to the suburbs. They've already shown serious interest in city living, resulting in a boom of residential and office properties Downtown and in other city neighborhoods. The next step is for them to help create sturdier neighborhoods, and there's momentum in that direction.
Millennials—and empty nesters coming to the city as well—have shown an interest in the authenticity of their neighborhoods, and that will affect the character of growth going forward, our speakers noted. Even new residents, for instance, are interested in preserving the historic and cultural character of Five Points as a major African-American community. Another piece of the puzzle when it comes to sustaining long-term growth is improving the quality of education in the city, including both Denver Public Schools and private schools. Snapped: Five Points Business District executive director Tracy Winchester, Focus Property Group president Bahman Shafa and Red Peak Properties CIO Bobby Hutchinson.
Rebuilding Broadway at street level was important in developing Downtown, our speakers said, and now dropping down I-70—removing the elevated section of I-70, lowering the highway below grade, covering the highway by Swansea Elementary School and reconnecting the Elyria and Swansea neighborhoods—is going to be a tremendous spur for growth in that part of the city. Pictured: Stewart Title Commercial Services SVP Tom Konkel, who moderated, Walker & Dunlop SVP Ralph Lowen, and Tracy Winchester.
There's some reason for caution, however, especially in the potential to overbuild Class-A residential in parts of the city. Demand is high, but not unlimited. The speakers pointed out that there's still opportunity in workforce and affordable housing. That's because there's a huge need for it, and there are the tools to get those deals done, though the math is different from Class-A residential. Federal and state programs make it possible, along with local incentives. Also speaking at the event were Transwestern SVP Bill Lawrence, Sage Hospitality CEO Walter Isenberg, Prime West COO Jim Neenan and Mill Creek Residential Trust managing director Brian Wynne.
