The Subject’s site is located at the northwest corner of 16th and Wewatta Street, adjacent to Union Station and centered directly in Denver’s hottest mixed-use neighborhood - Lower Downtown Denver (“LoDo”). LoDo’s character and charm is similar to New York’s SoHo district and San Francisco’s SoMa area, known for their walkability and overall vibrancy, blend of old and new construction, restaurants, and nightlife. Within the last 10 years, LoDo has become THE place in Denver to live, work and play, and today’s businesses use LoDo office space to attract and retain the best and brightest talent (as evidenced by DaVita’s corporate headquarters relocation to the Central Platte Valley).
LoDo provides the quickest access to I-25 from anywhere in Denver’s central business district, as well as easy and immediate access to Denver’s three (3) major professional sports venues - Pepsi Center, Coors Field, and Sports Authority at Mile High Stadium. LoDo also boasts several natural amenities including the South Platte River, countless neighborhood parks and greenbelts, and stunning views of the Rocky Mountains. LoDo represents one of the greatest urban reinvestment and revitalization stories in the country. As the birthplace of the original downtown Denver, this area was Denver’s commercial center from the city’s founding in 1858 through the early part of the 20th century. But by the 1970’s, LoDo had become the city’s skid row, and as late as the 1980’s, was dominated by vacant buildings, crumbling infrastructure, graffiti, and litter. Thanks in part to the creation of the Lower Downtown Historic District in 1988 and the construction of Coors Field in 1995 to serve as the home for the Colorado Rockies,
LoDo has been completely revitalized. Virtually all of the 100-plus historic buildings have been restored, and the area is now dominated by lofts, shops, restaurants, businesses, art galleries, and some of the highest property values in the city.
1601 WEWATTA - “BEST IN CLASS”
1601 Wewatta is truly a “best in class,” Class AA office asset by providing the submarket with high-in-demand features and amenities that are currently not being offered within the competitive landscape. Below are the features, amenities, and location attributes that set 1601 Wewatta apart from the existing office supply and future projects in the development pipeline:
Large Floor Plates: 1601 Wewatta is the first office project in LoDo during this cycle to accommodate office users of over 30,000 square feet. The building’s large, efficient floor plates provide multi-tenant or single tenant users with the ability to both horizontally- and vertically-integrate large spaces.
Parking Ratio: 1601 Wewatta has four (4) levels of sub-grade parking, providing its tenants with 401 parking spaces and a parking ratio of 1.34:1,000 SF. This parking ratio is higher than the downtown average of 1.00:1,000SF. This parking ratio is also consistent with 1515 Wynkoop, Hines’ most recent downtown Denver office development, which has 420 parking spaces. All 420 parking spaces are leased at 1515 Wynkoop at an average monthly rent of $210/space ($210/space/month is used in the pro-forma for 1601 Wewatta).
Building Features: 1601 Wewatta features state-of-the-art characteristics at today’s market rents. Features include 10’ finished ceilings (currently not being offered anywhere in the market), LEED certification, and outdoor terrace options on the 3rd, 4th, and 7th floors. 1601 Wewatta was constructed using natural stone, a higher quality building material than precast concrete.
Superior Location: 1601 Wewatta is adjacent to Union Station, the central hub to Denver’s public transportation network and the focal point for new residential development, retail activity, and entertainment. The area is already taking form, and in less than two (2) years, Union Station will be the epicenter for Denver residents seeking an urban lifestyle. The Subject’s location adjacent to Union Station is a recruiting tool for Lower Downtown Denver businesses, giving its tenants the ability to attract and retain the smartest, most-talented employees.
1601 Wewatta is immediately adjacent to Denver’s Union Station redevelopment - a 19.5 acre, $500 million redevelopment project that is scheduled to be completed in 2014. The redevelopment of Denver’s Union Station is the largest transportation redevelopment project currently in progress in the United States. Once completed, Union Station will be the regional transportation hub and central gateway to downtown Denver.
All of the region’s commuter rail, light rail, and Amtrak rail lines will converge at Union Station, providing one central location for riders to make transfers, commute to work, and shuttle into downtown Denver to take advantage of city amenities. Over 200,000 people per day are expected to pass through Union Station upon its completion in 2014. Union Station will feature a new underground regional bus system terminal that will accommodate 22 bus bays for RTD buses, RTD shuttles, Greyhound buses, and other commercial carriers. Union Station will also accommodate bicycles, taxis, pedicabs, motor vehicles, the 16th Street Shuttle, and the 18th Street Circulator.
UNION STATION - RTD FASTRACKS
The redevelopment of Union Station was made possible by the implementation of the Regional Transportation District’s (RTD) FasTracks Program, a multi-billion dollar comprehensive transit expansion to build 122 miles of new commuter rail and light rail tracks, 18 miles of bus rapid transit, and 21,000 new parking spaces at light rail and bus stations across the Denver metro region. The $6.9 billion expansion plan has been initiated to enhance rail and bus service for easy, convenient connections across the eight-county district.
RTD’s FasTracks Program is primarily funded by a voter-approved sales tax increase of 0.4% in 2004, but will also receive federal, state, and local funding. Upon completion, seven (7) rail corridors will converge at Union Station, providing direct access to the entire metro area, including Denver International Airport (DIA) to the east, Boulder/Longmont to the north, Golden to the west, and the Denver Technological Center to the south. Two (2) rail lines - the Southwest line and the Southeast line - are fully-operational today, and the West line to Golden should be completed and operational within the first few months of 2013.
The remaining lines will be completed between 2015 and 2020. The rail line out to DIA is anticipated to be completed in 2016, at which time Denver residents will be able to check bags at Union Station, leave their cars at home, and take light rail 30 minutes east to catch their flights at the airport. This rail line will also bring travelers and visitors from DIA into the city, enhancing the metro area’s connectivity and providing a valuable asset to the community. Below is RTD’s FasTracks expansion plan across the Denver metro area.