The Downtown Denver Skyline is continually growing with construction cranes as a perpetual part of the view from many of the downtown buildings. There are many reasons for the growth, as the front range of Colorado is many times high on the list of best places to live in the U.S. With an average of 300 days of sunshine per year and the Rocky Mountains as the backdrop, you can’t blame companies for wanting to make the Denver area their home.
In an article by the Colorado Real Estate Journal, there is a lot of funding to help create this boom via the Downtown Denver Business Improvement District.
The Downtown Denver Partnership issued its 2016 State of Downtown Denver report. The annual report, funded in part by the Downtown Denver
Business Improvement District, details increasing investment, strong office market fundamentals, a growing and highly-educated workforce and residential population in downtown Denver.
“Our center city’s strong economy and dynamic energy creates a place where people want to live and work, and as a result, it’s a place where companies want to locate,” said Tami Door, president and CEO of the Downtown Denver Partnership. “Downtown Denver is a model for what a great city can be as a result of our collective strategic, place-based economic development strategy and the long-term vision and commitment of public and private-sector leaders.”
The report noted:
Development and Investment Developers are responding to increased demand propelled by a strong population and job growth, as well as key public-sector investments. $2.5 billion of investment is under construction or planned for downtown Denver, on top of more than $634 million of investment in 2015 that included 15 projects to create an additional 511 hotel rooms, 1,901 residential units and 333,000 square feet of office space.
Office Market and Employers Downtown Denver is an ideal place to start or grow a business. In the past 24 months, 24 companies have relocated or expanded, and office market fundamentals remain strong with a 9.5 percent direct vacancy rate and $33.14 per square foot direct average lease rate. As of the beginning of 2016, an additional 2.8 million sf of office space was planned or under construction. Billions of investment under construction, planned in downtown Denver – Colorado Real Estate Journal
Another part of Denver that is expanding is the Light Rail Line as reported in Clean Technica, helping the southeast suburbs with more options for transportation. This will hopefully help relieve some of the heavy traffic in the area.
Rail map without Lone Tree extension.
The new Southeast Light Rail Line extension will see service extended from the current Lincoln Station terminus down to Lone Tree. The extension into Denver’s southeast suburbs will expand the line from its current length of 19 miles up to a 21.3-mile length.
As part of the light-rail line’s expansion, 3 new stations will be built in suburban Douglas County, and a 1,300-parking-space park-and-ride facility will be constructed as well.
The Denver Post provides more information:
In April, the US Department of Transportation awarded a $92 million grant to RTD (Regional Transportation District), which represents about 41% of the $223.6 million total project cost.
The addition will run along the west side of I-25 from the Lincoln Station and then cross over to the east side of the interstate and end at RidgeGate Parkway in Douglas County. The extension will include an end-of-the-line station at RidgeGate with parking. Two neighborhood stations will be added: one adjacent to the Sky Ridge Medical Center, near I-25 and Sky Ridge Avenue, and the other at the planned Lone Tree City Center east of I-25 at Lincoln Avenue.
Recent years have seen Denver’s light-rail system expanded greatly, and further additions are currently in the works as well — with the intent being to eventually serve most heavily traveled transport corridors in the city’s suburbs.