A rendering of One Platte. (Courtesy of Nichols Partnership and Shorenstein Properties)
There was a lot less grabbing of shovels and smiling for the cameras than expected last year.
Many office and hotel developments that were expected to break in 2020 ultimately did not, largely because of the economic uncertainty prompted by the pandemic.
The symbol of the unusual year might be the T3 office building planned for 3500 Blake St. in RiNo. Development team Hines, McCaffery and Ivanhoe Cambridge held a ceremonial groundbreaking ceremony in late February. But then nothing happened, and in late April the team acknowledged they had essentially pressed pause. The previous building on the site still hasn’t been demolished.
To be clear, the construction industry didn’t come to a standstill. Projects that were already underway by the time the pandemic set in continued. And the multifamily sector didn’t follow the same trend. New apartment complexes, which are far more common than new hotels and new office buildings, continued to break ground. In fact, Hines broke ground on one.
And a few things did manage to get underway. Here’s a look at the major office and hotel projects that did break ground last year:
One Platte
Denver-based Nichols Partnership and San Francisco-based Shorenstein Properties broke ground in early February on a five-story, 250,000-square-foot building at 1701 Platte St. in LoHi.
The site was previously a parking lot. No leases have been announced. The developers said at the time of groundbreaking that a 2022 completion was expected.
A rendering of the 240 St. Paul St. structure. Credit: BMC Investments
240 St. Paul St.
Denver-based BMC Investments, led by Matt Joblon, broke ground in June on a six-story, 76,000-square-foot project at 240 St. Paul St. in Cherry Creek, which will have both office and retail space.
BusinessDen reported last year that Equinox is taking space in the building for its first gym in the state. BMC hasn’t identified the firm but said a fitness brand is taking 33,000 square feet.
Joblon told BusinessDen earlier in December that all but 1,800 square feet of the building’s office space had been leased, and about 6,200 retail square feet was still available. The project is slated to be completed in 2021.
The Vib hotel is being constructed at 3560 Brighton Blvd. (Thomas Gounley photo)
Vib Denver
Englewood-based TWC Management began construction around September on a 140-room hotel at 3560 Brighton Blvd.
A groundbreaking ceremony was actually held in August 2019, but the site sat unchanged for a year after that.
Vib is a relatively new hotel brand from Best Western, which said in a September press release that the project will be completed in December 2021.
The Vectra Corporate Center will be about 127,000 square feet and include ground-floor retail space, four floors of parking and four floors of office space. (Courtesy of Vectra Bank)
Vectra Bank headquarters
Down in the Denver Tech Center, Denver-based Vectra Bank broke ground in December on a nine-story building that will serve as the company’s headquarters.
The building is going up at the southwest corner of Quebec Street and Layton Avenue within the Belleview Station area. It is expected to be completed in late 2022.
Vectra will occupy most, but not all, of the building’s office space initially. It will operate a branch in part of the ground-floor retail space.
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January 04, 2021 at 07:00PM
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4 hotel and office projects that managed to break ground in 2020 - BusinessDen
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