Sunday, January 28, 2007
Key Parcel at 14th and Stout Sold, New Project Sought
Prominent local developers Charlie Woolley of St. Charles Town Company and Wally Hultin of Byers Street Properties have decided against developing their proposed 30-story senior/age-restricted condominium tower on the undeveloped parcel at 14th and Stout in Downtown Denver.
The Colorado Real Estate Journal reports that St. Charles Parking LLC and BSP 131 LLC, Woolley and Hultin’s companies that had co-owned the property, sold the 25,000 square foot parcel to Wewatta Street Investments LLC for $7,000,000. The deal closed on 12/18/2006 and was recorded on 1/4/2007.
In March 2005, Woolley and Hultin purchased the four undeveloped parcels along 14th Street between Champa, Stout, and California streets across from the Colorado Convention Center. They immediately sold three of those four parcels to others, holding just the parcel at 1417 Stout Street on Block 131 for their planned condo tower.
They sold the parcel at 14th and Champa on Block 131 to the Nichols Partnership, which is planning on breaking ground at that location this Spring on the proposed 41-story Spire condominium project.
They sold the parcel at 14th and Stout on Block 138 to Whiteco, the Indiana developer planning to break ground at that location this Spring on the proposed 27-story Embassy Suites and 20-story Homewood Suites hotel project.
They sold the remaining parcel at 14th and California on Block 138, across from the new Hyatt hotel, to Wewatta Street Investments LLC, the same entity to which they just sold the 14th and Stout parcel.
Wewatta Street Investments LLC is owned by local real estate investor Bahman Shafa, who manages and markets his properties through another company he owns, Focus Property Group LLC.
When I asked Charlie Woolley about the change in plans, he said, “Wally Hultin and I took a hard look at a vertical senior housing model and traveled far to find good examples. While we remain very encouraged about the model, the Focus people came to us with a very straightforward and attractive offer which we are redeploying into a number of infill projects with a much shorter development period. We are continuing to explore high rise opportunities downtown."
Focus Property Group is currently promoting both its 14th Street parcels on its website, www.focuspropertygroup.net. The B-5 zoning in the Central Business District allows for various uses on these parcels, such as office, hotel, residential, or combinations thereof. Consequently, Focus Property Group has had local architectural firms prepare massing studies for three potential use combinations for each site, providing a glimpse at what future towers on these sites might look like in terms of number of floors, square footage, amount of parking, etc.
The following images were obtained from the Focus website (click to view at full size).
14th and Stout site:
14th and California site:
Two of the highest-profile undeveloped parcels in Downtown Denver are now owned by Mr. Shafa. Hopefully it won't be too long before we hear development plans announced for either or both of these sites.
The Colorado Real Estate Journal reports that St. Charles Parking LLC and BSP 131 LLC, Woolley and Hultin’s companies that had co-owned the property, sold the 25,000 square foot parcel to Wewatta Street Investments LLC for $7,000,000. The deal closed on 12/18/2006 and was recorded on 1/4/2007.
In March 2005, Woolley and Hultin purchased the four undeveloped parcels along 14th Street between Champa, Stout, and California streets across from the Colorado Convention Center. They immediately sold three of those four parcels to others, holding just the parcel at 1417 Stout Street on Block 131 for their planned condo tower.
They sold the parcel at 14th and Champa on Block 131 to the Nichols Partnership, which is planning on breaking ground at that location this Spring on the proposed 41-story Spire condominium project.
They sold the parcel at 14th and Stout on Block 138 to Whiteco, the Indiana developer planning to break ground at that location this Spring on the proposed 27-story Embassy Suites and 20-story Homewood Suites hotel project.
They sold the remaining parcel at 14th and California on Block 138, across from the new Hyatt hotel, to Wewatta Street Investments LLC, the same entity to which they just sold the 14th and Stout parcel.
Wewatta Street Investments LLC is owned by local real estate investor Bahman Shafa, who manages and markets his properties through another company he owns, Focus Property Group LLC.
When I asked Charlie Woolley about the change in plans, he said, “Wally Hultin and I took a hard look at a vertical senior housing model and traveled far to find good examples. While we remain very encouraged about the model, the Focus people came to us with a very straightforward and attractive offer which we are redeploying into a number of infill projects with a much shorter development period. We are continuing to explore high rise opportunities downtown."
Focus Property Group is currently promoting both its 14th Street parcels on its website, www.focuspropertygroup.net. The B-5 zoning in the Central Business District allows for various uses on these parcels, such as office, hotel, residential, or combinations thereof. Consequently, Focus Property Group has had local architectural firms prepare massing studies for three potential use combinations for each site, providing a glimpse at what future towers on these sites might look like in terms of number of floors, square footage, amount of parking, etc.
The following images were obtained from the Focus website (click to view at full size).
14th and Stout site:
14th and California site:
Two of the highest-profile undeveloped parcels in Downtown Denver are now owned by Mr. Shafa. Hopefully it won't be too long before we hear development plans announced for either or both of these sites.
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That quote from Mr. Woolley is about as vague as it gets. When I was a reporter I used to cringe hearing stuff like that. It's like Condoleeza Rice calling Bush's troop surge "an augmentation." When he says he continues to explore high-rise opportunities downtown, is he talking about that spot or a different spot altogether? And how serious is this "exploration" he is explaining?
I'm very disappointed to see the residential tower canceled because I liked the design. It was very attractive, and ambitious, plus its promise of a senior citizen community would have brought a unique population group to the neighborhood to make Downtown just a little more colorful. But if this change means something else on a similar scale can be built instead, it isn't a total loss. I hope they announce something soon!
I'm very disappointed to see the residential tower canceled because I liked the design. It was very attractive, and ambitious, plus its promise of a senior citizen community would have brought a unique population group to the neighborhood to make Downtown just a little more colorful. But if this change means something else on a similar scale can be built instead, it isn't a total loss. I hope they announce something soon!
Bahman Shafa owns many parking lots downtown, at least five. If he has a business relationship with Woolley, I would imagine that St. Charles will have relatively easy access to acquire one or more of Shafa'a lots. Let's hope that both Woolley and Shafa have plans to go vertical with some kind of development in the near future and get rid of that unsightly asphalt!
Permalink Posted by 
: 1/29/2007 07:29:00 AM
: 1/29/2007 07:29:00 AM
What was the design for the residential tower? I don't recall ever seeing a rendering asides from those massing models that appeared in the newspapers.
Permalink Posted by : 1/29/2007 07:44:00 AM
: 1/29/2007 07:44:00 AM
I bet it option 1. Way to keep it smale and weak Denver!
Permalink Posted by : 1/29/2007 11:11:00 AM
: 1/29/2007 11:11:00 AM
Just what I thought, projects being canceled! No big construction projects coming to fruition.
Permalink Posted by : 1/29/2007 11:16:00 AM
: 1/29/2007 11:16:00 AM
To answer the above comment, there was a picture of the proposed building in some Rocky Mountain News articles. It was black and white image pictured beside another residential tower just across the street.
I hope it's OK if I link you to this image from denverinfill that shows the tower. The building in question is the one in back.
I hope it's OK if I link you to this image from denverinfill that shows the tower. The building in question is the one in back.
I'm sorry but if you were trying to diss Denver, you might have wanted to use spellcheck. It's small..not smale.
And just because Charles Wooley decides to pull the plug on ONE little tower that didn't have much chance in getting developed doesn't mean Denver is going down the tubes. LOL.
And just because Charles Wooley decides to pull the plug on ONE little tower that didn't have much chance in getting developed doesn't mean Denver is going down the tubes. LOL.
I'm sure some of you are wondering the same thing but I've been curious with slight anticipation on hearing some news about these partials kickin' up a bit of iceberg since it's so desperately across from the convention center and....wow, what an opportunity it is! So maybe is it early paper pushing to the point of scaring up some action as part of a stellar show casing of our convention center to be ready for the DNC in '08? Or then again nothing could be finished in that amount of time outside of Dubai right? Then again it might be too close and too messy...all that construction etc. But oh boy it seems like now would be better than later!
Permalink Posted by : 1/29/2007 08:06:00 PM
: 1/29/2007 08:06:00 PM
The DNC won't be at the convention center, it will be at the Pepsi Center. But you're right, it's a very high-profile location, and you're also right that the project wouldn't be constructed in time for the DNC.
Also, a newspaper wouldn't publish an article with the hopes of "scaring up some action"... that's just not how newspapers work. They don't try to influence anyone directly except in the editorial section, and if they influence someone indirectly, it's just because they're doing their job by stirring public attention.
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Also, a newspaper wouldn't publish an article with the hopes of "scaring up some action"... that's just not how newspapers work. They don't try to influence anyone directly except in the editorial section, and if they influence someone indirectly, it's just because they're doing their job by stirring public attention.
Permalink Posted by : 1/31/2007 08:36:00 PM
: 1/31/2007 08:36:00 PM Links to this post:
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