The proprietor of a Denver Tech Middle procuring center is on the lookout to flip the script on the property.
California-dependent Shea Attributes is inquiring the metropolis to rezone the Marina Sq. Buying Middle at 8108 and 8351 Belleview Ave. so that it can demolish the present constructions and establish a large blended-use task.
The company’s plans originally called for about 40,000 square feet of retail area, 450 residences and an place of work constructing, but Shea Govt Vice President Peter Culshaw said people plans have yet to be finalized.
The searching center presently has about 110,000 sq. feet of creating space, in accordance to the firm, all of which is utilized by merchants and eating places. The structures are positioned in the heart of the lot, with parking on the perimeter. Tenants include things like Zane’s Italian Bistro and a PNC Financial institution branch.
“We are in the center of a re-entitlement, and we will build real combined-use,” Culshaw reported. “The intent is to make good retail, multifamily buildings and an office environment.”
The workplace developing is planned for the southeast corner of Marina Sq. and will household Shea Properties’ Colorado headquarters.
Renderings for the proposed redevelopment display the new procuring middle would have buildings all over the perimeter of the property with parking and pedestrian walkways in the heart. The comprehensive improvement prepare for the venture is however under metropolis overview.
On Tuesday, the Denver Town Council’s Land Use, Transportation and Infrastructure Committee sophisticated the rezoning application to allow for properties up to 8 tales high to the entire council, which will hear it March 14.
The present zoning does not allow for properties larger than two tales, and Denver city staff said there are other limits.
Denver Senior Planner Brandon Shaver informed the committee that thus considerably the metropolis has not gained any letters in assistance or opposition of the venture.
Brad Weinig with Denver’s Office of Housing Balance mentioned the metropolis and Shea Attributes have been negotiating an profits-restricted covenant for the residences.
Shea’s initial solution is to prohibit at least 10 p.c of residential models to men and women earning less than 80 p.c of the regular median cash flow (about $56,000 a 12 months for one particular person, according to Denver’s 2021 earnings boundaries). Twenty percent of people units will have to be two-bed room apartments or more substantial.
The next possibility is to build a “stand-alone” residential intricate with 12 p.c of the units established apart for folks building a lot less than 60 per cent of the AMI (about $44,000 a year for a person individual), and at the very least 30 % of individuals units must be two-bedroom apartments.
The third possibility would be to generate a residential elaborate close by but outside the house the Marina Sq. home, with 20 per cent of units limited to folks earning less than 60 % AMI and at the very least 30 per cent of those people units two-bedroom apartments or more substantial.
“The applicant has to choose into one of these choices in order to pull permits for the job,” Weinig said.
Shea Properties has a substantial footprint in Denver. The organization developed the 28-story, 359-device The Quincy at 1776 Curtis St. as very well as the adjacent nine-story Prism place of work building at 999 17th St., amongst others in the place.