Urban
Redevelopment - Riverfront Park
By: Mike Maher
GEOG 4335
University of
Colorado Denver, 2012
Riverfront Park, located in down town
Denver it possesses a diverse real estate experience. It is 25 acres (20 city
blocks) of mixed living. It boasts high end condominiums,
low income units as well as long term rental units. Located in the heart of Denver, at the Cherry
Creek and Platte River confluence, there are endless opportunities for
activities. It boasts retail shopping areas, kayaking, bike trails, fitness
areas, restaurants, bars, and a close proximity to all the local sporting,
musical and art arenas as well as the neighboring Commons Park.
Prior to the development, Riverfront Park
was a switch yard for the local rail yards. It was a mostly dilapidated area
with abandoned warehouses, large numbers of homeless, and an industrial
landscape that was a sore to the growing community of Denver. In 1997, Trillium
Development Company bought the area from the Rail Road for $21 million and sold
it to the current developer East West Resorts / Slifer Smith and Frampton (Vail
Resorts development and Real Estate partners) for $ 29.4 million. The first
building was completed in 2001, with several other large complexes to soon
follow.
The Railroad in cooperation with the city
of Denver altered some of their freight lines to accommodate the real estate
transaction. Burlington Northern Santé Fe Railroad (BNSF) and the Rio Grande
Rail Road decided to utilize the two other rail yards in Denver exclusively and
leave a track for the light rail. The development also allowed the Moffat
Station to be revitalized and put on the list of historical landmarks.
The new development has sold all of its
950 units, with a 100% occupancy rate. The current price ranges from 250,000 to
3.5 million for units. The development plans on building a few other buildings
as sole owner ship properties versus some of the “rentable” spaces.
