As Denver continues transforming into a national and even international destination, our changing needs for places to live and work mean that the way we think about building and using spaces must also evolve. Older, more traditional solutions are work less and less well, but it also means opportunities to innovate and assert quality.
We believe that:
- Good design matters more than ever, and is no longer optional
- Bad design ultimately costs more, professionally, socially and in terms of lost opportunity
- The long view matters
- One must never lose sight of fundamental economics
We also believe that Denver has an immense need for affordable places to live and work, made all the more challenging by high land costs, labor volatility, record increases in construction materials costs, increased housing demand, and stale approaches to problem solving.
We see opportunities in:
- Innovative capitalization
- Project optimization to make underwriting and construction (and better design) feasible
- Next new neighborhoods and pockets
- Responding to generational dynamics
- Development innovation
- New approaches to affordable + Missing Middle housing
- Bringing global building typologies to the Denver market
- Convertible parking structures
- Transit innovation
- Community oriented development (eg, child care)
- Affordable housing components as parts of larger mixed use projects
- Thinking smaller
- Thinking bigger
Example Project: Thinking Bigger
- 18,750sf assemblage in the Golden Triangle
- 2 existing one-story buildings totaling 11,500sf
- Currently leased to office tenants at market rents
- As-is market "cap value" based on existing NOI: $3.5mm
- Century performed a Property Development Assessment (value of services = $25,000)
- Careful examination of site, zoning, and market opportunity resulted in a constructable development program of a 12-story, 150,000sf tower with 140 residential units, 156 parking stalls, and 7,000rsf of ground floor commercial.
- Resulting value of development site: $7.5mm, more than double the 'as-is' valuation
- Owners elected to optimize interim NOI while gradually planning for this future development yield.