Prairie Vert

2185

Prairie Vert N

Regional Context

• The Denver Design District is situated in a rich, expanding fabric of transit-oriented communities within Denver’s Smart Growth Boundary.

• According to Metro Vision 2035, Denver’s population will increase over 50% from 2.7 million to 4.2 million residents by 2035.

• As the global economic climate continues to fluctuate, cities are once again being considered a “smart living choice.”

NTS

Inefficient, incongruent land use

Disconnected regional & local green spaces

Two miles east: Washington Park, Cherry Creek Shopping, schools

Two miles west: Central/CVP corridor, Platt River multi-use trail

Two miles North: Downtown Denver

Development pressures Two miles south: Cherokee Denver redevelopment, golf courses

NTS

Local Context • While regionally linked by transit, the Denver Design District (DDD) lacks connections to the local ecosystem and surrounding areas.

• Dominated by big box retail, the DDD lacks many of the essential elements of a healthy community.

• The DDD presents the opportunity to serve as a model for sustainable, mixed-use development within southern Denver’s more affluent neighborhoods.

•

American demographics are changing. Can a mixeduse community provide for

the family while fulfilling the needs of retirees, couples and individuals?

Community Elements Singles/couples Families Seniors

Renewable Energy Affordability Fresh & local food Approx. 500 sq. ft. Approx. 1500 sq. ft. Approx. 1000 sq. ft.

Job Market Steady/Close Proximity Local/ Part-time Public Transit Walkability Mobility Activism Child Care Safety Culture Parks/Play Areas Urban gardens/trails Services Education Stewardship

i c a l

Prairie Vert A Holistic Modular Community 2185

i emulates c vertical laystimuli a Modularity l

• Within natural communities, living and non-living components join together to form interdependant relationships, which become greater than the sum of their parts. Prairie Vert these relationships in a modular form, merging the horizontal prairie and city into a multiered community: one that is highly responsive to social, environmental and economic .

Parti

Green network

• The basic modular unit measures 540 square feet: the average size of a studio apartment in Denver.

N Land Use by level

• The module can then build upon itself, creating various sized living conditions serving the three target demographics.

6th

3rd

5th

2nd

4th

1st

2185

Modular Massing

• Modulated buildings are economically attractive The 36’ x

Modular Flexibility 15’ x 4

4 Bedroom Apartment

15’ base module is the maximum size a typical trailer or train car can transport. Mass production spreads inital costs over a greater number of units, reducing overall construction cost and waste, while allowing for future increases in density.

• Joining and stacking the base module in 36’ x 60’ rectangles, creates a system of layered public, semi-public, and private green spaces. These flexible spaces serve as a vertical continuation of the prairie community, bringing all users closer to the regional environment.

• These elevated green spaces can grow agricultural products to supply the culinary heart and residents of Prairie Vert.

15’ x 2

15’ x 4 with terrace

1 Bedroom Apartment

2 Bedroom Apartment

15’

Studio

2185

Master Plan Scale: 1” = 300’

Prairie Vert Gateway District: major retail

Structured parking: wrapped in retail & roof park space Greenway system with turf block continuum across streets

i c a l

Restaurant Alley: culinary focus

Transit Village & Educational Facility Existing electrical substation: heat harvesting & community art space

Design District

Wide sidewalks to accomodate pedestrian traffic and continue existing bike ways from adjacent neighborhoods Linear park space connecting greenway system

Civic District: major event venue Herbert Bayer’s ‘Articulated Wall’ continues to serve as a local landmark

West side Broadway retail consistent with existing east side

Fitness center with roof access and outdoor amenities

N

Subterranean parking below relocated Sam’s Club

2185

• Typical street section with stormwater treatment • Curb cuts allow stormwater to irrigate street trees before discharging into the Platt River • Continuous growing pits with structural soil increase soil volume available to street trees, increasing biomass and shade

• Mimicking prairie ecosystems provides rich experiences for education, recreation, and regional place making

• Passive stormwater harvest for irrigation and filtration

• Layering of modules carves various flexible green spaces and mircohabitats for people, plants, and animals

• Highest building roofs provide over 400,000 square feet of space for photo-voltaic energy production

2185

SUSTAINABILITY MODEL

GOALS

OBJECTIVES

To foster a responsive and interdependent network of communities

Social

Environmental

Economic

Higher density and optimal, mixed land use

Addition of approximately 2,000 adaptable, living units; accommodation of at least 4,000 new inhabitants Modular, flexible units that accommodate all life stages, i.e. family-friendly and seniors

Universal housing and services for families, seniors and youth

To create healthy, balanced human living

Cultural and recreational activities including various educational and stewardship programs

To build social capital and nurture people and neighborhoods

Build a sense of community and identity

On-site community centers, child and daycare services for families with young children, medical facilities and assisted living adaptability

To create greater interaction with the existing natural habitat

Promote outdoor recreation and activism

Creation of over 32 acres of green space including parks/multi-use trail networks Transit village with facilities for cyclists, i.e. showers; hybrid parking, recycling centers, access to wi-fi

To enhance overall connectivity and mobility

Promote alternative forms of renewable energy and sustainable transportation

To build food systems security and efficient use of natural resources

Access to a variety of local, nutritional and energy resources

LEED-certified buildings, transit-oriented development, green/walkable trails

To ensure sustained, economic vitality and responsibility

Create tangible, economic benefits for the community

Balanced blend of big box, smaller, boutique retail and office space

Approximately 400,000 sq.ft. of solar paneling; rainwater collection system, pervious surface materials

Urban gardens, organic supermarkets and restaurants, local farmers’ market

Additional 500,000 sq. ft. of commercial space, creating hundreds of new jobs in the community; employee benefits

Access for lower-income families and minorities in Southern Denver

To foster resilient local and regional economic growth

Increased revenue and tax base with expanded commercial andresidential space.

Community banks/credit unions and local financing options; 25% affordable housing; 60% rental units

Promote public-private partnerships, new technologies and access to information

Integration into the national and global economy

Local government, community and business alliances; R&D

Uses by Phase 900,000 800,000 700,000 600,000 500,000

Square Feet

Phasing Plan P5 P4 P1 P1 P6 P2 P3 P1

ACTIONS

400,000 300,000 200,000 100,000 Community

I 66,960

II -

III -

IV -

V -

VI 36,573

Retail (Engineered Tilt-up or Modified Modular)

170,000

46,436

49,668

66,698

74,200

36,625

Retail (Modular)

188,716

85,374

91,316

122,626

136,420

67,335

-

9,291

61,131

83,002

92,420

-

9,320

9,512

7,477

5,486

5,823

10,872

Office Residential (Below Market For-Sale) Residential (Below Market Rental)

83,877

85,611

67,297

49,377

52,405

97,852

Residential (Market For Sale)

223,673

228,295

179,460

131,673

139,747

260,938

Residential (Market Rental)

149,115

152,196

119,640

87,782

93,165

173,958

2185

2009 ULI Hines Student Urban Design Competition

1. Summary Pro Forma

Net Operating (Sales) Income Rental Housing Market-rate For-Sale Housing Rental Housing Affordable For-Sale Housing Office/Commercial Retail Tilt & Big Box Retail Modular Underground Parking Structured Parking Other - Existing Income Other - Rental for Alternate Energy Total Net Operating Income

Prairie Vert Team Summary Board

Year 0 2009-10

2011

$ $ $ $ $ $ $ $ $ $ 14,133,708 $ $ 14,133,708

Phase I

Phase 5 2016

Team

Phase 6 2017

2185

2012

Phase 2 2013

Phase 3 2014

Phase 4 2015

$ 650,227 $ $ 1,226,001 $ 973,480 $ $ 1,432,844 $ 1,930,535 $ 344,746 $ 1,726,391 $ 5,506,204 $ 130,814 $ 13,921,241

$ 1,341,279 $ 48,956,223 $ 2,500,157 $ 92,265 $ $ 1,412,997 $ 2,899,067 $ 352,036 $ 1,762,896 $ 5,506,204 $ 181,684 $ 65,004,807

$ 2,512,953 $ 51,466,878 $ 3,525,667 $ 1,140,636 $ 92,260 $ 1,773,573 $ 3,994,411 $ 359,453 $ 1,800,037 $ 5,506,204 $ 244,006 $ 72,416,078

$ 3,507,634 $ 41,671,169 $ 4,301,640 $ 1,033,050 $ 720,275 $ 2,149,214 $ 5,511,385 $ 436,681 $ 3,675,641 $ 3,313,184 $ 340,250 $ 66,660,122

$ 4,310,746 $ 31,492,238 $ 5,138,996 $ 898,647 $ 1,616,295 $ 2,648,499 $ 7,282,445 $ 516,952 $ 5,628,752 $ 2,764,384 $ 433,841 $ 62,731,796

$ 5,204,622 $ 6,828,846 $ 8,400,224 $ $ 34,426,014 $ 66,209,074 $ $ $ 6,689,995 $ 6,757,613 $ 6,827,155 $ $ 1,010,685 $ 1,707,582 $ 480,061 $ $ 2,667,622 $ 3,434,563 $ 3,537,600 $ $ 3,190,578 $ 3,564,372 $ 3,524,218 $ $ 8,328,261 $ 8,594,126 $ 8,865,416 $ $ 600,342 $ 612,798 $ 625,461 $ $ 7,661,332 $ 7,820,285 $ 7,981,881 $ $ 2,215,584 $ $ $ $ 527,381 $ 586,158 $ 600,000 $ $ 72,522,416 $ 106,115,418 $ 40,842,015 $

$ $ 35,682,660 $ $ $ $ $ $ $ $ $ $ $ 35,682,660

$ 23,407,811 $ 37,458,832 $ 13,062,459 $ 1,451,384 $ 1,471,049 $ 7,352,226 $ 13,026,383 $ $ $ $ 8,777,869 $ $ 106,008,012

$ 18,911,359 $ 30,191,783 $ 10,524,716 $ 1,169,413 $ 9,922,435 $ 8,061,806 $ 14,281,048 $ 8,240,695 $ 19,920,560 $ $ 13,194,077 $ $ 134,417,892

$ 14,262,898 $ 22,716,015 $ 7,916,034 $ 879,559 $ 13,812,990 $ 11,099,683 $ 19,659,052 $ 8,438,268 $ 20,319,586 $ $ 13,146,803 $ $ 132,250,886

$ 15,562,160 $ 24,725,139 $ 8,613,330 $ 957,037 $ 15,770,911 $ 12,661,821 $ 22,421,980 $ 8,641,769 $ 20,730,582 $ $ 14,280,522 $ $ 144,365,250

$ 29,877,197 $ 47,352,157 $ 16,490,427 $ 1,832,270 $ $ 6,409,185 $ 11,347,701 $ $ $ $ 10,959,903 $ 5,519,394 $ 129,788,232

$ $ $ $ $ $ $ $ $ $ $ $ $

-

$ $ $ $ $ $ $ $ $ $ $ $ $

-

$ $ $ $ $ $ $ $ $ $ $ $ $

-

$ $ $ $ $ $ $ $ $ $ $ $ $

-

$

5,712,368 16.01%

$ 15,750,253 14.86%

$ 22,984,773 17.10%

$ 22,235,359 16.81%

$ 23,449,353 16.24%

$ 17,472,549 13.46%

$

-

$

-

$

-

$

-

-

$

-

$

-

$

-

2018

2019

2020

2021

8,663,717 $ 8,935,444 $ 9,215,661 $ $ 6,898,676 $ 6,972,233 $ 7,047,882 480,061 $ 480,061 $ 480,061 3,643,728 $ 3,753,040 $ 3,753,040 3,483,974 $ 3,443,640 $ 3,411,553 9,142,228 $ 9,424,665 $ 9,363,186 638,332 $ 651,412 $ 664,702 8,146,134 $ 8,313,059 $ 8,482,668 $ $ 600,000 $ 600,000 $ 600,000 41,696,851 $ 42,573,554 $ 43,018,753

Development Costs (Including Land & Construction Interest Expense)

Rental Housing For-Sale Housing Rental Housing Affordable For-Sale Housing Office/Commercial Retail Tilt Retail Modular Underground Parking Structured Parking Other Total Infrastructure Community Total Development Costs

$ $ $ $ $ $ $ $ $ $ $ $ $

-

$ $ $ $ $ $ $ $ $ $ $ $ $

21,721,529 111,880 12,186,314 1,354,035 25,620,321 27,418,056 40,457,678 18,791,870 20,018,890 8,951,812 176,632,385

Land Value % of Development Cost

$

-

$

32,395,345 18.34%

Development Cost (excl. Land)

$

-

$ 144,237,040

$ 29,970,292

$ 90,257,759

$ 111,433,118

$ 110,015,528

$ 120,915,897

$ 112,315,684

$

$ $

$ 65,004,807 $ 2,574,817

$ 72,416,078 $ 3,319,858

$ 66,660,122 $ 5,139,091

$ 62,731,796 $ 7,295,518

$ 72,522,416 $ 9,523,646

$ 106,115,418 $ 10,688,548

$ 40,842,015 $ 10,976,505

$ $

41,696,851 11,470,472

$ 42,573,554 $ 11,984,048

Market-rate

Annual Cash Flow Net Operating Income (Including Taxes) $ 32,820,732 Total Property Taxes $ Total Asset Value (Terminal Value) Total Costs of Sale Net Sale Price Total Development Costs $ Net Cash Flow $32,820,732

$ 176,632,385 $ 35,682,660 ($162,711,144) $29,322,147

$ 106,008,012 $ 134,417,892 $ 132,250,886 $ 144,365,250 $ 129,788,232 $ ($33,591,935) ($67,757,770) ($69,519,090) ($71,842,833) ($23,672,815) $40,842,015

$

$41,696,851

$ $513,246,386

New Debt (repayment) Cash Flow Before Debt Service

$32,820,732

$ 55,364,044 $ 20,434,137 ($107,347,100) $49,756,284

$ 27,662,382 $ 47,783,289 $ 51,969,295 $ 55,470,568 $ 26,776,600 ($5,929,552) ($19,974,481) ($17,549,795) ($16,372,266) $3,103,785

$40,842,015

$

$41,696,851

($285,460,315) $227,786,071

Debt Service (permanent financing) Cash Flow After Financing

$32,820,732

$ $ 3,321,843 ($107,347,100) $46,434,441

$ 4,547,891 $ 6,207,634 $ 9,074,631 $ 12,192,789 $ 15,521,023 $ 17,127,619 ($10,477,443) ($26,182,115) ($26,624,427) ($28,565,055) ($12,417,238) $23,714,397

$

17,127,619 $24,569,232

$ 17,127,619 $210,658,452

Net Present Value

$11,526,173

Loan to Value Ratio (LVR)

13,921,241 1,968,979

$

i c a l

$ 43,018,753 $ 12,355,223 $ 495,445,086 $ 24,772,254 $ 470,672,832 $ -

60%

Leveraged IRR Before Taxes

12.21%

2. Multiyear Development Program

71 93 9

358,716 1,960 66,960 22% 74,558 75,490 8,388 358,716 600,480 66,960 1,184,591

2016

2017

2018

258 258 263 19 7,433 581,842 1,960 66,960 41% 270,872 451,968 213,107 16,949 7,433 581,842 600,480 66,960 2,209,610

349 361 318 26 56,338 754,136 3,057 66,960 57% 366,584 631,427 257,546 23,679 56,338 754,136 924,480 66,960 3,081,150

416 436 376 32 122,739 957,254 4,153 66,960 72% 436,810 763,100 304,711 28,616 122,739 957,254 1,248,480 66,960 3,928,670

487 516 485 38 196,675 1,098,789 5,249 66,960 88% 511,342 902,847 392,777 33,857 196,675 1,098,789 1,572,480 66,960 4,775,728

620 665 485 48 245,844 1,135,414 5,249 103,533 98% 650,508 1,163,785 392,777 43,642 245,844 1,135,414 1,572,480 103,533 5,307,984

739 665 485 48 245,844 1,135,414 5,249 103,533 100% 775,857 1,163,785 392,777 43,642 245,844 1,135,414 1,572,480 103,533 5,433,332

2019 739 665 485 48 245,844 1,135,414 5,249 103,533 100% 775,857 1,163,785 392,777 43,642 245,844 1,135,414 1,572,480 103,533 5,433,332

2020

2021

739 665 485 48 245,844 1,135,414 5,249 103,533 100% 775,857 1,163,785 392,777 43,642 245,844 1,135,414 1,572,480 103,533 5,433,332

739 665 485 48 245,844 1,135,414 5,249 103,533 100% 775,857 1,163,785 392,777 43,642 245,844 1,135,414 1,572,480 103,533 5,433,332

4. Equity and Financing Sources

Estimated Population

Strong drop in supply as demand is predicted to steadily increase through 2020.

Households and Income Total Permits (Units) Issued Estimated Population

750000

60000

Projected

700000

50000

30000

600000

Source: US Census Bureau

20000

10000

500000

0 2020

550000

2019

Strong drop in supply as demand is predicted to steadily increase through 2020.

Households Household Income

40000

650000

2018

0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

0

Total Permits (Units) Issued

*Revolving $7192005 million 2002 Facility.

2003 2004 2006represents 2007 2008total 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 borrowing, not total outstanding debt.

Source: US Census Bureau Total Debt $ 285,460,315 Total $ 859,145,318

2017

5000

5000

2016

500000

7000

500000

2015

1000000

9000

1000000

7000

2013

1500000

2000000

719,145,318 (719,145,318) 1500000 285,460,315

9000

2014

13000

2500000 573,685,003 $ $ $

2012

2000000

11000

Financing Sources (total) 15000 Total Financed Construction Cost* 13000 Retired Construction * Total Mortagages (at Phase Stabilization) 11000

2011

15000

132,479,856 18,687,024 3000000

Total Equity

17000

2010

2500000

17000

19000

3500000 3000000

$ $

2009

19000

21000

2008

Projected

land contribution by DDD Residential Sales Operating Income Projected TIF

$ 140,000,000 Total Residential Permits (Units) Issued vs. Population $ 282,518,123 3500000

23000

2007

Total Residential Permits (Units) Issued vs. Population

Amount

2006

$ $ $ $ $ $ $

Equity Sources (total)

2005

$ $ $ $ $ $ $ $ $ $ $

Total Costs 123,742,953 198,238,465 68,793,280 7,643,698 40,977,385 179,359,259 145,541,008 14,471,206 778,767,255 Private 25,686,142 22,832,126 8,562,047 23,297,748 80,378,063 859,145,318

2004

21000

2015

2003

3. Unit Development and Infrastructure Costs Development Costs Unit Cost Rental Housing $ 167,467 ($ per unit) Market-rate For-Sale Housing $ 298,094 ($ per unit) Rental Housing $ 141,868 ($ per unit) Affordable For-Sale Housing $ 157,631 ($ per unit) 167 ($ per s.f.)

Office/Commercial $ 158 ($ per s.f.)

Retail $ Hotel $ 27,726 ($ per space) Structured Parking Surface Parking 140 ($ per s.f.)

Other $ Total Development Costs Infrastructure Costs Public Roads (*TIF Financing used for public Utilities infrastructure) Other Hardscaping (not incl. surf. pkg.)

Landscaping Other Amenities Total Infrastructure Costs Total Development Costs Do not include public costs

23000

142 128 188 9 444,090 1,960 66,960 30% 149,115 223,673 152,539 8,388 444,090 600,480 66,960 1,645,245

2014

2002

(s.f.) (s.f.) (s.f.) (s.f.) (s.f.) (s.f.) (s.f.) (s.f.) (s.f.) (s.f.) (s.f.)

-

2013

2001

(units) (units) (units) (units) (s.f.) (s.f.) (rooms) (spaces) (spaces) (s.f.)

Year-by-Year Cumulative Absorption 2011 2012

2000

Project Buildout by Development Units Rental Housing Market-rate For-Sale Housing Rental Housing Affordable For-Sale Housing Office/Commercial Retail Hotel Structured Parking Surface Parking Other Project Buildout by Area Rental Housing Market-rate For-Sale Housing Rental Housing Affordable For-Sale Housing Office/Commercial Retail Hotel Structured Parking Surface Parking Other Total

Total Buildout

Households and Income are steadily increasing;; more housing demand.

Source: US Census Bureau

2185

Prairie Vert

i c a l

Continuation of existing grid

River

Pressure from the DDD

front s

acces

Pressure from existing neighborhoods

2050 and Beyond

Increased density

Continuation of existing grid Unified green network Increased density

Pressure from existing neighborhoods • By 2050, existing pressures from surrounding areas will transform inconsistent, incongruent land uses west of the DDD into a continuation of the mixed use community of Prairie Vert. Flexible elements will easily accomodate new energy technology and modes of transportation. Educational facilities will bridge the gap created by the transit corridor. Modular building units allow density to increase, meeting new social, economic, and environmental demands.

2050 Build Out Denver Design District Phase One Cherokee Denver, LLC redevelopment Green space Central/CVP transit corridor Primary roadway Secondary roadway Rail station Herbert Bayer sculpture