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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
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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
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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
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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
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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
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• 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
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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
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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
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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
$
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$ 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
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Prairie Vert
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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