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Lakewood Colorado Real Estate

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Lakewood Colorado Real Estate Powered By Docstoc
					     2009 NAIOP Rocky Mountain Real Estate Challenge

    Rooney Valley – Solterra Centre

                          City of Lakewood
                                             NAIOP Presentation
                                                                  2009 Rocky Mountain Real Estate Challenge




1
              William
             Frederick
            Hayden Park
             on Green
             Mountain




 Dakota
Hogback

Red Rocks




Town of
Morrison
            Bear Creek
            Lake Park




                          2
                       Government Jurisdictions



                     Jefferson County



                              City of Lakewood




                                Town of Morrison




Morrison Population 417
Last Election: 332




                                                   3
                        Lakewood Project Area




Consists of CDN Parcel and Lakewood Parcel detailed on
next slides




                                                         4
                               Solterra Centre

                    Ownership: CDN Development
                    Jurisdiction: City of Lakewood
                    Approximately 149 acres
                    Access from Rooney Road and future
                    McIntyre Street
                    This property is currently in the
                    Lakewood rezoning process as outlined
                    in the Intergovernmental Agreement
                    Zoning anticipated to allow
                    approximately 4 MM square feet of
                    commercial and 1,000 residential units




CDN 149 acres


Prospect Activity
During 2007-2008 there was a total 21 prospects seeking
1,384,000 square feet of space and/or 614 acres of
developable land for various commercial projects. The vast
majority were not able to be accommodated in Lakewood.




                                                             5
                            Lakewood Parcel

                  Ownership: City of Lakewood
                  Jurisdiction: City of Lakewood
                  Approximately 19.16 acres
                  Comprised of two parcels separated by
                  a 150’ piece of land owned by a utility
                  provider containing transmission lines




City owned land: 19.16 acres
That 19.16 acres was given to the City to be used for
"municipal purposes" which according to Ross puts very few
limits on what legally can be done with it. Exchanged and
developed, or simply developed. The issues that a developer
and the City will run into is the perception of "open space"
being developed if it's not replaced in some fashion. They
want the students to think outside of the box on
incorporating this parcel.


150’ wide piece of land not included in the acreage




                                                               6
           Important Documents


Intergovernmental Agreement (IGA)
Rooney Valley Joint Master Plan
Joint Rooney Valley Development Standards




                                            7
  IGA Boundary
Dinos




               Forsberg
               Iron Spring

   Solterra        Solterra
   Centre



        Lightner


              Red Rocks
              Centre




                              8
       Intergovernmental Agreement


City of Lakewood and Town of Morrison
Joint planning
Created Joint Project Review Committee (JPRC)
Coordinated infrastructure investments
Coordinated annexations
Revenue sharing
Balances competition




                                                9
                            Red Rocks Centre


                Ownership: Tharaldson Motels Las Vegas
                Jurisdiction: Town of Morrison
                345 acres
                Rezoned in 2008 to allow for:
                2.86 MM square feet retail, commercial,
                office, mixed-use
                1,000 residential units SFD, SFA, MF




Red Rocks Centre Residential Breakdown
250 SFD
250 SFA
500 MF




                                                          10
                  Red Rocks Centre Planning Areas

                                                SFD
                                    SFA/
                                    SFD

                                             SFA/SFD
                         OFFICE




                                      MF
                                        /S
                                                 CIVIC




                                           FA
                       HIGHWAY
                       COMMERCIAL
                                     MIXED USE
                           RETAIL




Red Rocks Centre Residential Breakdown
250 SFD
250 SFA
500 MF




                                                         11
                          Transportation System

                  C-470 Alameda interchange completed
                  Entire Rooney Valley can support 7 MM
                  square feet and 3,500 residential units
                  with the following improvements:*
                  McIntyre Street
                  Alameda Parkway
                  Morrison Rd




                  *Felsburg Holt & Ullevig Traffic Study




Needed Transportation Improvements (WIDENING):


McIntyre
           6 lanes from Alameda south to Yale
           4 lanes from Yale south to Morrison Rd
Alameda
           6 lanes from McIntyre to C-470
           4 lanes from McIntyre to Jewell/Bear Creek
Morrison Rd
           6 lanes from McIntyre to C-470


Additional capacity could be added with McIntyre being built
to 6 lanes from Alameda to Morrison Rd




                                                               12
                         Transportation System

                              Ala
                                 me
                                        da
                                           Par
                                              kw
                                                 ay




                                  Mc
                          C-470

                                    Int
                                       yre
                                           S
                                          tre
                                              et



                                                      d
                                                      a
                                                   Ro
                                                on
                                         Morris



Needed Transportation Improvements (WIDENING):


McIntyre
           6 lanes from Alameda south to Yale
           4 lanes from Yale south to Morrison Rd
Alameda
           6 lanes from McIntyre to C-470
           4 lanes from McIntyre to Jewell/Bear Creek
Morrison Rd
           6 lanes from McIntyre to C-470


Additional capacity could be added with McIntyre being built
to 6 lanes from Alameda to Morrison Rd




                                                               13
                                Water

                 2,400 ¾” taps available for Lakewood
                 portion of the Valley through
                 Consolidated Mutual, Carma owns the
                 lease right on all 2,400 taps.
                 Mt Carbon water has 167 taps but,
                 investments needed for treatment
                 facilities.




Consolidated needs more water to serve Dinos properties in
Uninc. Jeffco




                                                             14
                Power

Existing gas and electric infrastructure
can support residential, retail, office,
and research & development uses.




                                           15
                              Engineering Issues
                   Dipping Bedrock
                   Swelling Soils
                   Subsidence
                   Consult:
                   Designated Dipping Bedrock Area (DDBA)
                   Guide
                   Jefferson County Land Development
                   Regulation: Sections 4, 17, 19, 25, 50




Dipping Bedrock:
Variable swell subsurface bedrock lenses that tilt at least 30
degrees from the horizontal.
Lakewood has adopted these pertinent regulations for the
Rooney Valley.
The basic principle is to create a homogeneous, stable, low
swell, properly drained, and thick enough medium
(overburden) above these variable soil lenses to establish the
required stability.
Over-excavating (10’ under structures and 5’ under roads)
then replacing acceptable materials in controlled lifts.




                                                                 16
                                 Golden Fault

                   10-15 miles in length
                   I-70 divides the GF roughly in half
                   South of I-70 the GF runs parallel to C-470
                   beneath soil cover
                   Known from well logs and seismic profiles




The Golden Fault poses more of an obstacle in attracting
tightly controlled, capital intensive operations than it does for
engineering.
Example: Large scale data centers that absolutely cannot fail
would not locate next to a known fault.




                                                                    17
                        Fossil Ridge Metropolitan
                           District Boundary




                           Solterra   Solterra
                           Centre




                       Functions
                       • Sanitation
                       • Water
                       • Water Storage
                       • Operation and Maintenance




Green Mountain Water and Sewer is providing sanitary sewer
service to Solterra and plans to provide that same service to
Dinos and Solterra Centre through the Fossil Ridge Metro
District. Essentially the property owners contract with Fossil
Ridge for the service and Fossil Ridge contracts with Green
Mountain to accept their discharge into the Green Mountain
District.


50 mill max
Projected to be 30 mills until Mount Carbon debt is paid off
then projected to increase to 40 mills
Initial fee of $900 - $1200 per year per residential unit for
public improvements operations and maintenance (O & M)




                                                                 18
                               Dinos             Green Tree
                                               Metropolitan
                                          District Boundary

                                              Forsberg
                                              Iron Spring

                                   Solterra       Solterra
                                   Centre




                                       Lightner

                        Functions
                        • Regional transportation
                        improvement district
                        • Funding for C-470 Alameda
                        interchange



Annexation won’t reduce mill max
2007 mil levies around the interchange are approx 90 mills
50 mill maximum for land currently in County
10 mill max for land currently in Lakewood
PIF up to 3% of retail sales
$1,500 one-time fee per single-family unit, $750 one time fee
per multi-family unit, $1.50 one-time per square foot for
commercial




                                                                19
                         Mount Carbon Boundary
                       Functions
                       • Water
                       • Sanitation




Limited to 400-500 single-family until storage and diversion
facilities are available
Financial issues must be resolved before services can be
provided
$16 million remaining debt, paid back through existing 20 mill
levy EVEN in areas removed from Mt. Carbon service area
such as Solterra
Additional 17 mills or $150,000 per year, for property still in
the district




                                                                  20
                Resources


www.lakewood.org
SEARCH: Rooney Valley Plan
www.lakewood-colorado.org
Click on Real Estate, then Rooney Valley




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