HomeMy WebLinkAbout11/15/2000AGENDA
CITY OF WHEAT RIDGE
URBAN RENEWAL AUTHORITY
Wednesday, November 15, 2000
5:30 p.m.
Notice is hereby given of a Public Meeting to be held before the City of Wheat Ridge Urban
Renewal Authority on November 15, 2000, at 5:300 p.m., City Council Chambers, 7500
West 29th Avenue, Wheat Ridge, Colorado.
1. Call The Meeting to Order
2. Roll Call of Members
3. Approval of Minutes - October 17, 2000
4. Public Forum (This is the time for any person to speak on any subject not appearing
on the agenda. Public comments may be limited to 3 minutes.)
5. Old Business
A. Market Opportunities Report - Jesse Silverstein
B. Addition to DRP contract
6. New Business
A. Blight Study Request for Qualifications
7. Other Matters
A. Set next meeting date
.8. Adjournment
C:~ICathy\Ecodev VaGENDAS\OO I 1 I5. W PD
MINUTES OF WHEAT RIDGE
WHEAT RIDGE URBAN RENEWAL AUTHORITY
October 17, 2000
7:00 P.M.
1. CALL THE MEETING TO ORDER
The Wheat Ridge Urban Renewal Authority meeting was called to order by Chairman Jerry
Roach at 7:05 p.m.
2. ROLL CALL OF MEMBERS
Commissioners present: Norm Burkpile
Sandra Collins
Vance Edwards
Jim Goddard
' Elwyn Kiplinger
Janet Leo
Mazgy Platter
Jerry Roach
Commissioners absent: Rae Jean Behm
Dick Matthews
John Hall (resigned)
Also attending were: Alan White, Planning Director
Ralph Mancinelli, City Council
Jesse Silverstein, Development Reseazch Partners
Ann Lazzeri, Recording Secretary
3. APPROVAL OF MINUTES
The minutes of the regulaz meeting of September 19, 2000 were presented for consideration.
Jerry Roach requested an amendment to page 2, paragraph S, line 2 which would add the
words "in the area of' preceding the words "northeast corner of Wadsworth and 44th
Avenue...."
It was moved by VANCE EDWARDS and seconded by MARGY PLATTER to
approve the minutes as amended. The motion passed unanimously.
WRURA Minutes Page 1
10/17/00
4. PUBLIC FORUM
There were none present to address the Authority.
5. OLD BUSINESS
There was no old business to come before the Authority.
6. NEW BUSINESS
A. Northwest Corner of 44th/Wadsworth - At the last meeting, discussion took place
regarding whether parcels 6, 7, 8 and 9 should be included in the urban renewal azea.
That discussion was continued to this meeting of October 17. Alan White iaformed
the Authority that Pazce16 at Vance and 44th is split between G1 on the south, and
R-2 on the north; Pazcel 7 is zoned G1; Parcel 8 is zoned RC and Pazce19 is split ,
between RC zoning on the south and R-2 zoning on the north. Basically, the
northern half of the block is zoned R-2.
It was moved by ELWYN HIPLINGER and seconded by VANCE EDWARDS that the
residential parcels (north half of Parcels 6 and 9) be removed from the urban renewal
area. The motion passed unanimously with JERRY ROACH abstaining.
There was a consensus of the Authority to discuss authorization for Development Research
Partners to include this area in the feasibility study at the next WRURA meeting.
B. Wheat Ridge Water District - Alan White introduced Walt Pettit, Manager of the
Wheat Ridge Water District.
Mr. Pettit reviewed his August 10, 2000 memorandum to the city manager which outlined
his concerns about urban renewal as well as general development within the City of Wheat
Ridge. Authority members were given copies of this memorandum. He asked the
Authority members to consider the following during the urban renewal process:
• Communication between the city, developers and utility providers is dital from the onset
of development plans to avoid unnecessary delay and expense.
• As development proposals are considered, utility easements must be taken into
consideration. Many developers do not take these into consideration when designing
landscaping, etc. Ask developers to present plans which show provision for utilities.
• Determine what developer's water needs are. Consider availability of water.mains and
cost of water taps.
WRURA Minutes Page 2
10/17/00
• Work with fire districts to see what their water needs are.
• Work with Colorado Department of Transportation to determine easements.
C. Market Feasibility Study - Status - Jesse Silverstein reviewed the recent status of
the 44th and Wadsworth Market Analysis. Copies of the analysis were provided for
each Authority member. The areas covered in the report included:
• Trade Area Demographics
• Expenditures by Demographic Chazacteristics
• Retail Mazket Gaps
• Local Product Demand
• Consumer Expenditure Survey
A copy of the report is attached to and made a part of this record.
It will be important to attract businesses that will produce significant sales tax in order to
help pay for any necessary infrastructure.
7. OTHER MATTERS
A. Change in Meeting Date - Due to conflicts occurring for members during
Thanksgiving week, there was a consensus of the Authority to change the regularly
scheduled meeting of Tuesday, November 21 to Wednesday, November 15, 2000.
8. ADJOURNMENT - It was moved by NORM BURKPILE and seconded by ELWI'N
HIPLINGER to adjourn the meeting at 9:00 p.m. The motion passed unanimously.
JERRY ROACH Ann Lazzeri
Chair Recording Secretary
WRURA Minutes Page 3
10/17/00
Development Research Partners
Memorandum
Date: November 9, 2000
Ta Wheat Ridge Urban Renewal Authority
From: Jesse Silverstein, Development Research Partners
Re: "Redevelopment Opportunities..." report
A significant part of Development Research Partners' work with the City of Wheat Ridge
is to develop an informational document for prospective developers and investors. The
enclosed report is a draft of that document, pertaining to the urban renewal area at the
southeast quadrant of 44P and Wadsworth. Rather than this being a report to the URA,
review this document as if it were a city document to be distributed to interested parties.
Also, as information to help clarify some of the discussion points, I have attached
definitions for SIC retaii categories used in this document.
I look forward to your comments on the 15tn
8138 West Caley Place . Suite 2001 • Littleton, Colorado 80123 . 303-933-4464 . FAX 303-933-4463
SIC RETAIL CATEGORIES
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY, AND MOBILE HOME DEALERS (SIC MAJOR
GROUP 52) This major group includes retail establishments primarily engaged in selling lumber and other
building materials; paint, glass, and wallpaper; hardware; nursery stock; lawn and garden supplies; and
manufactured (mobile) homes. It includes lumber and other building materials dealers and paint, glass, and
wallpaper stores selling to the general public, even if sales to contractors account for a larger proportion of total
sales; these establishments are known as retail in the trade. Establishments primarily selling these products but
not selling to the general public are classified in wholesale trade.
GENERAL MERCHANDISE STORES (SIC Major Group 53) This major group includes retail stores which sell a.
number of lines of inerchandise, such as dry goods, apparel and accessories, furniture and homefurnishings,
small wares, hardware, and food. The stores included in this group are known as department stores, variety
stores, general merchandise stores, catalog showrooms, warehouse clubs, and general stores. Establishments
primarily engaged in selling used general merchandise are classified in SIC 593, and those selling general
merchandise by mail, vending machine, or direct selling are classified in SIC 596.
FOOD STORES (SIC Major Group 54) This major group includes retail stores primarily engaged in selling food
for home preparation and consumption. Establishments primarily engaged in selling prepared foods and drinks
for consumption on the premises are classified in major group 58, and stores primarily engaged in selling
packaged beers and liquors are classified in SIC 5921.
AUTOMOTIVE DEALERS AND GASOLINE SERVICE STATIONS (SIC Major Group 55) Establishments selling
new and used automobiles, boats, recreational vehicles and utility trailers, and motorcycies and mopeds;
dealers selling new automobile parts and accessories; and gasoline service stations. Automobile repair shops
maintained by establishments engaged in the sale of new automobiles'also are included unless reported
separately.
APPAREL AND ACCESSORY STORES (SIC Major Group 56) This major group includes retail stores primarily
engaged in selling clothing of all kinds and related articles for personal wear and adornment. Not included are
establishments which meet the criteria for Department Stores (SIC 531) or Miscellaneous General Merchandise
Stores (SIC 539) even though most of their receipts are from the sale of apparel and apparel accessories.
HOME FURNITURE, FURNISHINGS AND EQUIPMENT STORES (SIC MAJOR GROUP 57) This major group
includes retail stores selling goods used for furnishing the home such as furniture, floor coverings, draperies,
glass and chinaware, domestic stoves, refrigerators, and other household electric and gas appliances.
Establishments selling electric and gas appliances are included in this group only if the major part of their sales
consists of articles for home use. These stores also may perform repair work on household appliances, radios,
televisions, and stereo equipment; but establishments primarily engaged in repair of these products are
classified in SIC 76. Dealers primarily engaged in selling antique and secondhand furniture are classified in SIC
5932. Stores furnishing interior decorating service are classified according to the merchandise handled. Stores
primarily engaged in selling furnishings in conjunction with an interior decorator service are classified according
to the merchandise handled; if the interior designer primarily advises clients on selection of inerchandise, the
establishment is classified in SIC 7389.
EATING AND DRINKING PLACES (SIC Major Group 58) This major group includes retail establishments
engaged in selling prepared food and drinks for consumption on the premises. Also included are caterers which
serve prepared food other than at the place of business and lunch counters and refreshment stands selling
prepared foods and drinks for immediate consumption. In-plant food contractors are included here as well as
leased eating and drinking concessions in hotels, motels, sports arenas, and other amusement places.
MISCELLANEOUS RETAIL (SIC Major Group 59) This major group includes retail establishments not
elsewhere classified. These establishments fall into the following categories: liquor stores; used merchandise
stores; miscellaneous shopping goods stores; nonstore retailers, fuel dealers, florists, cigar stores and stands,
news dealers and newsstands, and miscellaneous retail stores not elsewhere classified.
Redevelopment Opportunities:
Southeast Quadrant of
44t'' Avenue & Wadsworth Boulevard
November 2000
Opportunity presented by:
City of Wheat Ridge
7500 W. 29ih Ave.
Wheat Ridge, Golorado 80215
Data and analysis assembled by:
Development Research Partners
Jesse D. Silverstein
303-933-4464
jessedrp@earthlink.net
~
WHEAT RIDGE URBAN RENEWAL AUTHORITY
The opportunity described herein is located within Wheat Ridge's Urban Renewal Area, identified by the
City as a revitalization priority. The purpose of this summary analysis is to present information regarding die
market, marketability, and feasibility for revitalization of 263 acres located at the southeast quadrant of
Wadsworth Boulevard and 44'h Avenue in Wheat Ridge, Colorado.
City Map
to be
inserted
DENVER METROPOLITAN AREA OVERVIEW
The City of Wheat Ridge benefits from its west-central location in the Denver metropolitan area.
Quality of life, business environment, and transportation infrastructure have established the Denver
metropolitan area as a regional center in the Rocky Mouatain region. As a result, the area has
benefited from strong population growth, job creation and iocome growth.
The Denver metropolitan area, the business and cultural center of the Rocky MoLmtain region, consists of six
counties: Adams, Arapahoe, Boulder, Denver, Douglas and 7efferson. The Denver metropolitan area has
experienced average population growth of 2.2% per year since 1994. The six-county region had a tota]
population of 2,302,345 in 1999 a$er net migration of 28,500 in that year. Metropolitan Denver cbnunerce is
supported by a high quality transportation infrastructure, located at the crossroads of three major interstate
highways, I-25, I-70, and I-76. Denver International provides non-stop service to more than 110 U.S. cities,
non-stop international flights, plus 22 cargo-only carriers.
The Denver metropolitan area has a diverse employment base with strong job growth. The strongest gains
were found in the construction, communications, finance/ insuranceheal estate and business services
categories. Colorado has the highest concentration of technology workers in the country predominantly in
telecommunications and manufacturing operations, with sofiware and high tech services employment
increasing rapidly. Many of the state's major high tech companies are located in the Denver metropolitan
area.
• The Denver metropolitan area enjoyed its 12th consecutive year of job growth in 1999, achieving a
3.8% employment growth rate after adding about 47,900 new jobs. Since 1990, the Denver metropolitan
area has added an average of 39,000 jobs per year.
• The unemployment rate in the Denver metro area dropped from 3.2% in 1998 to the tight labor market
rate of 2.4% in 1999. The Denver metropolitan area's well-educated, highly skilled labor force continues
to attract new employers.
• In 1997 (most recent data available) total personal income in the Denver metropolitan area grew 8.0%.
The per capita income level in the Denver metropolitan area was $30,822 in 1997, up 5.8% from 1996.
• Total retail trade sales in the Denver metropolitan area reached $31.2 billion in 1999, 9.5% higher than
the 1998 level. Estimated 1999 per household retail sales in the Denver metro area raiilcs 16th among the
30 largest metropolitan areas in the country.
• The Denver metropolitan area was the eighth busiest residential construction market nationally in 1999
according to U.S. Housing Markets with the number of new single family residential units rising to
20,228, a 4.4% increase over the 1998 leveL The average price of a newly constructed home reached
$194,496 in the third quarter of 1999, a 9.4% increase over 1998.
• The commercial office market remains strong in the Denver metropolitan area with over 3.8 million
square feet of office space and Class A lease rates now average nearly $24 per square foot.
• The industrial market has been exceptionally strong with about 3.5 million square feet of new product
completed in 1999. The industrial vacancy rate stayed relatively stable in 1999, dropping to 6.1% from
6.2% in 1998.
• Denver has five major sports teams, numerous entertainment attractions, and serves as a gateway to
Colorado's mountain recreation azeas. The Denver metropolitan area attracted 9.4 million overnight ~
visitors in 1998, up from 8.8 million visitors in 1997. Visitors spent $2.2 billion in Denver, a 5%
increase from the $2.1 billion spent in 1997.
CITY OF WHEAT RIDGE OVERVIEW
The City of Wheat Ridge occupies approximately 10 square miles of rolling land in
northwestern metropolitan Denver, adjacent to the Interstate 70-transportation corridor
between the City of Demer and the Rocky Mountains. The City, formed in 1859, is named for
the its origination as an agricultural community and major supplier of fresh produce to Denver
consumers. During the 40's and 50's, as the city evolved, carnation pro&uction became a
major growth industry. There aze still commercial carnation greenhouses operating in the
City.
The City was incorporated in 1969 and subsequently adopted a home rule charter in 1977.
The charter was amended in 1996 to provide for a council-manager form of govemment. The
City Council (eighf Council members) is the legislative body of the City and has all legislative
powers and functions of municipal government. City Council appoints a city manager to run
the city's daily affairs, implement council decisions, and oversee the administration of the
city.
Over 3,200 businesses are licensed in the City; about one half of those are locally owned and
operated. Larger businesses include Residential neighborhoods provide a variety of housing
choices throughout Wheat Ridge Exempla Lutheran Medical Center, Jolly Rancher Candies,
Rocky Mountain Bottling, Volant Skis & Aggression Snowboards, and Star Guide
Corporation. Many small commercial areas, predominantly built in the 1950s and 1960s,
weave throughout the city. Many of these commercial locations are prime for revitalization
and beautification. In connection with a redevelopment effort, new programs such as
streetseaping, azchitectural design standards and a re-write of the land use code are being
addressed by City Council and staff.
The City has recently finished the Wadsworth Corridor study to identify possible
infrastructure improvements to an azea that has great redevelopment opportunities, which
include the properties described herein. Coupled with this effort, the City has an active Urban
Renewal Authority and has formed a new community driven Economic Development
Committee.
Residential neighborhoods provide a variety of housing choices throughout Wheat Ridge. The
City is committed to preserving and further enhancing the current family-friendly community
atmosphere. The City's newest addition is the Wheat Ridge Recreational Center, a state of the
art 72,000-sq. ft. aquatic and recreation complex. In addition to this recreational amenity, the
City owns and maintains over 250 acres of park and open space that is available for residents
and the surrounding community to enjoy.
>
CITY OF WHEAT RIDGE DEMOGRAPHICS
Estimate
2004 Forecast
Population
30,643
31,405
Households
14,083
14,672
Families
8,106
8,211
Median Age
43.1
453
Per Capita Income
$24,150
$29,011
Median Household Income
$41,065
$46,921
Average Household Income
$51,462
$60,953
Average Household Size
2.14
2.10
Households By Income
Number
%
Number
%
_ Less than $15,000
1,688
12.0%
1,293
8.8%
$15,000-$24,999
1,831
13.0%
1,425
9.7%
$25,000-$34,999
2,179
15.5%
2,104
14.3%
$35,000-$49,999
3,159
22.4%
3,073
20.9%
$50,000-$74,999
2,768
19.7%
3,346
22.8%
$75,000-$99,999
1,280
9.1%
1,588
10.8%
$100,0004149,999
833
5.9%
1,296
8.8%
$150,000+
344
2.4%
545
3.7%
Population by Age
0-14 yrs
4,865
15.9%
4,685
14.9%
15-19 yrs
1,695
5.5%
1,716
5.5%
20-24 yrs
1,701
5.6%
1,844
5.9%
25-34 yrs
3,603
11.8%
3,329
10.6%
35-44 yrs
4,343
14.2%
3,984
12.7%
45-64 yrs
8,298
27.1%
9,462
30.1%
65+yts
6,137
20.0%
6,384
20.3%
Race and Ethnicity
White
93.4%
92.8%
Black
0.6%
0.6%
American Indian
0.6%
0.6%
Asian/Pacific
2.0%
23%
Other Race
3.4%
3.7%
Hispanic (any race)
9.1%
10.0%
Source: CACI Marketing Systems,- Development Research Partners
4
THE NEIGHBORHOOD: 44TH AVENLJE AND WADSWORTH BOULEVARD
The neighborhood is primarily an established siugle-family residential area supporting
commercial development along arterials and major collector streets. Housing tumover is lo«,
with many residents residing in the area for a decade or more. Homes and yards are
attractive and well maintained. Many community services are located ia the neighborhood
including Luthern Medical Center, medical office uses, and banking facilities. Commercial
properties in the area are diverse in terms of age, architecture and condition.
A neighborfiood can be described as a group of complimentary land uses that mutually influence,
and are influenced by, common social and economic Forces. Complimentary land uses may include
similar building types and styles, demographics, economic profiles, and property maintenance and
upkeep. Transportation connections provide neighborhood residents access to local businesses and
areas outside the neighbarhood. In this case, the neighborhood is defined as those residential
districts likely to benefit from, and to economically support, the commercial opportunities being
presented herein.
The area fronts to South Wadsworth Blvd. at the intersections of West 44`h Avenue and West 38"'
Avenue. Wadsworth Boulevard (arterial), 44th Avenue and West 38`h (collectors) provide regional
connections to the neighborhood and Wadsworth Boulevard is a significant regional traffic
connection to I-70. Additionally, RTD provides local, regional and express connections to
downtown Denver and other locations; an RTD park-&-ride is several blocks north of I-70
The neighborhood is generally bounded by Interstate-70 to the north, Harlan Street to the east,
Kipling Street to the west, and 32°d Street to the south. Land uses are predominantly single-family
residences with commercial development and some multi-family housing along arterials and
collector streets. Commercial development has occurred over a broad time-period, from the 20s to
the 1980s, with most building occurring in the 1950s and 1960s.
One of the more prominent feahues of the neighborhood is the Lutheran Medical Center located on
the south side of 381h Avenue, three blocks west of Wadsworth Boulevard. This facility supports a
significant number of independent medical offices and allied health facilities in the immediate area.
Single-family residences are the primary land use in the neighborhood. Residences are generally
modest, ranch-style homes. Most residences were constructed in the 1940s and 1950s, although
some older and some newer homes are dispersed throughout the area. According to the 1990
Census, about 36% of Wheat Ridge households occupied their homes for at least 10 years and 11%
for at least five yeazs. Streets, yazds and homes are well-maintained; many with attractive
landscaping. Multi-family development is of varying ages and ranges from attached small-unit,
single-story style apartments and low-rise walkups, to multi-stor~y apartment buildings. There are
higher density multi-family residences concentrated south of 35` Avenue.
PROPERTY DESCRIPTION: AS IS
Zoning, access, and planned public infrastructure improvements are advantageous to
commercial development. Strong site characteristics and dimensions can accommodate many
functional and architectural designs.
The development azea is generally bounded by Wadsworth Boulevard on the west, West 44"' Avenue
on the north, and approximately West 41s` Avenue (if extended) on the south. From the north, the
eastern site boundary follows Upham Street for 767' then huns west 330', then 925' south to 41"
Avenue. There aze multiple parcels and ownership in the development area.
44th & Wadsworth Area Map
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TrafFc Volume And Access
There are traffic lights at the 44`h Avenue and Wadsworth intersection, Three Acre Lane and 38"'
Avenue. Wadsworth is a four-lane roadway with tum lanes at intersections and most curb cuts. The
site fronts to north-travelling traffic lanes. The curb cut at 4151 Avenue and Wadsworth is si.-nalized
with a turn lane and left turn signal for southbound traffic. 44th Avenue is a four lane collector street,
with turn lanes providing access to the site via cwb cuts. Upham street is primarily a residential
street.
A street improvements plan has recently been adopted by the City of Wheat Ridge. Eventually,
medians will be installed down the center of Wadsworth Boulevard. The roadway will be re-striped
to enable three lanes of continuos traffic rather than the current rivo-through plus tum lanes
configuration and new curb cuts will be installed. Additionally, a pedestrian friendly sidewalk is
planed to make the area an attractive, safe, and maneuverable place for foot traffic.
There is significant iraffic flow at this location with almost 43,300 vehicles on Wadsworth Boulevard
passing by 44th Avenue daily. Weekday traffic counts at this intersection show traffic volume
building steadily throughout the day peaking azound 3,800 vehicles during the evening commuter
hours.
Zoning
The pazcels carry City of Wheat Ridge commercial zoning:
• The Gl Commercial District allows a wide range of commercial uses including office, general
business, and retail sales and service establishments.
The R-C Restricted Commercial District allows administrative, professional and personal service
office uses, neighborhood-oriented retail uses a wide range of commercial uses including office,
general business, and retail sales and service establishments.
• The PCD Planned Commercial Development zone requires site plan approval.
Site Characteristics
As an aggregate, the parcels at the southeast corner of Wadsworth and 44`h tota] 263 acres. The type,
quality, and condition of buildings vary greatly across the sites. The site has approximately 1,650 feet
of frontage on Wadsworth with a depth that shifts from about 615 feet to 915 feet The site slopes to
the east, and rapid grade changes in the southwest corner of the site can be easily incorporated into
site or building design. Site dimensions provide ample capacity for building footprints and will not
limit functional design or interior traffic flow.
The 0.7 acre Town Center Park accounts for almost 3% of the site. Of the total 26.3 acres in the ,
assemblage, phase I construction could accommodate at least 18 acres, possibly on two contiguous,
but distinct, development pads (map# 3, 10, 11, 12, 13 and map# 4,5) that could accommodate
complementary uses, by the same or separate developers. This configuration provides flexibility in
site use and marketing.
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Property Thumbnail Photos
10
Properiy Thumbnail Photos
11
LOCATIONAL FEATURES AND TRENDS
There is a positive shift in demographics beginning in Wheat Ridge, attributable to
community characteristics and lifestyle. A variety of community activities focus attention
on the 40' and Wadsworth area iucluding transit connections, the post office, and a
FirstBank lobby. The Town Center Park is an amenity to both the community and
customers visiting nearby businesses. The street improvements program approved by the
City will help to improve traffic flow and the appearance of Wadsworth Boulevard.
Planned pedestrian connections and navigable sidewalks will be an amenity to the site.
Most residential construction was completed prior to 1970 and development sites are limited.
Many homes have remained within families as original owners move through their lifecycle.
Consequently, many households are now unencumbered by mortgages and have proportionately
more discretionary-spending dollars available. Additionally, neighborhoods are stable and
steadfast.
The general age and neighborhood setting of Wheat Ridge homes are attractive for remodeling
activity and, even without new construction, there is a trend toward younger households through
gentrification. Demographic changes toward younger residents and families will benefit area
businesses.
There are various community activity nodes connecting Wheat Ridge residents to the Wadsworth
parcels:
• The metropolitan Denver Regional Transportation Dish-ict (RTD) runs local and local-limited
bus service along Wadsworth and 44In Avenue with stops along the property's frontage;
. Wheat Ridge's US Post Office is currently operating in leased space in the Time Square
retail building located within the development area;
. The 0.7 acre Town Center Pazk provides a landscaped amenity to businesses and residents;
. The FirstBank office building on the corner of Wadsworth and 44`h provides financial and
investment services to the community. The bank presents a friendly face to the community, is
providing a necessary service, and provides the synergism with nearby businesses necessary
to support customer traffic; and
. The FirstBank office building also houses professional office suites providing services to the
community.
12
RETAIL BUSINESS OPPORTUNITIES
Household expenditure patterns and unmet demand create retail business opportunities in
the 44th and Wadsworth trade area.
The following chart illustrates radii demographics for the study area. A one-mile radius is
considered the primary trade area.
44~' & Wadsworth Ave & Wadsworth Blvd
Indicator
Population
Households
Average household size
Median age
Population by Race:
White
Black
American Indian
Asian/ Pacific Islander
Other Races
1-mile radius
3-mile radius
5-mile radius
Primary Trade Area
13,617
120,963
312,473
6,311
53,515
127,689
2.1
2.2
2.4
45.9
39J
38.1
94.2%
89.1%
83.6%
0.5%
1.0%
13%
0.6%
0.9%
0.9%
1.9%
2.6%
3.0%
2.8%
6.5%
11.2%
Hispanic Origin (any race) 83%
16.9% 25.1%
Per capita income $23,518 $21,258 $21,344
Avg. household income $49,227 $46,986 $51,822
Median household income $40,726 $38,824 $42,129
Source: CAC/MarketingSystemsprajections; Deve[opmentResearchPartners; 1999data
13
Income-Density Approach to Primary Trade Area Demand
While traditional analysis tends to focus on comparing household income radii at competing
locations, total purchasing power of a given trade area is actually a better indicator of potential
retail demand.
Analysis of the most recent U.S. Census Bureau Consumer Expenditure Survey (CES), indicates
that Primary Trade Area households in general expend around 85% of their amiual before tax
income on goods and services. The Consumer Expenditure Survey also indicates that of total
expenditures, spending on retail goods and commercial services (including professional services"
such as medical and financial services) accounts for about 42% of household expendituies.
For 44`h and Wadsworth, total household spending in the 1-mile radius trade area is estimated at:
$310:7 million Total Trade Area Income 6,311 Households X$49,227 Avg. Housel7old btconze)
$264.1 million Total Spending $310.7 million Household Incon:e X 85% Consumption)
$110.9 million Retail Spending 42% Retail X$264.1 million Total Spending)
Trade Area Demand
What business products & services do households demand? Projected Household expenditures
are by Primary Trade Area households are made based on U.S. Census Consumer Expenditure
Survey analysis.
The chart below compares projected household expenditures, not including automotive related,
with retail sales occurring in the trade area. Apparently, there is unmet market demand, and
business growth potential, for general merchandisers, apparel stores, and miscellaneous retailers:
Household Spending & Trade Area Sales
Misc. Retail
Eating & Dnnking
Fumiture & Home Fumishings
Apparel & Acces
Auto & Service Stations
Food Stores
Gen Merchandise
Bldg Materials
$0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,C
14
~ How well do existing businesses meet household demand for goods and services? Denver
metropolitan consumers shop among competing retailers throughout the entire metropolitan area.
Average retail sales per household for the entire Denver metropolitan region therefore sets a
benchmark with which to compare household spending in the Primary Trade area.
Average retail sales per household (excluding automotive) of $15,713 in the in the trade area is
less than the Denver metro benchmark of $24,414, indicating a leakage of consumer dollars from
this sub-market of around $8,700 per household annually. This represents market potential of
around $54.9 million in retail sales for new or expanding businesses, that are now leaving the
primary trade area . These dollar leakages, and implied under-retailing, could be attributable to
either an insufficient number of businesses, insufficient or inappropriate square footage, or a
mismatch in the type and quality of goods being offered.
Market Niche Opportunities
The chart below illustrates niche market opportunities identified using a Market Potential Index
(MPI). The MPI is the ratio of trade area retail activity to metro Denver retail activity, which
provides a measure of mazket saturarion. If the MPI is less than one, it indicates that the local
area may be under-served in that retail category; if over one, then the trade area is likely well-
served. Again, the area tends to be under-served in alt categories except automotive.
The overall mazket is underserved. Specifically there is market potential to further develop
furniture/home fumishings, apparel, general merchandisers, and building materials retail
categories.
Market Potential Index: Primary Trade Area
Total Retail Trade 0.6 Misc. Retail 0.1 -
Eating & Drinking 1.0
Furniture 8~ Home Furnishings 0.6
Apparel & Acces 0.4
Auto & Service Stations not included
i
Food Stores 1.7 ~
Gen Merchandise 0.1 I
Bldg Materials 0.4 ~
0.0 1.0 2.0
15
THE REAL ESTATE OPPORTUNITY
The market is estimated to be able to support 760,000 square feet of retail space in the 44'n
Avenue and Wadsworth Boulevard Trade Area. The trade area is ripe for new
development in that the area is characterized by aging buildings, underused properties,
and an incongruous appearance.
The southeast quadrant of 44°i and Wadsworth would be most conducive to neighborhood- or
community-shopping center uses. Visualized, the center would be an open-air configuration
with at least one (and possibly two or more) anchor tenants, which may be a discount department
store, supermarket, drug store, home improvement store, or large specialty store.
Demand for Commercial Space
. The mazket potential for new business in the primary trade azea has been estimated at around
$8,700 per household. This implies a mazket potential of $54.9 million generated by the
6,311 households in the primary trade area.
• Considering the traffic volumes, commuters and other travelers using Wadsworth Boulevazd,
it is likely that this location can capture a portion of household spending from a wider market
area.
. There is additional market potential of $135.5 million, using a$8,'700 per household gap and
assuming a 33% capture rate from the 47,204 households outside of the primary trade area
(one-mile) but within three miles.
Spending generated by the trade area occurs not only across a variety of businesses and service
providers, but across a vaziety of settings as well. According to a recent International Council of
Shopping Centers "white paper," about 52% of the nations retail spending occurs at "shopping
center inclined" stores, those retail categories that rely primarily on a shopping center setting as
their primary source for sales. An analysis of the most recent U.S. Census Bureau, Retail
Economic Census indicates that as much as 69% of spending occurs at such stores in the Denver
metropolitan area. Recognizing that some shopping center inclined stores may locate in a
freestanding or other commercial setting, the retail sales captured by shopping center oriented
businesses is assumed to be around 60%.
Assuming average retail sales of $250 per square foot, a total captured mazket potential of
$190.4 million:
• over 760,000 square feet of additional commercial space is supported; and
over 450,000 square feet of new shopping center space can be supported assuming that 60%
are shopping center inclined businesses.
16
Existing Commercial Property in the Primary Trade Area
Independent construction, aging, and ad hoc renovations, have created a somewhat incongruous
appearance within the commercial corridors of the trade area. Over 50% of the commercial
buildings were built in the 1960s and 1970s, with less than one-third being younger than 20
years. The data suggests that retail potential can be captured by renovating or redeveloping
obsolescing properties.
Primary Trade Area: Existing Commercial Square Space
Total SF*
1,649,535
Median Age
1968
Average Age
1967
YOC
1990s 184,508 SF 11.2%
1980s _ 288,189 SF 17.5%
1970s 533,917 SF 32.4%
1960s 413,177 SF 25.0%
<1959 229,744 SF 13.9%
Saurce: TransAmerica MetroScan Database; Developnvent Research Partners*1-mile radius, 44'd & Wadsworth
17
THE DEVELOPMENT OPPORTUNITY
Real estate market indicators suggest that new development in the 44`h and Wadsworth
Submarket can carry a market rent of around $11 to $15 per square foot net, with a 10%
vacancy.
Denver Metropolitan Retail Market
The metropolitan Denver retail market trends have been positive, with new construction, positive
absorption, and falling vacancy rates since at least 1996. Absorption of just over 1.2 million
squaze feet during the first half of 2000 allowed vacancy rates to drop to 5.5% despite over one
million square feet-of new construction. Rental rates remained stable as new supply has kept
pace with demand. Investment activity was solid with most capitalization rates coming in around
10% or below.
METRO DENVER RETAIL MARKET
Year
New Construction (SF)
Absorption (SF)
Vacancy
1996
2,813,000
3,522,900
6.2%
1997
1,559,100
1,587,300
6.0%
1998
1,400,000
1,513,600
6.0%
1999
1,885,200
1,838,300
5.9%
MY00
1,068,000
1,218,100
5.5%
source: Frederick
Ross Company
Metro Denver Retail Market
4,000,000
- 6.5%
3,000,000
LL
6.0%
o
d
2,000,000
m
~
1,000,000
0
5.5/o
j
y
0
5.0%
1996 1997 1998 1999 MY00
~ New Construction (SF) ~ Absorption (SF) Vacancy
c~
18
44'h & Wadsworth Retail Submarket
The subject location is in northem Jefferson County in proximity to Denver aiid Adams,
suggesting an average sub-market rent between $10.44 to $14.75. This ran;e brackets Jefferson
County's average rent of $11.40.
AVERAGE LEASE BY METRO COUNTY
County
Rate/SF NNN
Adams
$10.44
Arapahoe
$11.94
Boulder
$17.15
Denver
$14.76
Douglas
. $17.60
Jefferson
$1130
source: DenverMetropalitanAssociationofCommercia[Realtars, October2000
A survey of retail properties in the submarket show a range of rental rates from $7 to $18 per
squaze foot net (see lease comparables chart). The lower end of that range are neighborhood strip
centers. The larger, community centers command higher rents, ranging from $12 to $18 net.
Overall, a mazket rent of $11 to $15 per squaze foot is estimated for new construction.
A CB Richazd Ellis survey of the submarket shows slow, but positive absorption of 12,000
square feet during the first six months of 2000, and a vacancy rate of 7.2%. A Development
Research Partners survey of the west mazket indicates a relatively high 18% vacancy across the
market. this survey, however, includes single-tenant, freestanding buildings, whose all-or-
nothing vacancy may overstate market vacancy. And, the newer properties in the DRP survey do
indicate stronger occupancies, many under 10%. A stabilized vacancy of 10% is estimated for
new conshuction.
METRO WEST RETAIL SUBMARKET
ASHING RENT
Center Type VACANCY RATE LOW HIGH AVERAGE
Community
12.9%
Neighborhood
8.2%
Regional
11.4%
$7.00
311.50
ter Ending
$20.00
$11.69
$20.00
$10.87
$14.26
$1336
rnc.
19
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Description
Use:
Construction Type:
Gross Building Area (SF):
Gross Leasable Area (SF):
Stories:
Ceiling Height:
Site Size (SF):
Building Footprints (SF)
Landscape/Walkway Area (SF):
Parking/Paving Area (SF):
Land Cost
Land CosUSF:
Site Size (SF):
TOTAL LAND COST
Development Cost
Base cost (per SF):
Gross SF:
Base building cost:
Demolition:
Additional costs 2:
TOTAL BUILDING COSTS:
Site
Landscape/walkway costs (per SF):
Landscape/walkway area (SF):
Site improvements cost:
Off-sites:
Site work/taps:
Additional costs 2:
TOTAL SITE COSTS:
Occupancy
Leasing commissions (per SF):
Tenant finish (per SF):
Occupancy cost (per SF)
Gross Leasable Area (SF):
TOTAL OCCUPANCY COSTS
TOTAL DEVELOPMENT COSTS
Assumptions
Commercial
Land CosVSF:
$6.00
BlockBrick
Development Costs/SF
$30.00
315,000
Landscape/walkway/SF):
$4.00
315,000
Leasing commissions (per SF):
$3.00
1
Tenant finish (per SF):
$6.00
10'
Parking Space/Gross Bldg SF:
200
818,928
Paving/Parking Space (SF):
300
315,000
Landscaping/Walkway of site): .
3%
24,568
472,500
$6.00
x 818.928
_ $4,913,600
$30.00
x 315.000
_ $9,450,000
+ $1,200,000
+ $p
_ $10,650,000
$4.00
x 24.568
_ $98,271
+ $0
+ $250,000
+ $Q
$3.00
+ $6.00
$9.00
x $315.000.00
$348,271
$2.835.000
$18,700,000 rd
22
City of Wheat Ridge
' Planning and Development Department
1Vlemorandum
To:
FROM:
SUBJECT
DATE:
WRTJRA Members
Alan White, Planning and Development Director X~
Request for Qualifications - Blight Study
November 8, 2000
f Nh cA,.
O ,p
~
~ o
U m'
CQ~ ~~Q
4
Attached is a draft Request for Qualifications (RFQ) for the preparation of the Blight Study for
the deleted areas of the Urban Renewal Area and the potential additional areas along Wadsworth.
Please review the RFQ and be prepared to discuss any comments or questions at the November
15" meeting.
REQUEST FOR QUALIFICATIONS
Wheat Ridge Urban Renewal Area
Blight Study
The City of Wheat Ridge and the Wheat Ridge Urban Renewal Authority are seeking the
services of a qualified consultant for the purpose of preparing a blight study. The purposes of
conducting the blight study are to:
1. Provide the findings of blight for inclusion in an urban renewal plan.
2. Determine which areas potentially could be included in an urban renewal area.
The City has recently deleted certain areas from the Urban Renewal Area which was established
in 1981. It is anticipated these areas, plus additional areas, will be included in a newly formed
urban renewal area. The Study Area is shown on the attached map.
The general scope of work for the consultant to perform is included below. Proposals should
include any other steps or work products the consultant feels may be necessary in fulfilling the
purposes of the study.
Scope of Work
1. Inventory and Preliminary Draft Blight Study
The consultant will undertake a study of blight conditions as defined.in C.R.S. 31-25-103 for the
Study Area. In conducting this study the consultant will visually inspect the existing condition
of properties included in the study area and utilize any other information available from other
sources. The consultant will identify:
a. Slum, deteriorated, or deteriorating structures;
b Predominance of defective or inadequate street layout;
c. Faulty lot layout in relation to size, adequacy, accessibility, or usefulness;
d Unsanitary or unsafe conditions;
e. Deterioration of site or other improvements;
£ Unusual topography;
g. Defective or unusual conditions of title rendering the title nonmarketable;
h. The existence of conditions that endanger life or property by fire and other causes;
i. Buildings that are unsafe or unhealthy for persons to live or work in because of
building code violations, dilapidation, deterioration, defective desi.-n, physical
construction, or faulty or inadequate facilities;
j. Environmental contamination ofbuildings or property;
k. Inadequate public improvements or utilities; and
1. Any area that, in its present condition and use, and, by reason of the presence of
Page 1 of 3
any one of the factors specified above, substantially impairs or arrests the sowld
growth of the City, retards the provision of housing accommodations, or
constitutes an economic or social liability, and is a menace to the public hea(th,
safety, morals or welfare.
The consultant will prepare a preliminary draft of the blight study for review and comment by tlie
City. The document will present the blight information in appropriate narrative, tabular, chart,
graphic, and photographic form. Thirty (30) copies of the preliminary draft will be delivered to
the City.
2. Preparation of Blight Study Final Draft
A final draft of the blight study will be prepared which incorporates the comments and changes
to the preliminary draft as requested by the City review agencies. The study shall be prepared iu
a manner which clearly communicates the findings of the study and in a manner suitable for
inclusion into an urban renewal plan. A camera-ready original copy of the fina] document shall
be del'ivered to the City along with a copy on disk
3. Recommend Urban Renewal Area
Based upon the findings of the blight study, the consultant will prepare a map showing a
recommended urban renewal area. The map will be accompanied by a report which sets forth the
findings of blight and the justification for establishing an urban renewal area consistent with state
statute.
Project Time Lines
Select Firm, Negotiate Contract by: February 1, 2001
Complete First Draft of Blight Study Apri120, 2001
Complete Final Draft of Blight Study May 11, 2001
Presentation to WRURA May 15, 2001
Presentation to City Council May 28, 2001
Additional Items to Address
Past Experience with Blight Study Preparation - Identify past studies your firm has prepared,
indicating the year of preparation, the client and a reference.
Project Team Qualifications - Indicate who will be preparing the study and their individual
qualifications and experience. Also cleazly indicate who will be the project manager and who
will work on the project on a daily basis. Indicate any subcontractors and their qualifications.
Page 2 of 3
Ability to meet Project Time Lines - IndicaYe the project team nlembers' time availability and
the frm's ability to meet the projected time lines.
Estimated Cost to Complete the Project - Provide a breakdown for each team member of tlie
numbers of hours involved in the project and hourly rate. Include in the total cost estimate the
cost for expenses.
In order to reduce the costs of this blight study, City staff wi11 assist in providin-, information for
the project. The following data will be provided by the City:
Zoning Information
Property Ownership Information
Sales Tax Data as Appropriate -
Recent, current or planned infrastructure improvements in the Study Area
Traffic Counts
Accident Statistics
Proposal Deadline
Submit 10 bound copies and one (1) unbound copy of your proposal in a sealed envelope to:
City of Wheat Ridge
7500 W. 29`h Avenue
Wheat Ridge, Colorado 80215
Make sure to indicate on the outside of the envelope: RFQ# 00-_
Deadline for submittal is
not be accepted.
at 4:00 p.m. Faxed or e-mailed proposals will
For Further Information
If you need additional information or have questions concerning this request for qualifications,
contact:
Alan White, Planning and Development Director
City of Wheat Ridge
Phone: 303-235-2844
e-mail: alanw@ci.wheatridge.co.us
C9MyFi1esRVPFi1es\URA\blight scope.wpd
Page 3 of 3
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