When March Comes Around

The snow is still falling in the mountains, but the fervor of early spring brings “March Madness” and an ensuing movement of homebuyers and sellers. The booming population and economy of Denver is reflected by its strong presence in the world of sports. Teams, such as the Broncos, Avs, Nuggets, and Rockies, have played a significant role in shaping the ever so successful development of Lodo as its premier urban neighborhood. Just take a walk through this part of town and you’ll notice… “madness” is in the air!

Denver has never been hotter! The city has crossed the divide and started to acquire a taste for the arts and higher culture. The new Museum of Contemporary Art is nearing completion at the border of LoDo and Riverfront neighborhoods and, not to be outdone, the Denver Art Museum is also nearing completion of it expansion. These developments have spurred many new housing opportunities in the surrounding areas, the likes of which Denver has never before seen. The Museum Residences, designed by world renowned Daniel Libeskind, will exhibit the same abstract flair as his expansion of the Denver Art Museum. Additionally, there are single family brownstones, unique townhomes, and condominiums near the Museum of Contemporary Art. The sales of units near both of the museums are experiencing overwhelming success! They are going under contract at per-square-foot numbers typically seen only in the neighborhoods of major world-class cities, such as New York, San Francisco, and Boston. This trend, combined with last January’s phenomenal market activity—one of the most successful housing sales that Metro Denver has ever experienced—proves that Denver is truly experiencing real-estate “madness” in early 2005.

As is always the case in a city of great minds, the developers, city officials, and residents saw a need for more affordable housing in order to provide for the needs of all Denver residents. Both of the museum projects will allot a portion of their units to this purpose. In working to provide housing for everyone, Denver has placed itself at the forefront of the “New Urbanism” movement—a large-scale development combining all types of housing with effective and easy public transportation, while minimizing any impact on the environment.

The positive energy of the Mile High City has led to a continuous influx of new residents, thus bringing a large demand for jobs as well. In breaking the old model of a cyclical economy, we have witnessed a great deal of diversification in metro Denver as a city and region. The new University of Colorado Health Sciences Center at the former Fitzsimmons Army base has landed a handful of biotech firms, standing out as a significant bright spot in our balanced Denver economy. Denver, along with other neighboring cities, has always viewed this arena as an important source of growth.

Current studies indicate that Denver will, over the next 20-30 years, experience an increasingly large demand for housing. There are reports that Denver will need to produce over a million housing units during this timeframe in order to maintain an adequately balanced housing supply. The US Census Bureau figures indicate that Colorado was ranked number three with a 30.6% growth rate from the years 1990-2000, most of which occurred in the Denver metropolitan area. During the same time period, Douglas County was the fastest growing area in the entire country. Today Douglas County is still ranked third, based on a US Census Bureau press release last year.

What does all of this “madness” tell us? Basically, there will be a consistent demand for housing, whether in the form of older neighborhoods in the city or new construction on the periphery. The newly approved Fast Tracks light rail and commuter rail programs will allow everyone to get around easier. Colfax Avenue, Lowry, and Stapleton are already seeing the results of this new progress. As Denver dives head-first into the “New Urbanism” movement, it offers all of the great resources of a “world-class” city.

So… Where will you be next March?