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Hines plans spec building in LoDo

$90 million project banking on low office vacancy rate

John Rebchook, Rocky Mountain News

Published September 9, 2006 at midnight

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The Denver office of Hines on Friday unveiled plans for a $90 million building near Denver Union Station.

The building at 1515 Wynkoop St. will be constructed on speculation, meaning none of it is pre- leased.

It will have eight stories and about 300,000 square feet.

"It is the first spec office building in downtown since about 2000," said Jamie Gard, who is listing the building with fellow Frederick Ross broker Nathan Johnson.

"LoDo's office vacancy rate is in the single-digit area, so there is a lot of pent-up demand for space," Gard said.

Charles Elder, a senior vice president at Hines, said the direct office vacancy rate in LoDo is only 4 percent. He added there is "virtually no Class A space available for tenants who want the LoDo experience."

The building is next to the Environmental Protection Agency regional headquarters under construction and the Denver Union Station property, which is in the beginning phases of a redevelopment.

Building details include:

• 26,000 square feet of retail on the ground floor

• 10,000 square feet of outdoor terrace space

• 415 underground parking spaces

• A 7,000-square-foot penthouse

Construction is scheduled to begin in March, with an opening in October 2008.

Hines, based in Houston, plans to have the building pre-certified with a LEED, or Leadership in Energy and Environmental Design, Silver rating by the U.S. Green Building Council.

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