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2014 REALTOR Summit

REALTOR Summit presentation by Mayor Jim Gunning (July 16, 2014).
by

Seth Hoffman

on 23 September 2014

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Transcript of 2014 REALTOR Summit

2014 REALTOR Summit
Jim Gunning
Mayor
Harold Anderson
Council Member
Jackie Millet
Mayor Pro Tem
Kim Monson
Council Member
Susan Squyer
Council Member
Mayor Jim Gunning
Denver South Economic Development Partnership Board of Directors (formerly SEBP)
DRCOG Directors (Alt.)
C-470 Coalition
E-470 Public Highway Authority
Metro Mayors Caucus (Chair)
South I-25 Urban Corridor Transportation Management Association Board of Directors
Mayor and City Council
Seth Hoffman
Promoted to City Manager from Deputy City Manager (November 2013)

Steve Hebert
Promoted from Community Development Director to Deputy City Manager

Kelly First
Promoted from Planning Manager to Community Development Director

Jeff Holwell
City’s first Economic Development Director
Big Employers Expand in Lone Tree
Groundbreaking • May 10, 2013
Schwab Moves to Lone Tree
Retail Branch Building
NOW OPEN!
Three, 5-story office buildings, 187,500 sq. ft. each

LEED Gold Certification
Phase I occupancy late 2014
Phase 2 occupancy spring 2015

GRAND OPENING: October 1, 2014!
tw telecom
is a Fortune 1000 company that relocated their national operations to this office building
630 employees
5-story office bldg.
164,584 sq. ft.

Annexed in June 2013
A taste of LoDo architecture in Lone Tree
8,200 sq. ft. ground floor retail
Commonwealth Heights
Priced from the high $500s to high $600s
Located across from Prairie Sky Community Park
Nearly 1/2 sold!
Pre-sold 10 homes to date (models opened in May)
Finishing prices selling in the $700s and $800s

North Sky
Montecito
Single family semi-custom and custom homes starting between $800K and $1M

Honored locally and nationally with awards recognizing architectural and interior design excellence
The Overlook in Heritage Hills
Lone Tree Real Estate is Booming
C-470 Improvements
One toll lane each direction from Quebec to Wadsworth
Outside lane connecting interchanges
Estimated construction cost $200M
Variable tolls throughout day
Estimated cost $1 to $5/trip
C-470 Existing Typical Section
C-470 Proposed Interim Typical Section
Lone Tree Link
Proposed Circulator Shuttle
Starts September 2014
Encourages use of transit to reduce traffic congestion

Spurs economic development
Offers reliable service for employees and community

City Receives $99,999 Walk and Wheel Grant
Improve bike and pedestrian connections

Seeking community input on the plan later this year
Gateway Beautification Project
Connects Willow Creek Tr., Lone Tree Elementary, and Heritage Hills to RidgeGate

Lincoln Pedestrian Bridge
Transportation
State of the art medical office building

Opened December 2013

Room for expansion – two more office buildings planned

Kaiser Permanente Lone Tree Medical Offices
Sky Ridge Medical Center Expansion
Centers of Excellence
90 new patient beds
New Women’s Center – 6,000 births anticipated per year
New medical office building

Consistently ranked among the top hospitals in the region
University of Colorado Hospital Lone Tree Health Center
Primary and specialty care
Healthcare
New Hotel
South of Hampton Inn at I-25/Lincoln
174 rooms
Construction begins late 2014
Embassy Suites
Opening in the Lincoln Commons area of RidgeGate
Awarded best pancakes in Denver (Westword 2013)
LYFE = Love Your Food Everyday
First location in CO
Opening early summer 2014
Fresh fare under 600 calories

Seasonally inspired fresh grill and wine bar
First location in CO
Opening summer 2014
Located at The Vistas at Parks Meadows Mall
Popular, upscale steakhouse based in Texas
First location in CO
Opening September 2014
A Sample of New Dining Options
Abundant Retail
Generated $2.7M in revenue since opening in 2011
Lone Tree Arts Center
Recreation
Upcoming events include:
Tunes on the Terrace
A Taste of Lone Tree
Schweiger Ranch Fall Festival
Swimming and Golf Events
Entertainment District
A gathering place for residents and visitors
Discussions with property owners underway

Library
Council Member Harold Anderson
Lone Tree Chamber of Commerce
Park Meadows Metropolitan District
Rampart Range Metropolitan District
Transit Alliance
Centennial Airport Roundtable
Douglas County Housing Partnership
Mayor Pro Tem
Jackie Millet
DRCOG Directors (Incoming Chair)
C-470 Coalition (Alt.)
E-470 Public Highway Authority (Alt.)
Partnership of Douglas County Governments
Rampart Range Metropolitan District
Council Member
Kim Monson
Colorado Municipal League Policy Committee
Lone Tree Audit Committee
South Suburban Parks and Recreation Liaison
Park Meadows Metropolitan District
Partnership of Douglas County Governments
Council Member Susan Squyer
Cherry Creek Basin Water Quality Authority
Colorado Municipal League Policy Committee
Lone Tree Chamber of Commerce
South Suburban Parks and Recreation Liaison
Transit Alliance (Alt.)

by Arcadia Holdings - Coming Soon
First senior living facility in Lone Tree
Includes independent living, assisted living and memory care

MorningStar Senior Living (Proposed)
• Overlooking park corridor
• 57 single family townhomes
• Solar, energy efficient
by New Town Builders (Proposed)
townhomes
33 single family homes by Berkeley Homes and Harvard Communities – Models now open
142 single family homes by Century Communities – in development
2013 “Neighborhood of the Year” at the Marketing and Merchandising Excellence Awards
Priced from the $500s
Nearly 2/3 sold!
Averaging 4.5 sales per month
Average closing price $720K; highest closing price $900K

by Celebrity Homes – in development
Other Retail and Restaurants that Opened in Lone Tree
Performance Ready
Fit in Colorado
Our sales tax rate is one of the lowest in the state of Colorado
1.8125% sales tax
No City property tax
No vehicle sales tax
No tax on food for home consumption
Not dependent on
grant revenue
Clearly defined Investment Policy assuring safety of principal, liquidity and return on investments
We follow Best Management Practices and received a national award for Excellence in Financial Reporting for the 8th consecutive year
Consistent growth in sales tax revenues averaging 5% growth per year
We save for a “rainy day” by maintaining a 22% operating reserve, much higher than the recommended practice
We invest in the future with 20% of our expenditures going to capital improvements
Since February 2014, we accept online sales tax payments, making it easier for businesses and saving the City money
We are more transparent and always striving to improve
23 MM

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17 MM
2009
2010
2010
2011
2011
2012
2012
2013
2013
2014
Responsible Steward of Public Money
LEED Platinum Certification
tw telecom
Leave your cars at home!
Proposed
Development

Extraordinary Local Match
Nearly 25,000 children and families have participated in
Passport to Culture
and
Seedlings
events

More than a Place to Live
Housing sales benefit from the Lone Tree "bump"
Parkside
31 single family homes by Berkeley Homes and Harvard Communities – Recently Completed
Club amenities: demonstration cooking kitchen, fitness, library, conference rooms and pools
1, 2 and 3-bedroom units $995-$2,300/mo.

93% leased in less than a year
Catering to growing professional population and seniors

The Vue Luxury Apartments
by Martin Fein Interests, Ltd. - opened last year
Living Well in Lone Tree
Bringing Good Health Close to Home
Multi-specialty care clinic
36 exam rooms, 3 procedure rooms

Named top-performing academic hospital in the U.S. (University HealthSystem Consortium)
Top 20 in Retail Sales at Park Meadows Mall
Top 20 in Retail Sales Outside Park Meadows Mall
Businesses Re-investing in the Community
Expansions and Remodels
Fox & Hound - Remodeled
Sports Authority - Remodeled
Zynex Medical - Expansion
Starbucks - Remodeled
New West Physicians - Expansion
Cornerstone Church - Expansion
McDonald’s - Remodeled
Lone Tree Brewing - Expansion
Logic Integration - Expansion
Hyatt Place - Remodeled

Government and Community Partners
More than 10,000 people attended the grand opening in August 2013
Since opening, sales are 40% higher than anticipated

Cabela’s
Lincoln Ave.
Heritage Hills Cir.
from Kaiser Permanente
Snooze - An A.M. Eatery
Southeast Light Rail Extension
Economic and Residential Development
$700M increase in property values
10 million sq. ft. of new commercial real estate and an additional
4,000
residences in next 25 years
20,000 jobs in SE Corridor in next 25 years
High Ridership Reflects Regional Demand
Adds 19,900 riders on opening day, rising to 35,000 by 2035
Work Done to Date
Initial design is more than 65% complete
“Energy-Wise” homes
All roof-top solar panels

Sold out in 1/2 the time anticipated
Sale prices were 10%-15% higher
than anticipated
Average sale prices mid-$500s
% Attendees by Location
2%
Other States
6%
Other CO
10%
Jefferson
10%
Denver
24%
Arapahoe
48%
Douglas
C-470/Yosemite
Circulator Shuttle Partners
I-25 Lane Balancing
Widening I-25 to four lanes - RidgeGate Pkwy. to C-470
Partnership between CDOT, Lone Tree, Douglas County,
Park Meadows Metro District
Removing a "pinch point"

A leading Colorado vacation destination and one of the top most-visited attractions in the state
SE Extension Progress
Park Meadows Mall
Raising the bar
2014-15 Season Highlights
Yellowjackets
Opera superstar Nathan Gunn
Broadway stars Adam Pascal and Eden Espinosa
A capella sensations Tonic Sol-fa
“Secret” MUSIC LEGEND coming in November
Return of the Colorado Symphony, Yesterday and Today Beatles Tribute, and the Colorado Jazz Repertory Orchestra

Coming this fall
Regional Interest
Creating the heart of Lone Tree
Outside Risks to Lone Tree
SB197 – Transportation Transparency Act
“That the erection and maintenance of the public works which facilitate the commerce of any country . . . is evident without any proof.”
- Adam Smith
• Initiated due to US36 Public Private Partnership (50 years)
• Caps PPPs at 35 years w/o going back to the legislature
States that do impose cap use 50
• Restrictive non-compete and risk assignment language

Marketplace Fairness Act
Taxing internet sales
Competitive issue for brick and mortar stores
Compensation for city services and capital replacement

Owner Occupied Attached Housing (OOAH)
Litigation has pushed condo/townhome construction to 5% of new builds in CO versus 20% nationally
Harms first-time buyers and seniors
Attempt at reasonable first steps:
Homeowner Advisement of litigation
Simple majority to enter litigation
Requirement to attempt ADR first

Originators of Classic Southern Pizza
Keeping it mellow since 1974
Large outdoor seating area
Full scratch kitchen
New to Park Meadows
There's something for everyone
2013-14 Season
57 performances
Incubating new groups like the Colorado Jazz Repertory Orchestra with a sellout show in January
Tunes on the Terrace – 4 sold out shows and 2 near-capacity in 2013
"It's a great day to be in Lone Tree"
tw telecom purchased by Level 3
FOR SALE
Seventy-six (
76
) previously owned homes are on the market in the City of Lone Tree.
Average listing price is
$1,026,333.
Median listing price is
$899,500.
Highest asking price
$3,690,000.
Lowest asking price
$174,000.
Of these listings,
67
are single-family detached homes.


VETOED
POSTPONED
New Douglas County Libraries Site
SOLD!
In 2014,
121
homes have been sold in the City of Lone Tree.
Average price sold is
$561,786.
2014 Average Price in Denver is
$339,357.
Median price sold is
$447,000.
2014 Median Price in Denver is
$275,000.
Highest price sold is
$1,750,000.
Lowest price sold is
$165,000.
Full transcript