Denver Medical Micro Project 6 Unit Development Opportunity across from Denver Health

Project Overview

224 W. 6th Ave. Denver, CO 80204

Prepared by Ray Design Development – 09.13.17

Project Summary

Project Type: Multi-Residential

Project Size: 3 Story – 6 Units (5 Units if Level 1 Resident Amenity Space provided)

Project Address: 224 W. 6th Ave. Denver, CO 80204

- Micro Unit Multifamily Project

- 504 Net Livable SF per Unit

- Units include walk-in closets, laundry, private bedrooms

- Optional Level 1 Resident Club and Business Center

- Type V Construction – Elevator Not Required

- Only 1 Exit (Stair) Required – Ultra Efficient Design

- Zoning Code has Small Lot Parking Exemption that reduces the required

parking for the project. Only 2 spaces are required for the project to be

compliant by Code. On street parking available on Cherokee and Bannock

- Offsite Parking Permitted with evidence of Lease Agreement

- Adjacent Property (567 Bannock) is agreeable to Lease Spaces for

$1,100/space/year

- Employees of Denver Health pay only $35/month ($420/year) for parking

in Employee Only Garages at 601 and 675 Acoma Garages

- Develop a Rental Property that targets Denver Health Employees for

Residents. They already have the parking leases which can be provided as

evidence to fulfill the parking requirement.

- Denver Health Main Campus has 5,500 Active Employees

- Walking distance to Starbucks, Einstens, Chipotle, Noodles & Co, and the

Cherry Creek Trail

- Easy access to downtown

- CMX-8 Zoning allows 8 story construction. Great re-sale potential and ideal

for land assembly play

Neighborhood: Denver Health Neighborhood

Walking distance to:

Starbucks

Einsteins

Chipotle

Noodles & Co

Five Star Burgers

Moe’s BBQ

Red Ginger

Jersey Mike’s

Jamba Juice

Cherry Creek Trail

Biking distance to:

University of Colorado at Denver

Metro State University

Pepsi Center

Coors Field

Sports Authority Field

Denver Botanical Gardens

Denver Zoo

Denver Art Museum

Denver History Museum

State Capitol

Safeway

Qdoba

Boston Market

Little India

Benny’s Restaurant and Tequila Bar

North View from Site toward Denver Health and Downtown

Zoning Analysis

Property Address: 224 W. 6th Ave. Denver, CO 80204

Property Area: 2,156 sf or .05 acre

Property Dimensions: 28’-0” x 77’-0” (Owner has filed to re-claim an additional 224 sf of land that is

currently an unused and unnecessary alley ROW)

Property Zoning: CMX-8 (Urban Center Zone District)

Building Form: General (Hotel, Office and Mixed Use are also Permitted by Code)

Stories: 3 stories (Code allows up to 8 stories)

Building Height: 35’ (110’ permitted)

Front Setback: 8’-0” (City required landscape buffer)

Side Setback: 5’-1” (0’ permitted)

Rear Setback: 2’ (0’ permitted – No Openings)

Upper Story Setback: N/A

Protected District: No Adjacency

Parking: On-Street and Off-Site – 2 spaces required

Project Description

Denver Medical Micro is currently designed as a 6 unit multi-residential project with 3,294 GSF of Units. Current zoning allows residential, hotel, office, retail and more and therefore creates great development opportunities including mixed use opportunities. The project is located immediately across the street from Denver Health Main Campus and is only a few blocks from the Cherry Creek Trail, Speer Blvd and Downtown Denver. The project is designed to be highly efficient to minimize construction costs and maximize rental income. It is a 3 story walk-up with a single stairway. The Building Code which allows projects not exceeding 3 stories to have only 1 means of egress when the occupant load per level is 10 or less. This design has only 6 occupants per level. Type V wood framed construction will also minimize construction costs. The units are compact and yet provide all the living features residents will want. In addition, a developer could elect to replace a Level 1 unit with a Resident Amenity Space which could become a Club Room or Business Center. Due to the size of the lot, the Zoning Code allows parking requirement reductions. Only 2 spaces are required by Code. This benefits the Developer as he/she would only be required to show evidence of 2 off—site leased spaces, which could be fulfilled with Lease Agreements of employees of Denver Health. Denver Health Employees has multiple nearby garages where they can park their car without restriction for only $35/month. Simply put, this project would be ideally developed to lease to Denver Health employees. In fact, it would make sense to target marketing to Denver Health Employees. With 5,500 employees on the main campus, all 6 units would most likely be leased before completing construction. The palette of exterior finish materials is simple with a clean appearance. Stucco, aluminum and hardwood paneling. Interiors will have modern cost effective finishes.

Project Images - Denver Medical Micro Project

Project Images – Denver Medical Micro Project

Typical Unit

Unit Includes Full Kitchen, Washer/Dryer, Built in Counter for Eating or Work, Small Living Area with Private Bedroom, Walk-In Closet and Full Bath with tall Linen Cabinetry

East View – Adjacent Surface Parking and Denver Health Employee Parking Garage (6 Level) shown

South View

West View – View of Rocky Mountains

Neighborhood Description

The Denver Medical Micro Project is located in a diverse neighborhood community that is currently undergoing an amazing transformation anchored by the Denver Health Main campus. The project has easy access to the Cherry Creek Trail, Speer Blvd, Downtown Denver and walking and biking distance to numerous Food and Beverage establishments, Shopping and Entertainment Venues. This development opportunity is ideal for an investor wanting a high yield long term income producing property in a neighborhood that will only continue to get better and more valuable.

Nearby establishments/attractions a short bike ride away include:

Civic Center Park & State Capitol - 1.1 Miles Denver Public Library – 1.0 Miles

Denver Art Museum - 1.0 Miles Clyfford Still Museum - 1.0 Miles

History Colorado Center – 0.9 Miles Colorado Convention Center – 1.5 Miles

Denver Performing Arts Complex – 1.9 Miles Denver Pavillions – 1.9 Miles

Coors Field – 2.6 Miles Pepsi Center – 2.4 Miles Other Nearby Locations: Mile High Stadium – 2.6 Miles University of Colorado Denver – 1.6 Miles Metropolitan State University – 1.6 Miles Union Station – 3.3 Miles City Park – 3.0 Miles Various Restaurants on 6th Ave between Broadway/Lincoln – 0.3 Miles Cherry Creek Trail – 0.3 Miles Denver Health Main Campus – 0.1 Miles Gov’s Park – 0.6 Miles

Art Lovers engage at a nearby Art Gallery

Nearby Civic Center and Golden Triangle Walking/Biking are part of the Lifestyle of Denver

Healthy lifestyle along the Cherry Creek Alternate means of Transportation

World Class Arts and Culture World Class Events

Ray Design Development – Project Design & Development Brian Ray – Ray Design Development - Owner / Registered Architect

Brian Ray

Licensed Architect: Colorado Education

University of Colorado at Denver - Masters of Architecture

University of Florida - Bachelor of Design

Colorado State University – Construction Management Certification Career

Ray Design Development – Owner / Project Architect

Humphreys & Partners Architects – Senior Project Manager

Aardex LLC - Project Architect / Architectural Designer

Contact Information www.raydesigndevelopment.com

brian@raydesigndevelopment.com

407.421.5605

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