Denver Transit Partners Groundbreaking from Two Hundred on Vimeo.
The announcement that the U.S. Department of Housing and Urban Development is providing money for future metro Denver development projects has provided much-needed confidence for corporate housing.
The grant, for work along the Regional Transportation District’s FasTracks transit lines, is a welcome boost to a city working hard to emerge from the economic woes of the rest of the country. The boost is a $4.5 million grant to add to the $8 million already raised by public, private and nonprofit organizations, under the umbrella of the Denver Regional Council of Governments (DRCOG).
This money is to be spent on redevelopment and regional planning for residential and corporate properties along the transit routes. This will work in tandem with the $6.75 billion FasTrack project to improve existing infrastructure as well as lay 122 miles of new transit routes.
This investment is great news for the city as it shows potential employers and investors that Denver is on the up. We have already seen some buildings change hands recently in the furnished apartment sector, and some more corporate apartment deals in the pipeline. This is all good news for a city that frankly deserves a little help.
The transit development is set to begin next year, and has three years funding already. This can only be good news as jobs will be created, employers and suppliers will move to the area or expand their operations to fulfill the demands of the project.
The number of outside contractors will surely be a welcome boost for corporate housing in the region, especially as the project is set to run for a number of years. Corporate apartment rentals have always been viewed positively by long-term visitors to the city as they offer better value for money than hotels.
It remains to be seen if the project has the desired effect but it’s probably a safe bet. Traditionally, improvement projects in metro areas have seen an increase in commercial activity in the same areas. Transit projects in particular have a huge positive effect on an area, once the dust has settled at least.
The real estate market in the area will likely be a mixed bag as investors hold onto their properties in the hope of increased values, and homeowners sell up so they don’t have to deal with huge construction works for years.
It’s difficult to predict the exact effect any given infrastructure project will have. Each city, and each project is obviously different, but experience shows that investment in the city such as this has an overwhelmingly positive effect on its residents. It’s safe to expect corporate apartments for fly off the shelves and for residential properties to see an increase in values within walking distance of any transit improvement.
This is all great news for Denver and for Denver corporate rentals. We have always been dependent on corporate housing to keep the real estate market alive and will be for years to come. Anything that secure the future of it is to be welcomed with open arms.