His report lists 142 separate projects by size, address anddeveloper in three categories: completed in 1999 or 2000, underconstruction or proposed. Together, they represent 42,312 new unitswith an estimated completed retail value approaching $5billion.

Although the Denver area hasn't seen this kind of apartmentbuilding since the early to mid-1970s, Kendall says the marketisn't in danger of overbuilding. "I can't say this enough ways,"Kendall tells GlobeSt.com "If all of this new product came on linein the next 12 months, we'd be in deep trouble. But some of theseproposed projects will never be built. In some cases, thedevelopers don't own the land yet, they don't have financing linedup, and they don't have their zoning."

Zoning is no easy task, but Kendall says it's not so muchcommunities wanting to keep apartments out, as many in the industryperceive. "I think it is more that they are taking a harder look atmultifamily construction than they have ever done in the past," hesays. "They want to know more about its impact on traffic. They'redemanding more landscaping, and things like that. It ends up takinga lot more time to get through the process. But overall, I thinkthat's a good thing. You end up with better product."