A new redevelopment project is set to begin later this March in Denver’s Cherry Creek neighborhood. The initial phase for ‘Cherry Lane’ will include the demolition of the district’s notable landmark, the Sears department store, which has been vacant for the past ten years. There are also plans to tear down the Crate & Barrel building in Cherry Creek in March.
Highlights
- The old Sears building in Denver’s Cherry Creek neighborhood is set to be torn down later this month.
- Work for the mixed-use establishment Cherry Lane will result in the opening of new apartments, shops, offices, and restaurants.
- This project is expected to bring positive changes to Cherry Creek’s retail scene.
What is the new Cherry Creek Project?
Cherry Lane Project will set up a mixed-use establishment in the Denver neighborhood (Source – @bmcinvestments)
This fresh new real estate project in Denver’s neighborhood area plans to build ‘Cherry Lane’ in an area between Clayton Lane and 1st Avenue. The project is undertaken by BMC Investments (Denver-based developers) who are in partnership with Prism Places (L.A investment firm) and Invesco Real Estate (real estate investment firm).
BMC Investments announced on March 11 that it had received debt financing from Bank OZK for the Cherry Creek project. Based on it, they are hoping to start the demolition process right next to the Denver neighborhood’s Whole Foods Market this March.
Stenn Parton, Prism Places’ CEO and founder said in a press release “The first phase of Cherry Lane marks the beginning of a transformative addition to Cherry Creek – a place where residents can soon discover, linger, and connect.”
Vision for Cherry Creek’s New Mixed-Use Development
The parties involved in the project for Denver’s most affluent neighborhood expect to transform the targeted space into a major outdoor shopping hub. Through Cherry Lane redevelopment, residents will get a mixed-use avenue that will have 379 apartments and 59,000 sq. ft. of office space.
Apart from this, the Cherry Creek project could open up enough space for almost 35 businesses within this Denver neighborhood. Developers also plan to renovate the parking garage by adding new floors to it in this block of Cherry Creek. A 132,000 sq. ft. luxury store space on the ground floor along with its rooftop area will be open for lease.
In this backdrop, talking about redeveloping the Sears store, Matt Joblon, BMC Investments’ CEO said “It’s a super underutilized asset and maybe what is one of the best pieces of land in all of Denver, and certainly in Cherry Creek.”
Game-Changing Project for Retail, Restaurants, and Offices
The developers of Cherry Lane claim to have already getting great interest from retail giants of locations like Beverly Hills’ Rodeo Drive and New Yorks’ Fifth Avenue. This comes at a time when the submarket area of this Denver neighborhood has displayed low retail vacancy.
Discussing the retail aspect, Stenn Parton believes that with this mixed-use development, they can help Cherry Creek meet its retail needs. This is because the new project is set to offer “high street retail, restaurants, elevated living, and community gathering spaces” for the residents of the Denver neighborhood.
On the other hand, Matt Joblon recently highlighted how, despite interest from retailers, Cherry Creek was unable to get big fashion brands in the area due to its small storefronts. But with their new Cherry Lane project, a new pedestrian retail lane would open up, which will have enough space to lease.
Developers of the Sears redevelopment project also aim to build a place filled with shops, cafes, steakhouses, and ice cream parlors. Plans are also to make a gym and an outdoor bar in the Denver neighborhood. Joblon added that the new establishment will have luxury retail, office spaces, and a new park.
Timeline of the Cherry Creek Project
The Cherry Creek project site is ready with its entitlements and zoning. Based on it, the Sears building will be broken by end of this month. Construction of the first phase, Cherry Lane, will start after it. Work for Cherry Creek’s second phase can be started in 2027.
The replacement of the Sears building with the well-planned mixed-use establishment Cherry Lane promises to make the Denver neighborhood an attractive place for residents and visitors.
