Cherry Creek is poised to become one of the hottest development sites in the Denver metro area with new apartments, office and retail. Development companies and the Cherry Creek North Business Improvement Districts citing several factors that are fueling the momentum including the City of Denver’s recent approval of an area plan, new businesses moving into the area and pent-up demand.

Current, there are about 1,053,174 square feet of retail space in Cherry Creek North district and there has been no increase in square footage since 2008. The vacancy rate in Q3 is 7% down from 14% in 2009 according to Cherry Creek North Business Improvement Districts. The BID spent $18.5 million in upgrades to the streetscape which was completed in 2011.

There are several proposed projects that are scheduled to break ground sometime in 2013 including the following:

  • The Coors Foundation plans to begin construction in early 2013 on a 27,000 square foot office/retail building that will house its headquarters at Second Avenue and St. Paul Street.
  • BMC Investments this month bought a site at East First Avenue and Steele Street with plans to develop a 12 story luxury apartment complex on the southeast corner.
  • Zacalo Community Development Inc. has a site on the northeast corner of East First Avenue and Steele Street under contract and is proposing a mixed use apartment project.
  • Western Development Group unveiled plans for an eight story office/luxury condominium project called 250 Columbine. The plans have cleared the City of Denver’s planning Board this month.
  • The Pauls Corp. which is developing an eight story office/ retail building is close to announcing a pre-leased deal with First Bank for its 100 St. Paul Street project.
  • The much anticipated third H&M opened its store earlier this month at The Cherry Creek Shopping Center. The center also announced the following stores will open by year end: True Religion Band Jeans, Buckle, Madewell, a Omega watch store and Fresh and Healthy Café.