Cherry Creek

Construction Updates, Project Announcements
Marriott Moxy Hotel coming to Cherry Creek
April 20, 2016 at 9:25 pm 1
Moxy Hotel Cherry Creek

Rendering of Marriott Moxy hotel in Cherry Creek North courtesy JNS.

BMC Investments (BMC) announced today the commencement of construction on the $35 million Marriott Moxy hotel in Cherry Creek North. The hotel will be located at 240 Josephine Street. It will feature 170 rooms, averaging 191 square feet per room.

Hotel amenities will include a fitness center, indoor and outdoor meeting space and a lobby, which includes a large bar and lounge. The property will also feature an outdoor lounge space open to hotel guests and the public that will serve as an event space as well.

“This is a really important project for Cherry Creek because it will allow travelers who have historically been priced out of this area to enjoy all of the incredible amenities it has to offer,” says Matthew Joblon, CEO of BMC Investments. “We are committed to delivering a space that our neighboring community will love as much as our hotel guests. This project is unlike anything Denver has ever seen in the hospitality space.”

This is the first Moxy hotel in Colorado. The brand launched in Europe in 2013 and has recently expanded into the U.S. with locations in New York, Chicago and San Francisco scheduled to open mid-2017.

The Moxy hotel will be operated by Vision Hospitality Group, GE Johnson is the general contractor and Denver-based JNS is the architecture firm that designed the building.

Construction of this project will take 14 months with an anticipated opening in mid-2017.

Construction Updates
Coda in Cherry Creek tops off
October 13, 2015 at 3:20 pm 0
Coda Cherry Creek

Rendering of Coda Cherry Creek courtesy Zocalo.

The 12-story Coda apartment building that is being developed by Zocalo  has topped off. Principal Real Estate Investors is also a partner in this development. Construction of Coda has been taking shape at 1st Avenue and Steele street in Denver's Cherry Creek North Neighborhood. Coda includes 182 apartments. Pre-leasing of the units is set to begin this month.

Just over half of the units at Coda will be one-bedrooms, while 25 percent will be studios and the remaining 23 percent will be two-bedrooms. The apartments will range in size from 510 square feet to nearly 1,700 square feet.

Building amenities include a rooftop swimming pool, a fitness center with space for yoga, and a self-service pet spa.

Electric car charging stations are installed in the structured parking portion of the building.

“As a beacon into Cherry Creek North, Coda will be the most sought after community, thanks to its upscale finishes, unparalleled views and prestigious location,” said Zocalo Principal Susan Maxwell.

Cherry Creek Construction

Coda photographed from Steele Street as work takes place on the 12th and final floor.

Construction is expected to be completed on Coda in April of 2016.

Coda joins several other residential projects that are under construction in the Cherry Creek North neighborhood of Denver. The 250 Columbine project that stretches between 2nd Avenue and 3rd Avenue on Columbine Street was completed this summer. 250 Columbine includes for-sale condo units and leasable office space. The Steele Creek Apartments project located just to the south of Coda, was also completed this summer.  Under construction at Cook Street and 1st Avenue is the 164 unit 8-story Alexan Cherry Creek apartment project. Several scrape-off single family homes are also under construction in this Denver neighborhood.

Cherry Creek apartments

Coda on the left and the recently completed Steele Creek apartments on the right.

In August Zocalo along with the Emily Griffith Foundation announced plans to develop a mixed-use project in downtown Denver at Lincoln and 18th. This project would include low-income apartments and space for future classrooms for the Emily Griffith Technical College.

The development will include 200 apartments for families that earn between 50 to 90 percent of the area’s average income. Iván Anaya, development manager of Zocalo Community Development,  stated that the project could potentially be up to 20 floors in height.

Construction Updates
Cherry Creek construction update
August 25, 2015 at 2:00 am 2
Denver's Cherry Creek neighborhood continues to be very active with construction. Some projects are recently completed, while others have months of construction ahead. The first project we will look at is the 200 Columbine development. This project includes an office and residential component. The office portion is now completed and tenants have moved in. Cherry Creek On the same block and just to the north is 250 Columbine- the residential portion of the development. Denver-based Western Development Group developed this block. Unlike other Cherry Creek residential projects, this one is condominiums. Cherry Creek construction Cherry Creek Construction Below is a photo of the 245 Columbine hotel project. This hotel is being developed by Sage Hospitality. Two ground-floor restaurants and 155 hotel rooms will be featured in this project. Cherry Creek Hotel Pictured below is the Room & Board retail store that is under construction at 2nd Avenue and Detroit Street. Denver construction Looking south on Filmore Street towards the Cherry Creek Mall we see the Restoration Hardware project has made significant progress. Cherry Creek Mall Next is the 100 St. Paul office development which is now complete. This project includes 135,000 square feet of office space and 14,000 square feet of retail space. A FirstBank branch is set to open on the ground floor. 1st Avenue in Cherry Creek is becoming quite dense. Cherry Creek office building FirstBank Cherry Creek The Steele Creek Apartments recently opened to residents and has added 218 units to Cherry Creek. This project took shape at 1st Avenue and Steele Street. Denver Apartments Below is a photo looking east towards Colorado Boulevard that shows the Steele Creek Apartments (right) and the Coda Cherry Creek (left) apartment project that is being developed by Zocalo. Cherry Creek apartments Here is closer look at Coda Cherry Creek Cherry Creek Construction Below grade work is now underway at the construction site of the Alexan Cherry Creek project at Cook Street and 1st Avenue. This project will rise to eight stories and will house 164 apartment units. Denver construction Cherry Creek construction The Gables Cherry Creek apartment project at 360 South Monroe Street adjacent to the Cherry Creek bike path is nearing completion. Cherry Creek apartments Cherry Creek apartments All pictures were taken August 24, 2015
Project Announcements
Cherry Creek apartment project announced
July 22, 2015 at 9:07 am 2
Atlanta-based Gables Residential is moving forward with an apartment project in Denver's Cherry Creek neighborhood. This residential project has been named Gables Jackson and will be located between at 351 South Jackson Street. At its tallest point this project will reach 12 floors.
Gables Jackson

Rendering courtesy Gables Residential.

ARA, a Newmark Company provided brokerage services on the sale of the 1.28-acre site where this project will take shape. Denver-based Executive Managing Directors for ARA Colorado’s Land Services Team, Chris Cowan and Steve O’Dell, served as lead brokers for the seller in marketing the development site. “The new Cherry Creek District Zoning that was approved and implemented in 2014, created tremendous development opportunities for the high-profile site,” stated Steve O’Dell. “While many qualified groups had the vision to build on the site, Gables Residential was the best fit considering their adjacent project.” This project will contain 242 apartment units and represents the 3rd phase of Gables Cherry Creek. The other two phases are the project between 3rd and 4th Avenue at Monroe, and construction on the first development near Alameda and Monroe Street is nearing completion where units slated to be ready for residents this fall. Gables Residential is also developing the apartment project at Speer Boulevard and Sherman Street that is currently under construction. This project recently reached its full height at six floors.
Rendering courtesy Gables Residential.

Rendering courtesy Gables Residential.

Area Vice President of Investments, Josh Landry represented Gables Residential, the buyer, in this transaction.  “We selected Denver as an emerging apartment market where we believe our product type is in high demand. The city has welcomed us and has been a pleasure to work with over the past several years,” said Landry. “Gables Cherry Creek has been built to cater to multiple demographics seeking an enhanced lifestyle with concierge services and first-class amenities. The response to our first phase of Gables Cherry Creek has been overwhelming. Closing on our third phase allows us to continue delivering a highly desirable product to the Denver market.” Houston-based Ziegler Cooper is the architecture firm that designed this project. Construction is expected to be completed on Gables Jackson in 2018.
Rendering courtesy Gables Residential

Rendering courtesy Gables Residential

Project Announcements
Western Development Group directors discuss Cherry Creek project and Denver market
June 25, 2015 at 1:42 am 0
This week Denver Urban Review sat down with Roy Kline and David Steel, the managing directors of Western Development Group to discuss the progress of their 250 Columbine project and to hear their thoughts on the current state of the Denver market. The 250 Columbine project is a mixed-use development in Denver's Cherry Creek neighborhood located on the block of 2nd and 3rd Avenue on Columbine Street. The project includes 30,000 square feet of retail space, an 80,000 square foot office building and a for-sale condo project with 71 homes.
The office portion of 250 Columbine.

The office portion of 250 Columbine - photo: Sambla Pikavippi

DUR: Why did you elect to go with a condo project when so few developers are going that route due to the current construction defects laws? Roy Kline: Our mantra is build it really really well, and warranty it really well, and be a friend to your owners—we are all in this together. With Columbine at the price point we are at, you can afford to have peer reviews, you can afford to have the people double checking and looking over each other's shoulders. We knew that if we build it well enough and protect it, we will be good. David Steel: You want to stand behind your product. The intent is to live and work here for quite some time. You can ruin your reputation in about three and half seconds unless you stand behind what you do. DUR: With certain projects there has been an anti-density sentiment around town, did you encounter any resistance or grumpy neighbors with this development (250 Columbine) ?
Roy Kline (left) and David Steel, managing directors of Western Development Group.

Roy Kline (left) and David Steel, managing directors of Western Development Group.

David Steel: I don't agree with that. The millennials in particular are driving the live, work, play sentiment and I think that is what everyone wants. But here (Cherry Creek) it is a different demographic, it is a little bit older, but people like it here. It is like a little village and you pretty much have everything you need and you don't have to get in your car if you are working here. We have created a bit of a tailwind and so now what is happening is all these other developers are coming in who have never been here before and try and buy, but they are a little late to the parade and they are going to have to pay a lot of money in land acquisition. Roy and I are always puzzled how they (other developers) can make the prices work with the price of land. Roy Kline: Initially there was a huge pushback. We went through traffic studies and all sorts of density issues, but we do mixed-use which is super efficient and that is the mantra of the new growth. So when we were approved for the new zoning, everyone voted for us form the staunchest conservative to the greenest liberal and for all these different reasons they all like mixed-use. DUR: How are the leasing and sales going with the 250 Columbine project?
The residential portion of 250 Columbine.

The residential portion of 250 Columbine nearing completion.

David Steel: From the office perspective, we are moving in our main tenant as we speak and they will begin operating as of next Monday. We have more following in behind that and we are about 85 percent leased. There is a lot of people that want to be here and a lot of people feel they have to be here for business reasons. On the residential side we are at about 85 percent pre-sold. They have all been for cash; we would not accept any kind of financing. It is a different type of demographic. We are at about 70 percent leased on the retail side. There are many amenities with the project, and we list amenities, but the neighborhood is the amenity. You are right here in the heart of all the action and it is a fun place to live. Roy Kline: We are using an energy efficient heat pump system on the residential side and every unit will have an outdoor space. The views from the western facing units are spectacular. DUR: You see projections out there that indicate another million people will move to the Denver metro area in the next 20 years. Do you see anything on the horizon that will slow that down? David Steel: There is always peaks and valleys with these types of things. There could be geopolitical issues on the other side of the world, so who knows. But right now it clearly seems to be the place that everyone wants to come to and live here for all the reasons we live here. There is going to be some constraints in terms of the infrastructure and its ability to handle all of this. We see it now in spades going up to the mountains and on I-25 going from Fort Collins all the way to Colorado Springs. There is just constant traffic and that's what lends itself to more multifamily mixed-use projects, but you can't put ten pounds in a five pound bag. That is what this area (Cherry Creek) struggles with and 60 percent of the traffic is people just passing through on there way to other places. I don't see a trolley system along Speer to downtown coming anytime soon. Roy Kline: From a quality of life standpoint you can't beat Colorado for weather, for environment, for outdoor activities. There are a ton of employers that get it and as long as the business environment stays positive compared to the coasts, which we all know are imploding just because of how unbelievably difficult they make it to do business there.