Denver's Cherry Creek is getting a $1B face-lift

Holiday shoppers sauntering around Denver's Cherry Creek mall may notice signs that read, "Something exciting is coming," propped up around the area.

What's happening: A $1 billion mixed-use development plan is underway to transform 13 acres — including the mostly vacant west end of the shopping center.

• The project, dubbed Cherry Creek West, is led by local developers East West Partners — the master developer behind the Union Station neighborhood and Riverfront Park.

Why it matters: The plan could change Cherry Creek's reputation as an upscale area for eating and shopping to a destination that prioritizes economic diversity and green space.

What they're saying: Developers' goal is "to create a vibrant, people-centric neighborhood that embraces the creek," according to East West Partners' presentation at a community information meeting in August.

Details: Cherry Creek West will span from University Boulevard to Clayton Street and 1st Avenue to the Cherry Creek waterway.

• Blueprints include a "public plaza" with green space for concerts and events; a market square; seven buildings with office, residential and retail space; a dedicated two-way bike track; and above- and below-ground parking.
• A section of Cherry Creek Drive may also be buried, which would allow a wildlife overpass and connect Cherry Creek West with the waterway and nearby trails.

The other side: Some neighbors are concerned the plans will lead to traffic congestion, with fewer places to drive and a lack of parking. Others say there won't be sufficient affordable housing.

What's next: Before the first phase of construction begins, the property needs to be rezoned — which requires Denver City Council approval.

• Developers expect construction to start in the third quarter of 2024, with the first buildings ready to be occupied in 2027, East West Partners spokesperson Alana Watkins told Axios Denver.

• The project is likely to take 10 years to complete, she added.

What else: Numerous other real estate projects are underway in the area.

• For example, Cherry Creek-based Broe Real Estate Group is pursuing the second phase of a $200-million-office redevelopment in Cherry Creek North, the Denver Business Journal reports.
• The building is expected to be 175,000 square feet and up to eight stories high.

What to watch: "Cherry Creek has become the No. 1 leasing market, investment market for commercial space in the whole Rocky Mountain region," Charley Will of commercial real estate and investment firm CBRE told the Denver Post.

• That trend is likely to continue for years to come, he said.