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.
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