Cherry Creek is set to undergo a significant transformation in the coming years, making it an even more desirable place to live, work, and play. With over a dozen real estate projects in progress, including a massive mixed-use development valued at $1 billion, the neighborhood aims to attract greater attention and become a regional center by 2040, according to the city's land use and transportation plan, Blueprint Denver.
Already known for its upscale status, Cherry Creek entices travelers with its renowned hotels such as Hotel Clio and Halcyon, while food enthusiasts can indulge in fine dining experiences at establishments like Hillstone, Elway’s, and 801 Chophouse. Additionally, the neighborhood offers retail therapy at the Cherry Creek Shopping Center and a variety of stores throughout Cherry Creek North.
Among the notable developments in progress is Cherry Creek West, a 12.5-acre project led by East West Partners, a reputable Denver-based real estate developer. The plan includes transforming the largely vacant west end of the Cherry Creek mall and its adjacent parking lot into a vibrant mixed-use community. Stretching from University Boulevard to Clayton Lane, and First Avenue to the creek itself, Cherry Creek West aims to incorporate new office spaces, retail outlets, and residential units. The projected cost for this venture is approximately $1 billion.
Cherry Creek West will feature several prominent elements. The northern portion of the development will house a public plaza and market, while the southern side will offer a green space ideal for live performances and an additional public plaza. Plans also include a dedicated two-way bicycle track. An underground parking structure will be situated beneath the site, and the development will comprise seven buildings ranging from eight to 13 floors in height. The specifics of each building are yet to be determined.
The project intends to cater to diverse housing needs by providing luxury residential spaces alongside affordable housing options. According to Amy Cara, managing partner at East West Partners, the inclusion of affordable housing is a significant addition to Cherry Creek, as it supports the prospect of area workers residing within the neighborhood.
East West Partners envisions Cherry Creek West as a lively, community-centric neighborhood that embraces the presence of the creek, serving as Cherry Creek's new gateway. The project aims to address the missed opportunity of lacking a welcoming entrance to the neighborhood, which currently features parking lots for Whole Foods and the shopping center.
Discussions surrounding Cherry Creek West began in 2015, and the Buell Foundation, which owns the site, is providing a 99-year ground lease to East West Partners. If all goes according to plan, construction will commence in the third quarter of 2024, with the first buildings expected to be available for occupation in 2027. East West Partners boasts prior experience in successful developments such as the residential neighborhood Riverfront Park and co-master developers of Denver’s Union Station.
Denver councilman Hinds expresses enthusiasm for Cherry Creek West, particularly praising the developers' focus on prioritizing people over cars, exemplified by the inclusion of an underground parking garage. As Denver continues to densify and build taller structures, the development's proximity to the creek is seen as a treasure that fosters a connection to nature and the environment.
While some members of the community express concerns about potential traffic congestion, Councilman Hinds suggests that addressing the city's broader transportation issues by offering alternative modes of transportation and safeguarding bike lanes can mitigate these worries. Lou Raders, president of the Cherry Creek North Neighborhood Association and leader of the Cherry Creek Steering Committee, closely monitors the progress of Cherry Creek West, recognizing its potential impact on transportation and the surrounding neighborhoods. Raders emphasizes the importance of adherence to zoning regulations and the 2012 Cherry Creek Area Plan, as projects deviating from these guidelines are likely to face significant resistance.
The anticipated development of Cherry Creek West is set to boost property values in the surrounding area. With new office spaces, retail outlets, and residential units, the local economy will thrive, attracting businesses and residents. This influx will drive property values upward, providing homeowners and investors with significant appreciation potential.
Don't miss out on this opportunity. Stay informed and explore investment possibilities by reaching out to Ashton Acree at 303-817-3303 or [email protected].