Cherry Creek North is seeing its biggest construction boom in decades, fueled by developers offering a live-work-play experience in the tony neighborhood.
The “play” part of the equation Cherry Creek has already mastered. Restaurants and boutiques proliferate. But the new development will round out the portfolio with an infusion of residences and office space.
Five major projects are under construction or in advanced planning stages for the area just north and east of the Cherry Creek shopping center. More are in the pipeline.
The first round of development will produce 70 condos, 444 apartment units, 13 floors of office space and dozens of ground-floor retailers.
“Cherry Creek appears to be hitting its full potential,” said real estate broker Stuart Zall of Denver-based Zall Co. “It’s already a premier shopping district. Now, the office and residential markets are developing. Clearly, it’s a desirable location.”
Given that desirability, the boom perhaps should have occurred years ago. But a combination of the Great Recession and tight commercial lending prevented the new projects from kicking off until this year.
Ironically, developers also were slowed by the very concept that has defined Cherry Creek North — an assemblage of small and largely independent retailers, many of whom own the real estate on which their stores sit.
The development companies were challenged by the prospect of negotiating to buy multiple small parcels of land that collectively became project sites.