BMC Investments (BMC), a Denver-based, vertically-integrated real estate investment manager, is planning to build an eight-story apartment building with 156 luxury units and 30,000 square feet of high-end ground floor retail in Cherry Creek North at 299 Milwaukee Street. This new project will be BMC’s 8th development in Cherry Creek North and will complement BMC’s ultra-luxury St. Paul Collection. The project is currently in the predevelopment and design phase and construction will begin in mid-2023 with anticipated completion by year-end 2024.
“This new project will begin to transform Milwaukee Street between 2nd and 3rd Streets, much the same way that we transformed St. Paul Street with St. Paul Collection and 240 St. Paul,” said Jeff Stonger, chief investment officer at BMC Investments. “As Cherry Creek North’s largest developer and landlord, we have a keen sense of what the neighborhood needs and what will be successful here. In particular, we will be accommodating the growing demand for smaller-format luxury units with our residential offering at 299 Milwaukee.”
299 Milwaukee is designed to accommodate young professionals and those seeking a moderately sized floorplan; units will average 885 square feet and will range from studios and junior one-bedrooms to two-bedroom plus den, making it the only product of its kind in Cherry Creek North. The property will feature high-end amenities including a resort-style rooftop pool, with spa, cabanas, an outdoor grilling area, fire pit and dining areas, a state-of-the-art fitness center with infrared sauna, co-working areas and meeting rooms, dog wash station, bike repair shop, and a resident lounge as well as an access-controlled resident parking garage.
BMC is partnering with Rockpoint, a real estate private equity firm headquartered in Boston, marking their second joint venture in Cherry Creek North and sixth partnership in the past 12 months.
“A few years ago, we saw a macro shift in renter demand to the suburbs, but Cherry Creek was insulated from that trend. This micro-market has continued to flourish with all the new office and entertainment options coming, and this has further accelerated demand for more residential units in Cherry Creek North,” said Stonger. “The offering of smaller floorplans at 299 Milwaukee with the same access to luxury community amenities will be extremely attractive to prospective residents.”
Cherry Creek North is currently home to more than 5,000 residential units, 800 hotel rooms, 2 million square feet of office space and 1.5 million square feet of retail space contained in 16 walkable blocks and is among the best demographics in the nation, with an average household income of $250,000 and 80. percent of residents having a bachelor’s degree or higher.
BMC is the most active and successful developer in Cherry Creek having developed many of the city’s highest-profile assets including 240 St. Paul, Financial House, St. Paul Collection, Steele Creek, as well as three boutique hotels – The Clayton, The Moxy and The Halcyon. BMC is also responsible for bringing iconic retail to the neighborhood such as CB2 and SoulCycle, among others, as well as mainstays in the Cherry Creek dining and nightlife scene including Le Bilboquet, Of a Kind, Matsuhisa, Quality Italian, B&GC, Forget Me Not, Aviano and the recently announced Le Colonial.
BMC recently announced another new development project, 255 Fillmore, which will offer approximately 100,000 square feet of class A office and retail space and is already 100% pre-leased prior to construction commencing.
