BMC Investments (BMC), a Denver-based vertically integrated real estate firm, in partnership with Los Angeles investment firm Prism Places and Invesco Real Estate, is set to start construction on Cherry Lane, the largest redevelopment site in Cherry Creek North.
The partnership closed on debt financing for construction, provided by Bank OZK, for phase one of the Cherry Lane redevelopment. Cherry Lane’s construction will involve demolishing the vacant Sears store and Crate & Barrel building and converting the service alley and parking garage into a highly refined mixed-used development that will bring a transformative impact to the Cherry Creek North submarket.
“Cherry Creek North has undergone a remarkable transformation over the last 10 years, evolving into one of the most dynamic mixed-use destinations in the country. When Cherry Lane is completed, we will have created the anchor for Cherry Creek, setting a new standard for high-street retail, restaurants, elevated living and community gathering spaces. This project will not only enhance the neighborhood’s vibrancy and solidify its reputation as a world-class destination but also will set it up for long-term success,” said Matt Joblon, founding partner and CEO of BMC Investments.
Cherry Lane will comprise 379 multifamily units and 59,063 square feet of office space, as well as 132,665 square feet of sought-after high-end ground floor, second-floor mezzanine and rooftop retail and restaurant spaces within a vibrant, walkable urban core.
Tryba Architects designed Cherry Lane and PCL Construction is the general contractor. Michael Hsu Office of Architecture provides retail interior and exterior design services.
“Cherry Creek is a dynamic community, and we have the opportunity to finally meet its retail needs with a diverse, street-level project boasting must-have shopping, services and dining from both local and national tenants,” said Stenn Parton, founder and CEO of Prism Places. “This first phase of Cherry Lane marks the beginning of a transformative addition to Cherry Creek – a place where its residents can soon discover, linger and connect.”
As leading retailers increasingly prioritize safe, amenity-rich and walkable areas, Cherry Creek North remains a top retail destination. Cherry Lane looks to capitalize on the submarket’s strong fundamentals, leasing trends and customer base with the introduction of new retailers to the market, having received significant interest from storefronts on Fifth Avenue in New York City and Rodeo Drive in Beverly Hills. Cherry Lane is set to become the first project in Cherry Creek North with the critical mass of retail and restaurant square footage, enabling the merchandising of up to 35 iconic shopping and dining concepts. Sam Zaitz of JLL and Julie McBrearty of SullivanHayes are leading the leasing of the retail space.
Abatement activities are underway at the site, bounded by Clayton Lane and First and Second Avenues, where the demolition of the Sears building will start this month.
All entitlements are in place and final approval of the formal site plan from the city is expected by May 2025 with project delivery in October 2027.
