Cherry Creek Generated $112M in Tax Revenue in 2023

Credit: Cherry Creek Alliance.

Cherry Creek Alliance, a partnership designed to advocate on behalf of the Cherry Creek business community, has issued its 2023/2024 State of Cherry Creek Report confirming Cherry Creek’s position as Colorado’s most appealing district to work, live and visit. The findings were unveiled during the annual Cherry Creek Breakfast held on April 2 at the Hotel Clio in Cherry Creek North.

According to the report, in 2023, the greater Cherry Creek North area generated $112 million for the City and County of Denver and continued to be a beacon for tourism with 14.2 million visitors taking advantage of top amenities like boutique hotels, fashionable retail spots, wellness services and restaurants.

Despite many state and national trends, Cherry Creek continues to benefit from low vacancies, higher than average lease rates and many newly planned projects that promise to add economic growth. In 2023, the Cherry Creek area office vacancy rate was half of the City of Denver’s rate. While new office builds are declining nationwide, Cherry Creek has more than 360,000 square feet of office space under construction and more than 54% of all office space in Cherry Creek is Class A, compared with the metro Denver average of 39% Class A builds.

“Looking ahead retailers and businesses will witness the completion of four new commercial buildings, contributing an impressive 360,000 square feet of office space to the vibrant Cherry Creek area. Furthermore, the forthcoming Cherry Creek West development endeavors to introduce a pedestrian-oriented redevelopment initiative adjacent to the Cherry Creek Shopping Center, enriching the locale with expanded retail, residential and commercial offerings. This dynamic expansion, combined with Cherry Creek North’s distinction of boasting Denver’s highest concentration of locally owned businesses, underscores the area’s appeal and potential for growth,” said Nick LeMasters, president and CEO Cherry Creek Alliance.

Cherry Creek accounted for nearly 5% of Denver’s retail tax revenue due to high employment, strong retail sales and low office vacancies. These report highlights factor into Cherry Creek being one of Denver’s top economic drivers:

  • In 2023, more than 16,000 people came to work in Cherry Creek; 2.5% increase from 2022. 
  • Property tax revenue reached $38.4 million an increase of 49.4% from 2022. 
  • Parking revenue increased 5.7% from 2022 to an estimated $4.4 million.
  • Lodger’s Tax Revenue increased 10.8% between 2022 and 2023 reaching nearly $7 million.
  • Tourism Improvement District (TID) revenue increased 14.6%, to more than $556,500.

To view the report in its entirety, please visit here

To download the 2024 development report, pleast visit here.

The Cherry Creek Alliance encompasses 1,770 businesses and almost 17,000 employees. The partnership’s members, trustees, and leadership council work together to ensure the needs of the area are considered in city and statewide decision-making. The alliance works on public safety, mobility, advocacy, and economic development initiatives that enable Cherry Creek to be a thriving community and premier destination.

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