DENVER – BMC Investments (BMC) in partnership with Bow River Capital (Bow River) announced today that demolition and construction has begun for a two-story retail building located at 2727 Detroit Street in the Cherry Creek North neighborhood. The joint venture recently closed on a construction loan with FirstBank to construct an eight-story, 80,000-square-foot mixed-use office and retail building on the site.
“We are fully committed to Cherry Creek North. When the opportunity arose to develop a project on one of the prime corners with a partner like Bow River, we jumped at the chance,” said Matt Joblon, founder and CEO of BMC Investments. “This will be an incredible building from a design standpoint and set a new bar for commercial real estate in Denver. Both BMC and Bow River plan to relocate their headquarters to this one-of-a-kind location.”
The first 100 percent glass curtain wall building in Cherry Creek North, 2727 Detroit Street will feature ground floor retail as well as seven floors of office space. With four of the seven office floors and all of the retail space leased, the building is 60 percent pre-leased. BMC will be taking a full floor and Bow River will be taking two floors to relocate their headquarters. In addition, the project will have two floors of underground parking and a fully activated outdoor courtyard and public space. Demolition of the existing building is underway and construction is scheduled to begin December 2017 with an anticipated completion in Q1 2019.
“We’re thrilled that we could partner with BMC and Bow River Capital Partners to help provide the resources needed to build something that will have a significant impact in this area,” said Matt Cornwell, executive vice president of FirstBank. “We believe it will further enhance the district and create a more vibrant neighborhood.”
The project team includes 4240 Architecture, who is also the architect of BMC’s highly-anticipated St Paul Collection, and Avroko, a world-class design firm for whom this will be their first-ever office building. Avroko designed Halcyon and Quality Italian on behalf of BMC as well as The Great Hall, Terminal Bar, and The Cooper Lounge at Denver’s Union Station. In addition, Haselden Construction will serve as General Contractor. The leasing of the remaining available space will be handled by BMC, overseen by Vice President of Development Jeff Hoffman.
“Cherry Creek is quickly becoming the center for financial services industry in Denver, which makes it a natural location for Bow River to expand our growing business,” said Nick Koncilja, vice president of Bow River Capital Partners. “As a source of equity, our capital commitment reaffirms our support of the market and the project.”
Image courtesy of BMC Investments
