Denver-based Magnetic Capital, a privately held real estate investment and development company is anticipating an April 1, 2024, groundbreaking for its 2nd & Adams mixed-use development in Cherry Creek. The developer won’t have far to go as the project site is located across the street from its Denver headquarters.
Magnetic announced during the NAIOP Cherry Creek Walking Tour held on October 4 that it is currently in negotiations with a globally renowned Michelin Star restaurant for the ground floor and the rooftop portion of the project that will create a true amenity for the neighborhood and the building.
“To have a Michelin-caliber execution on a rooftop, we saw that as a huge opportunity,” said Chris Carroll, managing partner at Magnetic Capital.
The 5-story project will consist of approximately 90,000 square feet of office and retail and include a 5,600-square-foot rooftop. An indoor-outdoor work experience will be a major component of the building. Tenants will enjoy outdoor conference rooms with unobstructed views of the mountains and downtown Denver.
The project will bookend Cherry Creek North and its existing high-end residential, which is why creating a Live Work Play focus for the project was paramount for Magnetic Capital.
“Hospitality is a big component of office that we are seeing nationally. For 2nd & Adams, we saw a big void to go really heavy on food and beverage and draw off of some of the motivations we have seen in other buildings in Cherry Creek,” said Carroll. “We didn’t want to deliver another glass box in Cherry Creek. We saw a huge opportunity to mix masonry with steel and glass and to spend a lot more time on integration with the streetscape.”
According to Carroll, this mixed-use development will have heavy activation on the ground floor. Magnetic plans to attract its office tenants to the ground-floor lobby in the building by potentially adding a coffee shop or retail market. In response to this, increasing safety and security for the tenants is a primary focus.
Completion of 2nd & Adams is anticipated in Q2 2025.
In May, Magnetic Capital completed 3354 Larimer, a three-story mixed-use development in RiNo consisting of 23 apartments above 6,700 square feet of retail space. Magnetic signed a master lease with Sonder to operate the residential units and leased the ground floor to a new Japanese gastronomy concept called Salvaje and Rush Bowls.