Invesco, one of the nation’s most prominent investment advisors, has selected Denver-based BMC Investments (BMC) and Los Angeles-based Prism Places to redevelop Clayton Lane in Cherry Creek North. The mixed-use redevelopment plan will transform the vacant Sears site and surrounding retail west of Clayton Lane — excluding Whole Foods and east of Clayton Lane — into more than 430 multifamily units and a thoughtfully planned retail district — something in short supply in Cherry Creek’s fractured retail ownership.
“Clayton Lane is not only one of the most prominent blocks but also one of the last large remaining developable sites in Cherry Creek North, and we could not be more excited to create a new retail and living experience that hasn’t been seen before in this neighborhood,” said Matt Joblon, founding partner and chief executive officer of BMC Investments. “Despite the fact our plan is absolutely as-of-right within the current zoning and we are not seeking any variances, we have already begun an aggressive outreach effort to stakeholders and the feedback has been tremendously positive.”
BMC and Prism have assembled a world-class team to execute the project. Tryba Architects is leading the planning process while Michael Hsu Office of Architecture is overseeing retail curation and design. PCL Construction has been selected as the general contractor.
“Twenty years ago, Tryba Architects designed Clayton Lane as the city’s first sophisticated, high-density mixed-use development. Now, the BMC and Prism team and Invesco are expanding this legacy. Their vision will transform the site of the massive, obsolete 1950s Sears department store, loading docks and parking garage into a highly refined, fully integrated and intimately crafted new neighborhood within Cherry Creek. We are honored to be part of this extraordinary project to create a new centerpiece for Cherry Creek North,” said Bill Moon, principal at Tryba Architects.
Inspired by leading trends in the major gateway cities across the U.S., the residential units will offer the upscale amenities of Cherry Creek North to young professionals and individuals who prefer to rent or are resigned to do so due to limited supply and housing costs. Additionally, per Denver’s Expanding Housing Affordability policy, 10% of Clayton Lane’s multifamily units will be priced at 60% of the area median income.
The retail transformation includes adding more than 100,000 square feet of pedestrian-friendly retail space and restructuring existing storefronts on Clayton Lane and Second Avenue into small-format floor plans preferred by boutique shops and restaurants. In addition, two of the retail spaces are planned to be “affordable retail,” where the venture is committed to partnering with minority-owned businesses for retail and restaurants as well as supporting minority artists by using their work in the common areas or in a gallery. Finally, Whole Foods will remain in place and the adjacent garage on 2nd Avenue will not change in any way.
“The beauty of thoughtful development is the positive impact on the community – creating a place where people want to spend time together,” said Stenn Parton, president at Prism Places. “We have the exciting opportunity to breathe new life into this area with a one-of-kind tenant mix and programming reflecting the ethos of the community.”
Clayton Lane will be the latest of many BMC projects in Cherry Creek North, including The Clayton Members Club & Hotel, Halcyon and Moxy hotels, Steele Creek and St. Paul Collection apartments, and 240 St. Paul and Financial House office buildings, as well as 299 Milwaukee apartments and 255 Fillmore and 242 Milwaukee office buildings, which are currently in various stages of development. BMC is also responsible for bringing nationally recognized names to Cherry Creek North, including Quality Italian, SoulCycle, Le Bilboquet, Matsuhisa (a Nobu Concept), and Denver favorites Forget Me Not and Aviano.
Construction at Clayton Lane is expected to commence in mid-2024, and the redevelopment will take two years to complete.
