Back in 2013, we covered the first wave of new development in the Cherry Creek neighborhood, which brought in 250,000 square feet of office space, 80 condo units, over 500 apartment units, and 150 hotel rooms. But it didn’t stop there. In the summer, we announced another 291-units proposed for the neighborhood with 164 of them already under construction. Now, according to the Denver Business Journal, a third wave of development is coming.

BMC Investments, the same developers as the recently completed Steele Creek Apartments, is investing another 180 million dollars into the Cherry Creek neighborhood in the form of three projects: two apartment buildings and a hotel. The first project will sit at 240 Josephine and provide 165 hotel rooms. The hotel is going to be right behind to the still-under-construction 245 Columbine hotel.

The next two projects are going to be “condo-quality” for-rent apartments with ground-floor retail. There are no details on the height or unit count yet, but we do know their locations: 210 Saint Paul Street and 3000 East Third Avenue. To better orient you, I made a map with the project sites outlined. The leftmost project along Josephine Street is the hotel with the two apartment projects on the right.

2015-10-29_CherryCreekMap

Let’s quickly talk about the zoning for Cherry Creek as it gets a bit confusing. There are tiered height zones as you move north from First Avenue, starting at 8 stories and gradually stepping down to 4 stories. As you can see, the projects that started in the first wave of development didn’t adopt the new zoning but were close to the current guidelines.

So why are we talking about zoning in this post? Every single project in Cherry Creek, whether a new building or an addition to a parking garage, has utilized the entire allowable height which makes way for some great density.

Comparing our project map with the zoning map below, we can see the maximum height these new projects can utilize. The new hotel will be allowed up to 8 stories. 210 Saint Paul will also be allowed up to 8 stories and 3000 East Third Avenue will be allowed up to 5 stories.

2015-10-29_CherryCreekZoning2

BMC Investments has closed all three land purchases and is lining up construction financing. Stay tuned as we get more details on each of these projects. We are very excited to announce each individual one!