To ensure that you continue to receive Cherry Creek Perspective, add to your address book today. To no longer receive our emails, click to unsubscribe.
  April 2006














Welcome to Cherry Creek Perspective. If it was forwarded to you, and you would like to continue to receive this monthly email newsletter, subscribe free by clicking on Subscribe If you are not sure if you have already subscribed, feel free to subscribe again. You will be sent only one copy.

Please forward this email to friends and business associates and encourage them to subscribe free at Subscribe.


The residential real estate “bubble” seems to be deflating in some overheated markets around the country, but the high end residential market in Denver is holding its own quite well. Homes in the areas surrounding the Cherry Creek retail district are selling well and there seems to be a new foundation on every block in Cherry Creek North. The success of Clayton Lane condominiums has led the way to a growing residential presence in the Cherry Creek North Business Improvement District including a number of presales of North Creek condos to be built above the proposed Chase Bank at 1st and Detroit. A quick analysis of home sale prices may be enlightening with a breakdown of the areas north, south of the Creek, east of Colorado Boulevard and west of University Boulevard.

Metrolist used by Realtors includes a major portion of the market. Overall during 2005 Metrolist sold homes data shows that the Cherry Creek area including Hilltop to Country Club and Congress Park to Polo Club saw a total of 45 homes sell at prices over $1.5 million and 12 above $2.5 million

The sales activity above $1.5 million was nearly evenly divided among the four neighborhoods with Hilltop showing the most sales but with prices peaking at only $2.5 million. The 14 sales here ranged from 4,200 SF to 6,800 SF and showed prices that averaged $392/SF.

West of University Boulevard in the Country Club neighborhood home prices ranged as high as $3.2 million for one 15,000 SF home built in 1907. Excluding this one the 12 Metrolist sales in the Country Club area ranged from 4,100 SF to 9,200 SF and sold at prices averaging $372/SF

  South of the Creek in Miller Park and Polo Club 12 sales had the highest average price/SF at $535 Here the sold homes range in size from 3,500 SF to 10,100 SF. Finally the Cherry Creek North residential area is dominated by townhomes, but has a growing presence of detached homes, mostly on corner sites. Seven sales of detached homes here ranged up to $3.2 million and averaged $504/SF. A couple of developers are converting older non-residential buildings to high-end homes, which will complement the condos being developed in the business district. Russ McCahan of Fort Collins is redeveloping the former church and artist studio at 5th and Josephine into a condominium complex. And Paul Kobey, perhaps the top builder in the area has decided not to demolish the former Harman Town Hall at 4th and St. Paul and is converting it into a very high-end residence with another to be built on adjacent parking lot.

Land prices in the Cherry Creek area have also risen dramatically. Over the past couple of years Cherry Creek North builders and investors have paid from $635,000 to $775,000 for conventional 2-lot sites with 6,250 SF of land. This range is equivalent to $102/SF to $124/SF with demolition costs of the older homes on top of that! And one larger 4-lot parcel recently sold at $150/SF apparently because of the larger scale development possible. South of the Creek in the Miller Park and Washington Park area, land is lower priced because of the lower density there with more detached dwellings and larger parcels. Sold parcels here range in size from ˝ acre to 2.7 acres and prices range from $20/SF to $30/SF for older sales up to $60/SF to $70/SF for more recent sales.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~

The Fillmore Plaza Working Group met again to consider two possible plans for the plaza prepared by CommArts for the Business Improvement District. The working group favored a plan that has a minimum of structures on the plaza in an effort to maximize retailer exposure and flexibility, and a maximum of flexibility of use of the plaza for events. After integrating the comments received CommArts will present the plan(s) at a public meeting to be scheduled by Council Member Jeanne Robb and then to the Board of Directors of the BID. The BID hopes to have a bond election this fall to fund improvements to the Plaza as a part of streetscape improvements to the entire BID. Marc Schtul, President of the BID says the total bond issue could be as high as $15 million with perhaps some $3 million going to Fillmore Plaza improvements.

Speaking of plazas, Nordstrom presented a revised redevelopment plan to the Cherry Creek Steering Committee for the former Lord & Taylor store at the Cherry Creek Shopping Center. The plan replaces the parking in front of the store with a pedestrian plaza leaving the only parking at that location in front of the Urban Outfitters store. The Steering Committee reacted favorably with a few minor suggested changes and the plan will be presented again at the next Steering Committee meeting.

The Denver City Council voted to approve a $2.4 million loan to aid the redevelopment of the historic Lowenstein Theater. The developer, St. Charles Town Co., plans to redevelop the property along East Colfax into an entertainment and cultural center hosting a Tattered Cover Book store, Twist & Shout Records, and a cinema and cafe. Construction is underway.

The Mayan Theater was sold as part of the sale for the block at First Avenue and Broadway. Purchased by Northwestern Engineering for $6.8 million, the 124,000 square foot block includes 59,000 square feet of buildings. No redevelopment plans have been announced for the block, and the new owner has said that no future plans for the site will include demolition of the theater.

Four projects in the Denver metro area are among 21 finalists for the 2006 Awards of Excellence by the Urban Land Institute. Considered to be the Academy Awards of real estate, the award recognizes developments on such criteria as aesthetics, creativity, their economics and environmental issues. Colorado is second only to California for the most nominations, receiving nominations for the Belmar in Lakewood, the Colorado Convention Center, the first phase at Stapleton, and Clayton Lane in Cherry Creek. The Urban Land Institute will select as many as 12 winners next month.

A 33-unit affordable condo project broke ground across from City Park. Being built by Mercy Housing, the Legacy at City Park South development will provide units priced from about $130,000 to $195,000 for those who make no more than 95.0% of the area median income. The development will occupy a portion of the site of the former Mercy Hospital at St. Paul Street between East 16th and East 17th avenues and will complement the nearby luxury Pinnacle at City Park South development, which is currently under construction by Opus Northwest.

The Denver City Council voted on Monday to approve new zoning for the East Colfax area. To be effective for the area bounded by Sherman on the west, Albion on the east, 14th Avenue on the south and 16th Avenue on the north, the zoning, called Main Street, will encourage pedestrian-oriented development that will focus larger, denser developments near major intersections and more modest developments near low-rise residential neighborhoods.

Daniels and Associates signed a lease for 20,000 square feet at 3200 Cherry Creek South Drive in Denver. Monaco Square Holdings LLC paid Prime Investment Properties $5.5 million, or $52,381/unit, for the 105-unit Monaco Square apartment complex at 2361 South Monaco Parkway in Denver.

Lincoln Property Co. purchased the 63,000 square foot Annex Building at the Colorado Center at 2000 South Colorado in Denver for an undisclosed amount. The purchase completes the acquisition of the entire Colorado Center by the buyer, which previously had purchased the office towers and entertainment complex for $93 million.

Groundbreaking for the 35-unit University Lofts development occurred recently. Located at South University Boulevard and East Evans Avenue, the development is to host 14 two-bedroom, two-bath units and 16 four-bedroom, two-bath units. 8,800 square feet of retail is also to be on the ground floor, with leases currently signed to a bank and a neighborhood restaurant. Opening of the development is anticipated in a year.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~~~~~~~~~
  If your organization would like to consider sponsorshiip of Cherry Creek Perspective, please contact Bill James at or 303-316- 6768.






Forward email

This email was sent to, by
Powered by

James Real Estate Services, Inc. | 90 Madison St. Suite 300 | Denver | CO | 80206