BMC Investments and partners have announced plans for the second phase of a development in Denver’s Cherry Creek neighborhood, a real estate hot spot in the area’s market.
Denver-based BMC and Prism Places, a Los Angeles-based investment firm, said Monday that they have formed a second partnership with Invesco Real Estate, a global real estate investment manager, on Phase II of the Clayton Lane project, now called Cherry Lane.
The second phase will stretch from Clayton Lane to Detroit Street and between First and Second avenues in Cherry Creek North. The project will include a multifamily tower on the corner of Second Avenue and Detroit Street, existing retail space and the East Clayton Lane parking garage.
The second phase will be across the street from the first stage, which will feature a 404-unit apartment building, ground-floor retail and 130,000 square feet of pedestrian-friendly retail space.
Construction on Cherry Lane’s first phase is scheduled to begin in December and is expected to take 24 months. Work on the second part won’t start until the second phase is finished. Part two is expected to be completed in late 2028.
“Phase I of Cherry Lane has already generated tremendous interest and we are thrilled to have the opportunity to expand this exciting redevelopment plan to Phase II,” Matt Joblon,founding partner and CEO of BMC said in a statement. “This next phase brings additional apartments to Cherry Creek North, which are undersupplied given all of the business growth occurring in this submarket.”
The second phase will include an 80-unit apartment building with 5,348 square feet of retail called Cherry Lane Tower. The existing 46,194 square feet of retail spaces along East Clayton Lane will be revamped to mirror the first-phase development with small-format floor plans preferred by boutique shops and restaurants.
“The second phase gives us the ability to connect three city blocks within Cherry Creek North,” said Stenn Parton, founder and CEO of Prism Places.
BMC’s other projects in Cherry Creek include the Clayton Members Club & Hotel, the Halcyon and Moxy hotels and the St. Paul Collection apartments.
The total cost of Cherry Lane’s first phase is anticipated to total roughly $500 million. The cost of the second phase hasn’t been determined yet, a spokeswoman said.
Originally Published: July 30, 2024 at 6:00 a.m.
