Land Purchased in Cherry Creek For 12 Story Apartment

As reported in the Denver Business Journal:

BMC Investments has bought one of the most high-profile corners in Cherry Creek — East First Avenue and Steele Street — with plans to erect a 12-story luxury apartment complex, the company announced Tuesday.

The Denver-based company out-negotiated some 40 other groups interested in buying the 1-acre parcel on the south east corner, opposite Cherry Creek Mall, said seller Eric Bush.

BMC paid $15.75 million for the parcel, public records show. Bush retains a minority interest in the project.

Priced at $344/SF this was a fairly hefty price.  It’s not clear if BMC has control of all of the parcels – there are multiple parcels on this block – including Steele Street Bank  and a dry cleaner site owned by Haselden – who happens to have been selected for the site prep work.

Also mentioned in the article are several other recently announced developments in Cherry Creek:

It’s one of several new buildings going up in the Cherry Creek area.

The Pauls Corp. is planning a new mixed-use building in the Cherry Creek area at 100 St. Paul Street. Plans for the eight-story, 149,000-square foot building includes 135,000 square feet of office space, 14,000 square feet of retail space, and three floors of below grade parking. It will be the new home of FirstBank.

Western Development Group earlier this year unveiled plans for an eight-story, office/luxury condominium project called 250 Columbine. Some neighbors objected to the size and scope of that project.