BMC Investments underway with its 240 St. Paul mixed-use project

GE Johnson has broken ground on 240 St. Paul Street in Cherry Creek North for developer BMC Investments. The building previously on the property was demolished to make way for a new 76,000-square-foot, six-story commercial building. A “world-class” fitness club will anchor the new building, taking 33,000 sf on the first three floors.

“Over the past two years, BMC has made St. Paul Street one of Cherry Creek North’s most desirable streets with the opening of The St. Paul Collection residences as well as new retail, restaurants and services like CB2, Sweet Green, SoulCycle and Le Bilboquet,” said Matt Joblon, CEO of BMC Investments. “With the addition of the new building at 240 St. Paul, this street will become the most heavily trafficked pedestrian area in Cherry Creek.”

The site at 240 St. Paul, which BMC purchased in January 2017, is 18,750 sf with seven- and five-story zoning. BMC will not maximize the buildable square footage, reducing allowed development by almost 20,000 sf. The building will offer 64,000 sf of office – all of which is leased with the exception of two 2,500-sf spaces – as well as 12,000 sf of retail – almost half of which already is leased. There also will be over 200 parking spaces available in the two levels of below-grade structure.

“What makes the project challenging are also the items that help make them rewarding,” said GE Johnson Construction Executive Dan Edwards when asked about site challenges. “At 240 St. Paul, we have tried to reach out to the neighbors and respond to their concerns and develop a relationship. The project is midblock and literally bounded on all sides by street, alley and neighbors. We’ve embraced this challenge and expect things to go well.”

As for building during the pandemic, “The protocols we have put into place have almost become second nature,” Edwards said. “They are expressed at the start of each day and with the arrival of each subcontractor and person arriving on site.”

Open Studio Architecture is the architect and interior designer of the building.

Construction is scheduled to last 14 months with an anticipated completion of early summer 2021. BMC is working closely with GE Johnson to minimize any disruptions to businesses and residents on St. Paul Street.

Published in the July 1-14, 2020, issue of CREJ.