BMC pays $12M for Cherry Creek North development site

BMC Investments paid nearly $540 per square foot for one of the last large development sites in Cherry Creek North.

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The Denver-based real estate investment company paid $12 million to WDG Construction LLC for a 19,000-sf parking lot at 235 Fillmore St. and 3,250 sf on Detroit Street in Denver, for a total of 22,250 sf. It is working on a business plan for the property, which might include office, retail and/or apartments. The Fillmore property could house up to 100,000 sf.

“The property at 235 Fillmore is one of the last large developable parcels in the Cherry Creek North neighborhood and has a central location that is second to none,” said Matt Joblon, BMC Investments chief executive officer.

“BMC truly believes that Cherry Creek North is the premier destination in Denver for both locals and visitors, and we are committed to maintaining the authenticity of the community while meeting its future needs both from a commercial, residential and retail perspective.”

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BMC has invested heavily in Cherry Creek North with projects including Steele Creek, St. Paul Collection, the Halcyon and Moxy hotels, and the recently completed Financial House, a 70,000-sf office building that was 100 percent preleased. The building includes 5,000 sf of ground-floor retail.

“We’ve brought some incredible retail to Cherry Creek North in recent years, including Matsuhisa, Quality Italian, CB2, SoulCycle and the soon-to-open Le Bilboquet,” said Joblon. “We are excited for the opportunity to source additional retail that complements and enhances the fabric of the Cherry Creek North community.” The property will continue to serve as parking until a business plan is finalized.

Featured in CREJ’s July 3-16, 2019, issue

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Jill Jamieson-Nichols has been an Editor with the Colorado Real Estate Journal for more than 15 years, providing coverage of office, industrial, hospitality and mixed-use development news in the Denver metro area, plus all property types in Northern Colorado, Boulder County and along the Highway 36 corridor. Prior to joining CREJ, Jill was Editor of…