Colorado Real Estate News

Submarket Spotlight: Cherry Creek

If you live, work, or play in Cherry Creek, it’s no surprise that Cherry Creek is booming with new construction, new tenants and incredible workout spots, food, shopping and more. The new Clayton Hotel is a membership-only club. The Hotel is open to everyone, however, if you want an exclusive membership then Clayton is the place for you. For members, Clayton offers incredible rooftop views, a pool for lounging, a couple restaurants for eating and plenty of space to take meetings, accomplish tasks or to just relax. Clayton offers two restaurants hat are open to the public on the lower level. Oak Market and Of A Kind. Oak Market is a quick grab and go or sit and relax European Style bakery. It has all you need to get your day started Oak Market’s cinnamon rolls and chocolate croissants are incredible. From Monday-Sunday Oak Market is open from 7am -3pm. They offer Happy Hour from Wednesday-Sunday 3pm-7pm. Of A Kind is a sit-down restaurant that is open for dinner Tuesday-Sunday from 5pm-10pm. The bar is open from 4pm-11pm. Of A Kind brings a Mediterranean/Californian fusion to Cherry Creek – from salads to hummus plates to pasta, you will find yourself enjoying every meal you have here. Of A Kind meals are prepared from scratch and they are responsibly-sourced.

Photo Credit: CoStar (260 Josephine Street)

In addition to the new Clayton Hotel, there are a number of other new buildings in Cherry Creek. 260 North Josephine is a 70,000 square-foot mixed-use building featuring Class AA office space, three levels of below grade parking and ground floor retail. There are two new tenants on the ground floor of this building: Shake Shack and Barry’s Bootcamp. Both places have unbelievable shakes and burgers. Okay, maybe Barry’s Bootcamp doesn’t have a burger. But they do offer delicious protein shakes that you are able to get pre/post workout or if you are just needing that extra “pick me up”.  Another new project in the area is the UC Health building on 100 Cook Street. Completed in 2021, this 88,000 square foot medical service building boasts all-glass architecture surrounded by heavy earth tones. The buildings warm, earthy design fits perfectly with the continued development in the Cherry Creek area.                                                                                                                                                                     

Nearby on 135 Adams Street, you’ll see a new-build featuring 37 boutique micro-apartments. Studio 135 is unique in comparison to other apartment buildings for multiple reasons. One of them being that each apartment is a different, unique theme. All units are designed with state-of-the-art appliances like Bosch kitchen appliances, Corian countertops, beautifully-engineered hardwood floors, individual heating and cooling units, floor-to-ceiling windows and extra storage space. Studio 135 provides residents with TV Zones, a wet bar, workstation, rooftop patio with a built-in BBQ and a fire feature to relax and hang out with friends and family. The micro-apartments range from 214 square feet to about 900 square feet.

Photo Credit: CoStar (240 Saint Paul)

One of the biggest developments in Cherry Creek North is 240 Saint Paul. 240 Saint Paul is a beautiful, contemporary Class A office building located in the heart of Cherry Creek North. Located right across from Soul Cycle, this stunning office building will be home to Equinox, Polestar, Parachute and more. This building is energy-efficient with a state-of-the-art HVAC system that circulates the maximum amount of outdoor airflow and utilized MERV-13 filters which are the highest form of air filtration recommended by the CDC. 240 Saint Paul will have a touchless entry system in the main entrances and the lobby. There will also be a fully-valeted lower level parking garage. Nearly 100% occupied, 240 Saint Paul is set to be completed in the Fall of 2021.

Proposed builds in the Cherry Creek area include 200 Clayton, located is right across from North Italian Restaurant. Broe Real Estate is planning an all glass eight-story building on the corner of 2nd and Clayton. This mixed-use building will include office space in addition to 5,600 square feet of ground-floor retail. The architect for this project is Beck Group.

Photo Credit: Denver Infill (200 Clayton)

235 Fillmore and 2nd and Adams are two sites that are also in the proposal process. 235 Fillmore is located right across from Spaces. BMC Group purchased this parking lot and is planning to build 90,000 square feet of office plus 9,000 square feet of ground-floor retail space.

Photo Credit: Denver Infill (235 Fillmore Street)

Cherry Creek is continuing to grow and develop into a neighborhood full of luxury apartments, condominiums, fabulous retail and restaurants and modern office buildings. Cherry Creek has been able to remain true to its charm in keeping the new developments unique but having a similar foundation remaining constant in Class A office buildings and condos/apartments, with a strong contemporary, warm, earthy feel

Colorado Real Estate News

Submarket Spotlight – RiNo/Platte River

Blog_RiNo Submarket Spotlight.jpg

Copied 10/26/2020

The River North Arts District (RiNo)/Platte River submarket was arguably one of the hottest submarkets in downtown Denver heading into 2020. Speculative development has reached record levels in multiple parts of the submarket, namely the up-and-coming RiNo neighborhood and ballpark area. 

Leasing:
The average daily asking rent has remained relatively flat, although concessions are likely becoming more prevalent. At over $42 per SF, Platte River has one of the more expensive offerings in the Denver metro by a sizable margin. The next highest average rent is in LoDo, which is more than a 10% discount from Platte River rates. Relative to the average office rent in Denver as a whole, Platte River rents are about 50% higher.

Construction:
The Colorado Governor deems jobs in the construction industry as essential, which has allowed developers to move forward with projects if they chose to do so. With abundant land and underdeveloped prime locations, Platte River will likely be a corridor of growth over the long haul. Since 2013, almost 400 acres of land sales have closed in the submarket totaling over $500 million in sales. 

Sales:
Investment activity has slowed considerably due to drastically altered conditions brought on by the pandemic. Once the dust settles, there could be opportunities for shrewd investors, especially considering the unprecedented level of speculative development occurring in Platte River. Investment activity in Platte River took a step back in 2019 after a record year for sales the previous year. Nevertheless, last year’s sale volume was the second-highest market of the cycle.

Featured New Development:
Rev360 on Brighton Boulevard – REV360 joins a thriving commercial redevelopment along Brighton Boulevard that is transforming the area – a rebirth that includes blocks of unique restaurants, galleries and shops. Its close proximity to the RTD rail station will make it an ideal spot for businesses drawing local talent from outside the metro area.

**Information provided by CoStar