Cherry Creek Area Development Report
Category: New & Noteworthy
2016 Development Report shows no slowing of investment and redevelopment in Cherry Creek Area
DENVER – The newest Cherry Creek Area Development Report, sponsored by First Bank and produced by the Cherry Creek Area Business Alliance (CCABA), the Cherry Creek North Business Improvement District (BID) and the Cherry Creek Chamber of Commerce, shows impressive growth with six projects completed in 2016 and another 20 projects announced or under construction as of date of publication.
“Cherry Creek North is becoming more of a mixed-use destination,” said Julie Underdahl, President and CEO of the Cherry Creek North BID. “Cherry Creek North is maintaining the highest level of customer service, offering locally owned businesses, and is a top destination to visit, work, live and stay in Denver.”
In summer 2012, the Cherry Creek Area plan was adopted. The new area plan outlined a vision for a connected, distinctive, green and prosperous Cherry Creek. This vision required updating outdated zoning rules for the one square-mile area, bordered by Colorado to University Boulevards and 6th Avenue to Cherry Creek South Drive. The new zoning was unanimously adopted by city council in 2014 and has since paved the way for reinvestment in the area.
When planned and under construction projects are complete, Cherry Creek will see a 26% increase in residential units, 67% increase in hotel rooms, an 18% increase in square feet of office space and a 16% increase in square feet of retail space.
“The Cherry Creek Area is a fascinating story in urban development,” said Bob Mattucci, Chair of the Cherry Creek Area Business Alliance and Executive Vice President of Realty Management Group. “After the area plan and new zoning were passed it has developed into one of the most desirable mixed-use, walkable urban areas in Denver where we continue to see smart investments and development that move the needle forward.”
Additional highlights from the most recent report include:
- More than 370 hotel rooms announced or under construction
- Nearly 850 residential units planned or under construction
- More than 90,000 square feet of retail space planned or under construction
- More than 280,000 square feet of office space planned or under construction
To see the full Cherry Creek Area Development Report, click here.
To obtain a hard copy of the report, contact Jenny Starkey, jenny@cherrycreeknorth.com
About the Cherry Creek Area Development Report
The Cherry Creek Area Development Report is produced by the Cherry Creek Area Business Alliance and the Cherry Creek North Business Improvement District and sponsored by First Bank. The report is intended to provide an overview of development projects that are complete, under construction, or announced at the time of publication (January 24, 2017). Data is based on the best information available at the time, variations in data may occur.
About the Cherry Creek North Business Improvement District (BID)
The BID was established in 1989 as the first business improvement district in Colorado. The District encompasses a 16-block (27 acres) area, bound by 1st and 3rd Avenues and University and Steele Streets. The BID’s mission is to actively plan, manage and promote Cherry Creek North as a premier retail/restaurant, office, hotel and residential destination. For more information, visit www.cherrycreeknorth.com.
About the Cherry Creek Area Business Alliance (CCABA)
CCABA provides a strong and cohesive voice for the Cherry Creek business community. CCABA advocates for the collective interests of our member businesses and works to ensure the Cherry Creek area continues to thrive as an economic generator and community asset. We proactively shape our future by actively engaging in public policy development and communicating the citywide economic impact of Cherry Creek businesses. For more information, visit www.cherrycreekaba.com.