Colorado Real Estate Journal - December 7, 2016
An eight-story, 70,000-square foot office building with 5,000 sf of ground-floor retail space is planned for Cherry Creek North. BMC Investments and Bow River Capital recently paid $7.35 million for a site at 2727 E. Second Ave., at the northwest corner of Second Avenue and Detroit Street, for construction of the $37.5 million building. “There are so many great things going on in Cherry Creek that our belief in the neighborhood now and over the long term continues to grow rapidly. The ability to acquire one of the best locations within Cherry Creek to build a new standard-setting mixed-use project that we can own long term aligns perfectly with our business plan,” said Matt Joblon, CEO of BMC Investments. BMC and Bow River will relocate their headquarters to the building, each occupying 10,000 sf. They also are talking with other companies interested in relocating to the project. “We are excited to partner with BMC Investments on this one-of-a-kind office asset, which will emphasize cutting-edge and sustainable architecture for our long-term investment in one of Denver’s strongest neighborhoods. The development presents a tremendous opportunity to establish Bow River Capital Partners’ corporate headquarters alongside other successful financiers in the vibrant and energetic Cherry Creek North,” said Blair Richardson, Bow River Capital CEO. Designed by 4240 Architects, the building will feature a fully programmed roof deck, concierge, valet parking and outdoor courtyard/park space. The site currently houses several retail tenants, including the original Kindness Yoga studio, Amazing Lash Studio, Hand & Stone Massage and Facial Spa, Concord Custom Tailors and Duke’s Corner Store. The developers hope to start demolition in August and complete the new building in approximately 14 months. Asking lease rates will be in the mid-$30s per sf triple net. BMC Investments has been very active in in the Cherry Creek submarket since late 2012, developing the 218-unit Steele Creek luxury apartment building with Matsuhisa Restaurant on the ground floor and 154-key Halcyon hotel, which includes the Departure Restaurant and soon-to-open Quality Italian Restaurant. It also is under construction on the Marriott Moxy, a 170-key micro hotel expected to open in late summer, and has started construction of two luxury apartment towers called the St. Paul Collection, expected to be completed in spring 2018.