Colorado Real Estate Journal - December 15, 2021
DENVER – Developer East West Partners, in collaboration with the Buell Foundation and Taubman Realty Group, announced plans for an estimated $1 billion mixed-use redevelopment of the land immediately west of Cherry Creek Shopping Center in Denver’s Cherry Creek neighborhood. Upon completion, Cherry Creek West will comprise several buildings on 13 acres bounded by University Boulevard, Clayton Street, First Avenue and the Cherry Creek waterway. While exact site plans are not finalized, Amy Cara of East West Partners said the redevelopment is imagined to include seven buildings consisting primarily of office and multifamily space. Retail, senior housing and hospitality uses also are on the table. Additionally, an expansive outdoor green area and pedestrian walkways will allow for connectivity between the new development and existing businesses and residences in Cherry Creek. “We will create a neighborhood that enhances the entire community by bringing it together with the creek and the shopping center, with a focus on people over cars,” said Cara. “We are thrilled to bring our vision for a vibrant new 15-minute neighborhood to life on this prominent piece of real estate.” “As the local company that also served as the co-master developer of the Union Station neighborhood, we will create a terrific place to live and work that puts the pedestrian first, embraces the outdoors and is at the forefront of sustainability,” added Chris Frampton, CEO of East West Partners. “Cherry Creek West will create a place that can be an asset to everyone as the neighborhood’s new front yard and a new gateway to the community.” The development team is working through an entitlement process with the city that is expected to last 18 months. Once that is complete, the team will break ground on the mixed-use project. Initial site work will include the demolition of several existing buildings. The developer plans to work with the tenants at those buildings, including Elway's steakhouse, to find a new home at Cherry Creek West, Cara added. If all goes as planned, the first phase of construction could be complete in five years, with full build-out wrapping up in 10 years. In the meantime, the developer is working closely with the Cherry Creek community to gather local perspectives on the project. According to Cara, initial outreach has garnered a positive response.