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250 Columbine breaks ground

Highlights:

  • $100 million mixed-use community coming to Cherry Creek North.
  • Called 250 Columbine, it will generate 750 construction jobs.
  • Western Development is the developer.

 

Groundbreaking at 250 Columbine.

Groundbreaking at 250 Columbine.

Western Development Group is starting construction of 250 Columbine, a $100 million mixed-use development in the heart of Cherry Creek North that will generate an estimated 750 construction jobs.

 A groundbreaking celebration was held on Wednesday, Aug.28. Denver Mayor Michael B. Hancock and Councilwoman Jeanne Robb were among those who attended the celebration that took place between 2nd and 3rd Avenue on Columbine Street.

The 250 Columbine development will include:

  • An 80,000 square foot office building, which will be ready for delivery for tenant improvements in the late fourth quarter of 2014.
  • Seventy condominium residences, the only “For Sale” new construction condominiums in the Cherry Creek North area, which will be ready for delivery in the late first quarter of 2015.
  • Approximately 30,000 square feet of retail space, all over two levels of underground parking.

Denver-based PCL Construction is the general contractor for the project and OZ Architecture, also of Denver, is the architect.

“We’re looking forward to delivering another high caliber project to Cherry Creek North, that will generate a significant number of new jobs both during and after the construction process,” said David Steel of Western Development Group.

A night view of 250 Columbine.

A night view of 250 Columbine.

“We’re confident that Cherry Creek North is viewed as Denver’s most desirable location, especially among many of the world’s very best businesses and retailers who want to establish a Denver address,” Steel continued. “Our NorthCreek development, located just a few blocks away, is evidence of the attention Cherry Creek North is garnering. It is fully leased, with a list of tenants that include some of the finest brands in fashion.”

The development team worked diligently with the various Registered Neighborhood Organizations, as well as several governmental agencies, over a two-and-a-half year period that culminated in a unanimous positive vote at City Council, allowing the project to proceed.

The development is breaking ground following another strong sales tax report and an influx of new businesses in 2012, according to the Cherry Creek North Business Improvement District.

Denver recently released 2012 year-end figures showing Cherry Creek North sales tax collections improved nine percent higher in 2012, compared with 2011.

The largest sales category for the Cherry Creek North BID (restaurants and hotels), reported an increase of six percent, while the second largest category (clothing and accessories), had collections 11 percent higher in 2012.

“Cherry Creek North is a special shopping, dining, business and entertainment district, home to over 400 businesses,” said Julie Underdahl, President and  CEO of the Cherry Creek North BID.

“We have an unparalleled business community and loyal customers to thank for this achievement,” Underdahl said.

In addition to retail employment, the office market in the Cherry Creek North BID area has lower vacancy rates and higher lease rates than  is typical in Denver as well as the entire region.

Further evidence that the Cherry Creek North BID is flourishing, the average annual wage of office workers in the district is $123,000,  68.5 percent higher than the average annual wage of $73,000 throughout Denver.

During the planning and pre-construction process, Western Development Group worked closely with PCL Construction and OZ Architecture to prepare 3-dimensional models of the design and construction process, far in advance of the groundbreaking date. This provided the neighborhood, city leaders and the development team with multiple opportunities to prepare the best possible plan, ask questions and provide solutions to the challenges that might exist.

As a result of the investment in the pre-construction planning and work, Western Development Group expects the development to flourish over the long-term.

Interested in buying a home in Cherry Creek North? Please visit COhomefinder.com.

Have a story idea or real estate tip? Contact John Rebchook at  JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by Universal Lending, Land Title Guarantee and 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.