The Eight Story $400 To $500 Million Project To Build 430 Apartments, Restaurants And Retail
by Glen Richardson
Curtain Call: The empty Sears building along 1st Ave. in Cherry Creek North is set for demolition. Construction is expected to begin in mid-2024, with completion in two years.
The unoccupied Cherry Creek North Sears building that has eluded development and sat empty since 2015, is finally going to hear the sound of trucks and construction equipment at work. After years of false starts, announcement that BMC Investments will improve and enhance the abandoned store site is electrifying news in the booming district.
Plans proposed by BMC’s Matt Joblon, founding partner & CEO, to create a “flagship centerpiece” on the 4.28-acre site intrigues and fascinates virtually everyone. Joblon — his firm has completed multiple apartment, hotel, and office projects in Cherry Creek North since 2013 — plans an eight-story multifamily complex. The site will also include 100,000-sq.-ft. of retail and restaurant space plus an “outdoor paseo” for entertainment. Initial site development plans have been submitted to the City & County of Denver by BMC.
Located along East 1st and 2nd Ave. between Clayton Lane and Josephine St. — one of the last developable sites in the district — demolition and new construction work at the site is expected to begin by mid-2024, with completion in two years. The Cherry Creek West project planned directly across First Ave. at the Cherry Creek Shopping Center, also expects to begin construction in mid-2024.
Development Firms
At the end of last year Atlanta-based Invesco Ltd. — now the sole owner of Cherry Creek’s Clayton Lane — selected BMC Investments and Los Angeles-based Prism Places to develop the property. Denver’s Tryba Architects — the same firm that designed the initial 9.5-acre Clayton Lane for Nichols Partnership 20-years ago — has been tabbed as the project’s architect. Employee-owned, Denver-based PCL Construction is the general contractor.
The development site includes the Crate & Barrel store on the corner of 1st Ave. and Clayton Ln. BMC and store officials are working through options for the site, including leaving the building untouched. If the decision is to demolish the building, architectural plans call for it to be replaced by a five-story mixed-use residential building, but the below-grade parking garage would be preserved.
To keep businesses, residents, and shoppers cognizant of changes ahead, here’s the Chronicle’s community guide for what to anticipate:
What’s Changing
Betwixt & Between: Crate & Barrel at 1st and Clayton Ln. is a slice of the makeover site. BMC and store execs are reviewing options. Architect’s draft shows a five-story residential building.
The old Sears store is being replaced by an eight-story apartment building with 430 studio, one-bedroom, and two-bedroom units.
In addition, 100,000-sq.-ft. of retail and restaurant spaces will be added. The units will range from 1,200 to 2,000-sq.-ft. Two of the spaces will be reserved for minority-owned art-retail units at more affordable rental rates.
The site will also include an outdoor courtyard-paseo designed for entertainment. From 100 to 200 events are planned per year. Live band concerts are expected to be included in the site schedule.
What Won’t Change
The Whole Foods Market at E. 1st Ave. & University Blvd. has a long-term lease and won’t be relocated or demolished. The store will stay in its long-established spot.
In addition, the five-story Clayton Lane Parking Garage next to Whole Foods won’t be taken down. Independent of Whole Foods customers use, the Clayton Lane condo owners will continue to have access. Furthermore, parking for nearby offices will endure.
Sears Saga: The Cherry Creek Sears store opened in 1954, part of what was once the largest U.S. retailer. Richard Sears and Alvah Roebuck issued their first catalog in 1891.
Development strategy is to follow current zoning, with no plans to request zoning variances. Moreover, structures east of Clayton Lane will not be changed or altered.
People safety remains the top priority for Clayton Lane and the Cherry Creek North community. People continue to feel safe in the district day or night — it’s a shopping sanctuary and safe neighborhood. Keeping it safeguarded is crucial, declares BMC’s Matt Joblon.
Street Enhancements
Clayton Lane Climax: BMC Investments to complete Cherry Creek’s Clayton Lane project launched 20 years ago. Swap of empty Sears store for high-rise, retail is planned on 4.28-acre site.
Restructuring of existing storefronts on Clayton Lane and 2nd Ave. are being designed to engage customers and create a charming, eye-catching street.
Store layouts will be updated into small- format floor plans preferred by boutique shops and restaurants. They are adjustments that impact performance and make spaces competitive. Interiors of ground floor retail spaces will be revamped and modernized; effective designs intended to dramatize the space and stimulate sales.
There is some unease that Cherry Creek North’s increasing density could create community character concerns. District density, however, will be somewhat offset by the planned outdoor courtyard. There’s also nervousness that building height limits — all buildings 8-12 stories in height — are causing the district to become monotonous.
Story Of Sears
The Sears store in Cherry Creek opened in 1954 after Sears closed its store in downtown Denver. The. Cherry Creek store on 1st Ave occupied 133,493-sq.-ft. and the adjacent Auto Center took up another 18,769-sq.-ft. The combined store and auto center at one time had 66 employees.
Sears declared bankruptcy in October 2018, resulting in the closing of Denver’s last two stores. They were located in the Southglenn Mall on S. University Ave. and in Lakewood’s Westland Center.
Richard Sears and Alvah Roebuck issued their first catalog containing 322 pages in 1891. The first Sears retail store opened in Chicago in 1925. At its peak, Sears was the largest U.S. retailer with 3,500 Sears and Kmart stores.