The long-vacant Sears building in Cherry Creek will soon be torn down to clear the way for Cherry Lane, a major mixed-use redevelopment in the popular Cherry Creek North area.
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The old Sears, a familiar Cherry Creek landmark that has been empty since about 2015, will be demolished along with the Crate & Barrel building starting this month to make way for Cherry Lane’s initial phase, according to a press release.
The project, defined by the area between Clayton Lane, First Avenue and Second Avenue, is led by a partnership of Denver-based BMC Investments, California-based Prism Places, and global investment giant Invesco Real Estate, which have secured financing from Bank OZK.
“This first phase of Cherry Lane marks the beginning of a transformative addition to Cherry Creek — a place where residents can soon discover, linger and connect,” Prism Places founder and CEO Stenn Parton said in the release.
Once completed, Cherry Lane will include 379 apartments, 59K SF of office space and 133K SF of retail space on the ground floor, mezzanine and rooftop.
The project comes as developers capitalize on demand in Cherry Creek, one of Denver’s most affluent neighborhoods.
The Colorado Boulevard/Cherry Creek submarket has the lowest retail vacancy across the Denver metro, according to Hoff & Leigh’s retail report for the fourth quarter of 2024. It is just 1.6% with 8K SF of fully preleased retail inventory in the pipeline.
Cherry Lane's developers say it has already “received significant interest” from retailers that call New York’s Fifth Avenue and Rodeo Drive in Beverly Hills home.
“When Cherry Lane is completed, we will have created the anchor for Cherry Creek, setting a new standard for high street retail, restaurants, elevated living and community gathering spaces,” BMC Investments CEO Matt Joblon said in the release.
The site has already received zoning and entitlements, with demolition work set to begin this month and construction soon after, according to the release. Tryba Architects designed the project, and PCL Construction is the general contractor.
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