Daniel Huml, left, and Chris Carroll, co-founders of Magnetic Capitol, pose for a portrait in the lot that they will develop into a 90,000 square foot mixed use building with retail and office space in the North Cherry Creek neighborhood of Denver, March 22, 2024. What developers Chris Carroll and Daniel Huml, managing partners of Magnetic Capital, want to achieve might be considered foolhardy in most parts of the country.
The Cherry Creek “submarket” has an office vacancy rate closer to 8.5% with several office developments underway, not to mention retail and multi-family residential. It remains a rare bastion of vibrancy in a struggling commercial market. Cherry Creek has been long known for its concentration of financial service firms, especially money managers like Janus Capital and family offices, which are the investment arms of wealthy individuals. When it came to office offerings, the neighborhood was known for smaller boutique spaces, with the typical lease around 13,000 square feet, Barnett said.
Cherry Creek has about one-tenth of downtown’s office space, so it isn’t equipped to handle larger corporate headquarters. Antero likely represents a special case, but it is a testament to the district’s growing popularity. The Broe Cos. has called Cherry Creek home for five decades. It is where the company manages its numerous real estate, railroad, agriculture, infrastructure and other holdings, said Doug Wells, CEO of the Broe Real Estate Group.
His skepticism changed when the company completed a 76,715-square-foot office building at 200 Clayton St. last year that was intended to serve primarily as a new headquarters. Construction crews excavate the site of 201 Fillmore Street at Cherry Creek North in Denver, Colorado on Thursday, April 4, 2024. It will be a 140,000 square feet, 8-story office building with 1st floor retail.
Only 1,400 housing units are planned in the area, including 800 with Cherry Creek West. Joblon said some of his firm’s future investments will focus on filling that gap.Restaurants at the Cherry Creek Mall, east of the the soon-to-be developed Cherry Creek West near University Blvd and 1st Ave., September 09, 2022.
“The why is one simple reason and it is safety,” Joblon adds. “There is no crime here and there is no homelessness. You can’t sell anything unless people feel safe. Your safety is fully ensured in Cherry Creek.”
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