BMC Investments (“BMC”), a Denver-based vertically integrated real estate firm, in partnership with Los Angeles investment firm Prism Places, and Invesco Real Estate, the $85 billion global real estate investment business of Invesco Ltd. (NYSE: IVZ), is set to start construction on Cherry Lane, the largest redevelopment site in Cherry Creek North.
The partnership closed on debt financing for construction, provided by Bank OZK, for phase one of the Cherry Lane redevelopment. Cherry Lane’s construction will involve demolishing the vacant Sears store and Crate & Barrel building, as well as converting the service alley and parking garage into a highly refined mixed-used development that will bring transformative impact to the Cherry Creek North submarket.
“Cherry Creek North has undergone a remarkable transformation over the last 10 years, evolving into one of the most dynamic mixed-use destinations in the country. 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. This project will not only enhance the neighborhood’s vibrancy and solidify its reputation as a world-class destination, but also will set it up for long-term success,” said Matt Joblon, founding partner and CEO of BMC Investments.
As leading retailers increasingly prioritize safe, amenity-rich and walkable areas, Cherry Creek North remains a top retail destination. Cherry Lane looks to capitalize on the submarket’s strong fundamentals, leasing trends and customer base with the introduction of new retailers to the market, having received significant interest from storefronts on Fifth Avenue in New York City and Rodeo Drive in Beverly Hills. Cherry Lane is set to become the first project in Cherry Creek North with the critical mass of retail and restaurant square footage, enabling the merchandising of up to 35 iconic shopping and dining concepts. Sam Zaitz of JLL and Julie McBrearty of SullivanHayes are leading leasing of the retail space.
Abatement activities are underway at the site, bounded by Clayton Lane and First and Second avenues, where the demolition of the Sears building will start this month.
Tryba Architects designed Cherry Lane, which is being built by PCL Construction. Michael Hsu Office of Architecture is providing retail interior and exterior design services.
All entitlements are in place and final approval of the formal site plan from the city is expected by May with project delivery in October 2027.
