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Tuesday, May 24, 2022

Cherry Creek retail site planned for apartment project $29M . sells in

A Dallas-based developer that proposed an apartment project in the heart of Cherry Creek last year has paid $29 million for the land.

SW Cherry Creek Owner LLC purchased 219-255 Detroit St in a simultaneous transaction with multiple sellers.

The combined site is 0.72 acres, meaning the buyer paid about $928 per square foot, depending on the land. That largely outpaces the December sales of the two corner lots a few blocks away for a combined $18.5 million, or about $740 per square foot.

TBK Bank provided financing for the deal. Roche Four, a broker for Roche & Company, markets the properties on behalf of the sellers.

The properties currently consist of several two- and three-story structures, which are home to businesses including the women’s boutique Garbarini and Re/Max Professional. Cherish Spirits Lounge previously operated in the southernmost building.

The purchasing unit lists an office address that corresponds to Stillwater Capital Investments, which last year submitted a concept plan to the city for the construction of an 85-unit apartment building with approximately 10,500 square feet of ground-floor retail space. was asked for. site.

A Stillwater executive told BusinessDay at the time that the firm planned to develop the project with Florida-based Wexford real estate investors. Stillwater did not respond to a request for comment on Friday.

businessden file

The proposed apartment building would replace structures in the 200 block of North Detroit Street.

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