Colorado-Real-Estate-Journal_416345

Page 20 - August 21-September 3, 2024 www.crej.com Mixed-Use by Avalon Jacka BROOMFIELD – A new mixed-use entertainment dis- trict is coming to one of the northern Denver metro area’s major retail properties. Owner and operator Mac- erich announced it will reenvi- sion part of FlatIron Crossing into the new walkable district, named The HiFi, to transform the area into a live-work-shop- play destination. The site, which includes possible future phases, totals 25 acres within the mall campus. Construction is set to begin this summer, with an opening slated for late 2026. “We are very pleased to part- ner with Crescent Communi- ties, an outstanding national developer, to bring luxury multifamily residences to Flat- Iron Crossing in the new HiFi neighborhood,” said Macerich Chief Development Officer Will Voegele. “Set on more than 100 acres in fast-growing Broom- field, Colorado, this retail prop- erty is beautifully located along a prime stretch of land between Denver and Boulder, presenting an excellent opportunity for us to add this exciting new use and 24/7 energy to FlatIron Cross- ing.” MG2 is the architect and W.E. O’Neil Construction is the gen- eral contractor for The HiFi. Craine is serving as the archi- tect for the residential portion of the project, and Brinkmann Constructors is serving as the residential contractor. The mixed-used project will be anchored to the south by the existing AMC Theatres, locat- ed at 61 W. Flatiron Crossing Drive. The redevelopment will include 65,000 square feet of best-in-class dining, entertain- ment and retail, 2.5 acres of public amenity and event space and a new 345-unit luxury mul- tifamily residential community developed by Crescent Com- munities. The project’s name is abbrevi- ated from “Hello Flatiron” and is inspired by some of the most popular urban neighborhoods in Denver, including LoDo, LoHi and RiNo. “FlatIron Crossing continues to be a wonderful amenity for our residents and a power- ful sales tax generator for our city,” said Broomfield Mayor Guyleen Castriotta. “Because there is so much demand to live and work in Broomfield, and because Macerich is such a high-quality company, we believe the new residential use at FlatIron Crossing will be extremely successful.” Crescent Communities will develop Novel FlatIron, located at 1 W. Flatiron Crossing Drive, within the new entertainment district. Novel FlatIron will include 263,944 rentable sf and 22,847 sf of on-site retail space. Units will include stainless steel appliances, luxury vinyl tile flooring, quartz counter- tops, smart thermostats and door locks, kitchen islands, oversized undermount sinks, and designer pendant lighting; most units will also include balconies. Community ameni- ties will include a resort-style pool and spa, a second-floor club room with an outdoor ter- race, work-from-home spaces, a luxury fitness center and struc- tured parking. “Crescent Communities is consistently exploring new opportunities in the Denver market and is thrilled to partner with Macerich on the redevel- opment of the FlatIron Cross- ing mixed-use development in Broomfield,” said Ben Kras- now, Crescent Communities managing director for Colorado and Utah. “This project marks an exciting step in expanding our portfolio in the region, and we are eager to bring our exper- tise in creating high-quality, dif- ferentiated developments to the Broomfield community, in addi- tion to our existing multifamily communities in RiNo, Uptown and Lakewood.” Crescent Communities cur- rently owns two Denver prop- erties: Novel RiNo, a highly amenitized multifamily com- munity at 1350 40th St., and the soon-to-open Novel Uptown, a 10-story community located at 1557 N. Logan St. In August, the company sold Novel White Fence Farm, which was com- pleted in October. s Macerich brings entertainment district to FlatIron Crossing by Avalon Jacka GLENDALE – A Denver-based real estate investment company broke ground on a new entertain- ment district. Central Street Capital Inc. began construction on 4 Mile District, situated on the banks of Cherry Creek at the corner of Colorado Boulevard and East Vir- ginia Avenue, in July. Delivery is anticipated for 2027. The project is expected to cost approximately $150 million. “After three years of work- ing with the city of Glendale, we are thrilled to be breaking ground on this next-generation development,” said Central Street Capital President Isiah Salazar. “Being a Colorado native and vis- iting Celebrity Sports Center as a kid and enjoying the memories of swimming, bowling and arcade, it’s surreal to be able to bring the ‘fun center’ back to Glendale.” The Weitz Co. is the general contractor for 4 Mile District. The Mulhern Group is serving as architect for the project, and Dig Studios is serving as landscape architect. Wilson and Co. is the civil engineer. Ken Himel of David Hicks & Lambert Bro- kerage LLC is managing leasing opportunities at 4 Mile District. The site is comprised of the former Glendale Entertainment District and Glendale 180. The district’s location provides vis- ibility to more than 55,000 vehi- cles per day. The 10-acre development will include 300,000 square feet of dining, retail and entertainment options, including an Alamo Drafthouse movie theater, casu- al and fine dining options, a sports bar, rooftop bars, live music, specialty shops, a hotel, and landscaped outdoor plazas. The district is set to become the only entertainment district in the state that allows common consumption and allows ten- ants to serve alcohol until 4 a.m. Central Street Capital oper- ates as a private investment management company invest- ing the funds of the Salazar family and its affiliated enti- ties. The firm has investments in real estate development proj- ects, health care-related compa- nies, and operating businesses in a variety of industries. Cen- tral Street Capital’s portfolio includes numerous properties around the Denver metro area, as well as properties in Con- necticut, Florida and New Jer- sey. s Central Street Capital begins construction on 4 Mile District by Avalon Jacka DENVER – The developers of the Clayton Lane redevelopment announced plans to rename the project and expand it across the street. Denver-based BMC Develop- ments and Los Angeles-based Prism Places formed a second partnership with Invesco Real Estate to redevelop Phase 2 of the project, now named Cherry Lane, in the Cherry Creek North neighborhood. “Phase 1 of Cherry Lane has already generated tremendous interest, and we are thrilled to have the opportunity to expand this exciting redevelopment plan to Phase 2,” said Matt Joblon, BMC Invest- ments found- ing partner and chief executive officer. “This next phase brings addition- al apartments to Cherry Creek North, which are undersupplied given all of the business growth occurring in this submarket.” Phase 2 of the project, which will stretch from Clayton Lane to Detroit Street, between First and Second avenues, will include a new Class A multifamily tower and the existing retail space on East Clayton Lane, and the East Clayton Lane parking garage. “The second phase gives us the ability to connect three city blocks within Cherry Creek North,” said Stenn Parton, Prism Places founder and CEO. “Our plan, by con- necting retail across Clayton Lane, is to create one of the most dynamic retail and mixed-use environments in the country.” The design and construction team for the second phase has not yet been set. Construction of Phase 2 is not expected to begin until first-quarter 2027, following the delivery of Phase 1. The proj- ect will likely be completed in late 2028. A building on the corner of Detroit Street and East Second Avenue will be demolished and redeveloped into an 80-unit mar- ket-rate multifamily property called Cherry Lane Tower. The community will include 5,348 square feet of ground-floor retail. Cherry Lane Tower will be inspired by BMC’s successful St. Paul Collection and the soon-to- be-developed 299 Milwaukee residential project, both located in Cherry Creek North. Specific community amenities are still to be determined, but the property is expected to offer upscale ame- nities for young professionals and individuals who prefer to rent or are resigned to do so due to limited supply and housing costs. Phase 2 will transform an exist- ing 46,194-sf of retail, reposition- ing the space to mirror Phase 1 with small-format floor plans preferred by boutique shops and restaurants and revamped spaces with high-end finishes. Phase 2 will also include the existing East Clayton Lane parking garage, which includes 463 parking spac- es. Phase 1 of Cherry Lane will redevelop the vacant Sears site and retail west of Clayton Lane into a mixed-use pedestrian zone with more than 100,000 sf of retail and 430 multifamily units, accord- ing to previous reporting. s Cherry Lane expands redevelopment in Cherry Creek North Matt Joblon Stenn Parton The expansion of Cherry Lane will stretch from Clayton Lane to Detroit Street between First and Second avenues. The 10-acre 4 Mile District will include 300,000 square feet of dining, retail and entertainment options at the corner of Colorado Boulevard and East Virginia Avenue. Isiah Salazar