Cherry Creek Office Building Gets One Step Closer to Residential Redevelopment
50 South Steele Street.
Current Property Type: Office
Proposed Property Type: Mixed-use Residential/Retail
Building Size: 115,325 Square Feet
Lot size: 1.4 acres
Year Built: 1974
Stories: 10
Developer: Broe Real Estate Group
Today we're back in Cherry Creek where we find another proposal to convert an office building into a mixed-use residential/retail building. We're seeing a trend considering we just covered a similar situation two blocks over at 5 Cook Street.
The owner is proposing to rezone the property to build a mixed-use building with ground floor retail and 480 apartment units above. Considering the excellent location directly across the street from the Cherry Creek Shopping Center, we anticipate the units will be on the high end with similar building amenities seen in luxury buildings.
The building has been utilized for office space since it was built in 1974 and is occupied by various companies including Keller Williams Integrity, Unified title Company, Sondermind and the Law office of Cliff Enten to name a few. Considering the decrease in workers needing office space and the increasing demand for housing, it makes sense to take advantage of this opportunity to add more housing to the area.
The developer has entered into an affordable housing agreement that requires 12.5% of the units to be dedicated as Income restricted Units that serve households earning up to 80% of the area median income. The Cherry Creek area is already one of the wealthiest in Denver, so the 80% threshold seems a little high to actually be considered "affordable".
As seen in the map above, the area host a wide variety of land uses. The site is currently zoned C-MX-8 (Urban Center-Mixed Use - 8 stories). The developer is proposing a rezoning to C-MX-12, which will allow for a maximum of 12 stories.
As of 9/15, the developer couldn't provide architectural drawings or more specific details of the project, however we'll be sure to go over them once released.
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