Cherry Creek retail site planned for apartment project sells for $29M – The Denver Post

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 simultaneous transactions with multiple sellers.

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

TBK Bank provided financing for the deal. Roche Fore, broker with Roche & Co., marketed the properties on behalf of the sellers.

The properties currently have multiple two- and three-story structures, home to businesses including women’s boutique Garbarini and Re/Max Professionals. Cherish Spirits Lounge previously operated in the southernmost building.

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

A Stillwater executive told BusinessDen 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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