An extended-term redevelopment plan in Cherry Creek North that requires tearing down the Entire Meals and former Sears retailer has taken one other step ahead with a Denver metropolis council committee approving sale of areas in a close-by parking storage.
The 198 parking spots, which the town would promote for $6 million, are within the storage that faces Second Avenue, between Josephine Road and Clayton Lane. The town purchased them for $4.7 million in 2002 to offer parking for neighborhood staff so extra on-street areas have been obtainable for customers. Denver rents them out for $75 a month.
San Diego improvement agency OliverMcMillan needs to purchase the spots as a part of a significant overhaul of its Clayton Lane property. The corporate and its companions purchased the retail items of Clayton Lane, a set of buildings between East First and Second avenues from Josephine to Detroit streets,for $116.7 million in January 2016, metropolis information present.
“This isn’t a triggering occasion for redevelopment of the Clayton Lane web site,” firm spokeswoman Hilarie Portell mentioned of the parking area sale. “Like several retail property proprietor, (OliverMcMillan) needs to handle their parking.”
The sale handed by way of committee final week however nonetheless requires approval from the whole Metropolis Council.
If the sale is permitted, Portell mentioned OliverMcMillan received’t change the best way the parking construction operates.
OliverMcMillan filed redevelopment plans with the town in June 2017. These preliminary paperwork referred to as for demolition of the Entire Meals, the parking construction and the previous Sears retailer on the property. Of their place would rise six buildings atop a community of underground parking. That building would create 174,105 sq. ft of retail area and 527 residential items between Clayton and Josephine.
OliverMcMillan has been acquired since these paperwork have been filed and the plans stay fluid, Portell mentioned. She mentioned no agency improvement plan or schedule exists.
Denver Councilman Wayne New, whose district consists of Cherry Creek, mentioned he’s excited by the plans he has seen. He’s anticipating a brand new “high-tech” Entire Meals, just like the shop close to Union Station.
“It’s an enormous undertaking,” mentioned New, who voted for the parking area sale. “Within the final three to 5 years, of all of the initiatives we’ve had within the Cherry Creek space, it’s the biggest.”
A key will probably be getting Entire Meals, a long-term tenant, to conform to OliverMcMillan’s plans. The corporate didn’t reply to requests for remark Wednesday.
New mentioned bringing in additional residential area to the neighborhood ought to trigger fewer visitors issues than different forms of improvement. Parking and congestion have been considerations within the space for years. The town launched a six-month trial of free shuttle service connecting Cherry Creek with the Civic Middle and Capital Hill neighborhoods this fall with these points in thoughts.
“I really feel excellent about it,” New mentioned of OliverMcMillan’s early plans. “The principle factor is ensuring visitors stays on First Avenue as a lot as attainable.”