Invesco is teaming up with BMC Investments and Prism Places to redevelop the former Sears building in Denver’s Cherry Creek North. The project will involve demolishing the existing 150,000 square foot structure and replacing it with a 430-unit multifamily development as well as 100,000 square feet of retail, restaurant and entertainment space.
Matt Joblon from BMC commented on the endeavor: “We have an opportunity to really anchor Cherry Creek and set a whole new standard for creating an amazing gathering place for people.” He estimates that this project could cost between $400-$500 million to build.
According to reports by The Denver Business Journal, plans include constructing an eight-story apartment building featuring studio, one-bedroom and two-bedroom units – 10% of which will be restricted at 60% of area median income in compliance with local affordable housing requirements. Construction on Clayton Lane is expected to begin mid 2024 lasting approximately two years upon completion.
