Cherry Creek retail site planned for apartment project sells for $29M

This article first appeared on BusinessDen.com, a BizWest news partner.

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.

The proposed apartment building would replace structures in the 200 block of North Detroit Street.

The parcels are zoned for between five and eight stories, and the proposed project would max that zoning, topping out at eight stories on the southern end of the site next to BMC Investments’ Financial House office building.

The structures currently at the site were completed between the 1960s and 2000, according to property records.

The bulk of Stillwater’s development activity has taken place in Texas, but the company is also doing projects around Colorado Springs.

Here are the four transactions that made up the overall deal:

219-221 Detroit St.: $7 million paid to buy the site from Venue 221 LLC (managed by Cindy Wynne).

231 Detroit St.: $6 million paid to buy the site from Detroit Street Holdings LLC (managed by Cindy Wynne).

239-242 Detroit St.: $11 million paid to buy the site from Planeterri LLC (Terri Garbarini, sole member), which paid $5.3 million for the property in 2013. Garbarini owns the women’s boutique of that name.

255 Detroit St.: $5 million paid to buy the site from 255 Detroit LLC (managed by Brian Willoughby), which paid $2.1 million under another entity name for the property in 2007.

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