CVS lays groundwork for first area store in the Highlands

Plans have been submitted to the city to turn this Sheridan Boulevard property into a CVS store. Photo by Burl Rolett.

Plans have been submitted to the city to turn this Sheridan Boulevard property into a CVS store. Photo by Burl Rolett.

Watch out, Walgreens.

Fresh off of a seven-figure southeast Denver acquisition, CVS looks to be planning its first retail pharmacy on the edge of the Highlands.

Development firm T.M. Crowley has submitted a development plan for a new CVS at the former home of Tommy’s Slalom Shop at 3740 Sheridan Blvd.

The proposed development is in its first round of plan submissions with the city and is subject to change, but the current iteration shows a 14,700-square-foot building on 1.14 acres just south of 38th Avenue. Plans show a building height of 30 feet and 65 parking spots.

CVS spokesman Michael DeAngelis said his company currently has no announcements to make about Denver stores. But he did confirm the company bought a 2-acre office park at East Hampden Avenue and Taramac Drive, a deal BusinessDen reported last week.

The 38th and Sheridan site is currently owned by 3740 Sheridan Blvd LLC, an entity owned by CorePower yoga founder Trevor Tice. Tice’s firm bought the site in August 2014 for $2.85 million. He also owns the shuttered Griff’s Hamburgers building at 742 S. Broadway. Tice bought that property in 2014 for $888,000.

Tice could not be reached for comment. A property manager looking after the building on Tice’s behalf declined to comment last week.

T.M. Crowley is an Indianapolis-based developer with a long work history with CVS. The company had built nearly 1,500 of the drugstores by 2013, according to Indianapolis media reports.

A call to T.M. Crowley’s Indiana headquarters was directed to Denver-based AJ Barbato, who did not respond to an email by press time.

CVS will enter the Denver retail pharmacy market far behind rival Walgreens. Right now CVS does not have any locations in Colorado. Walgreens lists five stores in Denver alone with at least two dozen more ranging from Thornton to Parker and from Lakewood to Aurora.

Rite Aid has a handful of locations in the Denver area, as well, but Walgreens bought the entire Rite Aid business nationwide earlier this year.

CVS has been long rumored to be circling the Denver market, but retail real estate brokers told BusinessDen last week that the Walgreens-Rite Aid deal, coupled with CVS’s own acquisition of superstore Target’s pharmacies, might make the time right for CVS to make its own Denver push.

Plans have been submitted to the city to turn this Sheridan Boulevard property into a CVS store. Photo by Burl Rolett.

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