1 acre in Cherry Creek fetches $9M price tag

A building included in the 0.8-acre site on Madison Street that sold for $9.2 million. (Thomas Gounley)

Denver-based Western Development Group, acting as Madison Street Associates LLC, purchased 146, 150 and 180 Madison St. last week for $9.2 million, according to property records.

There is one building on the property, a 3,900-square-foot structure at 146 Madison with a sign for Kitchen Art Custom Cabinet Design. The other two parcels consist of grass and trees.

The seller was Plaza LLC, which is controlled by nonprofit The Denver Foundation. The property was transferred to the foundation in August by Denver-based Leith Ventures.

In 2015, Leith proposed demolishing the lone building and constructing a larger office building. The firm, acting as 180 Madison LLC, purchased the three parcels between 2006 and 2014 for a total of $6.18 million.

That development did not occur. A Leith Ventures executive did not respond to a request for comment.

Roy Kline, partner at Western Development, said in a voicemail the firm currently has no plans to redevelop the site. He did not respond to a request for further comment.

Western Development Group has experience in Cherry Creek. The company constructed a 71-unit condominium building at 250 Columbine St. and a 90,000-square-foot office building next door at 200 Columbine.

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