Developer pays $12M for half-acre Cherry Creek parking lot

The parking lot at 235 Fillmore St. in Cherry Creek, along with a small lot facing Detroit St., sold for $12 million. (Google Maps)

Matt Joblon has another lot to build on.

Denver-based BMC Investments, the firm Joblon leads, said Monday that it had purchased the 0.44-acre parking lot at 235 Fillmore St., along with a 0.07-acre lot across the alleyway facing Detroit St., for $12 million.

The deal works out to $542 a square foot for the land, equivalent to $23.6 million an acre.

Joblon said that the Fillmore Street lot has the potential for a 100,000-square-foot building; the northern portion of the lot is zoned for up to five stories, the southern portion for up to seven.

Joblon said the company’s project will have retail on the ground floor, but the contents of the upper floors is still undecided. It could be entirely office space, entirely apartments or a mix of both.

He said the company, which in the past few years has developed two large hotels and is currently renovating a smaller one, has ruled out the hotel option, as well as a retirement home.

“We want to take our time, as we finish up some other projects, to really just focus on overall what the community needs,” he said.

The property was sold by Western Development Group. The company, acting as 235 Fillmore Street Associates LLC, purchased it in October 2006 for $5.5 million. Records show another $11.7 million sale to WDG Construction LLC in 2017, but that entity is also affiliated with Western Development.

Prior to 2016, the Fillmore lot had a two-story building on it, with tenants that included the Egg Shell restaurant.

Western Development at one point planned to build on the site. It submitted a site-development plan to the city in 2015 for a mixed-use project topping out at seven stories, and city records show another plan for the site was submitted in 2017.

The site, however, remained a parking lot. Western Development President David Steel did not respond to a request for comment late Monday afternoon.

In Cherry Creek, BMC Investments recently completed Financial House, a fully leased office building that landed Amazon Books for its retail space. The firm also developed apartment complex Steele Creek, mixed-use project St. Paul Collection, and the Moxy and Halcyon hotels, the latter of which sold earlier this year.

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Gretchen Nylander
Gretchen Nylander
1 year ago

Does anyone know about the empty lots behind 3rd and Milwaukee? My Dad owned two of the wonderful houses and it has been a dusty lot for almost 10 years.