Matt Joblon has found another spot in the tight Cherry Creek market for a new office project that will look a lot like one he’s currently constructing.
The CEO of Denver-based BMC Investments said Monday that he plans to build a seven-story, 100,000-square-foot building dubbed Milwaukee Place in the 200 block of Milwaukee Street.
The 0.43-acre site is across the street from where BMC plans to build an apartment building. And it’s one block to the east of 255 Fillmore St., where BMC began constructing a different seven-story office building in April.
The Milwaukee Street site has a nearly identical footprint.
“The Fillmore building was so well received … to do the exact same building on the same size site — mirror image — made a lot of sense,” Joblon said, adding the two structures will have slightly different exteriors.
Joblon, who is Cherry Creek’s most high-profile developer, hopes to break ground on Milwaukee Place in the first quarter of 2023, and complete it in the fourth quarter of 2024.
The structure will be built on what is currently three parcels: 240, 242 and 246 Milwaukee St.
BMC has owned the 242 and 246 Milwaukee parcels, home to a pair of single-story retail buildings, since buying them in 2017 for $6.3 million, records show.
Joblon completed the assemblage last week, when he closed a deal for 240 Milwaukee St., where Bad Daddy’s Burger Bar now operates. The owner of that property, John Sheridan of Sheridan Ventures, contributed the property in exchange for an ownership stake in the planned office building, Joblon said.
Joblon said he and Sheridan were working on a deal pre-COVID, then put it on pause when the pandemic swept in. But talks resumed upon seeing the success of the project one block over.
“We’ve got multiple letters of intent out already that we are negotiating,” he said. “A lot of that was demand from Fillmore we couldn’t meet.”
Milwaukee Place is set to incorporate 90,000 square feet of office space and 10,000 square feet of retail space.
Joblon said Cherry Creek tenants tend to be private companies looking for 7,500 to 30,000 square feet, and well-capitalized. Higher interest rates and fears of a recession have yet to affect office demand in the neighborhood, he said, adding that he continues to hear from firms that are currently located downtown and see Cherry Creek as more safe.
“No one’s making a compromise on safety,” he said.
Milwaukee Place is poised to be BMC’s 10th project in Cherry Creek. The firm has completed a mix of office, residential, retail and hotel properties.
Joblon previously told BusinessDen that he’s working to find a spot in one of his projects for high-end gym chain Equinox, after the two parties recently mutually agreed to terminate the company’s lease for space inside 240 St. Paul St., which BMC completed last year.
That search is still on. Joblon said Monday that Equinox won’t take space in either the 255 Fillmore building or the planned Milwaukee Place.
4240 Architecture is the architect designing Milwaukee Place. Haselden Construction is poised to be the general contractor. A first quarter groundbreaking would put the project on pace to be completed in the fourth quarter of 2024, according to BMC.