Cherry Creek Perspective

Welcome to Cherry Creek Perspective – monthly news of mobility-related and affordable housing real estate throughout the Denver-metro area, and news of real estate, public sector and economic developments in the southeast Denver – Glendale area, relying in part on articles published in Real Estate Perspective.

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Each business day for Real Estate Perspective, the JRES staff reviews all Denver metro area wide and local newspapers, trade journals, government websites, blogs and other sources for commercial and residential real estate and economic news. News items are condensed into easily readable summaries providing all of the essential facts for the Real Estate Perspective newsletter. And Apartment Perspective, provides a detailed update of Denver metro area apartment rental, vacancy and development/construction activity including proposed projects.

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50 S. Colorado Blvd.: Upcoming Demolition and Development

Denver City Council Member Amanda Sawyer reports the derelict property on the east side of Colorado Blvd. at Leetsdale Dr. is finally coming down. The boarded up, vacant church was sold to Denver-based First Stone Development, which has indicated they will demolish it as soon as the permits are approved. Restrictive covenants on the land were negotiated by the Cranmer Park Hilltop Civic Association in 2017. Rezoning of this property approved in 2018 was silent on affordable housing requirements.

That old Kmart at Monaco and Evans is finally being demolished. Here’s what will be built on the lot

Denver City Council Member Kendra Black reports the first phase of construction will include 287 apartments in six three-story buildings, which the company said will be built like townhomes. They will also have ground floor garages. Additionally, the Forum Real Estate Group is planning on adding two new public roads through the development called E. Warren Avenue and E. Newport Street. The site development plans have been submitted to the city’s Community Planning and Development Office. The office will now review and either approve or amend the plans. The site sits at 2150 S. Monaco Parkway and closed in 2012 after a long run as a Kmart, then a Sears, and then a Kmart again, all since 1967. The 111,000-square-foot building is on a lot of about 12 acres, made up mostly of parking spaces.



Why Prague Has One of the Best Tram Systems in the World

Prague is doing something cities in the U.S. should have done long ago, making it easy and cheap to get a long-term pass, while pricing single-fare or short-term passes much higher. By doing this, the city is getting more money from its huge volume of tourists, who, after spending thousands on plane fare and hotels, don’t really care how much a tram ticket is costing them. And more importantly, it is pushing the local population to think long-term, which helps the transit network and cuts down on excessive car trips.

Germany’s FlixMobility acquires Greyhound Lines, the iconic U.S. bus company, in $78M deal

The deal signifies a huge move for Flix to double down not just on bus transport, but the U.S. market, where it was already active but with a significantly smaller profile. FlixBus, as the service is known, is today active in more than 2,500 destinations in 36 countries outside the U.S., working across 400,000 daily connections. Greyhound is actually nearly as big: It covers 2,400 destinations in North America, with almost 16 million passengers annually.

Hertz is buying 100k Teslas to electrify its fleet

Hertz customers will be able to rent a Tesla Model 3 at airports and other locations in major U.S. cities and some cities in Europe starting in early November. Electric vehicles will now make up more than 20 percent of the company’s fleet. The deal is reportedly the largest order of electric vehicles by a single buyer.




A group of U.S. Department of Housing and Urban Development (HUD) employees on Thursday were awarded 2021 Samuel J. Heyman Service to America Medals (Sammies). Michelle Daniels, Charles D. Eldridge, Ryan E. Jones, and the Foster Youth to Independence Team created an innovative program offering housing assistance and social services to young people aging out of foster care to prevent them from becoming homeless and to provide an opportunity for self-sufficiency.

Denver Breaks Ground on Affordable Apartments for Persons with Acquired Brain Injury Experiencing Homelessness

Denver City Council Member Amanda Sawyer reports groundbreaking of Valor on the Fax at 7900 E. Colfax Ave. The new, 72-unit apartment community, developed by Brothers Redevelopment in conjunction with the Brain Injury Alliance of Colorado (BIAC), will exclusively serve persons experiencing homelessness, with a focus on those who have sustained an acquired brain injury or related disability. Valor on the Fax will offer one-, two- and three-bedroom income-restricted units for households earning up to 30% of the area median income (up to $22,050 for a single-person household). A land use restriction on the property ensures affordability for 99 years. Denver’s Department of Housing Stability (HOST) is providing $1,440,000 in development financing toward the $23.6 million project. HOST is also subsidizing supportive services at the site for a 15-year period through a $1 million contract. Other public financing partners include the Colorado Housing & Finance Authority, Colorado Division of Housing, and Denver Housing Authority, including subsidy vouchers for all units to ensure residents pay no more than 30% of their total income on housing costs.


Denver City Council Member Kendra Black reports this project aims to implement Blueprint Denver recommendations via an update to the Denver Zoning Code. This project will not change where in the city ADUs are allowed, but will look at how they are designed, how they fit in with different types of neighborhoods and block patterns, and how updates to the zoning code may reduce barriers to creating ADUs. The expected timeline is Fall 2021 – Winter 2022.