NorthCreek development zooms toward takeoff

John Rebchook, Rocky Mountain News

Wednesday, June 20, 2007

The developers of NorthCreek will open the first phase of their $100 million residential project in about a month, which is 90 percent sold out.

The 29 units at NorthCreek also are setting records on a per-square-foot basis. Buyers are paying $750 and more per square foot, for the core and shell of many of the conods.

Units are priced from $1 million and range in size from 1,400 square feet to 10,800 square feet.

"There really isn't anything like it in Colorado," said David Steel, partner with Western Development Group, the Anschutz company. Christian Anschutz, the son of investor Philip Anschutz, is involved in the project.

Steel said the location, not mountain views, are the biggest selling point.

The development is a full city block between the Cherry Creek Shopping Center and Cherry Creek. The property is bordered by First Avenue, Detroit Street, Second Avenue and Fillmore Plaza.

NorthCreek offers unsurpassed access to more than 500 upscale stores, restaurants, boutiques and art galleries — all within walking distance. With a mix of retail and residential, NorthCreek will have a 24-hour concierge service, valet parking and controlled access. A private, manicured courtyard for residents only will be a focal point of the project.

Buyers have the choice of purchasing a finished unit or buying a shell, which allows them to customize the interior to truly making it their own.

"We strive to enhance the cachet of greater Cherry Creek," Steel said. "We all live and work here. Western Development is here to stay and we believe

NorthCreek will augment Cherry Creek's already stellar image and national reputation."

When all phases of NorthCreek are complete in the later part of 2008, it will add About 175,000 square feet of residential and retail space to Cherry Creek — approximately 135,000 square feet of living space and 40,000 square feet of retail.

Phase I of NorthCreek includes a seven-story tower.

Retail will be located on the first floor with residential units above.

Phase II will be complete in fall 2007, including eight courtyard flats that will average 3,500 square feet and start at about $3 million. That equates to $857 per square foot.

All Phase II units will be shells, allowing buyers to customize every aspect of the floor plan.

The units are each one-story and will feature private elevators from the parking area and balconies that overlook the courtyard. The third-floor units will feature rooftop decks.

The third phase is scheduled for completion in the fall of 2008. It will include two-story brownstones. These homes will be walk-ups that sit above first-floor retailers and overlook Fillmore Plaza. The number of units and prices have not yet been set at this time.

"Our existing condo buyers all have Colorado ties — a home in Aspen perhaps — and are looking for a place when they are in Denver to shop, do business or attend a social function," Steel said.

Each unit at NorthCreek will have several dedicated parking spots, and more than 150 stalls within NorthCreek's garage will be open to the public. Western Development Group is working closely with local business leaders to enhance Fillmore Plaza with a grand staircase from its parking garage.

More information: www.northcreekdenver.com

rebchookj@RockyMountainNews.com or 303-954-5207