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Broe looks to replace Cherry Creek office building with residential project

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Broe looks to replace Cherry Creek office building with residential project

Broe Real Estate Group recently broke ground on a new office building in Cherry Creek.

Now, it’s looking to potentially demolish an existing one about half a mile away and build a residential project in its place.

The firm, a division of Denver-based The Broe Group, has asked the city to rezone its 50 S. Steele St. property, a 1.4-acre site across from the eastern end of the Cherry Creek Shopping Center.

The property is home to a 10-story office building built in 1973, as well as a sizable parking lot. But Broe is asking the city to increase the zoning to C-MX-12, which allows structures up to 12 stories.

“The applicant is requesting to rezone the property to facilitate mixed use redevelopment of the site, and their tentative plan is to build a mixed-use building with ground floor retail and residential units above,” documents prepared by city staff state.

Denver’s Planning Board recommended approval of the request on Wednesday afternoon, with all seven members present voting in favor. The matter now goes to the City Council.

Broe has owned the 50 S. Steele St. property since at least the 1990s, according to property records.

The building is topped with signage for Keller Williams Integrity Real Estate and law firm Riggs Abney. Other tenants include Nova Home Loans and SonderCenters.

In its rezoning application, the company said it began talking to the surrounding community about the possible change in 2019 and 2020, then resumed those efforts this year “after a brief pandemic-related hiatus.”

“Enhancements to the surrounding streetscape and pedestrian network are just a few notable examples of stakeholder-driven feedback to strengthen the development’s impact (on) the fabric of the neighborhood,” the company wrote.

The application notes that several nearby structures are 12 stories or more. But the property immediately to the north is zoned for just five stories.

Developers in Denver are not currently required to incorporate income-restricted units in new housing projects, although that will likely change soon. But Broe has agreed to voluntarily restrict 12.5 percent of units in a new residential project at the site to those making up to 80 percent of the area median income, according to documents prepared by city staff.

Thomas Gounley, BusinessDen

The building is topped with signage for Keller Williams Integrity Real Estate and law firm Riggs Abney.

Broe is planning about a 480-unit project, according to the documents, meaning there would be about 60 income-restricted units. Development plans for the project have not yet been submitted to the city for review.

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