Cherry Creek East responds to rental demand: new owners pick up on old plans.

• Author: Taylor, Mike
• Position: REAL ESTATE

TWO MAJOR PROJECTS UNDERWAY in Denver's Cherry Creek East neighborhood will add wore than 350 rental units to the upscale area--and there's more on the way.

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Broadstone Gardens at Cherry Creek, a 108-unit project located on Alameda Avenue and a block west of Colorado Boulevard, is slated for completion in early 2014 but is already leasing three completed floors. The developer, Alliance Residential Co., acquired the parcel from Zeppelin Development and began executing on plans previously presented by Zeppelin and agreed upon by various stakeholders.

Meanwhile, demolition has begun on the southeast corner of East First Avenue and Steele Street to make way for a 12-story, 250-unit apartment complex across the street from the Cherry Creek Mall. BMC Investments bought the high-demand parcel last year from Denver developer Eric Bush.

"We actually worked with both of those (previous) developers for over two years to develop an agreement," said Brooks Waldman, chairman of the Cherry Creek East Neighborhood Association. "It's a good thing we had the agreement in place because clearly there was really no re-thinking it; it just continued on...