A rendering of the planned office project. (Courtesy Magnetic Capital)
The Denver City Council on Monday approved rezoning needed for a planned office building in Cherry Creek.
The vote to approve the rezoning for 159 Adams St. was unanimous.
The rezoning was requested by Denver-based developers Magnetic Capital and Burgage Limited, which plan to build a five-story office project on the parcel and an adjacent undeveloped lot to the north, which together add up to 0.43 acres. They are under contract to buy the 159 Adams property from the couple that own it.
Councilwoman Amanda Sawyer, who represents Cherry Creek, was the only council member to comment on the requested rezoning. She praised the developers for striking a “good neighbor agreement” with the area’s neighborhood association.
Magnetic principals Dan Huml, left, and Chris Carroll
Chris Carroll, a managing partner with Magnetic Capital, told BusinessDen the development team expects to break ground on the building in the first quarter of next year and complete it in summer 2025.
He said the 90,000-square-foot building will be “driven by a hospitality infused ecosystem.” A restaurant will operate on the ground floor as well as a 5,000-square-foot rooftop deck, with a one-stop elevator going between the two spaces.
“Second and Adams represents the future of office in our view,” Carroll said.
A rendering of the building’s rooftop deck. (Courtesy Magnetic Capital)
Office leasing remains strong in Cherry Creek, and multiple buildings are under construction.
On Monday, the council also unanimously approved rezoning for 3100 Blake St. in RiNo, where a dispensary currently operates.
A handful of other rezoning requests are pending in Cherry Creek.
• A Cleveland-based development firm has requested rezoning of 101 N. Adams St., currently home to a retail center, so it can build a multifamily project.
• Two longtime friends have requested rezoning of 325 and 329 Detroit St. so they can build a small condominium project.
• Finally, Property Markets Group, a major developer, has requested rezoning of a site along 2nd Avenue in the heart of the business district for a condo project slated to be branded Waldorf Astoria.
A rendering of the planned office project. (Courtesy Magnetic Capital)
The Denver City Council on Monday approved rezoning needed for a planned office building in Cherry Creek.
The vote to approve the rezoning for 159 Adams St. was unanimous.
The rezoning was requested by Denver-based developers Magnetic Capital and Burgage Limited, which plan to build a five-story office project on the parcel and an adjacent undeveloped lot to the north, which together add up to 0.43 acres. They are under contract to buy the 159 Adams property from the couple that own it.
Councilwoman Amanda Sawyer, who represents Cherry Creek, was the only council member to comment on the requested rezoning. She praised the developers for striking a “good neighbor agreement” with the area’s neighborhood association.
Magnetic principals Dan Huml, left, and Chris Carroll
Chris Carroll, a managing partner with Magnetic Capital, told BusinessDen the development team expects to break ground on the building in the first quarter of next year and complete it in summer 2025.
He said the 90,000-square-foot building will be “driven by a hospitality infused ecosystem.” A restaurant will operate on the ground floor as well as a 5,000-square-foot rooftop deck, with a one-stop elevator going between the two spaces.
“Second and Adams represents the future of office in our view,” Carroll said.
A rendering of the building’s rooftop deck. (Courtesy Magnetic Capital)
Office leasing remains strong in Cherry Creek, and multiple buildings are under construction.
On Monday, the council also unanimously approved rezoning for 3100 Blake St. in RiNo, where a dispensary currently operates.
A handful of other rezoning requests are pending in Cherry Creek.
• A Cleveland-based development firm has requested rezoning of 101 N. Adams St., currently home to a retail center, so it can build a multifamily project.
• Two longtime friends have requested rezoning of 325 and 329 Detroit St. so they can build a small condominium project.
• Finally, Property Markets Group, a major developer, has requested rezoning of a site along 2nd Avenue in the heart of the business district for a condo project slated to be branded Waldorf Astoria.
