Developer plans 155-unit condo building in Cherry Creek

FirstBank has sold its former bank branch at . Photo by Burl Rolett.

FirstBank has sold its former bank branch at 149 Steele St. . Photo by Burl Rolett.

A Cherry Creek developer scooped up another lot with plans to add condos next to a recent office development.

The Pauls Corp. bought a former Cherry Creek FirstBank branch at 149 Steele St. from FirstBank for $3.8 million last week. The shuttered bank building is on the same block as 100 Saint Paul, a new 150,000-square-foot office building where FirstBank opened a branch last year.

The site FirstBank just sold to The Pauls Corp. sits just behind the 100 Saint Paul office building fronting Steele Street. The site totals about 0.40 acres, according to figures on the city assessor’s website, which pegs the sales price at about $216 per square foot of land.

FirstBank sold the site for 100 Saint Paul to The Pauls Corp. about three years ago. At the time, that building had another one-story FirstBank branch. That 1.40-acre site sold for $10.575 million.

With FirstBank settled into its new branch at 100 Saint Paul, the company is playing a little defense as it unloads 149 Steele St. The deed, which was recorded last Friday, came along with a use restriction that prevents another bank from opening up shop on the spot as long as FirstBank has a branch within one-half mile.

Representatives for The Pauls Corp. did not return phone messages seeking comment on the deal by press time Monday, but the company website lays out a 155-condominium development the company has planned for the Steele Street site.

According to a brief project summary, The Pauls Corp. plans on beginning condominium presales in summer 2017.

 

FirstBank has sold its former bank branch at . Photo by Burl Rolett.

FirstBank has sold its former bank branch at 149 Steele St. . Photo by Burl Rolett.

A Cherry Creek developer scooped up another lot with plans to add condos next to a recent office development.

The Pauls Corp. bought a former Cherry Creek FirstBank branch at 149 Steele St. from FirstBank for $3.8 million last week. The shuttered bank building is on the same block as 100 Saint Paul, a new 150,000-square-foot office building where FirstBank opened a branch last year.

The site FirstBank just sold to The Pauls Corp. sits just behind the 100 Saint Paul office building fronting Steele Street. The site totals about 0.40 acres, according to figures on the city assessor’s website, which pegs the sales price at about $216 per square foot of land.

FirstBank sold the site for 100 Saint Paul to The Pauls Corp. about three years ago. At the time, that building had another one-story FirstBank branch. That 1.40-acre site sold for $10.575 million.

With FirstBank settled into its new branch at 100 Saint Paul, the company is playing a little defense as it unloads 149 Steele St. The deed, which was recorded last Friday, came along with a use restriction that prevents another bank from opening up shop on the spot as long as FirstBank has a branch within one-half mile.

Representatives for The Pauls Corp. did not return phone messages seeking comment on the deal by press time Monday, but the company website lays out a 155-condominium development the company has planned for the Steele Street site.

According to a brief project summary, The Pauls Corp. plans on beginning condominium presales in summer 2017.

 

This story is for our paid subscribers only. Please become one of the thousands of BusinessDen members today!

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

POSTED IN Commercial Real Estate

Editor's Picks

Leave a Reply

Your email address will not be published. Required fields are marked *