Home News Joblon snaps up Cherry Creek buildings from Gart family

Joblon snaps up Cherry Creek buildings from Gart family

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According to property records, the 299 Milwaukee Street office building was built in 1980. Sold to developer Matt Joblon for $ 30.8 million, along with two other buildings. ((((Photo of Thomas Gounley).

Two celebrities have signed a deal at Cherry Creek — and change awaits.

On Tuesday, Matt Joblon’s BMC Investments bought three buildings from the Gart family in 200 blocks of Milwaukee Street and paid $ 30.8 million.

Matt Jobron

Matt Jobron

Joblon is Cherry Creek’s most renowned developer and has recently completed multiple office, apartment and hotel projects. The Gart family merged with the Sports Authority in the early 2000s to establish a sporting goods retail chain that moved to real estate.

The deal on Tuesday included a five-story office building at 299 Milwaukee St., headquartered by Gart Properties, and two buildings to the south.

According to real estate records, the office building was built in 1980 and was purchased by Gart in 2004 for $ 8.7 million. Buildings on the south side include First Western Trust Bank, Balani Custom Clothiers, Cherry Creek Watch Co., and Japanese restaurant Kobe An.

However, it may be more appropriate to explain that this transaction consists of 1.07 acres. That was $ 660 per square foot. This is because Jobron plans to redevelop the site.

“It’s really designed for where we go, not necessarily where we are today,” he said of the planned project.

BMC and Boston-based Rockpoint plans to build 156 apartments on the ground floor with approximately 30,000 square feet of retail space, Jobron said.

Compared to the St. Paul collection, Joblon, a high-end apartment and retail complex, will be developed one block away and the unit will be smaller. It averages 885 square feet compared to the 1,450 square feet of the St. Paul collection. There is a studio and one and two bedrooms. The St. Paul collection does not have a studio and has three bedrooms.

It translates into cheaper rent, and Jobron estimates that it will average in the mid- $ 3,000 range.

This project is designed to appeal to young professionals. Facilities include a rooftop pool.

“Vital statistics are getting younger and younger at Cherry Creek,” Jobron said, backed by a new office project under development in the neighborhood.

Cherry Creek 231 Milwaukee Street Scale

This building on 231 Milwaukee Street will also be demolished due to a planned apartment project.

He also said that this setting would ensure that the project complements, rather than competes with, the St. Paul’s collection.

According to a plan submitted to the city, the building has stepped up from 5 stories at the north end of the site to 8 stories at the south end, and also shows that there are 256 parking spaces. Zoning at that height has already been carried out.

“There is still a shortage of housing in Cherry Creek North,” Jobron said.

Joblon said he hopes to demolish the existing structures on site around April 1st next year and complete the project by the end of 2024. Shears Adkins Rockmore designed the structure. Haselden will be a general contractor. Rottet Studio is an interior designer.

In addition to the St. Paul’s collection, Jobron’s previous condominium projects include Steel Creek at 3222 E. 1st Ave. He is currently building a seven-story office building on 255 Fillmore Street. To Restaurant Le Colonial..At the end of last year, Jobron also Sold his 170-room Moxy Hotel on 240 Josephine Street.One of the three hotels he developed at Cherry Creek.

Evan Gart 224x300

Evan Ghat

Evan Gart, vice president of operations for Gart Properties, said he chose to sell the site because he knew that the zoning changes over the last decade or so hadn’t built any real estate.

“We are real estate investors and operators, but we are not developers from scratch,” he said.

According to Ghat, the company initially moved its office to the 233 Milwaukee Street Building in parallel with the sale of the sporting goods chain, and then expanded to 231. After purchasing the structure, the company moved to 299 Milwaukee.

Ghat said the 299 building once housed the office of cable pioneer Bill Daniels. There are now several fountains in the large brick courtyard north of the building, on Third Avenue and on the corner of Milwaukee. But it used to look very different.

“At some point there was a large satellite dish,” he said.

Other building facilities include an underground squash court. It states that Gart is still in use “to some extent”.

Ghat said he didn’t say where to move the office, but the company plans to move it nearby.

“We are staying at Cherry Creek and are currently working on another deal,” he said.

Other sites within Cherry Creek are in the spotlight for redevelopment. Property Markets Group, with offices in Newyork and Miami Paid $ 18.5 million Sites along Second Street between St. Paul Street and Steel Street at the end of last year, and Proposed a condominium project..And Dallas-based developers Paid $ 29 million in early May 0.72 acres on 200 blocks on Detroit Street.

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Matt Joblon buys Cherry Creek building

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