Invesco Leads Team that Could Spend Up to $500M at Former Denver Sears Site

Invesco is partnering with BMC Investments and Prism Places to redevelop the site within Denver’s Cherry Creek North. BMC plans to demolish the former 150,000 square foot Sears building and replace it with a 430-unit multifamily development and 100,000 square feet of retail, restaurant and entertainment space.

BMC’s Matt Joblon added, “With something this large, we have the opportunity to really anchor Cherry Creek and set a whole new standard and example for how to create an amazing gathering place for people.” Joblon says the project may cost between $400-$500 million to build.

The Denver Business Journal reports that plans call for replacing the Sears building with an eight-story apartment building with studio, one-bedroom and two-bedroom units. In compliance with Denver’s new affordable housing requirements, 10% of those units will be restricted to 60% of the area median income. 

BMC plans to start construction on the project on Clayton Lane in mid-2024 and complete it within two years.