Cucina Colore corner in Cherry Creek sells for $10M

The Cherry Creek Corner Property Hosting Cucina Colore Restaurant Sells for $9.85 Million

The Cherry Creek corner property that is currently home to the popular Italian restaurant Cucina Colore has been sold to Kevin Beck and his wife under Phenomena LLC for $9.85 million. The property is located at the northwest corner of Third Avenue and St. Paul Street in Denver.

The building, which spans about 7,000 square feet and is leased to four tenants, including Cucina Colore, has multiple years left on its lease. The deal also includes the parking lot behind the buildings, making the entire site approximately 0.43 acres.

Kevin Beck mentioned that they plan to “land bank” the property for the time being and see it as a good long-term investment with potential redevelopment opportunities in the future. The property is zoned for up to four stories, and similar-sized properties in Cherry Creek have seen high demand and significant sales prices.

Denver’s Cherry Creek neighborhood continues to attract development projects, with office and apartment buildings breaking ground despite challenges such as remote work trends and rising construction costs. Real estate broker Phil Ruschmeyer noted that Cherry Creek remains a strong market for development projects.

The property was previously owned by Beall Group LLC and Green City LLC, with Mary Beall signing on behalf of both entities. The sale marks a significant transaction in the Cherry Creek real estate market.

While there were previous proposals for a four-story office building on the site, Kevin Beck was not involved in those plans. The property has attracted interest from various parties over the years, highlighting its desirability in the market.

This article was originally published on BusinessDen. Stay updated on business news by signing up for the Economy Now newsletter.