Developer Paul Kobey wants to break ground on a luxury residential project in Cherry Creek by the end of the year.
But first, he wants to sell at least three of the 10 units in a real estate market that’s anything but robust.
“People always say you’re catering to people who have money, and they’re not affected by what goes on in the economy, but I’m not sure I buy that,” Kobey said.
Residences at One Cherry Creek, planned for the 300 block of Milwaukee Street, will range from 3,500 to 6,000 square feet and be priced from $3.5 million to $6 million.
Each residence will have an open, column-free layout, floor-to-ceiling windows, private elevator access and underground parking with three to four spaces per residence.
What Kobey isn’t worried about is the $1,000-per-square-foot price tag.
He points to Christian Anschutz’s NorthCreek development, which is selling for about $900 a square foot with unfinished interiors.
“My units will be totally finished with a very high standard of construction and amenities,” he said. “It’s got everything going for it but the market environment.”
Despite the sluggish housing market, Cherry Creek residential developers are abundant, with at least a half-dozen condo projects in the works.
Margaret Jackson: 303-954-1473 or mjackson@denverpost.com
