The affluent Cherry Creek area generated $7.3 million in retail sales tax for the city and county of Denver during the second quarter of 2013, the Cherry Creek Business Alliance said Wednesday.
The report said the tax represents about 6.5 percent of Denver’s total general-fund sales-and-use tax receipts during the quarter.
Retail sales-tax collections increased in Cherry Creek, rising 5.3 percent in the second quarter compared with the same period last year, said the group’s first Biennial Economic Indicators Report.
The analysis looks at economic conditions in Cherry Creek, defined as the area bounded by 6th Avenue to the north, Colorado Boulevard to the east, Cherry Creek Drive to the south and University Street to the west. The area is about 1 square mile.
Year-to-date totals through the first half of 2013 for collections in Cherry Creek were up 7.2 percent over 2012’s first half. The city and county of Denver’s collections increased 6.4 percent through the half.
The Cherry Creek Business Alliance also noted that the Cherry Creek area also generates significant property tax revenue for Denver. Taxable assessed valuation Cherry Creek represents 4.1 percent of the total assessed valuation in the City and County of Denver.
Compared with 2012 data, the taxable assessed valuation in the Cherry Creek area for commercial property increased 7.5 percent to $294 million. Residential property reported an increase of 2.7 percent in 2013 to $142 million.
The report also said Cherry Creek is gaining strength as a center of employment, with businesses in the area employing about 15,000 workers earning an average salary of $81,200.
Office-related employment rose 7 percent between the first quarters of 2012 and 2013, to 7,411 workers in 1,573 businesses.
The alliance said that new office, retail and residential developments now underway in Cherry Creek signify a stronger economic impact in 2014.
Among the projects are the $100 million 250 Columbine condominium and retail project in Cherry Creek North; the Steele Creek apartments, also in Cherry Creek North; the $10 million Residences at Fillmore Plaza; and an eight-story office/retail building at the corner of St. Paul Street and East First Avenue being built by the Pauls Corp, FirstBank and Junction Energy Partners.
The alliance noted that the Adolph Coors Foundation continues to build its 26,000-square-foot building that will house its headquarters at Second Avenue and St. Paul Street.
Howard Pankratz: 303-954-1939, hpankratz@denverpost.com or
