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CHERRY HILLS, CO-Cherry Hills Village is home to huge residential estates–it boasts more million-dollar-plus home than anyplace else in the Denver area. But there has only been one commercial building in the tony enclave, an 8,690-sf medical and dental office building on a 24,390-sf site at 3530 S. Lafayette St., at Lafayette and Hampden Avenue.

A new owner, however, plans to renovate the building into the first retail center in town. Denver-based DPC Development Co. created New Hampden Retail LLC to own the site, which it bought for $1.1 million.

“With high traffic counts and strong demographics, we saw this as an ideal space for two to five quick-casual restaurants and/or retail stores,” says Christopher King, EVP of DPC Development. Marcus Phillips and Jerry Meer, brokers at Dunton Commercial, handled the sale.

About 80,000 cars pass the site each day. City officials approved zoning last year to allow a retail use on the land to bring more revenues into the city’s coffers.

“The city is looking forward to the development of this property,” says Cheryl Kuechenmeister, Cherry Hills city manager. “As the only commercial property in the city, it will bring a valuable economic resource to our community.”

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