Cherry Creek Community Church

The Client, Cherry Creek Community Church, came to the conclusion that the disadvantages of the properties were preventing growth for this congregation. The disadvantages included poor visibility, little off-street parking, and more than $1 million in deferred maintenance. Development Advisors worked with Cherry Creek Community Church to position these church properties for sale for a higher and better use. We were able to sell two (2) existing church properties to a Residential Builder in a very soft luxury home market.

Assignment Highlights

  • Contemplated the Highest and Best Use for the property in this R-2B Zone District.
  • Designed architecturally the most likely single-family or duplex product for these 7 home sites in order to know the eventual size of structure that could be developed and the possible amount that the land could be purchased for still provide a reasonable market return for the future builder/buyer.
  • Anticipated the value of the land based upon recent land sales comps, but more importantly, based upon recent home selling prices (greater than $2 million) in Cherry Creek North.
  • Identified every Investor or home Builder active in the Central Denver market (currently working in luxury locations like Country Club, Hilltop, Bonnie Brae).
  • Created a Prospectus for interested parties and orchestrated the closed bid selling process.

Results

  • Sold the old church property as 7 luxury home lots for $4.9 million to a local investor. A higher selling price could not have been attained in such a soft luxury home market.
  • Client invested the proceeds into an appreciating asset providing regular dividends and interest.

Denver, Colorado

Project Type: Luxury Home Sites

Date: 2007

Size: Seven (7) 50’ Lots

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