Cherry Creek North sales tax collections increased by nine percent last year, compared to 2011.
The largest sales category for the
Cherry Creek North Business Improvement District -- restaurants and hotels -- reported a six percent increase. The second-largest category -- clothing and accessories -- collected 11 percent more.
The largest monthly total was in December, when tax collections topped $1 million for the month for the first time since 2000.
“Cherry Creek North is a special shopping, dining, business and entertainment district home to over 400 businesses,” says Julie Underdahl, President and CEO of the Cherry Creek North BID. “With so much variety, we are able to give visitors what they’re looking for. We have an unparalleled business community and loyal customers to thank for this wonderful achievement.”
Cherry Creek North includes about 1 million square feet of retail space. Vacancies decreased from nine percent in 2011 to 7.5 percent last year. The average lease rate continued to improve at a rate of three percent to nearly $27 a square foot.
More than 43 new businesses opened in Cherry Creek last year, including clothing, home furnishings, food and beverage, health and personal care, fitness studios, and service industries.
The BID was established in 1989 as the first business improvement district in Colorado. The District encompasses a 16-block (27-acre) area, bound by 1st and 3rd avenues and University and Steele streets.
Contact Confluence Denver Development News Editor Margaret Jackson with tips and leads for future stories at margaret@confluence-denver.com.
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.