FirstBank invests nearly $100 million in Cherry Creek projects

FirstBank Holding Co. has made loans totaling nearly $100 million for developments in Cherry Creek North, including two of the district's most high-profile projects in 250 Columbine and 245 Columbine.

The projects will add retail stores, residences, office space, restaurants and a 155-room hotel.

Western Development Group will use a $50 million loan from FirstBank to develop 250 Columbine as residences, office space  and street-level retail, including two restaurants -- SOL Cocina and Blue Island Oyster Bar.

"250 Columbine is another example of Cherry Creek North raising the bar to maintain its position as the most sought-after shopping district in the Denver area," says Roy Kline, a partner with Western Development Group, which is developing the property. "We had a wonderful experience partnering with FirstBank on a previous project and appreciate working with a local bank that understands the community and shares our vision."

For 245 Columbine, FirstBank provided $41.4 million in funding. The project, a joint venture between BMC Investments and Sage Hospitality, will include a 155-room boutique hotel, a restaurant operated by Sage Restaurant Group and 5,900 square feet of retail space. The hotel, expected to open in the summer of 2016, will offer meeting and event space, a rooftop deck, fitness center and valet parking.

"FirstBank also provided two loans of more than $5 million to Schnitzer West LLC to buy retail buildings in the area, including 250 Fillmore and 262 Fillmore, and 242 and 246 Milwaukee. The company is considering plans to redevelop the Fillmore buildings, while those on Milwaukee will remain retail stores.

FirstBank also is opening a branch at 100 St. Paul, a new eight-story, 149,000-square-foot office and retail building.

"We strongly believe in these projects and are proud to have a stake in developments that will improve our community," says Tom Wright, market president of FirstBank Cherry Creek.

Contact Confluence Denver Development News Editor Margaret Jackson with tips and leads for future stories at margaret@confluence-denver.com.