Cherry Creek North leads retail recovery

Feb. 17, 2011 - PRLog -- DENVER - Providing another strong signal that Cherry Creek North (http://www.cherrycreeknorth.com) is leading the retail recovery, the Cherry Creek North Business Improvement District (BID) received encouraging sales tax figures that demonstrate growth and stability for the area.  The preliminary data from the City of Denver, which covers the first three quarters of 2010, shows that sales tax collections were up 9 percent.  This compares to a 7 percent increase for the City of Denver, 6 percent for the surrounding Metro area and 4 percent for the state of Colorado.

“We are absolutely thrilled with this new data as it shows our businesses are succeeding and growing,” said CCN BID President & CEO Julie Bender.  “It’s even more significant since these positive increases occurred while the District was undergoing a major streetscape renovation project, ‘The New North’.  It’s such a tribute to how the constituents in Cherry Creek North thrived while they were reinvesting in their own future.”

While the BID does not track vacancy by square footage, another positive sign for the District was that the number of businesses opening and closing was balanced in 2010.  Last year, the BID welcomed 35 new businesses.  In addition, 9 businesses relocated within the District, mostly to allow for expansion into larger spaces.

On February 3, the BID hosted Mayor Bill Vidal and Councilwoman Jeanne Robb for a special groundbreaking ceremony to begin work on Fillmore Plaza.  Those upgrades represent the final phase for “The New North,” an $18.5 million renovation of the entire District.  The construction on Fillmore Plaza will begin this month and will be substantially completed in time for the Cherry Creek Arts Festival in July.  Recent District-wide improvements included new landscaping to beautify the area and conserve water, new lighting for safety and energy conservation, better identity and wayfinding, 20 new Art and Garden spaces and upgraded infrastructure.  It is the first major renovation to the area since 1989. The design and construction costs are paid for by the BID.  There are no City funds involved.

About the CCNBID: The Cherry Creek North Business Improvement District (BID) was established in 1989 as the first business improvement district in Colorado. The District encompasses a sixteen block (27 acres) area, bounded by 1st and 3rd Avenues and University and Steele Streets. The BID is a governmental special district chartered by State Statute. The District provides essential services that support property owners, merchants, and other users of the District that would otherwise not be available. The BID is governed by a board of directors that is appointed by the Mayor of Denver, approved by the Denver City Council, and serve at the pleasure of the Mayor and Council. Property taxes from the District property owners are the primary source of financial support. Based upon annual revenues, the Cherry Creek North BID is the second largest in Colorado.