A meeting of the minds: Shannel Ryan, President of LIV Sotheby’s International Realty, sat down for a candid chat with Nick LeMasters, President & CEO of Cherry Creek North Business Improvement District. LeMasters’s career spans retail, shopping centers, and mixed-use development, all centered on evolving, experience-driven environments. Today, Cherry Creek North stands as one of Denver’s most dynamic neighborhoods, blending office, residential, and more than 500 retail stores with a pedestrian-friendly design.
The area is actively growing, what LeMasters describes as “a little messy right now,” but the transformation reflects forward momentum, drawing regional and national attention as a model for successful mixed-use development in a time of economic change. At a moment when office builds are increasingly rare nationally, six major projects are underway, with more on the horizon. LeMasters couldn’t be more excited about the fresh, modern, and contemporary look the area will have once this round of construction is complete and he encourages patience as the area evolves, noting that this period of transition is the beginning of even more to come.
“No place in the country has what we have—500+ stores, five hotels, walkability, local and luxury retail, dining, and safety all in one place,” says LeMasters.
Each new project is expected to feature ground-floor retail, including restaurants designed to enhance the district’s appeal, with several exciting concepts already underway. At 3rd and University, B10 Chophouse will soon make its Denver debut. This high-end eatery is known for blending classic steakhouse offerings with a full sushi menu. Just outside the district, at 2nd and Adams behind Cherry Creek Grill, celebrity Chef Brian Lockwood, known for his consulting work on The Bear, will introduce two new dining destinations.
While the area attracts those seeking luxury goods, Cherry Creek Shopping Center offers many luxe international brands, while Cherry Creek North complements it with local boutiques and high-end dining, creating a balanced, experiential retail ecosystem. LeMasters continues to advocate for integrating strategic ground-floor retail in new builds to ensure a dynamic visitor experience.
“What enhances the community character more than anything is that we have the largest concentration of retail in one spot. The amount of local retail we have is original throughout the district. I hope to see that continue to grow,” says LeMasters.
When asked if the concept of a shopping mall was dead, he described Cherry Creek Shopping Center and Park Meadows Mall (South Denver Metro) as “fortress malls” that are thriving due to strong management and market-fit retail mixes. Malls that are struggling will need to think of creative redevelopment plans, such as converting underutilized parking lots into residential or mixed-use developments.
Even with its success, Cherry Creek North has room to grow. The district lacks an evening economy that matches its daytime vibrancy. “The sidewalks get rolled up pretty early,” LeMasters admits. Adding curated entertainment, like a comedy club or intimate live venue, could extend the energy into the evening without compromising the area’s sophisticated character.
When asked about the redevelopment of downtown Denver, LeMasters notes that recovery is key. He emphasizes that Cherry Creek North will never replace downtown, nor should it. Each serves a distinct purpose within the metro ecosystem. Improvements along 16th Street are promising, but revitalization will require more street-level activity, greater residential density through conversions of high rises or redevelopment of outdated office buildings, and a stronger push for city and state workers to return to offices. It is crucial to understand that the rest of the state benefits from a strengthened downtown.
“Downtown’s recovery is essential to Denver’s and Colorado’s broader brand,” he notes.
Colorado has long attracted people and businesses through its quality-of-life narrative, but rising housing costs, limited inventory, and a high cost of doing business have created an inflection point. While other states court companies with incentives, Colorado has relied on lifestyle, a strategy that now requires balance.
However, tourism remains Colorado’s second-largest industry, proving lifestyle still drives the state’s economy. As a member of the Visit Denver executive committee, LeMasters remains confident the city will come out of this latest challenge miles ahead of competitors and other cities struggling to breathe new life into their downtowns. In 2024, Denver welcomed 37.1 million domestic visitors, generating $10.3 billion in tourism spending, a momentum he expects to continue through strong marketing and community engagement.
Regulatory burdens have pushed some businesses to the suburbs, but LeMasters sees lessons in communities like Centennial, where he serves on the planning commission. Their pro-business efficiency demonstrates how attitude and local leadership can make a difference. Denver, he says, is poised for a renaissance, one grounded in recognizing the essential role of business, nonprofits, and philanthropy in fueling growth for both the city and the state’s economy.
How can you make your voice heard? LeMasters suggests engaging with policymakers at every level to be part of the legislative process. Staying informed and sharing real-world impacts creates a push for balanced policy that supports growth and environmental protection without going to the extremes in either direction. Looking to Cherry Creek North’s success, he envisions a Colorado that harmonizes lifestyle and business, regulatory reform and affordability, ensuring the state continues to shine on a national stage.