The Town of Castle Rock will decide in January on a financial agreement with Alberta Development for the proposed “Promenade at Castle Rock,” a 200-acre, $180 million dollar project to be located just north of The Outlets at Castle Rock and Founders/Meadows Parkway (Exit 184) on the west side of I-25.
By Elizabeth Wood West; site plan provided by The Town of Castle Rock
Alberta Development (Alberta) and The Town of Castle Rock (Town) are close to coming to terms regarding Alberta’s proposed “Promenade at Castle Rock,” a new 200-acre development to be located just north of The Outlets at Castle Rock on the west side of I-25.
Alberta estimates the project could cost $180 million dollars and may include up to 900,000 square feet of commercial space and up to 350 multi-family residential units. Promenade would be the largest master-planned commercial development in Castle Rock. Headquartered in Greenwood Village, Alberta has developed other commercial/residential projects, including Southlands, Cornerstar, and The Streets at SouthGlenn.
According to the Town, the terms of the agreement include how sales tax revenues would be shared, development fee reimbursements, the ability of the metropolitan district to issue and repay debt for public improvements, and restrictions on relocating certain existing businesses in Castle Rock to the new project.
Once the parties come to an agreement, Alberta will have to acquire private land for the project before the planning and rezoning process can begin. Construction for the project would be built in phases and could begin sometime later this year. The construction of the Town’s North Meadows Extension overpass roadway project is tentatively scheduled to be completed near the end of 2015 and would provide additional access for the new development.
The Town voted unanimously in November 2013 to approve the first reading of two ordinances in a financial agreement between the Town, Alberta, and a proposed metropolitan district that would service the development. A second reading has been scheduled to come before the Town on January 7 at 6 p.m. in Council Chambers at Town Hall, 100 N. Wilcox Street in Castle Rock. The meeting can also be viewed live online at CRgov.com/watch.
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