Promenade at Castle Rock retail development
By Elizabeth Wood West; site plans provided by the Town of Castle Rock
Alberta Development Partners (Alberta) is proposing to purchase approximately 200 acres of undeveloped property for what could be the largest commercial retail center ever constructed in Castle Rock. Located between I-25 and U.S. Highway 85, just north of the Outlets at Castle Rock, the proposed Promenade at Castle Rock development (Promenade) may include up to 900,000 square-feet of retail space and 350 multi-family units.
Alberta, headquartered in Greenwood Village, has successfully launched other Colorado commercial projects, including The Streets at SouthGlenn, Southlands, and Cornerstar. According to the Town of Castle Rock (Town), Alberta’s estimated investment in the Promenade project will be $160 million dollars.
Alberta is working with the Town and the Castle Rock Economic Development Council on a conceptual public/private financial partnership. The conceptual financial deal structure involves the Town sharing 27.5 percent of the sales tax revenues from the project for up to 25 years, providing $5.2 million dollars in development fee reductions and/or infrastructure assistance, and guaranteeing/capping the cost of water-related system development fees and water tap fees.
The Town estimates that new net sales tax revenues may exceed $4 million dollars annually by 2017. Douglas County could receive annual property tax revenues of $600,000 by 2018 and gross annual sales tax revenues of $2.5 million dollars by 2017. The Douglas County School District could receive annual property tax revenues of $1.5 million dollars by 2018. Douglas County Libraries could see annual property tax revenues of $120,000 by 2018.
The Town and Alberta will need to work through state and federal land acquisition processes for property needed for the Town’s North Meadows Extension project (see photo to right). In addition, the Town has raised concerns about how Promenade may financially impact existing commercial and retail businesses within the Town and/or if existing businesses were to relocate to Promenade.
Alberta has acknowledged these concerns and will work with the Town in the final financial agreement for a net positive outcome for the Town in the event such relocations occur. “We are excited for this project to continue to advance through the process and very much look forward to delivering a ‘best in class’ shopping environment for the community,” said Alberta Development partner Don Provost.
In July, the Town Council unanimously approved the conceptual financial deal structure and directed staff to prepare a proposed final financial agreement for council consideration in August. The Town will hold a special meeting regarding Promenade at 6 p.m. on Tuesday, August 27, in council chambers at Town Hall, 100 N. Wilcox St.
For more information, visit http://crgov.com/index.aspx?nid=1487.
The proposed Promenade retail development (light blue) relative to the North Meadows Extension Project.