Town of Castle Rock council approves Promenade at Castle Rock
By Elizabeth Wood West
The Town of Castle Rock (Town) approved its financial agreement with Alberta Development (Alberta) and the related metropolitan district for Alberta’s proposed “Promenade at Castle Rock” development project (Promenade).
Promenade is a new 200-acre commercial/residential development that may include up to 900,000 square feet of commercial space and approximately 350 multi-family residential units. The project will be located just north of the Outlets at Castle Rock and Founders/Meadows Parkway (Exit 184) on the west side of I-25 in Castle Rock.
Alberta estimates that the cost for Promenade will be $180 million. The Town will contribute up to $24.48 million dollars (13.6 percent of the total cost of Promenade) in shared sales tax and development fee reimbursements and share 27.5 percent of new sales tax revenues generated from Promenade for up to 25 years. The Town will fund up to $4.45 million dollars in development fee reimbursements and an additional $750,000 fee reimbursement upon completion of 700,000 square feet of commercial development. The metropolitan district plans to issue and repay $28.8 million dollars in net bond proceeds for qualifying improvements. The financial agreement will restrict Alberta from relocating certain existing Castle Rock businesses to Promenade.
Alberta will now focus on land acquisition for Promenade and work with the Town on the zoning, vesting, and platting process, as well as addressing signage, traffic studies, and other development-related matters. For further information about Promenade, including upcoming public hearings, contact the Town of Castle Rock by e-mail.