200-acre development proposed for Castle Rock

The Centennial City Council has voted July 9 to settle a year-old lawsuit with BNP Paribas, the French back that backed nearly one-quarter of the redevelopment costs for The Streets at SouthGlenn. The agreement will reset the sales tax base for the property and subsequently free up $162,000 to be directed for repayment of the bonds used to finance improvements. Photo by Deborah Grigsby
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A 200-acre commercial project described as being twice the size of the Outlets at Castle Rock that would also have 350 multi-family units is being proposed for Castle Rock.

Alberta Development Partners, the same company that developed The Streets at SouthGlenn in Centennial, is calling its proposed project the Promenade at Castle Rock. It would be the largest single master-planned commercial development ever constructed in Castle Rock, according to city council documents. The project would include up to 900,000 square feet of commercial space.

At Castle Rock Town Council’s July 2 meeting, Alberta will be seeking the council’s approval of a conceptual financial deal. The town council is expected to further address the project at an August meeting.

The developer plans to acquire 200 acres of undeveloped commercial property — located between Interstate 25 and State Highway 85, with Meadows Parkway on the south and Castle Rock town limits to the north.

Alberta is headquartered in Greenwood Village. In addition to the SouthGlenn project, it also developed Southlands and Cornerstar in Aurora.

Town staff and the Castle Rock Economic Development Council have conducted negotiations with Alberta over the past several months regarding a conceptual public/private financial partnership that principally involves the town sharing 27.5 percent of the sales tax revenues from the project for up to 25 years in exchange for such things as the town providing $5.2 million in development fee reductions and/or infrastructure assistance, and guaranteeing/capping the cost of water-related system development fees and water tap fees.

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