Castle Rock Town Council has given initial approval to a public/private partnership with a developer looking to bring a mixed-used project and parking garage to downtown. While one councilmember and …
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Castle Rock Town Council has given initial approval to a public/private partnership with a developer looking to bring a mixed-used project and parking garage to downtown. While one councilmember and some town residents fear the project would change downtown's historic charm, others praised its potential to further revitalize the area.
Council voted 6-1 on Aug. 20 to approve a redevelopment agreement with Confluence Companies to build the Encore project just south of the town hall building. Councilmember Caryn Johnson dissented. Council was scheduled to make a final decision on Sept. 3.
If approved, the $72.3 million development would bring 124 condominiums, 17,881 square feet of retail and 11,921 square feet of office space to downtown packaged in a seven-story building also comprising a parking garage.
The town would purchase slightly more than 300 of the parking spaces for public use. Roughly that many would be for private use. A town-owned public parking lot with fewer than 100 spots, and three buildings owned by the developer, now sit on the project site.
Confluence would also contribute $900,000 toward establishing a train horn quiet zone in the downtown.
Town Manager Dave Corliss said staff recommended approving the agreement because it provides a funding source for more public parking, provides redevelopment of the downtown with living spaces and funds the quiet zone.
The town would pay for a plaza and roundabout built during the course of the project. It expects its investment in the parking garage of $9.75 million will be paid back by revenue the project generates. Total cost of the parking garage is estimated at $24 million.
Residents and members of the business community who spoke at the Aug. 20 meeting were mostly in favor of Encore and optimistic it would bring more people and business to the area.
One woman had concerns about the building's height and the impact its modern design would have on the character of downtown.
Councilmember Johnson said she heard from numerous constituents who worried about the charm of the area be altered by Encore.
“I am for keeping with the traditional character of our downtown,” Johnson said.
Councilmember George Teal said he did not like the building's number of stories but that the developer explained the project was not financially feasible without going that tall. Multiple councilmembers said Encore would be a significant improvement in the downtown.
“I love the project. I really do,” Mayor Jason Gray said. “I respect everyone's opinion here on the dais and I just think that overall this project solves so many problems.”
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