Alberta Development Partners will break ground Monday on The Promenade at Castle Rock, its massive $177 million retail development in Castle Rock.
Greenwood Village-based Alberta Development Partners will turn 200 acres of vacant land at Interstate 25 and Highway 85 into a complex of large-format retail, service and restaurant space, split into four different districts.
These four districts include:
- The Front Porch: The gateway to the project, including community dining and a fire lounge.
- The Merc: A trading post along the development’s promenade, which includes cafes, an outdoor theater and retail.
- The Town Square: The heart of the development with a grand plaza feel.
- The Village: The development’s restaurant row.
“This will be one of the largest community center developments in the United States,” said Don Provost, principal of Alberta Development Partners. “We look forward to bringing some of the best retailers in the country to Castle Rock.”
Alberta and its partner on the project, Forum Real Estate Group, purchased the property for $44 million.
Construction on the 1 million-square-foot development is scheduled to complete in the next one to four years, with retailers opening between 2015 and 2018.
In January, Castle Rock’s town council approved an incentive package to Alberta that could give the developer up to $24.4 million through sales tax rebates, development fee waivers and infrastructure improvement rebates.
The deal also came with provisions to prohibit existing retailers at the neighboring Outlets at Castle Rock from moving to the new open-air shopping center until after 2024.
Molly Armbrister covers real estate, retail and construction for the Denver Business Journal and writes for the “Real Deals” blog. Phone: 303-803-9232.