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Castle Rock Approves $24 Million Deal to Build "Promenade"
January 14, 2014
A surge in occupancy has put Denver at its lowest commercial vacancy rate since 2008, grabbing the attention of nationwide retailers and chains. That's big news for the town of Castle Rock, which has apparently clinched the deal in what will become a new premier shopping area to compliment its already successful outlet shops.
According to the Denver Business Journal, Castle Rock's Town Council approved a $24 million dollar deal to build what will become a 200-acre, 900,000 square-foot mixed-use project to be named Promenade at Castle Rock. At an estimated cost of $180 million dollars, the outdoor shopping area (including 350 multi-family units) will inhabit the northern quadrant of the city between I-25 and 85.
Particular to this project, retailers currently occupying space at the outlets will be prohibited from relocating until 2024. However, this complexity is not restricted to the outlet stores alone. Developers will work with the city to manage the impact of current businesses potentially relocating to the new addition.
Residents and shoppers alike can expect to see the first 60,000 sq ft of construction completed between 2014 and 2015.
For more information on the latest developments, please visit http://crgov.com/index.aspx?nid=1487.