Construction will be phased in over a few years allowing retailers to open 2015 through 2018. The unique large-format retail, service, and restaurant space will be split into the following four districts:
- The Front Porch is a large entrance with community dining and a fire lounge.
- The Merc is a trading post along the Promenade. It includes cafes, retail, and an outdoor theater.
- The Town Square is a grand Plaza in the heart of the development.
- The Village is a row of restaurants.
The Promenade at Castle Rock community will also feature 350 multi-family homes or apartments. These are located south of the Meadows subdivision.
The Castle Rock Town Council approved the mix-use project in January 2014. Developed by Alberta Development of Denver, the $177 million Promenade has begun to take shape. The Metro District is issuing and repaying $28.8 million in net bond proceeds for qualifying public improvements. The Town pitched in to the project by agreeing to:
- share 27.5 percent of the new sales tax revenues for 25 years
- fund up to $4.45 million in development fee reimbursements
- allow $750,000 in fee reimbursements as the commercial area is developed
Some residents of the Castle Rock community participated in a question-and-answer period during the summer. Builders, architects, and Town representatives were on hand. Traffic and congestion were two hot topics but most of the concerns have been addressed.
Competitors are naturally wondering how the area's retail sector can absorb so many new businesses spanning 900,000 square-feet of commercial space. Specifically, the Outlets of Castle Rock next-door still has vacancies. As part of the agreement, tenants at the Outlets may not move into the Promenade until 2025.
Alberta Development Partners LLC has a number of projects in Colorado, Arizona, Texas, California, and in Canada. The company is simultaneously working on a project in Fort Collins and another in Centennial.
Ask about Castle Rock Master-Planned Communities
Jodi Randa, Master Certified Negotiation Expert, and staff are here to serve you and your referrals. We assist with new construction, custom homes, acreage, and residential resale near the I-25 corridor. Ask us about Colorado properties south of Denver and Castle Rock master-planned communities. Call us at 303-997-5734.
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