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COLORADO REAL ESTATE JOURNAL
— November 4-November 17, 2015
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Greater Denver
by John Rebchook
Thornton didn’t have to woo
the largest shopping center retail
investment trust in the country.
Simon Property Trust came call-
ing.
“They chose us,” said Julie
Jacoby, retail and local business
administrator with the Thornton
Office of Economic Development.
Simon Property Trust plans to
start construction next year on a
$135 million, 350,000-square-foot
Denver Premium Outlets center
on 45 to 50 acres on the northeast
corner of 136th Avenue and Inter-
state 25. It will take about a year to
complete the development, south
of Cabela’s.
“It started almost two years
ago,” Jacoby said.
“They had been looking for a
site along the I-25 corridor and
they expressed an interest in
this property, which is privately
owned. They had been working
through their due diligence and
really liked this site.”
Simon bought almost 95 acres
in the area.
“If you look at it as one unit, it
will be the largest one-unit retail
center in Thornton,” Jacoby said.
The Thornton City Council
recently approved an incentive
package, which will help fund
things such as extending Grant
Street and utility lines to new
buildings.
Future sales tax and an
approved shared taxing agree-
ment from the development will
cover the cost.
“It’s a maximum of $25 million
over 25 years,” Jacoby said.
“I know people are excited
about this because I've had many
people come up and ask about
when it was coming," according
to a statement from Thornton
Mayor Heidi Williams.
"We're all very excited about this
and it's something we are really
looking forward to, and I appre-
ciate all the hard work of Simon
and city staff," Williams said.
The development is estimated
to have 80 to 100 retailers when it
is completed.
“We have not seen any leas-
ing documents from them, but if
you look at some of their recent
projects in places like Tucson and
St. Louis, you can probably get a
good estimate of the type of retail-
ers they will bring here,” Jacoby
said.
Some of the anchors in a Tucson
project, for example, include Cal-
vin Klein, Tommy Hilfiger, Under
Armour, Nike Factory Outlet and
Old Navy.
The center is expected to create
about 900 jobs when completed.
The Simon Property Group,
with a market cap of $60 billion,
is the largest shopping center
real estate investment trust in the
nation. Its market cap is bigger
than the market caps of Macerich,
General Growth Properties and
Vornado Realty Trust combined.
Other News
n
AMLI Residential
recently
paid $9.9 million for nine acres
in Littleton Village, a 77-acre
master-planned development at
Simon Property Trust plans Denver Premium Outlets center in Thornton.
A map shows the Simon center.
