Colorado Real Estate Journal -
Lakewood is welcoming the construction of the long-awaited retail development adjacent to the Colorado Mills mall that formerly was the site of the Stevinson Chevrolet dealership. Alberta Development Partners LLC acquired the 11.75-acre site at West Colfax Avenue and Indiana Street in the third quarter of 2011 and now is beginning to build the new center, the Promenade at Denver West. “The Promenade at Denver West is our first ground up project in five years, and the strong interest and lease-up from great national tenants is a testament to the strength of this site. We’re excited to be partnering with the city of Lakewood on this development,” said Bryan McFarland, a principal with Alberta. The vacant site had long been considered an eyesore. “Basically, the development of this site has created a lot of buzz,” said Stacie Oulton, spokeswoman for the city of Lakewood. “This site had been vacant for a number of years and Kathy Hodgson, our city manager, did focus on this,” Oulton said. “It’s always nice to see new investments in our city. This development will help create a lot of momentum. We see this as a west entrance to Lakewood and Colorado Mills. We are now seeing a lot of interest to develop some parcels on the east side of the Colorado Mills area.” Under Lakewood’s comprehensive development plan, the site is designated as a regional urban center, she said. “What is important to us is that this project is bringing that urban center closer to completion, after having been vacant for many years.” She also said the 63,000-square foot, nine free-standing building development went through an architectural control committee to make sure it fits in with the rest of the retail developments “around Colorado Mills and Denver West.” SEM Architecture designed the Promenade at Denver West. The Promenade, which is 87 percent preleased, will fit in with Colorado Mills seamlessly, she said. “We think what will be one of the highlights, or distinguishing features about the Promenade, is that will be providing pedestrian flow throughout, all of the way to Colorado Mills,” Oulton said. “There also will be several water features to make it inviting and some of the restaurants will have outdoor seating.” In addition to Colorado Mills, the Promenade is near the new St. Anthony’s medical campus with approximately 2,000 employees; and the Denver Federal Center, with about 6,000 employees. “It is a great intersection,” Phil Hicks, a principal of David Hicks Lampert, said about the site, in early August. Hicks is listing the property and expects that by the time this article is printed, there is a good chance the Promenade at Denver West will be 100 percent leased. “My goal is to have it 100 percent leased by the end of August,” Hicks said. “It is 87 percent leased and I have six letters of intent out. Retailers who want to be on the west-side trade area do not have much to choose from. And the city of Lakewood has been unbelievably good to work with.” Tenants at the Promenade at Denver West include Verizon,Café Rio, Chick-fil-A, Pacific Dental, Bonefish Grill, Carrabba’s Italian Grill, Mattress King, Five Guys Famous Burgers, Jimmy John’s, Pro Cuts, Garbanzo, Panera Bread, Madmarket, Cherry O Top, Batteries Plus and Kriser’s. So far, all five inline retail buildings are out of the ground with a grand opening tentatively set for the fourth quarter of this year.