Colorado Real Estate Journal - July 15, 2015
A long-vacant piece of property located at one of Wheat Ridge’s busiest intersections recently got a new lease on life. On June 16, Renewal Wheat Ridge, the city’s urban renewal authority, approved a $6.8 million tax increment financing agreement for Wheat Ridge Corners, a mixed-use project at the southwest corner of Wadsworth Boulevard and West 38th Avenue. City Council ratified the deal, which will provide funding for public infrastructure for the 80,000-squarefoot retail and 37-unit townhome project. The project's developer, Quadrant Development Partners, has been working with Renewal Wheat Ridge for over a year on the terms of the agreement and site design of the development. Quadrant could begin demolition at the 15-acre site, which houses the shell of a former automotive dealership, within the next three to six months. When complete, Wheat Ridge Corners is expected to generate $1.2 million in new sales and property taxes annually. The project also is expected to create more than 200 new jobs.