Colorado Real Estate Journal - June 1, 2016
Wheat Ridge’s diverse population, business friendly policies and close proximity to Denver are the reasons that Wheat Ridge has become a popular hub for residential and commercial development. The city has landed an exciting array of projects in the past few years and with RTD’s Gold Line opening this fall, we expect more development on the horizon. On the commercial side, we’ve seen a range of new businesses open to meet the needs of the city’s growing population. The redevelopment of the Kipling Ridge Shopping Center now includes a Sprouts Farmer’s Market, a newly constructed Starbucks and a MorningStar Assisted Living facility. In addition, a number of new retail offerings have cropped up to satisfy demand for locally based goods and services, including the city’s first Natural Foods Vitamin Cottage, the Four Seasons Farmers Market and Artisans Market and Creative Learning Preschool. Wheat Ridge’s health care options also have expanded thanks to the opening of hOMe Collective, a comprehensive new wellness center, and Baby+Company, one of metro areas few free-standing birthing centers. The City’s population grew 4.1% from 2010 to 2015 and a number of new housing developments are helping to accommodate these new residents. One of the most successful projects is Perrin’s Row, a 26-unit townhome project along the popular 38th Avenue, built by Thrive Home Builders. The development won the Department of Energy’s Housing Innovation Award; it was so successful that CEO Gene Meyers is considering plans to a build up to 32 new units at the corner of 38th and Wadsworth Boulevard, in the commercial project known as Wheat Ridge Corners. Broadening Wheat Ridge’s housing stock, just a stone’s throw away, near the corner of 38th Avenue and Fenton Street, Urban Green Development is completing a 26-unit townhome and patio home LEED-qualified community, InCarnation, at the site of a former carnation farm. Standard Pacific Homes recently completed Fireside at Applewood, a 48-home site development on the west side of town. This coupled with the development of 12 custom homes at Quail Hollow and 21 units of smaller New Urbanism single-family units at 32nd and Wadsworth are making Wheat Ridge a community of choice. The city’s Urban Renewal Authority approved a TIF deal with Wazee Partners to construct up to 150 market-rate apartments along with approximately 20,000 square feet of retail along 38th Avenue, on the Ridge at 38. This project, West End 38, is anticipated to break ground in late 2016. This project, coupled with Wazee’s opening of 50 new units of senior apartments just a few blocks to the north, is changing the face of Wheat Ridge. The boom in development reflects Wheat Ridge’s increasing commitment to provide businesses with the resources they need to thrive. Over the last decade, we’ve unveiled a range of incentives to attract new business and grow our existing employer base. Tax-increment financing, funded through the Wheat Ridge Urban Renewal Authority, has played a key role in many of these new developments. The city also offers sales tax and use tax rebates and a business development zone program aimed at improving blighted and underutilized areas. Wheat Ridge Local Works (previously WR2020), a nonprofit economic development corporation) also administers various loan and grant programs. Its efforts have helped create a vibrant downtown core filled with a variety of new restaurants and specialty shops. The events the organization hosts – from local cruiser rides to festivals and fitness challenges – have helped create a stronger sense of community, one that is luring young couples and families to the city. The launch of the Gold Line Commuter Rail Service will serve as a draw for workers looking for an easier commute to Denver. Opening in November, the line will run from Wheat Ridge to Denver’s Union Station. Located within an Urban Renewal Authority Project Area, the 51 acres in the sub-area plan are prime for development. “Wheat Ridge is actively seeking new development” explained Mayor Joyce Jay. “We see the transit-oriented site as a great place to build new employment centers and attractive housing options.” The commuter rail line will only enhance Wheat Ridge’s reputation as a convenient location to conduct business. The city provides easy access to major thoroughfares, the mountains, and miles of open space, trails and parks. We’ve established an open and transparent process to help developers avoid expensive surprises or unnecessary delays. In Wheat Ridge, developers have an assurance that we will tell them everything that has to be done to get their project completed. “We make an effort to understand the unique needs of each business and do our best to help them get through our process in the most user-friendly manner possible,” said Economic Development and Urban Renewal Executive Director Steve Art. While we’ve experienced our fair share of growth, Wheat Ridge still has plenty of attractive development sites. Bordered by Interstate 70 and Highway 58, Clear Creek Crossing is a 150-acre entitled site with an approved metro district in place. “Wheat Ridge is a city with small-town charm, abundant recreational opportunities and an exciting, evolving mix of businesses,” added Mayor Jay. ”I only see us becoming more appealing in the years to come.” With such a vibrant community as the backdrop, it’s no surprise that Wheat Ridge is home to some of the metro area’s most innovative companies. Five local companies have won “Colorado Companies to Watch” awards: Performance Mobility, Able Planet, Circle Fresh Farms, LifeLoc Technologies and Source Office Supply. These companies, along with, Lutheran Medical Center, the area’s premier hospital, position the city as a hub for high-quality employers. Lutheran received the Healthgrades 2016 America’s 100 best Hospitals Award, ™ placing the facility among the top 2 percent of more than 4,500 hospitals nationwide. These are just a few reasons to call Wheat Ridge your home for business. For more information, contact Wheat Ridge Economic Development Manager Steve Art at (303) 235-2806 or sart@ci.wheatridge.co.us.