A joint venture between Denver developers Alberta Development Partners and Forum Real Estate Group has acquired a 200-acre property in Castle Rock where the companies are planning to develop a $177 million destination shopping center.
Located just off Interstate 25 at U.S. Highway 85, The Promenade at Castle Rock will have four distinct districts that combine large-format retail, services and restaurants with communal outdoor spaces.
“This will be one of the largest community center developments in the United States,” said Don Provost, principal of Alberta Development Partners. “We look forward to bringing some of the best retailers in the country to Castle Rock.”
The four districts include:
- The Front Porch: The gateway to the project features community dining a fire lounge andfarmer’s market feeling.
- The Merc: A modern trading post in The Promenade will include pop-up cafes, pop-up retail amphitheater, troughs of garden plantings and an outdoor theater.
- The Town Square: The heart of the shopping center will have a grand plaza feel, flowering trees, a hearth, trench water features and gardens.
- The Village: The Promenade’s restaurant row will be an intimate setting with covered lounge and dining, wishing well fountains and wagon wheel banquettes.
“It’s a priority for us to bring in new amenities for our residents and give more people reason to visit our terrific town,” said Mayor Paul Donahue. “We’re excited this project is moving forward for our community.”
Alberta and Forum purchased the property for $44 million from a local seller in one of the largest suburban land acquisitions in the country. Construction of the million-square-foot development will begin in the next 30 days. Tenants will move in between 2015 and 2018.