Construction begins on Nine Mile Corner
A Denver-based developer acquired the first and second phases of land for its multi-acre, mixed-use project in Erie and began construction on the parcels.
In a public-private partnership between Evergreen Devco and the Town of Erie Urban Renewal Authority, the developer acquired 40 acres of land at the southeast corner of U.S. Highway 287 and Arapahoe Road. The first acquisition, totaling 28 acres, closed Oct.1, while the second, totaling 12 acres, closed at the end of October. The acquisitions are two of three that will make up the developer’s 48-acre Nine Mile Corner project, which is set to feature a Lowe’s Home Improvement anchored shopping center and 287 multifamily residential units.
According to Tyler Carlson, managing principal and executive vice president at Evergreen, the first phase of land will be used for retail space, specifically the Lowe’s store. The second phase will be used for multifamily space, and the final 8 acres, which will be acquired in the third phase early next year, will be used for another smaller anchored retail space.
Once the first acquisition was complete, Evergreen sold a portion of the land to Lowe’s. Carlson declined to release the sales price of any of the acquisitions or estimated project costs for the development. Christoper Burton of Legend Partners represented Lowe’s in the transaction, while Allen Lampert and Phil Hicks of David Hicks & Lampert Brokerage represented Evergreen in the transactions with the town of Erie and sale to Lowe’s. The pair also handles the leasing of the shopping center.
In addition to Lowe’s, the shopping center is in the process of securing multiple small-format pad users, including some restaurants, a gas station and a medical service provider.
Brinkmann Constructors began horizontal construction on the site last month. Carlson said construction on the storm water drainage systems and piping will begin in December. Vertical construction will begin in 2021, with Evergreen self-performing the development of the multifamily property.
After years of planning for this project, Carlson said Evergreen is excited to finally be moving dirt. Construction was supposed to start earlier this year but was delayed due to COVID-19. Laura Ortiz, managing principal and president of Evergreen, said the pandemic proved there’s an even greater need for this development than originally thought.
“Bringing major anchor retailers, like Lowe’s, to Erie will provide hundreds of jobs and new life to the area, which is especially needed during these difficult economic times due to COVID-19,” she said.
Carlson agreed, saying the project addresses an urgent need for rental housing in the area as well.
“We identified a lack of rental multifamily housing in Erie. There are predominantly single-family homes and a few townhouses available in this area, but there are not many apartments or rental options for residents. We felt it was important to address the lack of housing diversity and put it all together in a mixed-use project,” Carlson said.
“Closing and the commencement of construction at Nine Mile Corner is a significant milestone for Evergreen and its partnership with the town of Erie,” he added. “This project has been years in the making, with many twists and turns along the way, and we’re grateful to our many partners and stakeholders for helping us get to this point. We look forward to bringing new retailers, businesses, jobs, tax revenues and housing units to this growing area of Erie and east Boulder County.”
The retail component of Nine Mile Corner is scheduled to open in late 2021, with the leasing of the apartment community beginning around the same time.
Featured in the November 4-17, 2020, issue of CREJ