Project brings ‘main street’ to Silverthorne

The 4th Street Crossing will comprise 13 buildings, including a 29,000-square foot market hall featuring several food and beverage offerings, including the preservation of the Old Dillon Inn building currently on site.

This fall, a redevelopment project is set to take shape that will establish a town core for Silverthorne.

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Milender White recently closed on 3.8 acres of land, between Third and Fourth streets in downtown Silverthorne, north of Interstate 70 off of Highway 9/Blue River Parkway, where it’s planning the 4th Street Crossing mixed-use development.

“We are thrilled to reach this milestone,” said Tim Fredregill, development executive for Milender White, which is the master developer for 4th Street Crossing. Equity partners for the project include Real Capital Solutions and Nightcap Hospitality. “We’re grateful the town selected us as its development partner on this project just over two years ago, and we look forward to delivering on the vision of a downtown in Silverthorne.”

The 4th Street Crossing will comprise 13 buildings, including a 29,000-square foot market hall featuring several food and beverage offerings, including the preservation of the Old Dillon Inn building currently on site.

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Additionally, 4th Street Crossing includes a 115-key hotel, two mixed-use buildings along Fourth Street with 6,600 sf of retail and 57 for-sale condominiums and townhomes.

The new town core also will include a new transit center and parking garage with 203 stalls. The Mint Steakhouse at 347 Blue River Parkway will remain where it stands, between the hotel and market hall.

Tenants have been identified for approximately 75% of the space, but several opportunities remain for the right partners, noted Fredregill. Retailers currently signed on to join 4th Street Crossing include a barbecue restaurant, burger shop, by-the-slice pizza place as well crepes, poke and breakfast offerings in addition to service uses for locals.

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Milender White, which is handling retail leasing for both the market hall and Fourth Street retail spaces, is looking for additional soft goods retailers and local businesses and employers. Remaining spaces range from 300 to 2,000 sf. While Milender White is the master developer of 4th Street Crossing and the market hall, it is co-developing the townhomes and condos with Real Capital Solutions. Nightcap Hospitality is the hotel developer. The hotel operator will be announced in the next few weeks.

Planning and architectural partners on the development include DTJ Design, O’Bryan Partnership Inc. and NEOstudio. Tectra Tech is providing civil engineering services.

MidFirst Bank provided the debt financing for the market hall.

Construction of the hotel is expected to begin this fall with a delivery in late 2020 while the residential portion of 4th Street Crossing is slated to start in September with homes available as early as next summer. Construction of the transit center and parking garage will start this fall and will be the first of the buildings to open early next year. The balance of the project also will begin construction this fall.

Fredregill added, “4th Street Crossing will bring amazing energy to the town of Silverthorne. We had some great partners through this process who took our vision, along with community feedback, and created a special place. Fourth Street caters to anyone wanting to experience a ‘main street’ atmosphere in the mountains.”

Milender White, which also is serving as the general contractor for several scopes within the project, has started site work. An official groundbreaking will take place once demo on the site is complete.

Construction of 4th Street Crossing comes after the town of Silverthorne voted in March to unanimously to approve Milender White’s final site plan. In 2017, the town appointed the firm as the master developer of the project, designated then as Silverthorne’s new main street.

Featured in CREJ’s August 21-September 3, 2019, issue

Jennifer Hayes has been an editor with the CREJ since 2000. Jennifer covers multifamily and retail news in the Denver metro area plus all property types in Colorado Springs and Southern Colorado. She also covers the finance market as well as solicits bylines articles and is editor of the Health Care Properties Quarterly. Before joining…