Project to infuse new development on I-70

Gayeski Capital Equities LLC is developing Bennett Crossing, located at the northeast corner of I-70 and state Highway 79 in Bennett, where it has rezoned and entitled the site, and commenced construction of public infrastructure. 

A 292-acre project is set to bring new development to a rapidly growing trade area along the Interstate 70 corridor east of Denver.

Gayeski Capital Equities LLC is developing Bennett Crossing, located at the northeast corner of I-70 and state Highway 79 in Bennett, where it has rezoned and entitled the site, and commenced construction of public infrastructure.

With nearly a half-mile of frontage along I-70 and 1 mile on state Highway 79, Bennett Crossing, with planned development zoning, is designed for mixed-use development, including residential, hospitality, retail, restaurant, medical, office, industrial and senior housing, for example.

“We are thrilled to work with professional and seasoned land developers, such as the team with Bennett Crossing, as we infuse new development in Bennett,” said Rachel Summers, deputy town administrator. “It is important to our board and community to have developers that pride themselves on attracting users that believe in quality building and uphold our desired mission to proactively manage community needs to develop the town of Bennett into one of the premier rural town centers of Colorado, providing optimum levels of service to our citizens.”

The development will include highway and business commercial uses along I-70 and Highway 79, as well as light industrial, with trails and open space providing a “natural” transition to mixed-use and residential development to the north and proceeding toward the K-12 campus at Bennett School District.

Of the 292 acres, 56 acres were sold to LGI Homes Inc., which is developing 275 single-family, detached homes.

Another 2.4 acres is slated for development by Colorado Hospitality Services Inc. into a four-story, 78-room Comfort Inn & Suites. Comfort Inn & Suites currently is processing approvals with the town of Bennett to expand its current portfolio of 46 hotels in Colorado. The hotel will feature the newest prototype with a “fresh look” and build a brand in the town that exemplifies value, convenience and exceptional customer service, according to Bruce Rahmani, president of CHS.

The flexible PD zoning also attracted Intermountain Rural Electric Association. IREA purchased 14 acres, where it will relocate and consolidate its district office and service facility that serves the eastern portion of IREA’s territory.

“The Bennett community is growing and we are pleased we are able to relocate and modernize our office and service facility in that area so we can continue to have a strong presence as a partner in the communities we serve,” said IREA CEO Patrick Mooney. “We look forward to opening the new Bennett office and service facility by the end of 2020.”

The balance of the property, owned by Gayeski Capital Equities, includes 18 acres of business commercial, 56 acres of highway commercial, 66 acres of residential and 11 acres of mixed-use zone districts.

Bennett Crossing’s business commercial and highway commercial zoning is designed to attract a variety of commercial services and uses, including full-service sit-down restaurants; quick-serve casual restaurants; a day care center; automotive uses, such as tire, oil change and auto repair; discount retail; banking; office; medical; dental; and industrial, for example.

These uses, the developer emphasized, will serve not only the residents of Bennett but also the east I-70 corridor. King Soopers, which opened across the highway in 2007, has drawn customers more than 60 miles beyond. Bennett provides the last exit for services on the east I-70 corridor prior to Limon, 60 miles to the east.

Initially, the focus at Bennett Crossing will be land sales and build-to-suit opportunities followed by inline retail opportunities.

Public infrastructure is expected to be complete for Phase I (around 20 acres) of the project in September with construction on the Comfort Inn slated to start in October.

Jim Hoffman and Joe Beck of SRS Real Estate Partners are handling land sales and leasing of the development, including finished commercial pad sites, in conjunction with Michelle Gayeski. Gayeski Capital Equities LLC is owned in partnership between father-daughter team Larry Gayeski and Michelle Gayeski, longtime developers in the north metro area.

Featured in CREJ’s July 3-16, 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…