Miller’s Landing development project underway

CONTRIBUTED BY NAVPOINT REAL ESTATE

Miller’s Landing, one of Castle Rock’s largest commercial development projects, is actively being marketed by NavPoint Real Estate Group following the remediation of what was once Castle Rock’s landfill. The 65-acre-site, which is perched above Interstate 25 and Plum Creek Parkway and offers panoramic views of Castle Rock, Philip S. Miller Park and Pikes Peak, is well underway with the initial designs for build-out and infrastructure work also underway.

“The cleanup of the site was uneventful, and we’re excited to begin welcoming interested users to Castle Rock and Miller’s Landing to see how very special this location will be for their business,” said Shawn Temple of P3 Advisors, the master developer of the property. “This project would not be able to move forward without the foresight of the Mayor and Town to implement the Urban Renewal Authority as a financial tool. We have a tremendous team at NavPoint, headed by longtime Colorado real estate veteran Charlie Davis, who have a great understanding of the local market and how truly special and unique this location is for any company that desires a central location between Denver and Colorado Springs. The vision of Mayor Paul Donahue, the Town of Castle Rock and the Castle Rock Economic Development Council have helped make Miller’s Landing a reality.”

The team saw an opportunity to redevelop the site positioned between the 320-acre Philip S. Miller Park and Downtown Castle Rock, converting the municipally owned landfill into an economic engine and complementing nearby amenities such as bike trails, zip lines, the future Snowsports 365, local shops, restaurants and urban living opportunities. P3 Advisors, the Town of Castle Rock and the Castle Rock Economic Development Council worked together to form a partnership that has attracted the private investment necessary to make public improvements and complete the overall development of the site.

The Colorado Department of Public Health and Environment’s Voluntary Cleanup Program provided guidance and oversight for the cleanup, and the project also received a loan from the Colorado Brownfields Revolving Loan Fund. In addition, the Colorado Tax Credit for Remediation of Contaminated Land also helped offset the environmental cleanup costs.

Together, the group of visionary developers and real estate investors will bring to life approximately 1 million square feet encompassing a full-service resort and conference center, retail, food and beverage, office and entertainment uses. As part of the development, the team plans to build trails to connect downtown to the park, in addition to the existing 10+ mile network. Miller’s Landing will also include public parking, helping to alleviate congestion at the park, which attracts 1.5 million vehicles annually.

Development of Miller’s Landing will occur in four phases, over the course of 7 – 10 years. It will include an opportunity for a corporate campus, office, retail and entertainment sites, as well as a full-service hotel. The pad sites for users will range in size from 0.5 acres up to 12 acres. Negotiations with potential users are underway.

P3 Advisors is the master developer of the property, which will generate an estimated $350 million to $500 million in private investment. In addition to P3 Advisors, the development team includes

Crown Community Development, a part of the Chicago-based Henry Crown and Company. Additionally, Summit Smith Development, which has developed approximately $4 billion in real estate projects including multiple hotel projects, will develop the hotel property (joined by C.D. Smith Construction, which has worked with Summit Smith on projects in over 40 states, most of which have been self-financed).

Please direct pad sale inquiries to Charlie Davis at NavPoint Real Estate Group, 720-518-2866 or charlie.davis@navpointre.com.

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