Koll buys Broomfield sites for mixed-used center, new hotels

BROOMFIELD — Newport Beach, Calif.-based Koll Development Co. closed July 9 on two parcels of land — 25 acres and 45 acres — to assemble 70 acres for its planned 410,000-square-feet mixed-use commercial center just east of the FlatIron Crossing shopping mall.

The 70-acre parcel is set to include entertainment, retail, restaurants and office space.

“In addition to the 410,000-square-foot mixed-use center, we will be developing three hotels,´ said Carter Ewing, head of Koll’s Denver office.

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The entire project is expected to run about 1 million square feet.

Near the Koll site, Coalton Acres also plans a 110-acre development that includes a 151-room limited-service Marriott hotel. The Broomfield City Council approved the hotel July 13.

Koll Partner Greg Mickelson and Ewing said Koll hasn’t released hotel names but that they would likely be limited service. They expect a broad-based announcement detailing retailers, restaurants and other tenants in 30 days. CB Richard Ellis, a commercial brokerage, is leasing the project.

Koll purchased the 45-acre parcel from New York-based Wellsford Real Properties Inc. and the 25-acre parcel from St. Louis-based Midland Group.

Wellsford, a real estate merchant banking firm, has purchased municipal bonds to pay for much of the infrastructure work — including a new interchange and off-site infrastructure, Ewing and Mickelson said.

The Broomfield City Council is expected to approve the 410,000-square-foot portion of the larger development. The plan was “generally well received” by both city council and the city’s land use review commission when Koll presented its concept plan in late March, said Planning Director Kevin Standbridge.

“I’d say we’re still working with them on some of the specifics, but generally we’re pleased with what we’ve seen to date,” Standbridge said.

Broomfield Village

Koll Construction L.P., in a joint venture with Denver-based Etkin Construction, will build the 410,000-square-foot portion of what will be called Broomfield Village.

Koll/Etkin also will be responsible for site improvements, shell construction, landscaping and infrastructure improvements, and the partnership will build the parking structure for the retail and entertainment portion of the project. The contract is worth $35 million.

Koll Construction, founded in 1962, has completed more than 63 million square feet of construction — valued at more than $3 billion — in the last 10 years.

The International Council of Shopping Centers (ICSC) honored Koll Development’s Santa Margarita Town Center retail complex in Rancho Santa Margarita, Calif., as a 1999 International Design and Development Award winner because of economic success and design quality.

A 300,000-square-foot, master-planned lifestyle center anchored by Target, Ross Dress for Less, Super Crown Books and an Edwards theater complex, the center earned the ICSC award in the “Innovative Design and Construction of a New Project” category.

The project is one of only six worldwide to receive the honor.