Koll project to include retail, hotel, offices

EDITOR’S NOTE: Second in a series of Business Report stories on new development near the 96th Street Interchange on U.S. 36 or in Interlocken business park.

BROOMFIELD – Koll Development Co. plans 443,710 square feet of retail and restaurant alone as part of a mixed-use complex on its 70-acre spot at the 96th Street Interchange with U.S. 36.

Announced retail anchors include Nordstrom Rack, Linens ‘n Things and The Great Indoors.

The larger project, north of Interlocken business park and east of Westcor Partner’s 1.5 million-square-foot FlatIron Crossing regional shopping mall, at one time was to be called Broomfield Village but now is expected to undergo a name change.

A spokeswoman for Koll said the new name will better complement the Rocky Mountain region.

The overall development will offer dining, shopping and entertainment as well as office space and a hotel component in a pedestrian- and bicycle-friendly environment. The project is designed to allow visitors to arrive easily from adjoining developments as well as to circulate within the urban village.

“I think that anytime you build a regional mall you obviously have complementary satellite retail that will go around the project,´ said Don Dunshee, president and chief executive officer of The Broomfield Economic Development Corp. “Look at Park Meadows and what’s happened down there. Here you’re going to have the same thing.”

The users are typical of those that don’t locate in regional malls – they are users who like to locate next to regional malls, Dunshee said. “They complement each other,” he said.

The acreage, which Newport Beach, Calif.-based Koll closed on as two separate parcels in July, has an approved planned unit development (PUD). Koll is now in the site development plan process with the city. The PUD allows a mixed-use development of about 1 million square feet.

The development is expected to include as many as 450 hotel rooms – likely in three buildings. The hotel component is expected to be built in the eastern end of the southeastern corner of the project.

The retail portion is planned to be divided into a fashion district and a lifestyle district.

Phase one of the overall project will include the retail, restaurants and hotel rooms. Office space, about 240,000 square feet, will be developed in a later phase.

The project’s trade area includes a population of 710,000 people within a five-mile radius. The average household income in that area is $66,000. About 70,000 cars rumble past the site daily.

Koll closed July 9 on two parcels of land, 25 acres and 45 acres, to assemble the 70 acres for its commercial center. 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.

The plan for the area was well received by both the Broomfield City Council and the city’s land use review commission when Koll presented it in late March.

Koll Construction LP will build the project in a joint venture with Denver-based Etkin Construction. 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.

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 $75 million project, in Southern California, is one of only six worldwide to receive the honor.

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