Real Estate & Construction August 31, 2022 12:57:47 pm

Flatiron Crossing demolition imminent, redevelopment starting in 2023

Construction of the first phase of the Flatiron Crossing redevelopment, which includes a 2.5-acre park, about 300 apartments and as many as 250,000 square feet of office space, is expected to begin in early 2023 and should take about 12 to 18 months. Source: Broomfield planning documents.

By Lucas High

BROOMFIELD — A redevelopment project that aims to transform part of Broomfield’s aging Flatiron Crossing shopping center into a mixed-use entertainment, housing and employment district is set to kick off in a matter of weeks.

In September, demolition at the southwestern part of the mall complex will commence, followed by the beginning of the first phase of redevelopment — which calls for hundreds of apartments and several hundred thousand square feet of office space — in early 2023.

The area being redeveloped by Flatiron Crossing owner Macerich Co is known as The Village and includes large, under-utilized parking lots south of U.S. Highway 36 and west of Interlocken Loop.

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The enclosed Flatiron Crossing mall itself would remain intact. So would some businesses in The Village, including the AMC Theater, 2nd & Charles used book store, Red Robin and P.F. Chang’s.

The shuttered Nordstrom Inc. (NYSE: JWN) department store location could be redeveloped into office space, but that would occur after the first phase of redevelopment, Macerich vice president of real estate development Jacob Knudsen said Tuesday evening during an update provided to the Broomfield City Council.

Demolition work is expected to wrap up by this winter “so that holiday customer traffic isn’t competing with construction traffic,” Knudsen said.

Construction of the first phase, which includes a 2.5-acre park, about 300 apartments and as many as 250,000 square feet of office space, is expected to begin in early 2023 and should take about 12 to 18 months.

The entire project is penciled in for completion in 2027.

Once complete, Flatiron Crossing will be a 24-hours-a-day active hub for locals to “live, work, play, shop,” Knudsen said.

For the entirety of the redevelopment effort, Macerich’s “total capital investment is expected to exceed $400 million,” Broomfield planning documents show. “The redevelopment includes continued investment in the enclosed shopping center, two residential buildings (about 600 total units, which includes 120 [affordable housing] units [set aside for residents who earn less than] 80% [of the area median income] ), two new commercial buildings for office/tech work space, the rehab and repurpose of the former Nordstrom space into office/tech space, structured parking, retail/dining space(s) including a town square with a beer garden and multi-purpose public spaces.”

Flatiron Park funnels about $14 million of tax revenue into city coffers, a total that’s expected to increase to $18.4 million at full buildout in 2027, according to a city memo.

The city is contributing $49.9 million to the project, in addition to tax and fee incentives.