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Alberta, Pacific Coast Capital Plan $150M Retail Center

AURORA, CO-A local developer and a California lender unveil plans for a $150 million retail center at a key intersection here. Known as Cornerstar, the 750,000-sf development will include a gourmet grocer, in-line shops and large-format retail pads.

By John Rebchook | Updated on April 11, 2006

AURORA, CO-Alberta Development Partners, one of the most aggressive retail developers in the metro area, on Tuesday unveiled plans for a 750,000-sf, $150 million retail center on 158 acres at Parker and Arapahoe roads, two major thoroughfares along the southeast metro corridor. Greenwood Village-based Alberta Development Partners formed a joint venture with Pacific Coast Capital Partners, a full-service real estate investment firm and lender, for the project, which is called Cornerstar.

“Alberta likes the project because it is a large infill suburban parcel located at ‘the’ power intersection in southeast metro area,” a spokeswoman for Alberta tells GlobeSt.com. Cornerstar will include a gourmet grocer, in-line shops and large-format retail pads. The site also contains a 20-acre residential component on the south side of the property. The partnership’s plan is to sell several retail pads, prelease and complete development of the retail center. Development is expected to begin in 2006 with completion slated for 2008, says Brian Heafey, managing director in Pacific Coast Capital Partners’ San Francisco office.

According to the Frederick Ross Co, the southeast suburban submarket sector had a positive year in 2005, as the vacancy percent rate dropped to 5.62% from 10.23% in 2004. During that time, the corridor showed more than 1.2 million sf of positive absorption. The continuing economic growth and increasing population in this region has greatly benefited the retail market, according to Ross statistics.

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