(For more retail coverage, click GlobeSt.com/RETAIL.)
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.
"The project's location is ideal for retail development," Heafey says. "Situated on the south side of Arapahoe Road and the west side of Parker Road, the intersection is one of the busiest in the Denver-metro area. The site has great appeal to retailers seeking a high-profile storefront position as it will offer convenient access to the more than 95,000 cars that pass by each day."
Throughout the years, retail development in the Denver/Boulder area has naturally followed population and residential growth patterns, he notes. However, in recent years, higher-quality projects with a greater emphasis on lifestyle and entertainment retailing have become more prominent.
"The vision for Cornerstar is to create a retail center that will attract shoppers not only to the nationally recognized stores, but also to an inviting environment that gives them a sense of place," Heafey says. "Alberta Development Partners is a proven developer ofretail projects that provide just that."
Led by Donald G. Provost, Alberta Development's Cornerstar is competing with another of its own--the Southlands, a 1.5-million-sf center at Smoky Hill Road and E-470 in Southeast Aurora. Southlands--also a Pacific Coast Capital/Alberta partnership--is home to Wal-Mart and Sam's Club, as well as numerous other national tenants. Upon completion in October of 2006, Southlands will be Colorado's largest completely outdoor town center destination that provides shopping anchored around a Main Street community atmosphere.
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