Working together to increase business opportunities
Office space is at a premium in Castle Rock, and some of Castle Rock’s fastest-growing companies have been actively seeking larger buildings as they create new positions. But a lack appropriate space in Castle Rock meant some of those businesses were considering moving out of Town.
The Move project
That’s why the Town and Castle Rock Economic Development have been working together for new and different space in Castle Rock. A proposed new project called The Move is the result of this work and means the businesses may not have to move.
The Move is a 50,000-square-foot, four-story office building on the southeast corner of Sixth and Jerry streets Downtown. It will house some of Castle Rock’s fastest growing primary employers. That means Castle Rock will likely keep 100 high-tech jobs and could gain up to 150 more.
Construction began in March 2014 and the building will likely be ready for business in 2015. The lead developer on the project is Tim White of Castle Rock-based White Construction Group.
About the incentive
The total cost of this new project is about $10 million. The Town will help make the project feasible with a $900,000 loan, which Town Council approved in early April 2015. (Read the council agenda memo).
Funding for the loan will come from the Downtown Sales Tax Increment funding that has accrued since 2012. These funds have been held in Town reserves and will be repaid.
The Town views this as a benefit because it means Castle Rock will be able to keep high-tech jobs in Town while gaining more. In addition, the new building will provide 74 structured parking spaces for public use during evenings and weekends.