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There is a retaining wall at the Promenade development that sustained damage during a July 2018 rain storm. The wall was installed by the Promenade’s developer and inspected by a third-party engineer. The July storm overwhelmed the temporary sediment pond above the wall, resulting in water and mud overtopping the retaining wall. As a result, dirt and sediment accumulated on Castlegate Drive. Town staff cleaned up this public street with the cost charged back to the developer, and the developer remediated the site and rebuilt the retaining wall on their private property. A structural engineer has inspected the repairs and determined there is no danger to the public. The developer has installed additional drainage that should prevent the same thing from happening in the future.
Albert Development Partners announced at Town Council’s Aug. 21 meeting that Whole Foods has officially signed a 20-year lease for space in the Promenade. The natural-grocery store is planning to open in late 2019/early 2020.
Looking at the vision book for the Promenade, it appears that Alberta is leaving out A LOT of the amenities that were promised to create this "High Class" shopping experience and we are being left with a shopping center we can find anywhere else that is nothing special. What has been completed so far is just a fraction of what their documents show for area's that are completed already. What is being done by the town to ensure that the developer is delivering what was promised as many people I've talked to are disappointed with what has been done so far. I've tried contacting Alberta directly but they ignore all communications and their website has broken links that don't work.
Town staff in late March 2018 met with the Promenade Development Team to discuss existing conditions and review specific site design and landscape elements identified in the Council-approved Promenade Vision Book. The project is 60 percent complete and ahead of the initial 5-year schedule. The existing and proposed tenant mix, pedestrian gathering areas, and ongoing improvements to emphasize the “mountain to prairie” architecture and landscape material theme will be completed with each phase of the project. The development team noted that landscape improvements and pedestrian gathering areas will undergo further development in the spring and summer of 2018 and beyond. The tenant mix is consistent with the commercial needs of the community and initial presentation to Council, including additional sit-down restaurants and retail sales options. View a current site map, including updated businesses, at CRgov.com/Promenade.
Hi! Can you provide an update on the Promenade shopping area? It looks like we are building more than we can fill. Several store fronts, including the one by TJ Maxx and around other areas have been empty for a long time and yet land is still being cleared. There also has not been any action on the old King Soopers and now talk of the development of Millers Landing. This is very concerning to many residents.
The Promenade at Castle Rock is in its third year, and built-out is expected to take about five years. The developer, Alberta Development Partners, decides which businesses will go in various locations, based on the market. The area is about 40 percent completed. You can learn more about coming businesses on Alberta’s Promenade at Castle Rock webpage.
It’s just a cluster of fast food shops, discount stores, mini-malls and parking lots.The Promenade at Castle Rock is in year three, of a five-year build-out plan, and there’s about 40 percent left to go. The types of businesses going into the development are market-driven and determined by the developer, Alberta Development Partners. You can view the design book at CRgov.com/Promenade. There is also a link to Alberta’s site, where the company announces new businesses.
The Town and Alberta Development Partners (the developer of the Promenade) entered into a financial agreement in 2014. The Town agreed to share new tax revenue generated on the property. No existing Town revenues nor funds were committed to the project. Instead, it is a sharing of tax revenue the Town otherwise would not receive. This revenue helps fund necessary public services such as fire, police, road maintenance and more.
Key aspects of the agreement include: • The Town shares 27.5 percent of new sales tax revenues generated from that property for up to 25 years and will fund up to $4.45 million in development fee reimbursements and an additional $750,000 fee reimbursement tied to achieving 700,000 square feet in commercial development. • The metro district on the development property intends to issue and repay $28.8 million in net bond proceeds for qualifying public improvements. • Alberta intends to acquire the land, develop the property and otherwise fund the $180 million project. • The financial agreements also include restrictions on Alberta relocating certain existing business in Castle Rock to the new development.
View the agreement and learn more at CRgov.com/Promenade.