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1. Over two years ago the Town said here in the fact and fiction that more gathering areas and items from the Promenade vision book would be built starting that year and going forward, not one

gathering area has been built during this time and it being a walkable shopping center is very much lacking. Plus Alberta still hasn’t update their website in two years and will not answer one email regarding this project. Why does the Town keep ignoring how far from what was presented to get the project approved to what it has become? Are there avenues to take away the tax incentives that Alberta gets since they haven’t kept up their end on a high class walkable shopping experience among a laundry list of other broken promises?

The Promenade has built several public gathering spaces. The first is the fire pit and seating area near Mod Pizza and Smashburger, at the corner of Factory Shops Boulevard and Meadows Parkway. The second was constructed near TJ Maxx and Verizon – on the southwest area of the parking lot. The remaining development in that area has been slow to proceed, and this area has not been in use much. Alberta is looking to relocate it to the block to the west as they plan for its development, as they feel they can provide a more useful public gathering area overlooking the parcels to the west. Whole Foods has also put in outdoor seating and a fire pit. Additional seating areas are scattered throughout the development – one is east of Sam’s Club, and one is southeast of the King Soopers parking lot. Regarding their public financing agreement, Alberta has met the contractual requirements outlined in their agreements with the Town. The site plan that was presented to the Town has also been consistent throughout the project, and the market has determined what business tenants are in the center.

2. It appears that the Alberta developers site no longer contains any news regarding new tenants coming to the Promenade development, as the website is no longer active. Where can I find these updates?

Alberta is working to get its website working again. Meanwhile, they ask that those seeking updates contact them at 303-771-4004 or info@albdev.com.

3. What has happened with the retaining wall at the Promenade?

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.

4. What is being done by the Town to ensure that the (Promenade) developer is delivering what was promised?

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. 

5. Hi! Can you provide an update on the Promenade shopping area? It looks like we are building more than we can fill...

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.

6. How was the Town involved in funding the Promenade?

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.

View the agreement and learn more.