Posted by Damon L. Chavez on Friday, October 14th, 2016 at 2:49pm.
October 13, 2016 / Denver Real Estate Watch, by John Rebchook
Confluence Cos. will break ground in January on a $60 million, mixed-use development in Castle Rock.
Confluence’s Riverwalk at Castle Rock, will include 228 apartment units, 30,000 square feet of office space, and 10,000 square feet of ground level retail and restaurant space.
The first phase is scheduled for completion in the fall of 2018. The entire development will be completed by late 2018.
The Castle Rock Town Council recently approved Riverwalk in a 5-0 vote.
“I’m very passionate about what we’re doing in Castle Rock; I’m a Castle Rock resident,” said Tony De Simone, a principal of Golden-based Confluence.
“The main reason Confluence Cos. got involved in redeveloping downtown Castle Rock is the need to create a vibrancy that’s currently lacking,” De Simone continued.
“Castle Rock needed a catalytic project of critical mass to make a difference. Our goal is to enhance the vibrancy of downtown Castle Rock by giving people places to live, work, and dine,” he said.
“The town, the Economic Development Committee, and the Downtown Development Authority all played a critical role, and are looking forward to this project spurring other re-developments to create a more active and walkable downtown,” according to De Simone.
The project will receive a share back of 75 percent of the property tax increment increase through a tax increment financing arrangement. US Bank will provide the debt financing.
It is being designed by Craine Architecture.
The project will be complete in two phases. Riverwalk North will have 5-story buildings. Riverwalk South will have 6-story buildings.
Riverwalk will border Festival Park, which received a $5 million investment by the town. Festival Park helps redefine the heart of downtown Castle Rock.
Riverwalk includes two blocks of downtown , book-ending both sides of Sellars Gulch, along Wilcox Street.
Parking includes one level below each building and at the street level behind retail buildings. Some 328 parking spaces would be dedicated to residents, office users. Construction of the parking will start in the winter of 2017.
This mixed-use development is a bit of a departure for Confluence.
Confluence has completed 21 residential multi-family projects in the Denver area since 2010, which combined have more than 2,100 units. It has five other projects planned or currently under development.