Castle Rock landing $60 million project

Castle Rock landing $60 million project.

Riverwalk at Castle Rock is a mixed-use development.

Confluence Cos. will develop the project

Castle Rock

The $60 million Riverwalk at Castle Rock.

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.

Castle Rock

An aerial view of the Riverwalk development by Confluence.

“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.

Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. DenverRealEstateWatch.com is sponsored by 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.

 

 

Share Button

John Rebchook

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.

More Posts - Website

Thank you to our sponsor

Our sponsor has made it possible to bring you this real estate resource for free. Please drop them a note and say thank you, and keep them in mind for your real estate needs.

Copy Protected by Tech Tips's CopyProtect Wordpress Blogs.