Greenwood Village-based Alberta Development Partners LLC on Tuesday said it will build a 750,000-square-foot retail center at the southwest corner of South Parker and East Arapahoe roads expected to open in spring 2008.
The $150 million development, called Cornerstar, will be kitty-corner from the Arapahoe Crossing development, which includes the Colorado Cinemas Chinese 16, retail and restaurant tenants.
The 158-acre Cornerstar project will include a gourmet market, big-box retailers and a mix of smaller shops and restaurants.
Alberta Development principal Don Provost said the project will be a hybrid between big-box and town-center- style development.
The company also is considering including more than 325 units of multifamily housing on the site. The housing portion of the development would be sold to a national developer that would build the homes, Provost said.
“It’s the dominant intersection in the southeast metro area,” said Provost, noting that 150,000 vehicles pass through the intersection each day and that the surrounding neighborhoods have average household incomes of more than $100,000 a year.
Alberta Development purchased the property from a private investment group.
An annexation agreement for the property, drafted 15 years ago, calls for the city to provide some development incentives for the site, which has drainage problems and occupies a flood plain.
Aurora spokeswoman Kim Stuart said city officials have not seen the formal site plan. Portions of the site would require “small zoning changes,” she said.
Construction is expected to begin this fall.
Alberta Development has emerged as a major player in the local retail scene. Its other large projects include the Southlands in Aurora, Northlands in Broomfield and the Streets of Southglenn, the redevelopment of Centennial’s former Southglenn Mall.
Staff writer Kristi Arellano can be reached at 303-820-1902 or karellano@denverpost.com.
