American Furniture Warehouse is making a huge sale, but this time the Colorado chain is dealing in land instead of sofas.
The Douglas County-based retailer is under contract with a Littleton development group to sell 78 acres adjacent to the store it is building in Firestone. The deal with Quadrant Properties is expected to close soon, said American Furniture corporate general manager Andrew Zuppa.
He declined to disclose the value of the deal. The property faces a frontage road along Interstate 25 near Colorado 119.
A Quadrant official did not return messages Thursday. The company’s previous projects include the Grandview Marketplace in Colorado Springs and the Summit Marketplace in Lafayette. Quadrant also developed the High Plains Marketplace in Firestone. The project, on Colorado 119 east of the American Furniture property, consists of a King Soopers-anchored shopping center.
Zuppa has seen early plans for the site and said the planned development calls for one to two big-box stores, about 20 smaller retail spaces and two to three restaurants.
“It’s a great situation for us because we’re able to pull in so many sales-tax dollars from outside Firestone,” Firestone Mayor Michael Simone said.
While he is not aware of specific retailers targeted for the site, Simone said he has heard of several that are interested.
“Some of the names I’ve heard are Home Depot, SuperTarget, Super Wal-Mart and Sam’s Club. … I hear they’re all looking at that piece of property,” he said.
Northern Colorado – particularly Weld County – has emerged as a popular place for retailers and developers seeking to capitalize on the region’s rapid population growth.
Denver-based Furniture Row Cos. recently opened a store in Dacono, and Chicago-based Landmark Properties Corp. has announced plans for a 1 million- square-foot shopping center in Frederick. American Furniture Warehouse’s new 521,000- square-foot store in Firestone is expected to open in November.
The city is refunding three- quarters of its 2 percent local sales tax to fund infrastructure developments on the American Furniture Warehouse property. The rebate is set to last until the improvements are paid for or until the deal reaches a cap of 15 years or $11 million.
The tax incentives apply to the entire property, and Simone said he does not expect future retailers to seek additional concessions for development.
Staff writer Kristi Arellano can be reached at 303-820-1902 or karellano@denverpost.com.
