Las Vegas – Opus Northwest will break ground by early next year omillion retail center at RidgeGate in Lone Treen a $65.
Lincoln Commons, west of Interstate 25 at the southeast corner of Lincoln Avenue and Ridgegate Parkway, will include about 300,000 square feet of retail and restaurant space, a boutique hotel and more than 150,000 square feet of office space. The Lone Tree public library and City Performing Arts Center also will be in the development.
Opus has letters of intent from two national retailers that will serve as mini-anchors for the site, each taking up to 25,000 square feet of space, said John Meyer, vice president of retail development for the Minneapolis-based firm. His announcement came Tuesday at the International Council of Shopping Centers annual convention in Las Vegas.
With an average annual household income of $120,000, RidgeGate residents provide the right target market for boutique retailers who are leaving Cherry Creek, said Keith Simon, vice president of community development for the master-planned community. He hopes the Opus project will attract them.
RidgeGate isn’t the only master-planned community vying for boutique retailers leaving Cherry Creek. Alberta Development is trying to lure Cherry Creek shops to its Streets at SouthGlenn project in Centennial. The $290 million project will include nearly 1 million square feet of outdoor retail, 125,000 square feet of office space and 200 apartments.
“Ninety percent of the project has signed leases or letters of intent,” Alberta principal David Goldberg said. “Now we’re wanting to capture Cherry Creek- area tenants and Boulder tenants. We’d love to get Peppercorn from Boulder.”
Tenants committed to the Streets at SouthGlenn include Whole Foods, Barnes & Noble, Best Buy, Dick’s Sporting Goods, Macy’s Home Store and a 14-screen theater. Alberta will close on its loan and issue bonds within the next two weeks.
Opus also unveiled plans for a 600,000-square-foot lifestyle center anchored by Dillard’s and Dick’s Sporting Goods in Grand Junction.
“It’s going to offer that community a retail experience beyond what is there today,” said Marshall Burton, vice president and general manager of Opus’ Denver office.
Opus is partnering with Denver-based Goldberg Properties Inc. on the development, called Colorado River Marketplace.
“You have somewhat of a captive audience,” said Mark Goldberg, principal of the firm. “Usually, these midsize markets have very few projects of this type.”
Goldberg also is working on a Wal-Mart-anchored retail development at Interstate 25 and Harmony Road in Timnath. He’s targeting discount retailers, junior boxes and restaurants for the 20-acre site, which he will develop with up to 200,000 square feet of space.
Staff writer Margaret Jackson can be reached at 303-954-1473 or mjackson@denverpost.com.
