Lakewood’s Belmar shopping center — one of the metro area’s first indoor malls to be razed and replaced with outdoor retail — is continuing to grow, boding well for the many outdoor centers that have since been constructed. While a few tenants have reported slow starts, turnover has been low and sales-tax revenues have been rising.
“We want to become the center of gravity, both commercially, culturally and civically, for the city of Lakewood and west Denver,” said Mark Falcone, chief executive and founder of Continuum Partners, which developed Belmar at West Alameda Avenue and South Wadsworth Boulevard. “And in four short years, we can see it happening.”
The 22-block area, which once housed Villa Italia Mall, hosts 67 percent national retailers and 33 percent percent local or franchised retailers. By its 2011 completion, it will have 1 million square feet of offices, 175 retailers and 1,300 condos, row homes and lofts.
“I think it’s great we have it in our state because it’s really that strong,” said Mary Beth Jenkins, president of the Laramie Co., a retail, real-estate, brokerage and consulting firm. “It’s a great development, and it’s gutsy.”
The city’s sales-tax receipts from Belmar increased 6.8 percent in 2007 and were up 64.2 percent in 2006.
The center has seen two to three retailers of its 75 stores and restaurants turn over each year. Those that have left include Sharper Image, Scandia Home, Baja Fresh, Johnny Rockets and American Apparel.
Meanwhile, it’s adding 15 to 20 tenants each year. Staples and Wy stones Tea are set to open in May, and Falcone said a deal is nearly done with a big-name retailer he declined to identify.
Last year, retail sales at Belmar topped $100 million. But there are still challenges.
The west end of Alaska Street has been difficult to develop, and local retailers sometimes struggle, especially in this precarious economy.
Jennifer Roberts, who owns Composition, a modern lifestyle store, moved her store from Lower Downtown to Belmar nearly a year and a half ago. The beginning of the year is always a slow time, Roberts said, but January saw a 20 percent increase in sales from January 2007.
“It’s going very well here,” she said. “It’s a new development, and any time there is a new area, it takes time to build awareness.”
Sales-tax receipts from Belmar
2007 $1,027,000 | 2006 $961,000 | 2005 $585,000
Elizabeth Aguilera: 303-954-1372 or eaguilera@denverpost.com
