The city of Thornton plans to invest $27 million to fund a portion of a new retail development that is expected to be anchored by sporting-goods giant Cabela’s.
The Thornton City Council last week entered into a development agreement with THF Realty Inc. for a 63-acre retail project at the southeast corner of Interstate 25 and 144th Avenue.
While officials would not confirm that Cabela’s is the project’s main tenant, The Denver Post has reported that the center will be the site of the first Cabela’s along the Front Range. The Sidney, Neb.- based chain opened a Grand Junction store in 2010.
Cabela’s also is expected to open a south-metro Denver store, possibly at the site of the Great Indoors store in Lone Tree. Sears Holding Corp. announced earlier this year that it is closing all nine of the Great Indoors stores nationwide.
Cabela’s was planning a Wheat Ridge store but pulled out of the deal last year.
Thornton paid $12 million for the retail site and is giving the land to THF and the anchor retailer. In addition, Thornton will invest $15 million in improvements such as water, sewer, streets, parking and site preparation.
Thornton spokesman Todd Barnes said “a very conservative revenue estimate” is that the retail development will generate $58 million in sales and use taxes for Thornton over 25 years.
The entire project will encompass 300,000 to 400,000 square feet, with the anchor tenant occupying 80,000 square feet. The project also will include additional retail, restaurant and hotel space.
Steve Raabe: 303-954-1948 or sraabe@denverpost.com
