Castle Rock Town Council Approves $300 Million Mixed-Use Development
Castle Rock, CO – Last night the Castle Rock Town Council approved plans for the Miller’s Landing mixed-use development to move forward, by a vote of 5-2. The four phase, $300 million, 65-acre development will be located on the northwest corner of the I-25 and Plum Creek Parkway interchange and adjacent to Philip S. Miller Park, on property that once served as an active landfill. The first phase of development requires a $12 million remediation of the site and in total includes over $65 million investment in public infrastructure.
P3 Advisors saw an opportunity to redevelop the site positioned between the 320-acre Philip S. Miller Park and Downtown Castle Rock, converting the municipally owned landfill into an economic engine and complementing nearby amenities such as bike trails, zip lines, the future Snowsports 365, local shops, restaurants and urban living opportunities. P3 Advisors, the Town of Castle Rock and the Castle Rock Economic Development Council worked together to form a partnership that will attract the private investment necessary to clean-up the property and develop the site as envisioned to include a long sought-after full service hotel for the Town.
A public finance agreement (PFA) with the Town of Castle Rock has been approved that will allow taxes generated on-site by Miller’s Landing to be used to remediate the landfill and make public improvements. The agreement does not include the allocation of any current Town funds for Miller’s Landing.
“We sincerely appreciate the hard work of Town Council, Town staff and Castle Rock Economic Development Council to make this partnership a success,” said Shawn Temple, Managing Director of P3 Advisors. “We look forward to many more exciting announcements for Castle Rock and Miller’s Landing in the very near future.”
“We think Miller’s Landing will bring tremendous economic impact to our community,” noted Frank Gray, President and CEO of the Castle Rock Economic Development Council. “One of our main objectives is to create primary job opportunities for Castle Rock residents and keep them off the roads and working locally. Anytime you can exchange a full service hotel and the opportunity for primary employment in exchange for a dump, you take it!”
He added: “Miller’s Landing creates a truly unique office and hotel experience. The connectivity to the Phillip S. Miller Park, Castle Rock’s historic downtown and easy access to I-25, there are very few places that can offer all of that.”
Development of Miller’s Landing will occur in four phases, over the course of 7 – 10 years. It will include an opportunity for a corporate campus, office, retail and entertainment sites, as well as a full-service hotel. The pad sites for users will range in size from 0.5 acres up to 12 acres.
A video which provides a summary overview of the site and development plans is available at:
Image courtesy of Miller’s Landing