The Neenan Company Secures Sales for 94% of Commercial Space at The Plaza at Riverbend
Despite the economic impact of the COVID-19 pandemic, Fort Collins-based developer and design-build firm The Neenan Company has successfully closed on sales for 94 percent of the commercial space in its mixed-use retail development project in Timnath, Colo. Named The Plaza at Riverbend, the project represents Timnath’s first neighborhood commercial development, delivering retail, office and restaurant condos owned and operated by small businesses within the community. Additionally, Neenan has secured sales for 34 percent of the project’s commercial condo space since March 2020.
“The strength of the residential market in Northern Colorado has only grown throughout COVID-19, based on the migration trends we’re seeing,” said Randy Myers, director of real estate at The Neenan Company, the developer and design-builder for the project. “The area’s housing boom provides a powerful demand for local businesses, and we’re proud to support these community establishments with the ability to own their commercial space, a unique solution in today’s real estate market.”
The mixed-use retail center features two freestanding single-story buildings that total 39,000 square feet. The commercial condos have secured occupants across restaurants, health care, and commercial services. Key occupants include:
- Backyard Bird Chicken and Donuts: the restaurant has opened its brick-and-mortar location after successfully operating as a food truck concept.
- The Group, one of the leading real estate companies of Northern Colorado and a full-service real estate brokerage since 1976, is planning the opening of its Timnath office in January 2022.
- Signal Tree Family Dental: the family dentistry office opened in June, offers availability for Friday and Saturday appointments, and is in-network with most major dental insurances.
- Banner Health, one of the largest nonprofit health care systems in the country, has opened its Timnath location specializing in family medicine.
- UCHealth: the nonprofit health system has opened a medical clinic that offers primary care and women’s care services.
- The Little Gym: the franchise location provides a space for children to explore and acquire social, physical, and cognitive skills.
- Family Advantage Chiropractic: the chiropractic office provides a variety of services for children and adults, focused on achieving pain-free, healthy lifestyles.
- Zzap Pediatrics & Spa 4650: the pediatric health care provider opened in 2019 and is offering well and sick pediatric care, in addition to unlimited virtual urgent care and direct primary care memberships for full-service pediatric care without copays. The provider also plans to add a full aesthetics and medical spa, with Zzap Wellness becoming Spa 4650 as it joins the project.
- Domino’s Pizza: the world’s largest pizza company, based on global retail sales, has opened a franchise location.
Based on the success of the project, The Neenan Company is planning opportunities to continue its development of commercial condos in Northern Colorado, concentrating on the demand for medical-focused retail condos.
“Developing for-sale commercial condos is a distinct offering for this market, and our integrated model provides the unique ability to bring this product type to the market,” said Myers. “In today’s market, owning commercial spaces provides companies with greater affordability in many cases. We’re proud to support small businesses as the core of our community by delivering developments that benefit buyers, first and foremost. The demand we’ve seen from our first commercial condo development gives us great optimism about the opportunity ahead.”