Costco on board as retail developer plans buy of Littleton office campus
JudahN_Admin
Posted On March 4, 2024
Littleton residents could quickly have a second Costco.
The membership-based wholesaler is proposing a 159,000-square-foot retailer on a portion of the Lumen Applied sciences workplace campus at 700 and 900 W. Mineral Ave.
Grant Nelson, proprietor of Englewood-based growth agency Republic Funding Group (RIG), stated he’s beneath contract to buy the 63-acre lot from Louisiana-based telecommunications agency Lumen, which modified its identify from CenturyLink in 2020.
He hopes to shut within the fall.
“It’s an awesome web site and a extremely nice group,” Nelson stated. “Any infill web site of that dimension is a really fascinating piece of property within the Denver metro space.”
Nelson plans to demolish Lumen’s workplace complicated and use about 45.5 acres for retail growth. Costco would take 18.5 acres on the northwestern portion of the location. One other 28 acres subsequent to which are nonetheless up for grabs and being marketed by the brokerage SullivanHayes.
“We’ve got loads of totally different retailers we’re speaking to and presenting the location to,” Nelson stated. “However we don’t have anybody locked and loaded but.”
Nelson stated he’s set to promote the remaining 17.5 acres on the south of the location to Texas-based multifamily developer Embrey Companions, which plans to construct a 380-unit residence constructing. He declined to reveal monetary phrases of the offers.
In response to plans submitted to Littleton this month, the Costco warehouse would come with a pharmacy, tire store, meals courtroom and 857-space parking zone, in addition to a 32-pump fuel station. Plans state Costco will rent as much as 300 staff for the brand new location.
The plans are beneath assessment by metropolis workers. A Costco spokesperson declined to remark.
Nelson stated as soon as Costco and Embrey’s plans are accredited by the southern suburb, he’ll get to work demolishing the vacant 680,000-square-foot Lumen workplace constructing. He stated demo and making ready the location for building would take about six to 9 months.
The Littleton property isn’t the one big workplace complicated that Lumen is trying to unload. Final yr, the agency listed on the market its 45-acre workplace complicated in Broomfield, which incorporates 769,000 sq. ft throughout 4 buildings.
Nelson began RIG in 2010 and stated he’s developed a handful of Costcos, together with one in Timnath, simply outdoors Fort Collins. He estimated he’s accomplished 4 million sq. ft of retail growth alongside the Entrance Vary over the past 30 years.
“It’s enjoyable to create locations the place individuals go store and spend time,” the Colorado native stated.
Costco has 16 places in Colorado, lots of that are within the Denver metro space, per the retailer’s web site. The Lumen web site could be the second in Littleton.
This story was reported by our companion BusinessDen.
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