The development, at Interstate 25 and the Northwest Parkway toll road, marks the first Del Webb active retirement center in Colorado. Del Webb had a commercial real estate office in Denver, which it closed in 1987.
It also marks the third Anthem community in the US. Both the other two, in Las Vegas and Phoenix, are larger in total acres.
"But this one has the most non-residential, or commercial space," Bruce Stokes, division president of Pulte Homes tells GlobeSt.com. "With 900 acres, we're almost exactly the size of the Denver Tech Center. We're zoned for 12 million sf."The estimated completed value of the commercial space is estimated atmore than $2 billion. "We really have enough land for the whole gamut of non-residential," Stokes tells GlobeSt.com. " We believe the I-25 and Highway 7 intersection will provide a great location for retail big box developments and shopping centers anchored by grocers. Long-term, we also see a great opportunity for a business park and corporate park, very similar to Interlocken," an office park filled with class-A office buildings in Broomfield.
But while he expects the residential portion to be built out in five years, it will take much longer for the commercial portion, Stokes adds. "My crystal ball is a little foggier on the commercial," he says. "Some of the retail will get started fairly quickly, but I don't know if there will be much need for more offices for five, 10, 15 or 25 years. But I do think this eventually will be a significant growth corridor for commercial development."
Stokes notes the Denver Tech Center in southeast Denver started more than 30 years ago, and is still not completed. The commercial ground also will include at least one, and possibly two hotels, over the coming years, he predicts.
Pulte and Del Webb will build homes--the Del Webb portion will beage restricted for people at least 55 years old—and Stokes says it is unlikely they will build commercial properties.
"We're not commercial developers; our expertise is building homes," Stokes tells GlobeSt.com. "I think we're more likely to sell ground to commercial developers over the coming years than develop commercial buildings ourselves."
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