DDR Places Land Under Contract

It would be the first development in the center, which is owned by Colco Inc., a company controlled by Gary Vose, a California developer.

The Mount Carbon Metropolitan District, which funds infrastructure improvements in the area, is currently emerging from bankruptcy. Steve Roesinger, a broker with the Frederick Ross Co. who is marketing the land, says the resolution of the bankruptcy is spurring strong interest in the property.

"The big stumbling block in the past was always the bankruptcy," Roesinger says.

He is listing the land in the master-planned commercial Centre at Red Rocks for $7 per sf. The land is zoned and platted for 10 million sf, including offices and retail, but Roesinger says realistically it never will be built to the maximum size.

DDR, which is a major developer/owner of open-air malls in the country, says in an intergovernmental agreement between Morrison and neighboring Lakewood, that it intends to construct a big box power center anchored by discount retailers.

It would be "not less than 450,000 sf and not more than 900,00 sf," according to the intergovernmental agreement obtained by GlobeSt.com.

In a separate marketing report prepared for DDR, it puts the project size at 581,753 sf. The report notes that within a seven-mile radius of the proposed center, there are 96,693 households representing a population of 240,925. The average household income within the seven-mile radius is $87,532, according to the report.

Within a three-mile radius, there are 7,223 households, representing a population of 20,713. The average household income within a three-mile radius is $94,085. In addition, more than 81,000 cars pass by the site each day.

Although DDR hasn't closed on the land yet--and there's no guarantee that it will--DDR puts the grand opening for the project at 2004, according to the project summary.