Schierburg has been working eight years on the development. Initially, it was the home to a mental institution built in the 1920s. It was closed by the state in 1994 and had more than 20 buildings on the site that Schierburg demolished.
The first phase covers 36 acres and will be anchored by a 174,000-sf Super Target. The first phase also will have 56,000 sf of adjacent retail space and five pads along Kipling St. The Super Target is scheduled to open during the third quarter of 2004. The five pads range in size from 53,000 sf to 80,000 sf. Two are under contract. Tenants will include Foothills Bank, a fast food restaurant, a casual dining restaurant and general retail.
The second phase will begins in 2006. It will include an 80-unit townhome project and two separate apartment buildings with more than 500 units.
If the $4.7-billion FasTracks is approved by voters in November, the multifamily will be part of a "New Urbanism-style, pedestrian-friendly," village, Schierburg tells GlobeSt.com. The transit-oriented development village also will include 30,000 sf of mixed-use space and a structured parking garage, as well as 48,000 sf of office/flex space.
"The Arvada Ridge project is a classic infill development that is transforming a very visible yet blighted parcel of land into a new, fresh, mixed-use project," Schierburg says. "Its construction should be the catalyst for future redevelopment of nearby land both north and south of Interstate 70."
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