Red Rocks Centre On Market at $68M

LAKEWOOD, CO-The 283-acre Red Rocks Centre, at the corner of C-470 and Morrison Road, is ready for immediate retail and office development after emerging from bankruptcy. The Red Rocks Centre is part of the lengthy Mountain Carbon Metropolitan District's bankruptcy.

Frederick Ross Co. broker Steve Roesinger, who is listing the property, says now that the property is out of bankruptcy he can entertain proposals for it. He already has had solid interest in Red Rocks Centre by parties that have been waiting for the bankruptcy closure. Roesinger is listing the entire parcel for $68 million, or $6 per sf, although individual properties can be purchased.

"There is definite demand for development to serve the retail market in the area," Roesinger says. "And the surprisingly low office vacancy between Ken Caryl and I-70 also is very encouraging to developers. The pent up demand for sites already zoned and platted for retail and office buildings now can be satisfied by Red Rocks Centre on this busy section of the C-470 corridor at Morrison Road."

Zoning and platting are complete for 71 commercial zoned sites ranging from one to 38 acres. Red Rocks Centre will be a boon both for Lakewood and Morrison because of an intergovernmental agreement executed between the two municipalities, which provides for a cooperative effort to assist in a quality and timely developed site. Both Lakewood and Morrison expect to share in millions of dollars in tax revenues from a successful development.

Substantial due diligence information is available from the research done by the Taubman Co. several years ago, Roesinger says. Taubman had intended to participate in the development of Colorado Mills on this site at one time. Instead, the Colorado Mills shopping center was built to the east on property that developer Greg Stevinson owns. And Taubman didn't participate in the deal.