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SOURCE Northstar Commercial Partners
Construction to commence immediately with parcels already under contract for sale
Northstar's acquisition of this partially completed land site development occurred on October 21, 2013. The property features high traffic counts from its proximity to Red Rocks Ampitheatre, has high visibility from I-70 and Hwy 40, and sits adjacent to the heavily utilized Dinosaur Park and Ride parking lots. Over $10 Million has been invested to-date in land, infrastructure, utilities, etc. Northstar has already received several purchase offers for various pad sites, and looks forward to commencing with construction immediately.
Northstar purchased the 21 acre property for $2.7 Million and is marketing it to retailers and hotel operators. "We are excited to put the asset back into production, as we think the location will drive a lot of demand to benefit the local area and Colorado in general, " said Watson. The development is being marketed as the Gateway Village retail and commercial center. Northstar has parcels under contract for sale to a veterinary clinic and a quick-serve restaurant complex, and also has received letters of interest from developers proposing to build a gas station and a hotel with a Red Rocks theme. "With the Red Rocks component, we think that the property really has some special and attractive qualities. This development will create needed construction jobs immediately, and retail/hospitality jobs once completed," Watson said.
Northstar was founded by Watson in 2000, specializes in acquiring opportunistic commercial real estate assets throughout the United States, and has been very active in this economic environment. For more about Northstar Commercial Partners, see www.northstarcp.com.