Project’s first phase opens
Auto parts store conducting business, Sprouts takes shape
The Greater Englewood Chamber of Commerce held a ceremony Dec. 20 at the Advanced Auto at 5001 S. Broadway. The store’s official grand opening marks the completion of the first phase of the project that is being constructed near the intersection of Belleview and Broadway.
As the auto parts store opens, crews continue work on the 27,000-square -foot building for the Sprouts Farmers Market. Another 8,000-square-foot building is planned for a retail tenant to complete the development on the former Larry Miller Nissan Dealership site. Sprouts hopes to open in June 2014 but no tenant has been named for the additional building in the development.
Advanced Auto is located in an 8,075-square-foot building at the north end of the site offering a wide selection of auto parts and accessories. The store is part of the company based in Roanoke, Va. The parent company acquired CARQUEST in October, making Advanced Auto the largest retail auto parts and accessories company in the world. There are more than 3,800 stores in 33 states, employing about 60,000 people.
In March, Englewood City Council approved a package of reimbursement incentives for the project, which is being developed by Cadence Capital Investments. The incentives, which will total $250,000 in tax rebates, will reimburse the developer for making public improvements on Broadway to include installation of a traffic signal and realignment of road lanes.
The agreement calls for the company to receive a rebate of 50 percent of the building use tax paid on materials used in the construction, and 50 percent of the taxes collected on furniture, fixtures and equipment. The rebate is not to exceed $68,000.
In addition, the developer will receive a 50 percent rebate of sales taxes collected not to exceed $182,000 or for three years, whichever comes first.
According to information provided to councilmembers at the March meeting, it is estimated that Sprouts will do $20 million in business the first full year of operation, with about $4 million of the total receipts being subject to sales taxes. The number only equates to 20 percent because sales tax is not collected on grocery items.
It is estimated that the remaining retail spaces in the development will do about $3.85 million in business the first full year of operation, which will mean the companies will pay Englewood about $275,000 in sales taxes. The sales tax collections to the city are expected to increase to about $326,000 in three years.