Construction on the $70 million mixed-use project, known as the View in Castle Rock, kicked off March 9 with a groundbreaking ceremony.
Project developers and community members gathered near the site on Wilcox Street to share details about the View. Included in the project are 221 apartments, more than 14,000 square feet of office space and roughly 5,000 square feet of retail space.
“It will be a beautiful class A-plus, A-plus-plus, I’ll call it, property right in the heart of downtown Castle Rock,” developer Banks Floodman said at the ceremony.
On top of the retail, residential and office space, the building will offer luxury amenities, such as a dog park, a lap pool, a gym and golf simulators. The View is replacing an existing storage unit facility, which will be razed.
The six story building will also come with 432 parking spaces, including 133 public spaces in the garage and on the street.
Castle Rock’s town council approved a redevelopment agreement for the View that waives $3 million in fees and kicks back tax revenues to the developer up to certain amounts or until 2038, whichever comes first.
Up to $3.25 million in property tax and $1 million in sales-tax revenue will be shared with the developers. Additionally, the town is providing up to $100,000 in Intermountain Rural Electric Association credit for underground utilities and will allow the developer to impose a 1% public improvement fee on taxable transactions until 2038, which is estimated to bring in $225,000.
In total, town officials estimate public investment at $7.6 million and private investment at $62.4 million.
Revenues from the project are predicted to be around $6.2 million by 2038, of which 45% would go into the town’s special fund for downtown initiatives.
In a January meeting, the town council approved an extended deadline for the project with the occupancy deadline slated for May 2024.
The developers of the project are Castle Rock View Investors, which consists of Block Real Estate Services, Sunflower Development Group and First Construction. CT Design is the architect and Vertix Builders is the General Contractor.