Flatiron Marketplace Slated For $210M Redevelopment
The long-vacant Flatiron Marketplace is slated for demolition and a $210M redevelopment into residences and commercial and retail space.
Over the next 13 years, developer Provident Realty Advisors Inc. of Dallas plans to build about 1,200 multifamily residential units and roughly 12K SF of commercial space at the southeast corner of U.S. 36 and East Flatiron Crossing Drive in Broomfield.
Broomfield Mayor Randy Ahrens said the redevelopment of Flatiron Marketplace is vital to the continued success of Flatiron Crossing mall, which generates sales taxes that benefit the community. Flatiron Crossing is less than 2 miles from Flatiron Marketplace, which has stood vacant for years.
"The much-desired facelift is appropriate to enhance the gateway to benefit the entire Interlocken neighborhood," said Ahrens, a panelist at Bisnow's Future of the Northwest Corridor event May 9. "The project will be a catalyst to bring novel retail and in creating an essential gathering place along our creative corridor."
The first phase of the project will have 327 one- and two-bedroom apartments, up to 4K SF of commercial space and 889 parking spaces. The developer is considering building a grocery store in a future phase.
Provident Vice President of Multifamily Development Dave Holland said the project will take a vacant, underperforming property and create new energy that will boost economic activity in the surrounding area. Holland expects to break ground in June.
“The metro Denver northwest corridor has a lot of promise with employment growth, proximity to Boulder, awesome Front Range views and great access to current and planned public transportation,” said Holland, another panelist at Bisnow's event. “We view this site as a gateway property to the Flatiron Crossing/Interlocken area.”
The city of Broomfield as agreed to $33M in reimbursements in the form of sales, use and lodging taxes, incremental property taxes, service expansion fees collected from within the project and payment by Broomfield from project revenue of some water and sewer license fees.
Hear more from Ahrens, Holland and others at Bisnow's Future of the Northwest Corridor event May 9 at the Broomfield Commerce Center.