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Retail behemoth Costco Wholesale wants to redevelop a 60-acre office site at 700 and 900 W. Mineral Ave., the former home of Lumen Technologies Inc.
Plans submitted to the city of Littleton in early February show that Texas-based developer Republic Investment Group and global architecture firm MG2 are working to split the 60-acre site into three uses, including retail, multifamily and flex spaces.
If approved, the plans would pave the way for a nearly 160K SF Costco location on an 18.5-acre plot that includes 32 fueling stations and a 5.4K SF tire center. The location would also include more than 850 parking spots and support up to 300 new jobs.
San Antonio, Texas-based development firm Embrey Partners is also planning a 370-unit multifamily community adjacent to the proposed Costco, plans show. The development would be located on a 17.7-acre plot and include a fitness center, pool and outdoor sport courts.
“This proposal will eliminate the now-obsolete ‘Suburban Business Park’ placetype in favor of the City’s more modern and flexible ‘Corridor Mixed Use’ designation,” RIG Manager Grant Nelson told Littleton city officials in a Feb. 3 letter. “This change has many benefits, including allowing for a mix of uses that will distribute traffic throughout the day, rather than clustering it at the peak a.m. and p.m. hours as an office-only designation would do.”
Metro Denver’s suburban office markets are in many cases outperforming traditional office centers like the Central Business District. CBRE’s latest office market report shows the Southwest submarket, which includes Littleton, recorded a 14.2% total vacancy rate in Q4 2023, 9.1% below the metro area average. The submarket also has no office buildings under development despite offering one of the cheapest asking rents in the metro area, according to the report.
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