Strong Partnerships Create Success
On land that was once deemed blighted, Miller’s Landing is creating a new mixed-use development that features a pedestrian-friendly town center with retail and restaurant sites, multi-family housing and modern offices that meet new normal requirements.
The history of Miller’s Landing begins in 2015, when the Town of Castle Rock created an Urban Renewal Authority. With the Urban Renewal Authority, the town had the means to remediate and develop the Miller’s Landing site, an abandoned nine-acre municipal waste landfill that sat unused for years.
The Urban Renewal Authority allows for a portion of the property and sales taxes generated at the development to be used to pay off the bonds needed to fund site remediation and infrastructure improvements.
Besides being an eyesore, the site’s history as a landfill scared away many developers, even though it sat on a highly desirable location with easy access to I-25 and downtown Castle Rock.
P3 Advisors, the master developer of Miller’s Landing, saw the Miller’s Landing site as an opportunity. The firm specializes in developing complex brownfield and mixed-use projects that leverage public-private partnerships to deliver superior returns for partners and communities.
Benefits of Public-Private Partnerships
Public-private partnerships (PPP) in the real estate sector are growing in popularity. A blog on the National Real Estate Investor website Successful Strategies for Effective Public-Private Partnerships outlines the value PPPs offer.
The blog states, “Ultimately, bringing together the entrepreneurial energy and creative dynamism of the private sector with the resources and momentum that municipalities or civic organizations can bring to the table is a winning formula. When done correctly, it can result in the creation of influential and even iconic destinations.”
P3 Advisors and the Town of Castle Rock worked together to create a Business Improvement District (BID) for the Miller’s Landing site. With creation of the BID in 2018, P3 Advisors and their partners could issue bonds to finance the remediation of the landfill along with public improvements and development activities.
An agreement with the town allows Miller’s Landing to pay for the bonds with a portion of the tax revenue collected at the property.
Benefits to the Town
In addition to helping finance site development, the BID also provides the Town of Castle Rock with valuable benefits, including:
- Remediation of the blighted dump site
- Miller’s Landing will bring new jobs to the area
- No public funds have been committed to the project
- Miller’s Landing will generate tax revenue to support community services
- Improved public infrastructure at the site
The tax revenues generated at Miller’s Landing through 2039 will be used to offset the costs of public improvements and amenities, which are expected to cost about $80 million, including the already completed and successful landfill removal. The property has been deemed ready for development by the Colorado Department of Public Health and Environment.
Entering the Design Phase
Today, the property has been remediated and we’re in the design phase. After pre-construction planning is completed, we’ll start to move dirt and prepare the site for its first tenants.
While it may appear to the untrained eye that the land has been sitting vacant since remediation was completed, a massive amount of work has been completed behind the scenes and more needs to be done.
We’ll keep you updated on our progress in our blog and in our monthly newsletter.
About Miller’s Landing
Miller’s Landing is a new 65-acre multi-use development located in the heart of Castle Rock. Miller’s Landing will feature a pedestrian-friendly town center with restaurants, retail, entertainment venues and attractive multi-family housing. It will also include modern office spaces and large tracts of open space with a sweeping view of the Colorado Front Range.
Miller’s Landing offers easy access to downtown Castle Rock and nearby Philip S. Miller Park via walking and bicycling trails.
About Castle Rock, Colorado
Castle Rock is a popular and growing community in the south Denver metropolitan area. Located on the I-25 corridor, its combination of small-town charm, high-quality of life and easy access to Denver to the north and Colorado Springs to the south makes it a popular community with well-educated professionals.
We’re Creating the Future
Miller’s Landing is connecting the past with the present, employers to talent and everyone to more of what they love. We’re creating new paths to personal, professional and recreational opportunities every day. Join us. Let’s build the future together.