Well before the first shovel dug into dirt, Miller’s Landing created a public-private partnership with the Town of Castle Rock, CO, to build one of the most exciting places to start a business in Colorado. With the partnership, the foundation was set for success.
Miller’s Landing is a new commercial multi-use development in Castle Rock, rated as one of the top places to live and best places to start a business in the state. Miller’s Landing captures the spirit of an exciting town center, supported by a mix of businesses, retail, entertainment and hospitality.
The development of the site wouldn’t have been possible without two important events, the creation of the Castle Rock Urban Renewal Authority in 2013 and the approval of the Miller’s Landing Business Improvement District a few years later.
From Blight to Renewal
With the Urban Renewal Authority, the town had the means to remediate and develop the site, an abandoned municipal dump listed as blighted by the Authority. Besides being an eyesore, the site’s history prevented it from being developed for years, even though it sat on a highly desirable location within the town.
P3 Advisors, the master developer of Miller’s Landing, saw the 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.
With creation of the Business Improvement District, Miller’s Landing could issue bonds. Funds from the bond offering financed the remediation of the site, 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.
The Business Improvement District also provides the Town of Castle Rock with valuable benefits, including:
- Remediation of the dump site, which had sat vacant and blighted for years
- The addition of new office and business sites to bring new jobs to the area
- The town did not have to commit any public funds to the project
- The addition of a much-needed hotel and conference facilities
- New tax revenue to support community services
- Improved public infrastructure
Working together, Miller’s Landing and the Town of Castle Rock have set the stage for an exciting new mixed-use business and hospitality development in Castle Rock. Today, the site is transforming from blighted property into a vibrant town center that will not only attract business, restaurants, retail and hospitality, but will serve as a shopping and entertainment destination for local residents.
Miller’s Landing is creating the most exciting place to start a business in Colorado. Be a part of it.