Following the Commercial Real Estate Development Process
Large commercial real estate developments like Miller’s Landing follow a fairly standard process from project inception to completion. To the untrained eye, a development may seem to move along in spurts of activity follow by periods of inaction. But this is rarely the case.
At Miller’s Landing we’ve been busy from day one. We’re developing a once blighted piece of property in Castle Rock, CO, into a thriving town center. It will include modern office spaces, restaurants and entertainment, a leading resort hotel and spa, much-needed conference facilities and plenty of open space with breathtaking views of the Colorado Rockies.
Castle Rock is a popular and growing community in the south Denver metropolitan area. Its combination of small-town charm, fast, easy access to Denver via I-25 and exciting outdoor recreation opportunities makes it a popular community with well-educated professionals.
In the blog posting The Property Development Process, Michael Yardney, an Australian commercial real estate commentator, breaks the real estate development process into seven steps:
- Pre-purchase activities
- Contracts and purchasing
- Planning and approval
- Design and documentation
It’s more or less the process we’ve followed. Naturally, each step is filled with activities, each of which must be successfully completed before moving to the next step. Most work is done behind the scenes. So, while a passer-by may not see any workers or heavy equipment moving ground, paving roads or erecting buildings, work is underway.
Along the way a developer may face delays and sometimes unexpected problems, such as zoning issues or concerns, even pushback, from the community. However, with proper analysis and good planning at the onset, most, if not all of these issues, can either be prevented or planned for.
The first and most crucial step in any development is finding the right piece of property. P3 Advisors, LLC and its partner Crown Community Development, found just such a piece of land in Castle Rock. The 65-acre site was once was the location of a community landfill and was abandoned and listed as blighted by the town’s Urban Renewal Authority. It sat near the heart of town, with easy access to I-25 and downtown.
Even though it had environmental and remediation challenges, we quickly recognized the value it offered to the community if properly developed.
P3 Advisors specializes in redeveloping properties with environmental contamination issues. Once we found the property and analyzed its potential, we started building relationships with the Town of Castle Rock, the State of Colorado and other stakeholders to develop public-private-partnerships to get the project underway. These included creating a Business Improvement District that provided the foundation for financing, public improvements and development.
Once we created the partnerships and received necessary approval we began planning in earnest. We’re developing the property in two phases. Sites are available in the Phase I section, with sites ranging from one to four acres. More information is available here.
Today, the property has been properly remediated and we’re well underway in the design phase. We recently announced plans for a new 150,000 square-foot multi-tenant office building with healthy, safe offices that meet the higher standards of today’s work environments.
We’ve also partnered with CoralTree Hospitality to oversee the operation on our new hospitality project. The project will include a 350-room full-service group resort with nearly 50,000 square-feet of indoor and outdoor meeting space. The resort will also include a full-service destination spa and banquet facilities.
We’re also well underway with developing the smart city technology infrastructure that will support Miller’s Landing. We’ve partnered with Layer 10 Consulting and created a design methodology called SmartTown to design the technology backbone. Unlike other design methods, SmartTown focuses on the needs of users to scale smart city technology to smaller mixed-use developments like Miller’s Landing.
Once pre-construction planning is completed, we’ll start to move dirt and prepare the site for its first tenants and visitors. So, 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.
Land. Linger. Launch
We believe Miller’s Landing will provide great value to Castle Rock and the surrounding community. We’re creating a well-designed town center with a pedestrian-oriented main street with easy connections to downtown Castle Rock by way of a regional biking and walking trail.
It includes healthy, technologically enabled offices that meet new normal post-pandemic standards, along with a world class resort, retail and restaurant options, and space for community gatherings. And, it has easy access via a path to the adjacent Philip S. Miller Park, the region’s premier outdoor recreation and sports area.
From business and professional opportunities to individual adventures, it’s all here at Miller’s Landing. Join us. Let’s build the future together.