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| 12/28/2007 12:15:00 PM | Email this article • Print this article |
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| New Kid On The Block
This artist rendition shows the plan for the new Kum & Go convenience store opening along the 285 Corridor. The shell of the building should be completed by the fall of 2008, with tenants moving in during the spring of 2009. (Courtesy Photo) |
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Kings Valley Marketplace seeing tenant interest
Tom Locke
Flume Editor
Kings Valley Marketplace, a retail/office development at the corner of U.S. 285 and Kings Valley Drive west of Conifer, broke ground more than a month ago and is seeing a "continual trickle of interest from a variety of different sources," said Bill Downes, a broker with ReMax Alliance who is leasing space there.
Recent inquiries have come from a pizza place, a Chinese restaurant, and a florist, he said.
At the front of the center in the southwest corner will be a Kum & Go gas station and convenience store, which has already broken ground and will be the first business up and operating at the new center, he said.
Behind that will be a 52,000-square-foot, two-story building with about two-thirds of the space devoted to retail and one-third to office space, Downes said.
"One of my highest priorities is to get a bank in there," he said. Downes said he has spoken to Evergreen National Bank, which had expressed an interest in the old bank building on Crow Hill but hasn't closed on that deal. Because of a bank's drive-through requirements, it would be best to get a bank tenant deal finalized first for traffic and design considerations at Kings Valley, he said.
The typical in-line space in the 52,000-square-foot building will be 1,256 square feet, while the "end caps," those at the end of the building, could be considerably larger. One drawing shows an end cap of more than 8,000 square feet on one corner of the building.
$3 million - $5 million project
The developer of the center is Steve Cohen of Evergreen.
Cohen said he has owned the property about eight years. He is the sole owner of Elk Run Plaza LLC, which owns the development. The name was changed to Kings Valley Marketplace from Elk Run because it was deemed more appropriate to the location. Cohen estimated that the total costs of the development will be $3 million to $5 million, depending on construction material costs.
Helping to justify that expense are the area demographics, outlined in the ReMax literature from Downes. It states the following:
•Population within one mile is 272, within three miles is 4,025 and within five miles is 10,975;
•Estimated average household income in 2006 was $119,953 within one mile, $122,049 within three miles and $121,654 within five miles.;
•Estimated average daily traffic count for 2005 on U.S. 285 was 27,000-plus.
Why now?
While Cohen has owned the land for eight years, it's just now getting developed because of the timing of the zoning, approvals with the respect to highways, and the timing of opportunities.
Mitchell Swenson, superintendent of the Mountain Water and Sanitation District, said the district entered into an agreement with Cohen about eight or nine years ago. Under the agreement with the district, which serves 380 homes in the Kings Valley development, a well site was moved from the middle of Cohen's property to the edge and a sewer line also had to be moved by Cohen so it wouldn't interfere with the planned development.
"If there's a water shortage, they're the first ones to be shut off," said Swenson. "Our residents come first." And if there were ever any problems with sewage volumes, the wastewater would have to go into pretreatment at Cohen's expense, he said.
Kings Valley residents now pay an average bill of about $85 a month for water and sewer.
Meanwhile, Swenson foresees at least a couple of benefits to area residents from the new development.
"The mill levy should drop for the residents," he said. "It's a benefit to the district. There's no question about that."
That's because costs for the district will be spread over a total higher valuation of properties, and commercial properties in Colorado pay 3.6 times more than residential properties for the same actual value of property.
In addition, the Kum & Go gas station and convenience store will be easy for Kings Valley residents to use.
"It's convenient," Swenson said. "I think they'll do well."
Kum & Go
Kum & Go, an Iowa-based chain, expressed an interest because of a desire to expand into the Front Range from its current presence on the Western Slope of Colorado.
"They're expanding rapidly and they were looking for a place to occupy on the Eastern Slope," Cohen said. "They're very pleased with our association with them."
Kum & Go, which will have 3,400 square feet of space on an acre at the southwest corner of the property, is tentatively looking at opening in March, but that will depend on the weather, according to Cohen.
While the groundwork is under way on the 52,000-square-foot building, Cohen figures the construction on the building itself won't start until March, April or May, and completion of the building will take nine months to a year. He figures the core and shell of the building will be completed by the fall of 2008 and tenants will be moving in during the spring of 2009.
For a 1,256-square-foot lease in the 52,000-square-foot building, there is a base lease cost of $2,198 per month, which translates to $1.75 per square foot per month, or $21 per year. In addition to that base lease (or "triple net" cost) the tenant would pay $590.32 a month to the landlord for items such as taxes, utilities, insurance payments, maintenance and other ongoing expenses. That means the gross rental would be $2,788.32, or $26.64 per square foot per year.
Cohen has developed Conifer Junction Office/Warehouse and Storage, which is below the Mountain Resource Center and behind Staples, as well as a couple of warehouses in Denver. Kings Valley Marketplace is his first foray into retail development.
Maxwell Construction of Denver is handling the construction of the project.
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