Corners at Wheat Ridge
On January 23, 2017, Wheat Ridge Corners, LLC purchased a majority of the 15 acres at the southwest corner of 38th and Wadsworth. In early February, their consultants began remediation of the existing buildings by removing large amounts of asbestos identified throughout the buildings. Once the asbestos is contained, Wheat Ridge Corners, LLC will begin demolition of all the structures.
Upon completion of demolition and approval of the site plans and building elevations, the developer anticipates initiating the vertical construction. The project will be built in three phases and Phase I will consist of a majority of the retail pads.
The development includes approximately 80,000 square feet of retail including a 35,000 square foot grocery store. The additional 45,000 square feet will include dining, coffee shop, taverns, and other retail. The project will also include a public plaza at the corner of Wadsworth and 38th and a public gathering space on the interior of the development. The developer has marketed the southern portion of the project for the development of up to 230 market-rate apartments anticipated for Phase III of the project.
Renewal Wheat Ridge, the City’s Urban Renewal Authority, is participating in the project through the use of $6.2 million in Tax Increment Financing (TIF) for the construction of public improvements. These improvements, in part, include site drainage, road improvements to Wadsworth and 38th, providing utilities to the project, access, parking, and public amenities. In 2015, a judge ruled on the applicability of Ballot Question 300 approved by Wheat Ridge voters in 2015, which looked to limit the use of TIF. The judge ruled that a portion of the ballot question making the approval of TIF retroactive prior to the election, not valid or enforceable. The Walmart Neighborhood Grocer which was announced as the anchor tenant will not be the grocery store referenced above or a part of this project.
For more information, contact Steve Art, Economic Development Manager 303-235-2806.