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Frederick approves development plan to accommodate large King Soopers

FREDERICK — The approval of the final plat and final development plan for a major development in Frederick will move the construction of a King Soopers-anchored retail center closer to construction.

The Town Board Tuesday night approved of the plat and development plan along with the service agreement setting standards and revenue profiles for the development.

In March of this year, the town announced that it would be working with Silverstone Development Co. Inc. to bring a 45-acre commercial site to life at the corner of Colorado Highway 52 and Colorado Boulevard, directly across the street from Dacono.

The development would be anchored by a 123,000-square-foot King Soopers store that would sit on 10.9 acres. An additional 75,000 square feet of other retail was also contemplated on multiple pad sites.

Silverstone Marketplace, as it will be known, will be part of a new metropolitan district; it had originally been part of other metro districts but was split off by action of the town board Tuesday because the marketplace will be commercial and the other metro districts nearby are residential.

The developer previously received commitments from the town in a public financing agreement that pledges tax increment financing as well as creating a bank of water credits for use within the development.

Silverstone asked the town to freeze for 60 months the impact fees that are normally charged for new development so that it could attract other retailers to the site, retailers that might want King Soopers up and operating before committing. Normally, the town might freeze impact fees on a development for 30 months, but town staff said that other commercial developments in Frederick are not this large.

The board agreed to the 60 month request.

King Soopers expects to be operating by spring of 2025, said Zach Lauterbach, vice president of development for Evergreen Devco Inc., the company that is building the store for King Soopers.

Terms of the service agreement on the property limit total debt to $30 million. Public improvements, to be paid for with tax increment financing and public improvement financing, are estimated at $14 million, according to materials supplied to the board.

The board voted 6-0 in a series of three votes to approve the final plat, the final development plan and the service plan.

Source: BizWest