How was the Town involved in funding the Promenade?

The Town and Alberta Development Partners (the developer of the Promenade) entered into a financial agreement in 2014. The Town agreed to share new tax revenue generated on the property. No existing Town revenues nor funds were committed to the project. Instead, it is a sharing of tax revenue the Town otherwise would not receive. This revenue helps fund necessary public services such as fire, police, road maintenance and more.


Key aspects of the agreement include: • The Town shares 27.5 percent of new sales tax revenues generated from that property for up to 25 years and will fund up to $4.45 million in development fee reimbursements and an additional $750,000 fee reimbursement tied to achieving 700,000 square feet in commercial development. • The metro district on the development property intends to issue and repay $28.8 million in net bond proceeds for qualifying public improvements. • Alberta intends to acquire the land, develop the property and otherwise fund the $180 million project. • The financial agreements also include restrictions on Alberta relocating certain existing business in Castle Rock to the new development.


View the agreement and learn more at CRgov.com/Promenade.

View the agreement and learn more.

Show All Answers

1. What's happening with new cell towers in Town, including the proposal to add a tower at Quarry Mesa Open Space?
2. What has happened with the retaining wall at the Promenade?
3. Is there a Whole Foods coming to Castle Rock?
4. In regards to the Canyons South Proposal status "The property is currently zoned for development in Douglas County jurisdiction." What does that mean for Castle Rock?
5. Are there plans for a sports complex west of Ridge Road?
6. What is being done by the Town to ensure that the (Promenade) developer is delivering what was promised?
7. Do Water Closets require HVAC duct per building code? The toilet room in our master bathroom is extremely cold. It does not have HVAC; it only has a fan.
8. What is happening on the corner of Lake Gulch Road and Oman. The property has been fenced in for over a year now after the apartment complex purchased the land and torn down the house?
9. Who owns the horses seen west of Santa Fe on each side of North Meadows?
10. Hi there. There's a post on Castle Rock Talk (Facebook) about a gas station and liquor store going in at the intersection of Plum Creek and South Lake Gulch Road. Is this correct? Or not so much?
11. Will the Festival Park Commons project be moving forward? What is the approximate timeline for the development?
12. Hi! Can you provide an update on the Promenade shopping area? It looks like we are building more than we can fill...
13. Why is the Castle Rock Promenade not at all like what was proposed to citizens (i.e. upscale shopping/dining, walkable, hearths, farmers market, etc.)?...
14. My question pertains to the CityScape development by Richmond...
15. What is going to be built on the corner of Low Meadow Boulevard and Celestial Ave?
16. What is the proposed annexation known as Pine Canyon?
17. What is annexation and how does the process work?
18. What is being built on the land between Liggett Road and the railroad tracks?
19. Is there new information about the Castle Oaks development near Ridge Road and Plum Creek Parkway?
20. Are there plans to develop the east side of I-25, near Castle Rock Parkway?
21. What is being built between Lowes and King Soopers? What retail store?
22. Who owns the property on the southeast corner of Black Feather and Front Street (I'm front of the Black Feather condos)? And is there a possibility that will ever be developed?
23. What are the plans for the old hotel at the corner of Fifth and Perry?
24. Is the open space at Mickelson & Lantern north of Matney Park going to be developed anytime soon?
25. Is the land at the end if paved road on Ridge Rd next to the Tree Farm going to be developed soon for houses?
26. How does development work in Castle Rock?
27. How was the Town involved in funding the Promenade?
28. Last fall, Council approved the development plans for the Hillside Community on Wolfensberger Road and Coachline. What is the current status?
29. Any new action on the proposed Hillside Development off of Wolfensberger Road?
30. There is a large mound of soil behind the City Scape Homes on Meadows Pkwy. Will there be structures built on this soil? The adjacent homes are 60 ft high; I am concerned units will be built here.