Littleton residents will soon be able to shop where offices once stood. Last week, local retail investor and developer Republic Investment Group closed on a 63-acre site at 700 W. Mineral Ave. for $50 million, records show. Demolition of the existing 680,000-square-foot office building there began Wednesday, RIG owner Grant Nelson said. The building was once home to Louisiana-based telecommunications firm Lumen, which changed its name from CenturyLink in 2020. “This property has been so underutilized for so long, that’s really the exciting part … When people went home during COVID, they never really utilized this facility fully ever again,” he said. As it bought the land, RIG immediately resold 18.5 of the acres to Costco for $5.8 million, and 17.5 acres for $17.1 million to San Antonio-based apartment developer Embrey, records show. Embrey will build 370 apartments on the southern end of the lot, west of Broadway and north of County Line Road. “Based upon the incentive agreement with Littleton, we were able to have a better land price for Costco,” Nelson said. Littleton is kicking back 50 percent of sales tax revenue for the next decade for all retailers onsite, up to a total reimbursement of $29.5 million.

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BING NEWS:
  • Plans for Costco in Littleton move forward with land sale
    Republic Investment Group closed on a 63-acre site at 700 W. Mineral Ave. for $50 million and quickly sold a portion to Costco for a Littleton location.
    12/20/2024 - 11:00 pm | View Link
  • Costco, Developers Advance Plans For Mixed-Use Littleton Campus
    Costco’s Littleton plans move forward with $50M land purchase, city incentives and a 370-unit residential project by Embrey.
    12/20/2024 - 8:41 am | View Link
  • More

 

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