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 November 5, 1999

New tech park, retail center on fast track

EDITOR’S NOTE: First in a series of Business Report stories reporting on new development projects now being built or proposed near the 96th Street intersection on U.S. 36 and in Interlocken business park.

BROOMFIELD – Garrett Baum says Interlocken business park raised the bar, set the standard.

Now it’s up to new, adjacent developments to reach the same level of excellence, says Baum, former general manager of Interlocken and now president and general manager of such a development.

“The ownership group has assembled a team to achieve that,” he says of the enormous project he’s building that abuts Interlocken.

It is both a retail center, called MainStreet at FlatIron, and office center, called Summit Technology Park, and when completed, it will encompass more than 2.9 million square feet of space. It also will include a mix of residential and hotel uses.

“That’s the exciting part of our development,” Baum said. “It’s such a mixed-use project. You’ve got your distinct entities, if you will.”

The entire project sits on about 150 acres between the golf course at Interlocken business park and FlatIron Crossing, a 1.5 million-square-foot regional shopping mall north of the business park.

The development company is Coalton Acres LLC, a joint venture between MidCities Group, which has owned the land since the early ’80s, and Alliance Commercial. FlatIron Real Estate Group LLC is an entity formed by the group to market the business park.

The retail is expected to encompass more than 600,000 square feet primarily in the eastern-most 80 acres; new hotels will include a Marriott Towne Place as well as a full-service, 300-plus room hotel; and the residential component is expected to be luxury multi-family with a density found in downtown areas. A proposed athletic center would run an estimated 100,000 square feet, Baum said. A medical office building of undetermined size also is planned.

The planned unit development (PUD) for the project gives flexibility; the developer is entitled to specific product types as well as density but is not site-specific, allowing for shifting as needed so a particular site could be a number of different products. The city will OK each component individually.

“The project’s going to happen very quickly,” Baum said.

Baum, heading up Summit Technology Park, says the park could see as many as eight to 10 office buildings, depending on type, and a number of different office product types – from the regional or world headquarters of a corporation to multi-tenant office buildings.

Tenants from Summit Technology Park, Interlocken or other business parks in the area such as Eldorado Ridge and Mountain View Corporate Center will be able to walk on the regional trail system to the golf course or to dine in the restaurant area of FlatIron Crossing. It will be “almost an urban setting in a suburban market,” Baum said.

Commercial broker Andrew Freeman says because most developers of projects along U.S. 36 have phased buildings, no surplus has been generated.

“I don’t see any glut yet,” Freeman said. “There’s still a consistent demand along the turnpike for space, and I think that’s increased over the last two or three months.”

EDITOR’S NOTE: First in a series of Business Report stories reporting on new development projects now being built or proposed near the 96th Street intersection on U.S. 36 and in Interlocken business park.

BROOMFIELD – Garrett Baum says Interlocken business park raised the bar, set the standard.

Now it’s up to new, adjacent developments to reach the same level of excellence, says Baum, former general manager of Interlocken and now president and general manager of such a development.

“The ownership group has assembled a team to achieve that,” he says of the enormous project he’s building that abuts Interlocken.

It is both a retail…

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