Evergreen Devco, Inc., a leading retail and multifamily development company, announced today that on Oct. 1, it acquired the first phase of land from the Town of Erie Urban Renewal Authority for its 48-acre Nine Mile Corner mixed-use, public-private partnership, and construction activities commenced Oct. 5.
Located at the southeast corner of intersection U.S. 287 and Arapahoe Road, Nine Mile Corner consists of approximately 26 acres of retail, 12 acres of multifamily and 10 acres of open space, and is a public-private partnership between Evergreen, the Town of Erie and the Town of Erie Urban Renewal Authority.
“Closing and the commencement of construction at Nine Mile Corner is a significant milestone for Evergreen and its partnership with the Town of Erie,” said Tyler Carlson, managing principal and executive vice president at Evergreen. “This project has been years in the making, with many twists and turns along the way, and we’re grateful to our many partners and stakeholders for helping us get to this point. We look forward to bringing new retailers, businesses, jobs, tax revenues and housing units to this growing area of Erie and east Boulder County.”
Later this month Evergreen will complete its purchase of the multifamily portion of the Nine Mile property and the ultimate construction will feature a Lowe’s Home Improvement-anchored shopping center, including diverse retail and commercial uses, and 287 multifamily residential units.
“Bringing major anchor retailers, like Lowe’s, to Erie will provide hundreds of jobs and new life to the area, which is especially needed during these difficult economic times due to COVID-19” said Laura Ortiz, managing principal and president of Evergreen.
The Nine Mile Corner acquisition marks Evergreen’s fourth large purchase since the pandemic. The experienced development company, which has completed more than 500 successful projects, purchased the land for the development of the new Falcon Marketplace, a King Soopers-anchored shopping center outside Colorado Springs on Sept. 24, 2020. In July, Evergreen purchased Chandler Pavilions, a 163,594 square foot high-traffic retail center anchored by REI, Bed Bath & Beyond and Golf Galaxy in Chandler, Arizona. In May, the company completed a purchase of the Turnberry Apartments in Aurora, Colo.
The retail component of Nine Mile Corner is scheduled to open in late 2021, and leasing of the apartment community will also begin late 2021. Allen Lampert with David, Hicks & Lampert is the leasing broker for the retail center.
More information about Nine Mile Corner can be found at: ninemilecorner.com.