1,200 Apartments Approved In $210M Broomfield Redevelopment

BROOMFIELD, CO – The Broomfield City Council approved a $210 redevelopment project for a commercial area that has been vacant for years.

On Jan. 8, the city council approved the second reading of a proposal for about 20 acres within an area called the Flatiron Marketplace Lifestyle District. The property is owned by Flatiron Marketplace 2013, LP and Broomfield Village Metropolitan District No. 2, according to city documents.

Developer Provident Realty Advisors, Inc. of Dallas, has proposed a three-phase residential and commercial development, demolishing vacant buildings on the site which formerly housed the Great Indoors, Office Depot, Best Buy and Audi-Stickley furniture. The site is located at the southeast corner of U.S. Highway 36 and East Flatiron Crossing Drive.

"The large buildings have been vacant for some time and, due to their proximity to Flatiron
Crossing and Interlocken, create a detrimental impact on the balance of surrounding area," city documents said.

The project consists of 1,200 residential units and commercial space built over 13 years, with 15 percent of units set-aside for affordable housing.

Phase 1 of the project will consist of 327 one and two bedroom apartments, up to 4,000 square feet of commercial space and 889 parking spaces, the proposal said.

The city council approved $33 million in reimbursements to developers, including sales taxes, use and lodging taxes, property taxes, and service fees. Other development sweetners included the city paying water and sewer license fees and waiving the use of public land to be used for residential uses.

READ MORE in the Broomfield Enterprise

Image via City of Broomfield

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