Construction crews are coming for the remaining undeveloped corner at the intersection of Green Valley Ranch Boulevard and Tower Road, and the planned retail project will expand the neighborhood’s grocery options.
Equity Ventures Commercial Development and Wall Development Group, acting as EVC-WDG Tower LLC, purchased 20.15 acres at the northwest corner of the intersection in Green Valley Ranch on Monday for $8.6 million, according to county records.
Equity said in a news release that it and Wall are planning a $50 million development called Gateway Crossing, with approximately 100,000 square feet of restaurant, retail and medical space across 20 buildings.
A spokeswoman for Natural Grocers told BusinessDen Tuesday that the company has signed a lease within the project and expects to open next year. It will be the neighborhood’s second major grocery; King Soopers currently operates across the street.
As for other tenants, Equity Founder and President Mark McPherson said Panera Bread and Raising Cane’s will lease freestanding locations with drive-thrus. Additionally, SCL Health will open a primary care facility, Bellco Credit Union will open a branch, and Murphy Express will operate a gas station and convenience store.
McPherson said he had other signed leases, but didn’t want to disclose them without tenant approval. And negotiations are ongoing for other units, he said.
“We’re going to build the first 70 to 75 percent (of the project) in the first swing,” McPherson said, adding that the project likely will break ground next week.
Equity and Wall purchased the land — technically three parcels: 18251 Green Valley Ranch Blvd., 4891 N. Tower Road and 4909 Yampa St. — from the State Board of Land Commissioners. The deal works out to $9.79 a square foot, or $426,799 an acre.
Intrust Bank provided financing for the purchase of the site. Architecture firms working on Gateway Crossing are Rogue Architecture Inc., Chord Design Studio and Rogue Architects. RidgeTop Engineering & Consulting is the engineering firm and MCP Development is the general contractor.