Home Depot, Lowe’s, Wal-Mart eyeing 9.4-acre parcel
FRISCO – As many in Frisco have predicted, the big boxes are lining up to land the 9.4-acre parcel.Six developers have formally expressed their interest in the town-owned chunk of commercially zoned land adjacent to Interstate-70, just west of the Summit Boulevard exit.For the most part, developers’ hopes hinge on the community’s desire for the home goods/home improvement products offered in stores like Lowe’s Home Improvement, The Home Depot, Wal-Mart, and Ace Solutions, all of which appear in preliminary proposals.Alberta Development partners, which took a lunge at the property last year, is among the six applicants.In a work session this afternoon, the town council will narrow the list to two or three finalists, who will have the opportunity to create detailed development proposals for the council’s review this summer. Council work sessions are open to the public, but public comment is only accepted during the regular evening meetings.
Should the council eventually determine that one of the projects would be desirable for the site, the development would go before the voters, possibly in November.”I would have liked to have seen more responses, but I was pleased at the quality of responses we did get,” said town manager Michael Penny. “It seemed to me that several of the respondents grasped what we’re trying to accomplish with this partnership approach with the town.”The town’s citizen economic development committee combed through developers’ pitches last week and ranked the six options in order of preference:No. 1: The Home Depot: The committee felt the 130,000-square-foot Home Depot proposal was a top choice because it includes plans for affordable housing, a recycling drop-off site, additional buffer distance to nearby wetlands, a playground area and environmentally sensitive design principles. Developer estimates peg anticipated annual town sales tax revenues at about $1 million.No. 2: Lowe’s Home Improvement: The development would cover about 138,000 square feet and would funnel about $1 million annually into town coffers.
No. 3: Wal-Mart: The retail giant has proposed a 115,000-sqare-foot Wal-Mart Supercenter with groceries and a pharmacy. The company considers the existing 70,000-square-foot store to be “no longer economically viable to operate in today’s retail market.” According to the proposal, Wal-Mart would aggressively market its existing space, most likely to home improvement stores like Lowe’s or Home Depot.No. 4: Alberta Development Partners: The developer has pitched a concept similar to its previous proposals, which included “junior anchors” like Office Depot, Cost Plus, PetsMart and Walgreen’s.No. 5: BigHorn Center Partners: Don and Betsy Sather, who developed the BigHorn Center in Silverthorne, have proposed an Ace Solutions store to occupy up to two acres of the parcel. The sustainably designed store would range in size from 15-35,000 square feet and would sell traditional hardware products as well as home furnishings and recreational items. The economic development committee concluded that the proposal’s size on just two acres would not be “in the long-term interest of the town or this parcel,” according to a memo from community development director Mark Gage.No. 6: Cornerstone Group: The proposal includes a series of unnamed retail outlets with residential units above.
Julie Sutor can be reached at (970) 668-3998, ext. 203, or at firstname.lastname@example.org.News TrackerLast we knew: The town put out a call for developers to submit their qualifications, interests in and preliminary ideas for the 9.4-acre parcel.The latest: Six applicants have turned in their ideas, and the town’s citizen economic development committee has ranked the six in order of preference, with The Home Depot landing at the top of the list.What’s next: The Frisco Town Council will pare the list down today to two or three finalists, who will have the opportunity to develop more detailed proposals.
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