Silverthorne signs lease for new development | SummitDaily.com
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Silverthorne signs lease for new development

NICOLE FORMOSA
Summit Daily/Brad Odekirk The town of Silverthorne has signed a lease with Peter Cudlip, a Denver- based developer, to complete Phase 2 of the Town Center, bringing it one step closer to its long-standing goal of redirecting attention to the riverfront south of the Silverthorne Pavilion.
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SILVERTHORNE – The town of Silverthorne has signed a lease with a Denver- based developer to complete Phase 2 of the Town Center, bringing it one step closer to its long-standing goal of redirecting attention to the riverfront.Peter Cudlip of Alberta Development Partners agreed to a 25-year lease with three five-year renewal options for $1,857,500 over the initial 25-year period.Cudlip’s initial plan is to construct two buildings, which will include a family-oriented restaurant, retail shops and 10 loft housing units.The buildings, which will be designed to mirror the neighboring Town Pavilion, will consist of 22,000 square feet over 2.2 acres.The town council unanimously approved the signing at last week’s meeting.

“This is an extremely critical project for the town of Silverthorne and I’m happy to see it finally becoming a reality,” Councilmember Steve Swanson said.Silverthorne has been pushing to find a developer in its overall attempt to redirect attention to the Town Center with the Blue River as a backdrop.”In the long-term, this will spur redevelopment in the commercial core along the riverfront,” said Kevin Batchelder, Silverthorne town manager. “This is a catalyst to develop a wonderful town center.”Batchelder admitted the transformation won’t come without its challenges.”It’s a tough site. It has to be converted from automobile use to pedestrian use, while protecting the Blue River and keeping up (the town’s) architectural standards,” he said.Earlier this month, Silverthorne was awarded a $1.67 million grant from Great Outdoors Colorado, which will contribute greatly in the effort to put the Blue River in the spotlight.

The money will be used to create an infrastructure of parks, trails and open spaces centered around the Blue River and ultimately, the Town Center.The Factory Outlet Stores are also being revamped, with six new stores already coming on board, which will bring the occupancy up to 90 percent at the outlet mall.Polo, Anne Klein, Coach, Cold Water Creek, Pendleton and Timberland have all signed leases with the outlet stores.Batchelder thinks there’s plenty of room in the economy for the factory stores and a new Town Center. “The traffic counts are high,” Batchelder said. “There’s a daily count of approximately 6,000 cars (according to a recent market research reported commissioned by the town) and 61 percent of all visitors (in the past year) stopped in Silverthorne.”

The idea, Batchelder added, is to have the factory stores and the Town Center complement each other, with a pedestrian walkway connecting the two.Cudlip plans to have a site plan up for approval by the planning commission by late February and if all goes well, they’ll obtain the building permits by May 2005.He hopes to have Phase 2 completed by the next holiday season.Cudlip recently proposed retail development into Frisco’s 9.4-acre parcel, but the Frisco Town Council decided to end the relationship with Cudlip until more comprehensive community support could be attained.Nicole Formosa can be reached at (970) 668-3998, ext. 229, or at nformosa@summitdaily.com


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