Target closes on land
SILVERTHORNE – Target cleared the last hurdle for a Silverthorne store early this month when the corporation paid $6.7 million for its Blue River Parkway tract.
It purchased five properties to make up the 11-acre site, the largest of which once was home to the River Bar West trailer court. Target paid the most – $3.4 million – for that 7-acre piece.
Target purchased that portion from Realtor Terry Novak and Silverthorne resident Cynthia Darling, who bought it under the name K Sir A LLC one year ago.
Target had the River Bar West site under contract until January 2001, but store representatives let that contract lapse after apparently hitting a snag in acquiring the surrounding smaller properties needed to make the project work. By the time Target acquired the other properties, K Sir A had purchased the River Bar West parcel.
More than a year later, the property tangles have been undone. The difference between what K Sir A and Target paid for the land is about $1 million, although Novak says he and Darling didn’t make as much on the deal as it first appears.
“That’s not even close,” Novak said. “I wish it were.
“We had to acquire (a previous) contract to buy the property. (The county) shows the price we paid for the property, but we had to buy the right to buy that contract.”
Novak wouldn’t say how much K Sir A paid for the contract.
Despite the $6.7 million total – which equates to $14 a square foot – commercial realtor Eddie O’Brien said that’s not too steep for the land.
“This is prime location,” he said. “This is triple-A. So that’s why you’re seeing that kind of number.”
He also said the town’s ESTIP (enhanced sales tax incentive program) helps to offset the cost of the land. Silverthorne’s ESTIP allows the town and Target to split up to 50 percent of the sales tax generated by the store for public or public-related improvements. In this case, plans call for the town to give back $2.3 million over a maximum period of eight years. That money will help fund architectural enhancements, including landscaping and architecture work.
Target regional real estate manager Dean Zurmely wouldn’t comment on the land closing.
“That’s something we don’t discuss in public,” he said.
Target is about two weeks away from getting its building permit. Town planners are reviewing construction drawings and will likely issue a building permit in two weeks, said town spokesman Mark Leidal.
Jane Reuter can be reached at 668-3998, ext. 229, or by e-mail at firstname.lastname@example.org
Corporation pays $6.7 million for parcels needed for Silverthorne store
Parcels sold to Target Corporation*
Scott Downen – $680,000
Merrill Kennedy – $450,000
George Hammer – $725,800
K Sir A – $3.4 million
Silver Inn – $1.45 million
Total: $6.7 million
*Figures from the Summit County Assessor’s Office
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