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Parker Town Center Boulder's O'Connor Group will spend about $60 million to develop homes and a retail and office area, with open space.
By Margaret Jackson
Denver Post Staff Writer
A Boulder developer is headed south to give Parker a new town center.
O'Connor Group will spend about $60 million over the next four years developing a 46-acre site with about 340,000 square feet of stores, restaurants and offices, and 150 homes. The project, Westcreek, also will include 10 acres of open space connected to the Cherry Creek trail system, which will be extended through the development.
The property is in the southwest quadrant of E-470 and Parker Road, about 5 miles north of downtown Parker.
"This is an effort to give something different to Parker," said Brian Bair, vice president and partner with O'Connor Group. "This project is not going to take away from downtown. It's a complement to downtown."
The town center, which will be adjacent to open space, will be similar to Lakewood's Belmar, said Don Marcotte, president of O'Connor Group. The town center will be built in one of the project's latter phases.
The first phase includes 18,000 square feet of strip retail space and 9 acres of retail "pads."
"We're really targeting banks and casual, sit-down restaurants to kick off the pad sales," said Andrew Ledger of CB Richard Ellis, who is marketing the retail portion of the property. "There's excellent exposure on Parker Road, which carries more than 50,000 cars a day, as well as E-470."
The north leg of 20 Mile Road, an arterial that loops through town connecting Old Town Parker to the newer developments to the west and north of town, will be extended through the middle of Westcreek.
Retailers find the demographics of the area appealing, Ledger said. Last year, there were 105,820 people living within 5 miles of the project, a number that's projected to exceed 141,000 by 2009, according to market research by CB Richard Ellis. The average household income in the area is $117,200.
Staff writer Margaret Jackson can be reached at 303-820-1473 or mjackson@denverpost.com.
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