TOWN OF ERIE - File #: 25-114

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SUBJECT:

Title

Erie Town Center Overview

Body

DEPARTMENT: Economic Development

Planning & Development

Department

PRESENTER(S): Julian Jacquin, Director of Economic Development & TOEURA

Sarah Nurmela, Planning & Development Director

First Name Last Name, Title

TIME ESTIMATE: 20 minutes

only required for non-consent items

FISCAL SUMMARY: N/A

POLICY ISSUES:

The Erie Town Center development implements the Town’s vision for a vibrant, walkable commercial core in the center of Town. The site will serve the adjacent existing residential development, connect to Erie’s Community Center, and serve as a retail, entertainment, and employment destination for residents and visitors throughout the community. Both the Town-owned “Evergreen” and the Four Corners sites will provide commercial development at the core of Town Center and are critical to attracting investment and businesses like a grocere and restaurants desired by the community for this location.

STAFF RECOMMENDATION:

Recommendation

Consider the presentation from staff on the Town Center vision and key development sites to inform decisions on the proposed Town Center TIF agreement and Town Center URA.

End

SUMMARY AND BACKGROUND OF SUBJECT MATTER:

Town Center Vision and Planned Development (PD)

Site Context and Vision

The Erie Town Center site is located at the intersection of two primary travel routes through Town-Erie Parkway and E. County Line Road. This key central location in Town is surrounded by approximately 145 acres and five key sites with five owners, as shown in Figure 1 below.

Figure 1: Town Center Overview

Development of the site represents a once in a generation opportunity to create a unique and outstanding destination for Erie residents, workers, and visitors. To facilitate a cohesive, connected site that would integrate existing neighborhoods and build on economic opportunity, the Town worked to establish a clear vision and comprehensive zoning for the area. In 2019, the Town hired DPZ CoDesign to prepare a plan and Planned Development (PD zoning) Guide to promote a sense of place, improve walkability, foster economic development, make connections to surrounding neighborhoods, and create an attractive community destination.

The vision for Town Center was prepared with extensive support, and through a week-long design charrette, with input from the property owners, developers, representatives of adjacent HOAs, the Planning Commission, Board of Trustees (now Town Council) and the Erie community. The resulting vision articulated in the Town Center Final Report <https://www.erieco.gov/DocumentCenter/View/12857/Town-Center-Final-Report> and PD Development Guide <https://www.erieco.gov/DocumentCenter/View/13191/Erie-Town-Center-Erie-Town-Center-PD-Zoning-Map--Erie-Town-Center-PD-Development-Guide-->, and illustrated in Figure 2, provides a unique and marketable commercial destination to serve Erie residents within a walkable distance, the entire Town, while also attracting customers from around the region. The plan establishes a connected and integrated pattern of unique neighborhoods and diverse experiences, including recreation, shopping, dining, work, culture, art, and community activities. The plan utilizes complete streets to accommodate all transportation modes safely, broadens the available housing types, and provides the infrastructure for future public transit. The PD for the site entitled all five properties with specific new planning and design standards and a streamlined development review process, allowing administrative review for many of the required development review steps.

Figure 2: Town Center Overall Plan

Implementing the Site

Town-Owned Site (“Evergreen”)

In May 2022, the Town purchased the 19.41-acre parcel from Regency Realty Group, Inc. (“Regency”), at the northwest corner of Erie Parkway and E. County Line Road. Regency purchased this site in 2007, and participated in the Town Center charrette process; however, due to other priorities, they did not actively pursue developing this parcel. Regency’s lack of interest in pursuing development influenced the Town to proactively purchase the site to recruit a developer who would complete the Town Center vision for this key corner of the Town Center site. The adopted Town Center PD specifically identifies a small-format grocery store, a hotel, and civic uses as anchors on this parcel, with other mixed-use and commercial uses throughout. These uses will support and stimulate development for the entire Town Center and serve the broader Erie community at the center of town.

The Town commissioned multiple market studies for the Town Center and this site specifically to ensure market feasibility of the commercial uses for the site. These studies were prepared by EcoNorthwest and more recently by EPS, both of which confirmed a strong position for commercial and grocery uses. The Town issued an RFP in 2022 to attract a development partner to pursue the vision for this important corner. Through a competitive process the Town Council selected Evergreen Devco as the Town’s development partner, and approved a Disposition and Development Agreement (DDA) with Evergreen in October 2024.

On Feb. 11, 2025, the Town Council approved the 1^st Amendment to the DDA which extended the Inspections Period and Approvals Period to accommodate additional time for geotechnical analysis, due diligence for construction costs, and completion of a signed LOI with the grocer. In addition to negotiation of the DDA, staff and Evergreen have developed a site plan consistent with the Town Center vision that will start through the development review process in February.

As amended, the DDA includes the following provisions:

• By May 16, 2025, Evergreen must have a signed Letter of Intent (LOI) from anchor grocer.

• Evergreen will provide a minimum of 12% affordable housing units in the residential portion.

• By May 18, 2026, Evergreen must have a signed LOI from a hotel operator and secured all necessary permits to begin construction.

• Evergreen to prioritize local/regional and small businesses over national chains.

Due to the added cost of mitigating the historic undermining and other blighting factors on the site, financing for the project is anticipated to include the use of Tax Increment Financing (TIF) through the Town of Erie Urban Renewal Authority (TOEURA). Even though it is in the center of Erie, the site is currently undeveloped, reflecting the impact of historic underground coal mines underlying the site, which make development more difficult and expensive. TIF can help to finance the cost of mitigating the soil conditions to maximize development opportunities on the site. Staff and Evergreen are currently negotiating with affected taxing districts to consider a new URA Plan Area for the site.

Lastly, Evergreen recently provided copy of an article from the November 2024 edition of the Colorado Real Estate Journal (CREJ), titled “Don’t let the couch win: Attracting new retailers”, written by Scott Crosbie, Partner with the Crosbie Real Estate Group. This article details how municipalities can attract and retain retailers, by creating the right tools (zoning, financial incentives, and streamlined review process), improved property maintenance, readiness for infrastructure, and educating staff and Council. A copy of this article is attached to the agenda item for review by the Town Council.

Erie Four Corners

Located just south of the Town-owned site, the 45-acre Four Corners property includes 451 residential units and 95,000 square feet of commercial development. The site will complement the Evergreen development with a mix of commercial and active retail uses along a central pedestrian promenade.

As proposed, the commercial development will include 48,000 sq. ft. of retail/flex space (smaller-format for convenient live/work accommodations), 30,000 sq. ft. of professional office, 12,000 sq. ft. of medical/wellness and 5,000 sq. ft. for a freestanding restaurant. Residential development surrounds the commercial corner with a mix of housing types from single family homes/townhomes (245 units) to 3-4 story multifamily apartments (206 units) along Erie Parkway. Construction of the single-family homes/townhomes by Toll Brothers is currently underway. The site plan for the multifamily apartments (Antelo by Forum) is approved, with construction anticipated to begin late 2025. The site plan for the commercial corner is nearing completion and approval, with construction slated to begin in 2025 and completed in 2026.

Reflecting similar site conditions as the Town-owned site, financing for the Erie Four Corners development comprises multiple districts and tools, including the Four Corners URA Plan Area, the Four Corners Metropolitan District, and the Four Corners Business Improvement District (BID), as shown in Figure 3 below.

Figure 3: Four Corners Financing District Footprints

Other Properties

Two additional properties are also entitled and/or under construction, including Ranchwood and Erie Commons. The 28-acre Ranchwood site is located north and west of the Town’s property. The project comprises primarily residential development with 50,000 square feet of commercial uses located off Pinnacle Boulevard, the central street that runs north-south through Town Center. As illustrated in Figure 4, the residential component includes two-story rental townhomes (136 units) and apartment villas (48 units) and a four-story apartment building (104 units). The first phase of this project (west of Pinnacle Boulevard) is entitled and plans to start construction in 2025. A second phase for the remaining commercial space east of Pinnacle Boulevard is not yet in development review.

The 21-acre Erie Commons site is also underway with several projects completed or under construction. As shown in Figure 5, the site is located east of the Town Center core along Erie Parkway between Powers and Briggs streets. The project is designed as a walkable, horizontally-mixed use area with a small-lot single family development on the south side and commercial uses along Erie Parkway. The residential neighborhood of 151 single family residences includes both ownership and rental units and is nearing completion. The commercial area is developing project-by-project and includes a fueling station and convenience store, coffee shop, and credit union, totaling approximately 9,000 square feet.

The northernmost property in Town Center is the 30-acre Tebo Properties site (formerly Ellen Lumry Estate) and has yet to enter into development review.

Figure 4: Ranchwood Site Plan

Figure 5: Erie Commons Existing Development

COUNCIL PRIORITY(S) ADDRESSED:

ü Attractive Community Amenities

ü Engaged and Diverse Community

ü Prosperous Economy

ü Small Town Feel

ü Environmentally Sustainable

ü Fiscally Responsible

ATTACHMENT(S):

1. Staff Presentation

2. 2024 Colorado Real Estate Journal Article