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HomeMy WebLinkAboutGALATIA REZONING - 36 90B - MEDIA - CORRESPONDENCE■ Proposed Big reta'11centerco shopping center m�n site ROBERT BAUN Th 9-3 11D S i to The Coloradoan J Plans are percolating for a major regional shopping center at the northeast cor- ner of Interstate 25 and Prospect Road. In documents filed with the city of Fort Collins, the landowner at the I-25/Pros- pect intersection is peti- tioning to rezone part of the ground to allow for a 45-acre retail complex. The landowner, cattle- man Dallas Horton, is in talks with a shopping cen- ter developer to build the center — if the rezoning is approved. A 45-acre complex nearly Foothills Mall -size "equates to 400,000 to 450,000 square feet" of re- tail space, said Steve Pfis- ter, a commercial real es- tate broker who is repre- senting Horton in the proj- ect. Pfister said he could not identify the shopping center developer, but said it's a company with a track record. "They've built about 6 million square feet of shop- ping centers during the '90s, and most of that in the last five years," Pfister said. Asked about a timetable for the shopping center, Continued from Page Al of I-25 and Prospect. Prelimi- nary plans also point to a busi- ness park development and resi- dential neighborhoods on Hor- ton's land. Concurrently, landowner Les Kaplan is asking the city to an- nex 47 acres north of the Horton Pfister said," It depends on how our zoning proceeds." Categorically, the center would attract the types of stores that are typically seen in shopping malls or as "big box" retailers, Pfis- ter said. At 450,000 square feet, the proposed center is about three -fourths of the size of the Foothills Fashion Mall, the biggest in Fort Collins. The Prime Outlet Center in Loveland spans about 350,000 square feet. A large shopping center could mean major sales tax property, which is also proposed for residential development. Residential demand on the east side of I-25 could be driven in part by location of a future high school site. Last year, Hor- ton sold 100 acres along East Prospect Road to the Poudre School District. The district has gains for the city of Fort Collins. Based on tradition- al sales per square foot, a 450,000-square-foot shop- ping center would likely generate at least $120 mil- lion in retail business per year, said Alan Kremarik, financial director for the city of Port Collins. "That would mean $25 million to $3 million a year in sales taxes, if it doesn't take away from the existing stores," Krcmarik said. "That's always the ques- tion: Where do your shop- pers come from?" Based on the success of the Prime Outlet Center, which is also along I-25, Pfister thinks a new shop- ping center would be "a re- gional draw with a lot of sales tax coming from out- side our area." The rezoning on the cor- ner is necessary because the current zoning at the in- tersection allows only for 20 acres of retail use. Hor- ton wants to take another 25 acres — now zoned for industrial use — and add it to the retail zoning. In all, Horton owns 132 acres at the northeast corner indicated it could it build a new high school there by 2006. The trio — Horton, Kaplan and the school district — have also agreed to coordinate their planning efforts. "It's the first time I can think of that the school district and surrounding property owners See RETAIUPage A2 have worked closely together in the design of a school site and the uses that take place around it," Kaplan said. "It's an opportunity to coor- dinate streets and provide buffering and to make sure the crosswalks are in the right place." L eoxelder Creek Proposed High School i 0 1.800 Feet Coloradoan staff