Company proceeds with commercial expansion plans for Meadows
GLENWOOD SPRINGS, Colo. A commercial expansion at Glenwood Meadows may move forward, even though it has been hit by the same rise in construction costs that helped doom a rental housing project there.Englewood-based Miller Weingarten Realty plans to present an expansion for a conceptual review by Glenwood Springs City Council on May 3.Last year, the company had undergone such a review for a proposal for more than 75,000 square feet of commercial space along with a restaurant. However, it later indicated to city officials that the rising costs were raising questions about the project’s financial feasibility.The company since has decided to try to proceed with it. Glenwood Springs community development director Andrew McGregor said the city requires that a developer undergo another conceptual review if it doesn’t submit a formal application within six months of the first review.”We’re trying to come back,” said Steve Shoflick, Miller Weingarten’s president. “We wanted to get back on the planning process and we’re going to move this process forward – not that all issues are resolved.”The key issues continue to be construction costs and regional competition, Shoflick said. Miller Weingarten has been anxious to sign on certain retailers before they are lured to new developments in other area communities.The company decided it should have all city approvals in place so it could move forward quickly if it decides to proceed with construction.”Our effort really is about being prepared to capitalize when all of the conditions are right,” Shoflick said.Shoflick has said that furniture, clothing and consumer electronics stores are all possibilities for the development.McGregor said the company appears chiefly concerned about competition from possible further commercial development in Gypsum, where Costco recently opened. Miller Weingarten also is involved with the original Glenwood Meadows project, which comprises more than 400,000 square feet of commercial space and is home to stores including Target and Lowe’s.Aspen’s Dunrene Group, which was founded by Glenwood Meadows developer Robert Macgregor, also is a minority partner in the proposed expansion. Macgregor said the situation at Glenwood Meadows shows how challenging it can be to build such a development affordably enough to still be able to keep rental rates competitive.He said the feasibility of the proposed expansion depends on whether the city “tries to load it up with unnecessary costs.”Contact Dennis Webb: firstname.lastname@example.orgPost Independent, Glenwood Springs Colorado CO
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