Murdoch’s has eye on former AFW space at Roaring Fork Marketplace
The Roaring Fork Marketplace commercial center in south Glenwood Springs is preparing to welcome Murdoch’s Ranch & Home Supply as a new tenant, coming in spring 2021 if all goes as planned.
The Murdoch’s store would occupy the space that formerly was home to an American Furniture Warehouse outlet, until spring 2019 when it closed. Recently, the neighboring Office Depot store also vacated.
Glenwood Springs City Council recently approved a sales tax incentive agreement with Pegwood LLC, a division of Pegasus Development and Investment, which now owns the store space. Pegasus handles leasing for the Roaring Fork Marketplace.
The tax incentive allows for a rebate on future sales taxes in order to assist with renovations needed for the interior store space in order to accommodate Murdoch’s, according to the agreement. The deal was approved 7-0 at council’s Dec. 17 meeting.
“We’re excited (to have) council’s support in getting a great tenant in there that would provide a good service not just to Glenwood Springs, but the whole valley,” said Matthew Sanger from Pegasus.
Representatives for Murdoch’s did not immediately respond to a request for comment on the planned Glenwood location, but Sanger said a spring 2021 opening is possible.
Murdoch’s is a regional farm and ranch supply store, with locations across Colorado, including Craig and Clifton, as well as in Wyoming, Idaho, Montana and Nebraska. Murdoch’s stores also carry clothing, tools and hardware, hunting and camping gear, lawn and garden supplies, and pet/livestock supplies.
Under the “enhanced sales tax incentive agreement,” the city would rebate 50% of new sales tax dollars generated by tenants occupying the space, per year, with a total rebate cap of $750,000 or a period of seven years, whichever occurs first.
“These types of incentive programs are not uncommon in Colorado, and are often times used as a way to encourage redevelopment of existing space,” according to a city staff memo explaining the program. “It is a format that could be used in other locations in the community to encourage new economic growth, as well as redevelopment.”
By filling the former AFW space, it could make finding a tenant for the now-vacant Office Depot space easier to fill, city and property managment officials also said.
“This is an economic development piece that doesn’t just happen in communities, unless you have economic development people focused on things,” Mayor Jonathan Godes said, commending city economic development staffers Jennifer Ooton and Matt Nunez.
“Nothing attracts a crowd like a crowd, and having a little vitality up there is going to make that Office Depot space … more attractive to a tenant in the future,” Godes said.
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