Parker Economic Development opportunities emerge with Council-approved My Mainstreet Development Agreement
On Nov. 7, 2022, the Parker Town Council and P3 (Partnering for Parker’s Progress) Board of Directors approved a development agreement with Confluence Companies to develop six publicly owned land parcels associated with the My Mainstreet Project.
This $275-million public-private investment is the largest economic development project in downtown Parker’s history and implements the Town’s decades-long plan to activate and grow its downtown while increasing economic vitality and local revenues.
The Town of Parker and P3 have been working closely with Confluence Companies on creating a development plan that aligns with the Town’s vision for a more vibrant, walkable downtown area. The newly approved development agreement defines a future for each of the six My Mainstreet parcels that includes a unique design aimed at promoting the vitality of Mainstreet while making the area a destination for residents, workers and visitors.
The land parcels associated with the My Mainstreet Project are: five Town-owned properties (Schoolhouse Lot, PACE Center 2A/2B Lots, EastMain Lot and Pine Curve Lot) and one P3-owned property (19801 E. Mainstreet).
Highlights of the development agreement include:
- A mix of commercial and residential uses that will help promote activity in downtown Parker, including several mixed-use developments; each site will have active ground-floor uses
- The addition of 121,500 to 141,500 square feet of commercial/office space and an estimated 574 residential spaces, a number of which will be designed, constructed and platted as for-sale units
- A public parking garage featuring at least 255 public spaces to replace the PACE Center’s current surface-level lot; additional parking will accompany each development, as required by Town code
- An outdoor public plaza for community gatherings, a new public park and an open space buffer adjacent to the Parker Vista neighborhood
- Requirements for the addition of public art
- Standards for building height as required by Town code and view plane protections
- Detailed schedule of performance provisions to ensure the project proceeds as planned
To help ensure this public-private partnership is financially feasible, public investment tools will be utilized. These include of a combination of property tax increment (through P3-87.485 mills, estimated $16.3 million), sales tax share back (2.5%, which excludes 0.5% for Parks, estimated $10.7 million), Public Improvement Fee (2%, estimated $12.4 million) and general improvement district revenues (45 mills, estimated $17.9 million) in an amount not to exceed $57.3 million. All of these common funding sources will be generated by the project itself and will include maximum dollar and time caps.
My Mainstreet Project next steps include:
- Confluence Companies’ purchase of the six parcels is scheduled to occur by Dec. 14, 2022.
- Confluence Companies will begin the Town’s site plan process for the first parcel in 2023. A Public Open House will be required before the start of each individual development project.
All updates regarding the My Mainstreet Project, including the latest design concepts and updates on the project’s future progress, will be made available at www.ParkerOnline.org/MyMainstreet. Confluence Companies will provide an annual update to the Town Council and quarterly progress updates to the Town.
My Mainstreet Project Background
Mainstreet is the gem of Parker, home to restaurants, artisan coffee shops, culture, public parks and more. In 2018, P3 took the lead on engaging the community to provide feedback about how to best develop a collection of downtown properties owned by the Town of Parker and P3. The My Mainstreet Project culminated with the release of the Strategic Framework: A Blueprint to Community Supported Development, a guide for the future of these sites.
About the Town of Parker
Located 20 miles south of Denver and home to more than 60,000 residents, the Town of Parker offers the perfect balance of a full-service community with a hometown feel. A community that is highly rated for safety, Parker provides an unmatched quality of life, spectacular parks and recreation amenities, a great business mix, world-class cultural facilities, and a wide variety of community events.
About P3 Parker/Parker Authority for Reinvestment
Legally known as the Parker Authority for Reinvestment (PAR), the Town of Parker’s urban renewal authority has now evolved in both name and initiative. P3 is enhancing Parker through investment and collaboration. P3 is a true partner that is committed to defining and accomplishing public and private goals that improve the Parker community. For more information about P3, visit www.P3Parker.com.
About Confluence Companies
Confluence Companies is a unique, fully integrated development, construction and property management company in Colorado that focuses on longer-term projects. Confluence has a broad portfolio of downtown and mixed-use developments throughout the Denver Metro region and a strong track record in public-private partnerships and creating exceptional places that fit into the fabric of a community. For more information about Confluence Companies, visit www.ConfluenceCo.com.