Castle Rock approved initial plans for the Dawson Trails development, which is outlined to bring more than 5,800 housing units and 3.2 million square feet of commercial space, including a …
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Castle Rock approved initial plans for the Dawson Trails development, which is outlined to bring more than 5,800 housing units and 3.2 million square feet of commercial space, including a Costco.
Council members approved the first reading for planning documents for Dawson Trails, a planned neighborhood on 2,000 acres of land east of Interstate-25 and south of Territorial Road, on a unanimous vote. Staff also walked the council through contributions from the developer for the Crystal Valley Interchange and a proposed $10 million incentive for Costco.
Town Manager David Corliss broke down the $10 million incentive, telling the board the incentive was warranted because of Costco’s sales tax revenue, which is estimated around $4-6 million annually.
The incentive would be two parts with $3.5 million upfront from the Economic Development Fund and the remainder coming from remitting a third of the store’s sales tax revenue up to $6.5 million, which Corliss estimated would take two or three years.
Tax revenue from the bulk-buy store will be important to the town’s ability to continue adding police and fire staff, Corliss said.
“We need this because we need to continue to fund the services that are provided through sales tax,” he said. “If we don’t have additional revenue with Costco, we’re going to have a significant challenge being able to fund additional police officers and firefighters.”
Under the development agreements, the developers, Westside Investment Partners Inc., would contribute $50 million to the Crystal Valley Interchange project, which aims to improve traffic near the Dawson Trails projects.
If council approves the development plan and incentive agreements, construction on the Crystal Valley Interchange would start next year and finish in 2025 with the opening of Costco likely that same year.
Planning documents also layout 5,850 housing units, 3.2 million square feet of commercial space, around 750 acres of open space and around 230 acres to be dedicated to the town for a fire station, parks, schools and town facilities. Additionally, the developers would pay $4 million for a future fire station.
Larry Jacobson, of Westside Development Partners, said he envisions the build out schedule would happen over a 20 year period.
Under the proposal, the commercial and mixed-use developments would be centralized in a corridor near I-25, surrounded by more residential neighborhoods.
Current zoning for the Dawson Trails development would allow up to 7,900 housing units and 17.5 million square feet of commercial, retail, industrial and office space.
Council member Caryn Johnson asked several questions about potential impacts to traffic, but representatives for the developers shared studies that showed minimal impact to traffic quality.
Public comment was mostly in support of the project, though a few people raised concerns about the development’s density.
Town council will vote on the second reading of the development plan and agreement on Sept. 6.
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