Miller's Landing is located northwest of Interstate 25 and Plum Creek Parkway interchange, and is approximately 48 acres. This property is currently zoned in the Town of Castle Rock as an Interchange Overlay Planned Development; however, residential uses are prohibited.
In 2010, Town Council approved the IO PD zoning classification as an option for properties located at the Town's I-25 interchanges. The purpose of the IO zoning is to promote strong and sustainable economic development opportunities at the interchanges by allowing higher density mixed-use development, including multi-family residential, along with increased floor area ratios and building heights. The permitted uses and development standards were formalized in the IO Development Standards. Interchange overlay districts are designated at the Meadows/Founders, Wolfensberger, Plum Creek and Crystal Valley Parkway I-25 interchanges.
The owner/developer of Miller's Landing is proposing to amend the Miller's Landing IO PD in order to remove the residential exclusion. Single-family detached units would not be permitted. All other mix of uses and development standards permitted in the Miller's Landing IO PD would remain unchanged. The proposed amendment establishes dwelling unit maximums and non-residential square footages, currently unspecified in the existing Miller's Landing IO PD.
If approved, the amendment would allow a maximum of 900 dwelling units, 460,000 square feet gross floor area of retail, and 125,000 GFA of office/commercial uses. Approximately 7.3 acres of public and private open space is identified. A public land dedication or cash-in-lieu of public land will also be required. Prairie Hawk Drive will be extended through the Miller's Landing development to Plum Creek Parkway.
The proposed rezoning will require also amendments to the existing Development Agreement and Public Financial Agreement.
The proposed change to the Miller's Landing IO PD zoning is a Major Amendment and requires public hearings before the Planning Commission and Town Council. Neighborhood outreach, in the form of neighborhood meetings, are required to be held throughout the process.
The first neighborhood meeting was held Tuesday, Oct. 13, 2020, via a virtual format. A recording of that meeting is available. A minimum of two additional neighborhood meetings will be held prior to the public hearings.
Other related information
For many years this property was undesirable to developers due to the necessary remediation of the old dump located on the site. Castle Rock Urban Renewal Authority – an entity that exists to facilitate investment and redevelopment in challenging areas within Town – deemed this area as blighted, which allows for additional tax-sharing to clean up the property and foster economic development.
The Miller's Landing Business Improvement District contracted with Iron Woman, a company with environmental and landfill remediation expertise, to conduct the cleanup work. The Colorado Department of Public Health and Environment oversaw the process and conducted a review of the environmental data collected on the landfill remediation. In July 2019, CDPHE issued a certification that the landfill has been appropriately remediated and that no further action is necessary.
Anecdotally, the property owner indicated that most of the landfill contents was found to be municipal household waste. A small amount of asbestos-containing material and a few car batteries were found and appropriately removed, contained and disposed of. No items of historic or geologic value were found.
Concurrent with the 2016 zoning approval, Town Council approved a financial agreement that includes sharing back 60 percent of the sales and 100 percent of the property tax generated from new amenities on the property. The agreement does not include allocation of any current Town funds, but rather the Town would be sharing future revenue generated by the project. The zoning amendment will prompt amendments to this financial agreement.
Key aspects of the current financial agreement include:
- Issuing bonds: The Miller's Landing Business Improvement District will be allowed to issue bonds to finance the remediation of the landfill, along with the construction of necessary public infrastructure on the site.
- Bond repayment: Bonds will be repaid with various incremental revenue the project will generate
- Property tax: The Town will share 100 percent of property tax generated on the property for 23 years, which will help repay the bonds.
- Sales tax: The Town will share 60 percent of sales tax generated on the property, once developed, for 25 years, which will help repay the bonds. However, sales tax will not be shared on any grocery store larger than 27,000 square feet nor any large retailer currently doing business in Town.
- Development limits: The agreement will limit the amount of retail development to 100,000 square feet until a minimum 250-room full-service hotel with 10,000 square feet of meeting space opens. The agreement will further limit retail development to a total 250,000 square feet until at least 150,000 square feet of office space is constructed.
Benefits for the Town
- No existing Town revenues nor funds are committed to the project – only sales tax earned on the new development. Currently, the Town earns no sales tax on that property, because it is not developed
- Old landfill has been remediated by a private investor at an estimated cost of $8 million
- Relocation is discouraged, because the agreement states credits may not be collected on relocations of large businesses that already exist in Town
Detailed documents and additional information
The most current submittal documents, as well as the existing Miller's Landing IO PD Plan and Zoning Regulations, neighborhood meeting summaries, the Colorado Department of Public Health and Environment certification letter and the existing Public Financial Agreement are available on the interactive Development Activity Map. Click on PDP20-0003 Miller's Landing IO PD Amendment (rezoning) - Planned Development Plan under the Info Summary on the left side of the screen, or click on the blue icon located within the parcel on the map.