Miller's Landing is a 48-acre property located northwest of the Interstate 25 and Plum Creek Parkway interchange. The 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 interchange overlay zoning as an option for properties located at the Town's I-25 interchanges. The purpose of that zoning is to promote strong and sustainable economic development opportunities at the interchanges by allowing higher density, mixed-use development, including multifamily residential, along with increased floor area ratios and building heights. Interchange overlay districts are designated at the Castle Rock Parkway, Meadows/Founders, Wolfensberger, Plum Creek and Crystal Valley Parkway/I-25 interchanges.
In October 2021, the owner/developer of Miller's Landing withdrew an application that had proposed an amendment to the property’s zoning to remove the residential exclusion.
Moving forward, the owner/developer will need to submit a new application to make any changes to the property’s existing zoning or to develop the property as currently zoned. Any rezoning or development would require a series of neighborhood meetings and public hearings before the Planning Commission and Town Council. This page will be updated as any new information about the project is available.
Other related information
For many years, this property was undesirable to developers due to the necessary remediation of a previous landfill 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, the Colorado Department of Public Health and Environment issued a certification that the landfill has been appropriately remediated and that no further action is necessary.
Concurrent with the 2016 zoning approval, Town Council approved a financial agreement that includes sharing back 60 percent of the sales tax 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. View (PDF) the financial agreement.
Key aspects of the current financial agreement include:
- Issuing bonds: The Miller's Landing Business Improvement District was 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 for 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 revenue generated by 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