Eagle River Station developer bids on Gypsum’s Tower Center | VailDaily.com

Eagle River Station developer bids on Gypsum’s Tower Center

Randy Wyrickrwyrick@vaildaily.comVail, CO, Colorado

EAGLE – Eagle River Station’s developers bid on a 74-acre commercial site in Gypsum, the Tower Center, they said Friday.”We remain committed to the valley. Our business plan is to develop a project in the western end of the valley,” said Trinity RED Development’s Jeff McMahon.It’ll be either in Eagle or the Tower Center in Gypsum, McMahon said.Denver real estate company Sheldon Good & Co. ran a sealed bid auction for Gypsum’s Tower Center site, 74 acres already approved for commercial development. That auction closed Wednesday, said Sheldon Good’s Jim MacDonnell.They’ll announce the winner in May, MacDonnell said.The company didn’t receive any bids that hit all the criteria, and now they’re negotiating with three of those bidders, MacDonnell said.MacDonnell declined to identify them, except to say that two of those three are bona fide retail developers.”It’s like an auction after an auction,” MacDonnell said.

May 22 is when Eagle voters decide the fate of Eagle River Station – their second such decision in two and a half years.Eagle River Station is a commercial-residential project proposed by Trinity RED Development on the eastern end of town, south of Interstate 70 and north of U.S. Highway 6. The 88-acre property would include 582,000 square feet of commercial space and 250 rental units in the first phase. The second phase calls for up to 150,000 square feet of commercial space and another 300 rental units.Trinity RED Development didn’t control the sealed bid auction’s timing, McMahon said, but they’re participating.”There are only so many things you can control, and ERS is out of our control,” McMahon said. “We didn’t control the timing of the bid. If the town says they don’t want it, we’ll move on to other options.”The Tower Center auction and RED Development’s bid hits Eagle as rumors are swirling that City Market wants to double the size of its Eagle store, and could be looking at sites in Gypsum. New Eagle Mayor Yuri Kostick said City Market’s real estate development director, Joel Starbuck, assured him the store would remain in Eagle.City Market represents around 40 percent of Eagle’s current sales tax revenue.Trinity RED has made it clear that if City Market and its parent company, Kroger Co., want to stay in Eagle, they’ll find them a spot in Eagle River Station.”We have not spoken with City Market. If what they say is true and they’re looking, we want to be part of that,” McMahon said.Meanwhile, Gypsum approved commercial development for the Tower Center years ago.

Before Eagle River Station was announced, Target and City Market both expressed interest in the Tower Center, MacDonnell said.”Eagle River Station is a gigantic project, and there won’t be room for another. If it’s voted down, it will likely end up in Gypsum and the Tower Center,” MacDonnell said.For now, everyone’s waiting for Eagle’s ERS vote next month. “If that’s going to be voted down, the Tower Center becomes option No. 1,” MacDonnell said.Sheldon Good sold a 12-acre multifamily parcel in Cotton Ranch, auctioned at the same time as the 74-acre Tower Center site. It was purchased by an out-of-state buyer that owns property in Eagle County, MacDonnell said.The 74-acre commercial is approved for 458,000 square feet of retail space, including a big-box store. The housing project Stratton Flats is on the Tower Center’s west border, and the airport is on the north.The 12-acre residential site could be home to 72 units. It’s the only multifamily zoned site in Cotton Ranch.Cotton Ranch is home to the 18-hole Gypsum Creek Golf Course. Staff Writer Randy Wyrick can be reached at 970-748-2935 or rwyrick@vaildaily.com.

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