Economy may slow Eagle River Station
EAGLE, Colorado ” The review of Eagle River Station in Eagle, Colorado is taking a holiday break.
The proposed commercial and residential project had scheduled special review sessions before the Eagle Town Board on Dec. 10 and 17. But the project developer, Trinity/RED Development, backed off that schedule last week, and the project review will be continued Jan. 7.
“They are continuing to negotiate with the town staff on the financial matters and the cost-sharing arrangement,” said Eagle Mayor Ed Woodland.
He noted national economic concerns have played into the Eagle River Station negotiations.
Woodland said that the Eagle River Station developers have strong financial credentials ” back in September, CDK Realty Advisors of Dallas announced it would provide as much as $200 million for investments in existing and future projects of RED Development ” but the uncertain economic climate has colored phasing discussions with the developer.
“The phasing of the project is going to be solved by market forces,” Woodland said. “The idea that you could build a half-million square feet of commercial all at once, in this market, isn’t going to happen.”
Eagle River Station is a mixed-use development proposed on an 88 acres on the eastern end of town, south of Interstate 70. The plan includes 572,000 square feet of commercial space, a 150-room hotel and 581 residential units. A new Eagle I-70 interchange and improvements to U.S. Highway 6 would be built as part of the development plan.
The estimated cost to build Eagle River Station is $330 million.