The stage is about for a Littleton redevelopment play following a $14 million deal.
Texas-based residence developer Quarterra and New Jersey investor PGIM Actual Property bought the 15-acre web site of a former purchasing middle at 5151 S. Federal Blvd. in Littleton for $14.3 million on the finish of February.
The 2 are planning to show the onetime retail middle, which grew to become vacant over a decade in the past and was demolished in 2018, right into a seven-building residence neighborhood with 373 models. Over 7,000 sq. ft of business house shall be added as properly.
Quarterra is a subsidiary of big residence constructing agency Lennar Corp. PGIM is a subsidiary of world insurance coverage and monetary providers titan Prudential Monetary. Neither agency responded to a request for remark.
Kairos Funding Administration out of Southern California was the vendor. The agency additionally didn’t reply to a request for remark. Kairos CEO Carl Chang and his household had owned the location for many years.
The location on the southwestern nook of Federal Boulevard and Belleview Avenue has lengthy been focused for redevelopment.
In 2016, Chang appeared in entrance of Littleton Metropolis Council, apologized for his property’s blighted situation and promised that plans to show it into one thing higher would come quickly. Two years later, a proposal got here in to show the strip mall into tons of of flats. That plan by no means moved ahead; metropolis officers complained about struggling to speak with Chang.
On Christmas Eve 2020, Quarterra entered the combo, sending a letter to town that it was underneath contract to purchase the location. BusinessDen first reported on the plans final yr.
Littleton Senior Planner Teri Whitmore stated the agency has submitted all its constructing permits, and town expects to problem them in Could.
The purchasing middle web site shall be considered one of a number of massive redevelopment initiatives in Littleton. The previous Lumen Tech web site off Mineral Avenue is being transformed into flats, retail and a Costco.
Story through BusinessDen
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