Costco, Developers Advance Plans For Mixed-Use Littleton Campus
Plans for a Costco-anchored mixed-use campus in Littleton are advancing, bolstered by recent land sales and city-approved incentives.
Englewood-based Republic Investment Group purchased the 63-acre former Lumen Technologies campus at 700 W. Mineral Ave. for $50M, according to public records. Shortly after, RIG divided the land and sold key parcels.
Costco Wholesale acquired an 18.5-acre tract for $5.8M and plans to construct a 160K SF retail store, a 32-pump fuel station and a tire center. Adjacent to the retail site, San Antonio-based Embrey purchased 17.5 acres for $17.1M to develop The Sullivan, a 370-unit multifamily residential community.
An additional parcel was sold to the Mineral Business Improvement District for $1.2M, RIG owner Grant Nelson told the Denver Business Journal.
The Littleton City Council unanimously approved a $29.5M economic partnership incentive agreement with RIG on Oct. 1, paving the way for 45 acres of mixed-use development. The agreement allows RIG to receive 50% of sales tax revenue collected from the site over 10 years or until the reimbursement cap is reached.
City officials said in a release that the high cost of land acquisition — approximately five times higher per SF than comparable Costco developments — justified the need for the incentive.
The redevelopment is projected to generate $2.8M in annual net sales tax revenue in its first year and rise to $9M by year 10. It is also expected to create more than 800 new jobs once the retail spaces are fully occupied.
“By incentivizing this development, we will be able to strengthen our tax base, allowing for further investment in city infrastructure, public services, and much more,” Jamie Crout, Littleton’s economic development specialist, said in the release.
Demolition of the 400K SF Lumen office building is underway, led by Saunders Construction, Nelson told the DBJ. Once demolition is complete, the site will be turned over to Costco, which expects to open in 2026.
Embrey’s The Sullivan is slated to break ground in Q1. The community will offer one-, two-, and three-bedroom units and amenities such as a clubhouse, a resort-style pool and a fitness center. The first units are expected to be available for lease by Q3 2026.
The Sullivan will not generate sales tax so it was not part of the economic partnership agreement, the city said.
