08 Feb Carmel Partners to Develop Mixed-Use Portion of Downtown Superior
Feb. 8, 2021 – SUPERIOR, COLO. – Downtown Superior developer RC Superior, LLC sold 10.4 acres of land slated for development of 382 residential units and 72,000 square feet of ground-floor commercial, live/work, retail and restaurant space to Carmel Partners. Downtown Superior is a 157-acre master-planned community.
Carmel Partners will develop Main Street, the pedestrian-oriented multiuse area that is at the heart of the Downtown Superior community. The mixed-use development incorporates residential, commercial, retail and restaurants, as well as an adjacent public park and plaza currently under construction by RC Superior.
RC Superior LLC will continue to work with the Town of Superior to develop the public spaces. The public plaza is designed as a central gathering place for year-round events and to serve the Superior community. A portion of Downtown Superior’s 46-acre public park system will run along the north side of the mixed-use space, with new pedestrian and park improvements on both sides of Coal Creek.
“Carmel Partners understands the vision for Main Street, which has long been a multi-experiential destination for the Town of Superior as well as the region,” said Bill Jencks, vice president of real estate for Ranch Capital, LLC.
Upon completion, Downtown Superior will offer up to 817,000 square feet of commercial and retail space, 1,400 residential units, and 46 acres of outdoor recreation and open space. The Sport Stable indoor recreational facility, the Element hotel and Superior Medical Center are open and operating. More than 85% of the developable land in the project has been sold, with only four parcels totaling 12 acres of land in the community still available for sale.
“We are creating a destination to be enjoyed by all Superior residents and visitors. Our architectural design is elegant and sophisticated and intended to complement the natural beauty of the area,” said Dan Garibaldi, managing partner of development and construction for Carmel Partners.
Construction on Marshall Road Bridge is underway, and it is slated for completion this year. Once complete, the bridge will provide easy access to Downtown Superior from the existing signalized intersection at Marshall and McCaslin.
Initial infrastructure has started for the large public park on either side of the Marshall Road Bridge. Park plans include a recreation field, a playground, an amphitheater, a water feature and restroom facilities, as well as pedestrian and bicycle trails throughout with access to Coal Creek and the U.S. 36 bikeway.
In December 2019, the Town of Superior Town Board approved Remington Homes to offer 64 townhome units with optional rooftops that will be available for sale in 2021. The homebuilder has offered single-family and townhomes in Downtown Superior since 2016.
“This sale to Carmel is great news for the Downtown Superior development,” said Mayor Clint Folsom. “Final plans were approved in December 2019, and we’ve been anxiously waiting for construction to get started.”
About Downtown Superior
Situated just minutes from Boulder, Downtown Superior is a 157-acre master-planned community. The community’s design is based on smart growth and incorporates multimodal opportunities such as pedestrian, bicycle and other alternative mobility. Downtown Superior offers a variety of residential products from four homebuilders, including Wonderland Homes, Thrive, Remington Homes and Toll Brothers; diverse retail and dining options; entertainment in every direction; ample open space; and convenient hotel lodging. All of this is within a conveniently walkable community paired with close proximity to RTD transit and accessibility to DIA, Boulder County and Denver along U.S. 36. For more information on the Downtown Superior project, including retail and office leasing opportunities, visit downtownsuperior.com.
About Carmel Partners
Founded in 1996, Carmel Partners is one of the nation’s leading specialists in real estate investment management, focusing on U.S. multifamily development and construction and opportunistically, debt. Carmel has bought and renovated or developed, or is in the process of renovating or developing, more than 43,000 apartment units with an estimated value in excess of $14.1 billion. Headquartered in San Francisco, Carmel has offices in Los Angeles, New York, Seattle, Denver and Washington, D.C. For more information please visit www.carmelpartners.com.