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Westgate at Powers partners with Arizona developer De Rito to move forward

Monday, 06 February 2017 03:40

COLORADO SPRINGS, Colo. (Feb. 6, 2017) - Signature Realty Capital Corp. is pleased to announce it has partnered with Phoenix-based De Rito Land Development LLC to move forward with development on the Westgate at Powers property.

The Colorado Department of Transportation and the City of Colorado Springs have completed widening the intersection at Powers and Airport, which means that key commercial property development can begin.

The first step will be to hire a construction company and move Troy Hill Road to the west – to intersect with Airport Road at a new, lighted intersection near the existing McDonald’s and Loaf ‘N Jug.

“The City has approved the relocation of Troy Hill Road and access to it based on De Rito’s approved development plan. And, in the very near future, the City is expecting to finalize a roadswap with the State of Colorado Department of Transportation that would bring Troy Hill Road under City authority,” said Kathleen Krager, senior traffic engineer for the City of Colorado Springs.

“This change of authority will allow the City to provide access to properties along that road and encourage appropriate development. We look forward to the future construction of Westgate at Powers.”

Financing has been completed for the site and Signature Realty is currently waiting to sign agreements with interested retailers.

 

Located strategically across from Peterson Air Force Base – at the northwest corner of Powers Boulevard and Airport Road – Westgate at Powers sits next to one of the busiest intersections in the city, with daily traffic volume exceeding 68,000 vehicles. In addition, it is within close proximity to travelers going to and from the Colorado Springs Airport, which had nearly 650,000 enplanements in 2016.

Proposed uses and negotiations for the Westgate property include commercial and office space, as well as retail uses that may include grocers; restaurants, casual dining; extended-stay hotels; retail users, together with a residential component; and a variety of other services to the nearly 23,000 military and civilian employees and contractors within its two-mile radius.

Amenities on the property will incorporate landscape architecture, picnic tables, a walking path, as well as a landscaped drainage channel, providing additional green areas and open space.

“A great amount of investment continues in our region with the building of new restaurants, properties and attractions. These additions entice new, and returning visitors to Colorado Springs. We continue to see the growth of the eastern corridor, improving the destination experience for travelers, especially those flying directly into the Colorado Springs Airport. Places like Westgate at Powers provide new opportunities to dine, shop and get a little taste of the region. The location is ideal for business travelers to catch a stunning glimpse of Pikes Peak, hopefully encouraging a return trip,” said Doug Price, Colorado Springs Convention & Visitors Bureau president & CEO.

Recently, a 223,000-square-foot FedEx distribution center opened in the vicinity, as well as a maintenance facility for Rampart Aviation and office space and heavy maintenance for Global SuperTanker Services.

Other substantial development is underway in the area, including construction slated this year for the Sierra Completions hangar complex, a $100-million-campus at Colorado Aerospace Park; aircraft storage for the COS Owners Association; and an FBO (fixed-base operator) Executive Terminal for Cutter Aviation at the COS airport.

“We are pleased to partner with De Rito Land Development LLC to begin development of this property in a high-growth area of Colorado Springs,” said Westgate at Powers developer Al Cohen, with Irvine, Calif.-based Signature Realty Capital Corp. “This development will benefit DOD and Peterson AFB employees, homeowners and business owners in the area, while boosting the economy in Colorado Springs.”

When completed, the Westgate property will generate approximately $1.4 million in tax revenue for the City, County and school district annually, Cohen said.

“We are thrilled to partner in this development in an underserved area,” said Jerald Friedman, director of land acquisition at De Rito Land Development LLC. “The closeness of Peterson Air Force Base and the Airport will make this a thriving retail development – with an anticipated multifamily residential development contained within the development – providing needed retail and restaurants to the adjacent residents and employees.”

Local leasing agent for the property, Richard L. Walker, said, “For 20 years, this area has been underserved. Westgate at Powers will fill the demand for services in the area with the thousands of military and civilian contractors who need access to restaurants and retail. At the moment, there’s a 12-mile stretch without much retail, from the Platte and Airport intersection all the way south to the City of Fountain.”

For more information about Westgate at Powers, contact Colorado Springs leasing agent Richard Walker, at This email address is being protected from spambots. You need JavaScript enabled to view it. or 719-576-2288.

ABOUT DE RITO LAND DEVELOPMENT LLC
De Rito Land Development LLC is structured into five entities. Established in 1992, De Rito Partners, Inc. has grown to become one of the largest brokerage firms in Arizona specializing in retail. The company offers full-service retail brokerage operations, property leasing, sales and tenant representation.

The company has 20 seasoned brokers exclusively representing more than 180 shopping center owners and 60 national and local retailers. The company was voted #1 Retail Brokerage Firm by readers of Ranking Arizona: The Best of Arizona Business 2016, and is also the exclusive Arizona member of Retail Brokers Network, a national real estate powerhouse composed of the foremost retail brokerage firms in the U.S. De Rito Partners Development, Inc. specializes in the development and redevelopment of select retail and mixed-use properties.

Currently redeveloping 1.2 million square feet at The Pavilions at Talking Stick (formerly Scottsdale Pavilions), the company creates retail environments for shoppers, merchants, communities and investors, and has developed 20 first-class retail and auto properties totaling more than 5 million square feet throughout the Greater Phoenix area. De Rito Property Management, LLC offers premier-quality property management services for retail properties of any size and is currently managing 30 properties totaling 1,904,417 million square feet. De Rito Opportunity Investors, LLC recently purchased 45 retail assets, with plans to purchase 3 more this year, offers individually tailored retail property solutions, specializing in acquisitions of value-added and stable assets.

De Rito Land Development, LLC specializes in ground-up grocery anchored and other commercial neighborhood shopping centers. De Rito Partners is currently redeveloping Arcadia Fiesta at 32nd Street & Indian School Road and an El Super grocery-anchored center called Westwood on Camelback at 23rd Avenue & Camelback. New developments include Norterra Fiesta at North Valley & Norterra parkways and a Fry’s Marketplace-anchored shopping center called Artesian Marketplace at Gilbert & Ocotillo roads. The company website is derito.com.

ABOUT SIGNATURE REALTY CAPITAL CORP.
Signature Realty Capital Corporation President Al Cohen, CPA, MBA, has been involved in real estate for over 30 years. He initially worked in New York State as a CPA, and then worked for a real estate investment firm in Denver, evaluating and monitoring investments. While in Denver, he formed a small homebuilding operation and built about 50 homes. He also was a CFO for a large land developer that entitled and developed master planned communities and smaller parcels. He continues to develop land in Colorado Springs, while working in southern California.

For more information, visit srccorp.net.

MEDIA CONTACT
Becca Tonn
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719-510-3333

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