WIP Littleton Village Plans Mixed-Use Development at Former Marathon Oil Research Site
- Sep 20, 2013
Denver—WIP Littleton Village LLC has purchased one of the last large infill development sites in the Denver metropolitan area, and plans to turn the 77-acre former Marathon Oil research facility site into a mixed-use development with more than 900 single- and multifamily residences. Newmark Grubb Knight Frank (NGKF) secured the buyer and represented the seller, Littleton Village LLC, in the $21.5 million sale.
“WIP [Watt Investment Partners] Littleton Village had been targeting the Denver market for some time, searching for the right opportunity,” Wade Fletcher, NGKF associate, tells MHN. “It was looking for a high-profile site with strong demographics, ideally an infill location with the potential for mixed-use development. The Littleton Village site met all these criteria, with the added bonus of having a municipality that strongly supported smart development on the site.”
Stephen Roesinger, NGKF senior managing director, notes WIP Littleton Village reinvigorated the project, working with the city council to obtain approval for a new general development plan. As a result, interest in the project has ratcheted up considerably in the last several months, he observed.
“This was a public process, and Watt, along with the cooperation and assistance of the seller, did an outstanding job presenting its vision for the site to the city and neighborhood groups,” he adds. “It received unanimous approval from the city council for its amended plan.”
Littleton mayor Debbie Brinkman applauded the effort, noting city officials are delighted that the property will soon be home to some 250,000 square feet of retail, along with the residential component and a multi-use park.
“This property is centrally located, offers incredible views of the Front Range and is Littleton’s largest mixed-use development,” she says. “WIP Littleton Village, LLC is the perfect partner for this project, and we are looking forward to working with them.”
Moving forward on the redevelopment of the site will be a huge win for Littleton, notes NGKF executive vice president and regional managing director Kevin McCabe.
“The high demand for the site, and the short marketing period of the sale attest to its potential to transform the city,” he says. “We expect interest and activity to be high.”
In addition to the development meeting a notable demand for new housing product in Littleton, its planned retail component will provide a welcome source of tax revenue for the city, Fletcher observes.
The development will add an exceptional and high-end project to an underserved market, Roesinger notes. It will provide a great alternative for families that are new to the region, employees of Littleton Adventist Hospital, the city’s largest employer, and to those who work in the tech center known as Highlands Ranch or in Denver, providing unmatched mountain and city views and quick access to many outdoor amenities.