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Here is a flyover of the new development in Silverthorne at Fourth Street Crossing
July 11, 2019. MW Closes on 4th Street Crossing in Silverthorne
Milender White is proud to announce its successful closing of the 4th Street Crossing development in Silverthorne, Colo. Located north of I-70 off Highway 9/Blue River Parkway, the redevelopment area encompasses 3.8 acres between 4th and 3rd Streets in downtown Silverthorne. The project is approximately two city blocks in length and will establish a “town core” for Silverthorne. Equity partners for the project include Real Capital Solutions and Nightcap Hospitality.
“We are thrilled to reach this milestone,” said Tim Fredregill, Development Executive for Milender White. “We’re grateful the Town selected us as its development partner on this project just over two years ago, and we look forward to delivering on the vision of a downtown in Silverthorne.”
The development includes several components and a total of 13 buildings. A 29,000-sq. ft. market hall will feature several food and beverage offerings including preservation of the Old Dillon Inn building that is currently onsite. Tenants have been identified for approximately 75 percent of the space, but several opportunities remain for the right partners, Fredregill said. MidFirst Bank provided the debt financing for the market hall.
4th Street Crossing also includes a 115-key hotel, two mixed-use buildings along 4th Street with 6,600 sq. ft. of retail and 57 for-sale condos and townhomes. Slifer Smith & Frampton are managing sales for the residential units. Additionally, the new community will feature a new transit center and parking garage with 203 stalls. The Mint Steakhouse will remain where it currently stands, nestled between the hotel and market hall.
Planning and architectural partners on the development include DTJ Design, O’Bryan Partnership, Inc. and NEOstudio. Tetra Tech is providing civil engineering services.
“4th Street Crossing will bring amazing energy to the town of Silverthorne,” Fredregill said. “We had some great partners through this process who took our vision, along with community feedback, and a created special place. 4th Street caters to anyone wanting to experience a vibrant ‘main street’ atmosphere in the mountains.”
Milender White, who is also serving as the general contractor for several scopes within the project, has started site work on the property. An official groundbreaking ceremony will take place once demo on the site is complete.
Planning the entire block between Third and Fourth streets on Highway 9 for Fourth Street Crossing was undoubtedly more fun than anything that happened Wednesday night at Silverthorne Town Council.
Likening Wednesday’s council votes to finalizing a home loan, town manager Ryan Hyland knew the development agreement and related agenda items — all approved unanimously — would come without the eye candy of the project’s previously approved site plan.
The planning stages are where the concepts, designs, graphic renderings and video flybys came to life. For Fourth Street Crossing, they’ve produced a multipronged project featuring a 25,000-square-foot market hall, residential units, plenty of new retail space, mixed-use units with live-work space, a 115-room hotel, public plaza, transit facility and parking garage.
Of what’s currently on the block, only The Mint Steakhouse is scheduled to remain once Fourth Street Crossing is complete.
“I get that (finalizing the documents) may not be as exciting (as the graphics and video), but they are really important to this process,” Hyland explained. “I think they are the final pieces in the redevelopment story for Fourth Street Crossing.”
With these pieces in place, the developer said the anticipated summer groundbreaking is within reach.
A LONG TIME COMING
Designs on Silverthorne’s reimagined downtown date back to 2007, when a community survey found one of residents’ most desired additions would be a real, thriving downtown area.
But dreaming is easier than doing. As Silverthorne Town Council delivered unanimous votes on the development agreement and related agenda items, the fatigue of so many years of work didn’t stop the people closest to the project from enjoying the milestone moment.
Perhaps they had earned it. While the 2007 survey showed a desire, the effort to remake downtown Silverthorne took another big step the following year, as town leaders revisited the comprehensive plan and began installing new design standards. At the time, the town was regulating the entire highway corridor as one, long continuous commercial zone.
“Obviously, if you want a downtown core and your town zoning allows for fast-food, drive-through restaurants and gas stations, that’s really hard to realize that vision,” Hyland said, as he described why Silverthorne had to impose new regulations, zoning and land-use guidelines on the downtown area.
But all of this happened when the Great Recession was starting to take hold, and the effort to remake the downtown area stalled under the stress of national economic uncertainty.
As the town rebounded from the recession, Silverthorne came back to the planning process, and a new downtown assessment in 2011 again showed that many locals still wanted a true downtown area.
As efforts progressed, Silverthorne established its Urban Renewal Authority in 2013, which created the financial tools needed to continue pursuing the project, but that couldn’t happen without first conducting a “blight study.”
BLIGHT TURNS TO LIGHT
Used as a noun, blight is a plant disease or something that spoils another thing. In the context of a verb, the word means to infect or cause severe damage. The blight study, however, gave Silverthorne the tools it needed to go after a major downtown redevelopment, one that’s unlike anything that’s been done in Summit County before.
Within the study, a number of specific conditions had to be met to establish the authority. Looking back on the blight study, Hyland recalled the property in question really “hit it out of the park,” and that wasn’t a good thing. He added that the blight wasn’t limited to the rundown, dilapidated and vacant buildings on the block either, but went beyond face value with serious issues existing under the surface, like problems with the location of a major sewer line underground.
“If there was a property built for an urban renewal project, this was it,” Hyland said.
After the study, a 2014 comprehensive plan further guided conversations and lead Silverthorne to ask what’s in a downtown. With that, officials start putting a priority on the pedestrian components and look at new regulations designed to make the area feel and look like one that belonged in a buzzing, walkable downtown core.
DIRECTION GAINS TRACTION
With the 2014 comprehensive plan, the town tackled rezoning in earnest by creating a new town core designation in 2016. After all of these foundational efforts were done, the town issued a request for proposals in January 2017 and landed on Milender White, an Arvada-based firm that town leaders felt could best deliver on the vision.
They entered a predevelopment agreement that year, and soon started going through the site-planning process. Hyland said that was probably the most fun part of the work thus far, as that’s where they dove into potential uses for the property and how it could all come together to create a “catalyst site.”
The overarching idea is that the Fourth Street Crossing project could be the biggest kick-starter yet to further redevelopment in the area, especially with the new Silverthorne Performing Arts Center, town pavilion and thriving Silverthorne Town Center directly across the street. But just like securing a home loan, you can’t close on the deal without doing the paperwork.
WHAT’S THE RISK?
One important component of the project is Silverthorne taxpayers won’t provide any funding upfront, and the project will be paid for largely through incremental increases tied to the development of the land.
Rather, the biggest piece of the town’s responsibilities will be about $15.5 million worth of public improvements, Hyland said, as Silverthorne has committed about half of that amount to pay for the parking garage and transit center while the other half will cover work on public infrastructure like curbs, gutters, sidewalks and on-street parking.
Because the town’s not committing anything upfront, only incremental increases in things like property sales and lodging taxes, for example, will be used to pay for the project, and all of those have to be generated on-site. Additionally, a new Metro District and Business Improvement District that cover the Fourth Street Crossing site includes mechanisms to help the developer finance the project.
THE NEXT STEPS
Silverthorne should see construction activity on the site beginning this summer, but it might not be exactly what people expect — at least not initially.
Leading the development team, Tim Fredregill, development executive at Milender White, said that construction work will start with a site fence, storm-water management plan and asbestos abatement before any of the demolition begins.
During Wednesday’s discussions, council couldn’t help but ask him about a potential timeline for a groundbreaking.
“We’re still targeting June,” Fredregill replied. “We are at the finish line right now, and it’s going to be a crazy month — but it’s realistic.”
Silverthorne Town Council took up a series of agenda items on Wednesday related to three unique projects, one of which had officials considering what exactly makes a building “iconic.”
Other items were meant to move along the Fourth Street Crossing project. And in yet another development, a group of business partners secured the early go-ahead for a new storage facility on Warren Avenue.
Bookended by two executive sessions, Wednesday’s meeting was an hours-long marathon with conversations covering everything from a proposed hotel’s architectural designs and parking counts to another developer’s efforts to pull everything together for Fourth Street Crossing, a catalyst project designed to radically remake downtown Silverthorne.
On Fourth Street Crossing, last month council had pushed back voting on rezoning for the project, which covers the entire block between Third Street and Fourth Street fronting Highway 6.
The delay was to allow developers more time to line up all of the necessary documents and get council more information about the project’s financing. On Wednesday, council members said they had enough info to rezone the property, and passed it unanimously.
Also Wednesday, another set of developers looking to build a hotel beside the Hampton Inn on Meraly Way returned to council with a new preliminary site plan. The developers had previously secured the town’s approval when council backed the hotel’s first preliminary site plan in August. However, after looking at the cost of building it above a new parking structure, the developers decided it wasn’t financially viable and adjusted the designs.
Though many of the building features remained in line with the first submittal, the changes were significant enough for the developers to revisit council with an updated preliminary site plan for the proposed hotel, now envisioned to house 119 rooms.
Perched atop a hill overlooking Silverthorne, the location couldn’t be more prominent, as the hotel would be highly visible from Interstate 70, the nearby highway and to anyone looping around Lake Dillon on the recpath.
Ultimately, council unanimously approved the hotel’s newest designs with a series of conditions that must be met before final approval. Chief among their concerns was parking, as council expressed some concerns about the developers’ proposed ratio of parking spaces to rooms. With that, the town wants more information about how the developers arrived at these ratios, and the developers have proposed commissioning a parking study.
Other conditions involve securing a long-term designated fire lane and town staff’s desire to have developers produce a more “iconic” building that incorporates additional characteristics representing Silverthorne’s “mountain environment.”
Council members were largely complimentary with the architectural features as presented on Wednesday and left further adjustments to make the building “more iconic” in the hands of the developers and town staff.
Last up, a group of business partners represented by Tim Sabo are looking to build Buffalo Mountain Storage, a conditioned storage facility with traditional storage units behind the main building, on undeveloped land at 375 and 385 Warren Ave.
Sabo said he and his partners are a little concerned going forward, as they will need to obtain special permitting from the town to operate a storage facility on the property because one isn’t explicitly allowed in the town’s land-use plan. Council didn’t seem to have any problems, however, and backed the preliminary site plan with some conditions before final approval. Based on discussions, the developers shouldn’t have much trouble meeting those conditions or getting the permitting.