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Colorado Springs' first shopping center, built in the 1950s, is poised for a vital new life according to Kevin Kratt, local retail developer and leasing broker who will be working with Noddle and Company of Omaha, Nebraska on the project. From improved access and drainage ways to updated architectural theme and new big box tenants, Kratt sees a tremendous opportunity, both as a landlord and an investor, to rehab the project.
Property owner, Univest, Inc. out of Scottsdale, Arizona (Kratt and Univest worked together on a Pueblo Sam's Club) will rely on Kratt and Noddle and Company to revitalize the Center's final phase of redevelopment. When Univest first purchased the 63 acres from the Myron Stratton Home in the late 1980s, the deal was subject to two fifteen acre ground leases one under Sears and the other covering a dozen storefront locations flanking either side of 24 Hour Fitness. The company's development plans include capitalizing on the Center's abundant parking ratios, revamping retaining walls and drainage systems, as well as creating more direct access into the popular neighborhood, shopping center by moving and improving an existing stoplighted intersection off East Cheyenne Rd. With a location adjacent to the city's desireable southwest corridor, Kratt expects to attract national retail and restaurant companies looking to position themselves near an affluent and underserved target market.
This fall, Kratt opened half a dozen new stores and outlets - joining Broadmoor Towne Center's Home Depot, Ross Dress for Less,...