City Council Approves Major Retail Development to Boost Local Economy

In a recent city council meeting, officials discussed a significant retail development project aimed at revitalizing a 63-acre site at 700 West Mineral Avenue, previously occupied by the Lumen facility. The proposed project, which includes a Costco and other retail spaces, is expected to generate substantial economic benefits for the city, including an estimated $3 million in revenue during its first year and up to $10 million annually in subsequent years.

The development is designed to address the community's retail needs, capturing sales tax revenue that residents currently spend outside the city. It also aligns with city goals for improved bike and pedestrian connectivity, increased green space with the addition of 670 new trees, and the provision of electric vehicle charging stations.

City officials emphasized the project's potential to create hundreds of high-quality housing units and generate new jobs, contributing to the overall quality of life in Littleton. The council is considering a financial partnership to bridge a $29.5 million gap identified by the developer, which is crucial for the project's feasibility. This partnership is not a direct subsidy for Costco but rather an incentive for the overall development.

During the meeting, council members expressed support for the project, highlighting its alignment with the city's long-term vision and the need for more retail options. Concerns about potential traffic increases were acknowledged, but many members noted that the project would ultimately provide valuable services and amenities to residents.

The council is expected to vote on the proposed economic partnership incentive agreement in the coming weeks, with strong indications of support from various members who believe the development will enhance the community and stimulate local economic growth.