The latest company to tackle a long-discussed entertainment district in Glendale is planning to anchor it with an Alamo Drafthouse cinema.
Denver-based Central Street Capital, the family office created by healthcare entrepreneur Rob Salazar, is preparing to develop the Glendale Entertainment District on a 10-acre property bordered by Cherry Street and Virginia Avenue.
Salazar and his son Isiah have said they will operate the Alamo themselves, having signed a franchise agreement, and that there are other potential tenants Central Street is negotiating leases with.
âThat one (Alamo) is going to happen for sure,â Isiah Salazar said. “It will be one of our anchor points.”
The Salazars are just the latest developers to attempt the project, which Glendale has been talking about for years and which was once called Glendale 180. Lincoln Property Co.
A Persian carpet store sued Glendale in 2015 because the city tried to get the land it sits on through a prominent estate. Store ownership is no longer part of the planned neighborhood.
Later that year, the city called off an election that would have authorized $ 200 million in bonds to help fund the complex, according to the Denver Post.
Glendale City Council approved development agreements with Central Street for the district in late May. The business has grown primarily in the LoHi and Globeville neighborhoods of Denver.
âWe are not looking for outside investors in our projects,â said Rob Salazar. âWhen we enter into a transaction, it is only us or family or related entities, and we are not your typical sponsor or promoter of a real estate transaction. “
Central Street initially approached LiveNation to anchor the project in a concert hall, but those talks collapsed and instead led to the Alamo Drafthouse deal, the Salazars said.
In addition to the theater, the first phase of the project is expected to include a variety of retail and restaurant tenants. It is slated to open this fall, with the goal of being open by 2023 or 2024, Salazar said. A second phase of the project could include, among other things, a hotel.
The neighborhood will be in a specially zoned area, where people can transport alcoholic beverages throughout the neighborhood, but they will have to keep them either in the original business or in the neighborhood itself, and alcohol can be served. until 4 a.m.
The Salazars said they were prepared to construct the buildings with or without a majority of executed leases.
âThe bottom line is to do the horizontal jobâ¦ all the infrastructure upgrades,â Rob said. “Once we reach what is called a substantial level of constructionâ¦ once we spend X amount of money on the project, we have the right to buy that land.”
The Salazars also said there was a vacant office building on the northern edge of the property they intended to demolish.
Rob added that the price of the land once they got that right would only be $ 1.
“It is an important incentive for us to proceed with this development because the land is obviously very precious,” he said.
A metropolitan district was created years ago, said City of Glendale director Linda Cassady, which gives business owners the ability to work with the city to issue tax-exempt bonds to pay off taxes. infrastructure and other public facilities.
âThis will be our new downtown,â Cassady said. âThe city really waited a long time to make sure this was the right kind of project. We really want to bring that back to what Glendale was, which was really an entertainment zone. “
Central Street has submitted design plans for the construction of the entertainment district which will be presented to the city’s planning committee on September 14.