It is not too often that we read about communities angry over the lack of commercial offerings in their area. Usually growth is pretty even that way. People come, businesses come, jobs come and retail is a part of it all. However, for some Arvada, Colorado residents the retail has yet to come, and it's making them nervous.
Arvada's west side has seen tremendous large scale residential growth which means they must be doing something right, or so one would think. Yet some homeowners are frustrated with the lack of commercial space in the area leading them to question, what's the problem? Well, the problem is the area's commercial space rests on the future of the Jefferson Parkway and the parkway isn't a sure thing.
The 600 acres designated for the Arvada areas commercial lot hinges on the two interchanges that the Jefferson Parkway would produce. The hope is that this 600-acre area would serve as a prompt for the development of a 19-acre town center. The idea of which promotes images of boutique stores and restaurants that the area residents are clamoring for.
With some of the highest incomes per capita, Arvada residents are wondering why they pay on average over $350,000 a home and still not seeing the shops and restaurants they want in their area. For some, this may seem trivial, but for Arvada homeowners it's enough to hold a town meeting over.
While commercial real estate usually hinges on residential development, getting the recipe right for growth is both tricky and crucial. For future home sales in Arvada, one parkway may make a world of difference. However, for most communities it takes a lifetime of planning and a world of preparation to get the recipe just right. If you are faced with a commercial real estate issue, speaking to an attorney may help.
Source: The Denver Post, "Arvada west side residents frustrated by lack of commercial offerings," Austin Briggs, Sept. 8, 2015