A new mixed-use development planned near South Platte Park could bring a restaurant, event venue and new recreational amenities to Littleton after city officials approved key incentives and a public-private partnership agreement.
The project, which has been linked to former Denver Broncos quarterback Peyton Manning, is planned for the five-acre 1st Street Farms site along Santa Fe Drive and Mineral Avenue according to the Littleton City Council Statement.
The 1st Street Farms project includes a 15,000-square-foot full-service restaurant and 13,000-square-foot event venue. It will also feature a turf field designed for youth sports, school programs, markets, festivals, and seasonal events.
As part of the agreement, amenities such as the turf field, trails and community gathering spaces will remain publicly accessible for five to seven years.
Gastamo Group owns 1st Street Farms, it is a Colorado-based hospitality company. This week the Littleton City Council members approved the partnership granting 1st Street Farms a $5.5 million incentive package.
The agreement includes a $2 million loan funded by business use tax revenues, taxes collected from construction materials and development activity, that would otherwise be directed toward future capital projects, and are expected to be recouped by the project’s future revenues.
City Manager Jim Becklenberg said this is a new kind of partnership for the City of Littleton, and it involves some risk. “But weighing that risk against the significant long-term benefits, Littleton has a lot to gain: the City secures long-term financial growth, residents will be able to enjoy new entertainment amenities, we’ll also have new publicly-accessible athletic fields and trails that wouldn’t get built otherwise, and our nonprofit community will have a great new venue for gatherings and celebrations,” he said.
The project will move into final design and development phases, with construction timelines to be announced.
