While it seems unusual to close a King Soopers and replace it with a King Soopers Marketplace, many people in Parker are happy with this decision. The new store will be a vital component of the largest redevelopment in Parker’s history.
Located in the Cottonwood neighborhood, the King Soopers Marketplace boasts 125,000-square-feet and have expanded goods such as clothing, home goods, and jewelry. The new store opened on November 12th and replaced a much smaller King Soopers that was on the lot for nearly a decade. “The economy is different than it was then. There are more rooftops and growth there,” King Soopers spokeswoman Kelli McGannon said of the company’s decision to open its seventh metro area marketplace concept store in Cottonwood. “It’s really about one-stop shopping and customer convenience.”
During the redevelopment, a strip mall was demolished and another was downsized. Some businesses relocated to the new center and now has few vacancies left. The town of Parker has agreed to a tax share program with King Soopers. This will allow the company to take a portion of the sales tax for the first 8 years, or up to $3.9 million officials said.
Since 2011, the average rental cost of retail space in the Cottonwood neighbor has increased from $13.94 per square foot in 2011 to $20.76 per square foot in 2015. “The surrounding neighborhood has many more retail opportunities than they have had since 2002,” Parker business retention and marketing manager Weldy Feazell said. “Not many businesses wanted to move up here before the King Soopers announcement.”
Parker Mayor Mike Waid said as a former resident of the Cottonwood neighborhood, he is pleased to see the growth. The growth of the north side of town is very important in his eyes. “That northern corridor there has really seen a resurgence because of a lot of factors, but this is one of the large factors,” Waid said of the King Soopers.
The area is indeed growing. Near the King Soopers, on the other side of Parker Road, preliminary approval was just granted for 400 new apartments. Future expansions and developments include new homes as well.