Littleton redevelopment deal advances with $14M land sale
The stage is set for a Littleton redevelopment play following a $14 million deal.
Texas-based apartment developer Quarterra and New Jersey investor PGIM Real Estate recently acquired the 15-acre site of a former shopping center at 5151 S. Federal Blvd. in Littleton for $14.3 million. The site, which has been vacant for over a decade and was demolished in 2018, will be transformed into a seven-building apartment community with 373 units. Additionally, over 7,000 square feet of commercial space will be added to the development.
Quarterra, a subsidiary of the home building firm Lennar Corp, and PGIM, a subsidiary of Prudential Financial, have ambitious plans for the site. The seller, Kairos Investment Management, owned the property for decades but did not respond to requests for comment. The site, located at the southwestern corner of Federal Boulevard and Belleview Avenue, has long been earmarked for redevelopment.
In 2016, the property owner, Carl Chang, apologized for the blighted condition of the site and promised improvements. However, a proposal to convert the strip mall into apartments never materialized, with city officials citing communication challenges with Chang. Quarterra entered the scene in 2020, signaling its intention to purchase the site and revitalize it.
Littleton Senior Planner Teri Whitmore confirmed that Quarterra has submitted all necessary building permits, with the city expected to issue them in May. This project is part of a larger trend of redevelopment in Littleton, with other sites like the former Lumen Tech site also undergoing transformation into mixed-use developments.
Original story via BusinessDen
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