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Costco breaks ground in Parker

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Contributed by: Crown Point on 4/23/2008

The Crown Point development recently sold 16 acres to the Issaquah-based
Costco Wholesale warehouse for the construction of its eighth Denver metro retail membership store.

The 152,000-square-foot warehouse will include liquor and tire sales at this location on the northeast corner of Hwy E-470 and Parker Road, which is scheduled to open August 2008.

"The Town of Parker is excited to welcome a new Costco store," said Parker's Town Administrator, Jeannene Bragg. "We know folks from the communities of Franktown, Elizabeth, Kiowa, and Castle Rock are anticipating this as much as we are."

Crown Point is a 270-acre master planned development which is home to Parker Adventist Hospital, 660 units of apartments by Fairfield Residential, a Holiday Inn Select, Hampton Inn, Colorado's first Life Time Fitness, and numerous restaurants including Saltgrass Steakhouse, Red Robin, and Carino's Italian Grill.

Jeff Johnston, owner of Crown Point and the development firm, Quorum Equities Group of Dallas, said, "Costco will be the anchor to the surrounding 225,000-sqaure-feet of retail shopping which will bring a mix of stores more convenient for the growing Parker population."

He declined to name specific retailers until site plans are more final. Legend Retail Group is the listing agent.

Phase 1 of the 55-acre development has already been completed with five pads sold and an 18,000-square-foot retail building constructed with tenants including Chipotle and Countywide. The developer has also begun grading (to be completed by the end of 2007) for the remaining 43-acres to accommodate Costco and the other shops.

Crown Point's development manager, Tim Leonard, president of the Evergreen-based development firm, Deepwater Point Company, commented, "Crown Point is Parker's northern gateway and we plan to continue contiguous retail development with a strong sense of quality architecture, water-sensitive landscape and integrated planning."

With over 500 locations operating in the United States as well as it Canada, England, Japan and elsewhere, Costco has consistently shown strong sales and profit growth due to its unique to competitive pricing with quality merchandise.

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