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Developer updates council on Broomfield Town Square; lenders engaged but equity and bond timing remain challenges
Summary
Developers told council the Broomfield Town Square remains in active design and permitting, with HUD financing pursued for two multifamily buildings, a prospective Market Hall office anchor identified and a targeted bond sale and potential groundbreaking roughly a year away, contingent on equity and permit timing.
Developers of the Broomfield Town Square project updated the council on site investigations, financing progress and the phasing of private and district infrastructure work.
Tim Fratagel (developer executive) said geotechnical and groundwater testing was under way at the existing pond and that the project team continued to advance construction documents for the district infrastructure (public‑facing backbone outside private property boundaries). He described the first phase as including a 318‑unit multifamily building, a 161‑unit building near existing tennis courts, approximately 35,000 square feet of ground‑floor retail and a Market Hall (repurposing the existing Safeway footprint). The developer said the two larger multifamily projects had completed HUD interviews and been invited to submit for HUD financing.
Fratagel told council that the largest outstanding financing hurdles are closing the equity stack for each vertical development and the timing/terms of a bond sale to fund district infrastructure. He said debt markets were active, though bond yields were higher than in recent years and equity was “more difficult to come by today.” He reiterated a target for permitting and a bond sale “about this time next year,” acknowledging that permitting and construction documents must be permit‑ready before issuing bonds.
On tenanting, the team said it has a prospective anchor tenant for about 18,000 square feet of office space adjacent to the Market Hall, and that City Street Investors (one of the project partners) is likely to occupy multiple food and beverage or placemaking locations. Staff and the developer said ground‑floor retail leasing would be timed closer to delivery and that they had received inquiries from local businesses. The developer said townhomes on the far west side of the site (approximately a dozen units approved earlier) will likely lag the larger vertical construction and could be developed by a third‑party builder partner.
Council members asked for clarity about soil sampling and whether council would have authority to revisit the lake investment; staff and the developer said lake design and lake costs were part of the redevelopment and reimbursement agreement the developer has with the city/county and subject to prior council approvals (referenced as part of an STP approved in 2023). The developer said additional permits—including a 404 permitting action with the U.S. Army Corps of Engineers for floodway matters—remain part of the pre‑construction work.
Council and developer discussed sequencing: the developer said their preference is to coordinate private financings and the district bond sale close to the same day but described that as administratively challenging. The developer reiterated that the project continues to advance planning and construction documents and that cost pressures (labor, materials, rising capital costs) are persistent headwinds.
Who spoke
Presenter: Tim Fratagel (developer executive). Council participants asking questions included Councilmember Marsh Holshan, Wynne, Lim, Ward and Henkel. City staff participated in clarifying permitting and agreement details.
Why it matters
The Town Square is a large mixed‑use redevelopment project that will rework an existing Safeway site and surrounding land; its financing choices and phasing will affect future construction, local retail/commercial mix and public infrastructure funding. Council requested continued updates as permitting and financing progress.
