CityCenter Redevelopment

About the Project

At the City Council Regular Meeting on Monday, October 6, city council passed CB 52 on second reading. CB 52 authorizes the execution of a phased ground lease termination on the former Weingarten property in Englewood CityCenter and the phased transfer of title to New Englewood, LLC. This agreement transfers portions of CityCenter east of Inca St. to the developer. In return, the city will acquire the former 24 Hour Fitness building, the retail space in the west ArtWalk apartment building adjacent to the CityCenter Circle, and an option to purchase the parcel that includes Tokyo Joe's.

The Civic Center building (city offices and Englewood Public Library) is NOT INCLUDED in this redevelopment project.

Why is this happening?

The ground lease, originally established by the Englewood Environmental Foundation (EEF) on August 4, 2000, covered central retail and mixed-use portions of CityCenter. Following a 2018 foreclosure by LNR Partners (represented the bondholders), New Englewood, LLC acquired the ground lease interest on December 20, 2024 from LNR Partners. Subsequent negotiations in 2025 resulted in the Partial Termination of Ground Lease and Conveyance of Property Agreement (Termination Agreement), designed to secure redevelopment commitment, financial assurance for breaking ground, and protection of city interests.

New Englewood, LLC is a joint venture of Ogilvie Partners and DPC Development Companies, both Denver-based firms. They bring significant redevelopment experience, including the successful transformation of the former Sports Authority HQ property adjacent to CityCenter into approximately 300 new residential units.

How the Project Will Work?

The new agreement has a phased approach to make sure the redevelopment stays on track.

Phase 1

The city is trading ownership of two properties (Block D and Parcel C.2) to New Englewood, LLC.

• In return, the city immediately gets full ownership of two other properties
• The former 24-Hour Fitness building.The retail shops in the plaza

Additionally, the city has the option to buy the Tokyo Joe’s building for $3.5 million within the next two years.

Phase 2

This phase has several conditions New Englewood, LLC, must follow:

• Construction Trigger: New Englewood, LLC can only get out of its leases for the Tokyo Joe’s building and another parcel after it physically starts construction on its new project.
• Planning Money: New Englewood, LLC must spend at least $300,000 within two years just to plan the redevelopment of the Civic Center area.
• No Quick Resale: To prevent them from flipping the land, New Englewood, LLC is blocked from selling a key parcel for two years, unless the buyer has a building plan the city has already approved.
• Next Step: The city and New Englewood, LLC will need to negotiate a formal pre-development agreement.

Phase 3

If New Englewood, LLC successfully fulfills its obligations, they can move on to creating a "Master Plan" for the entire redevelopment, including the Civic Center.

To protect itself, the City of Englewood is putting permanent rules on the land:

• These rules (covenants) will control what can be built on the property forever. For example, new liquor stores will be banned, unless the City Manager approves a specific project.
• The developer has also promised to keep the public informed and involved.

Map of CityCenter