New Student Housing Development Signs Lease with First Tenant
Birmingham, AL (PRWEB) August 08, 2013 -- Capstone Development Partners (Capstone), developer of The Summit on College, has signed a lease with Red Robin Express LLC for a Red Robin’s Burger Works® restaurant location, which will become the lead tenant in the ground level retail component of this new, upscale student residential-retail mixed-use development within walking distance of Colorado State University. Capstone is working with Jim Palmer and Aki Palmer of Cassidy Turley to lease the roughly 7,400 sq. ft. of retail space at The Summit. Jim Palmer, Cassidy Turley Commercial Broker, says, “The addition of Burger Works at The Summit on College will prove synergetic not only to the project, but to the Midtown trade area. We feel this location will be a great platform for the Burger Works concept and their entry into the Fort Collins market.”
Red Robin Express LLC signed the lease with Capstone in early July, is expected to begin construction on the Red Robin’s Burger Works in August, and will be open for business sometime in October. The new Red Robin’s Burger Works at The Summit will be the sixth Red Robin’s Burger Works nationally, and the fifth location in the state of Colorado.
Cassidy Turley is marketing the remaining 5,200 sq. ft. of retail space at The Summit to a variety of general merchandise and food service retailers with considerable interest. The Summit on College includes a 665-bed apartment-style student housing community, which will open for occupancy on August 17. Jeff Jones, Capstone Development Partners’ Principal and The Summit’s Project Executive, said, “The Summit has been a catalyst for revitalization of this area of the College Avenue Corridor. With a new and vibrant student residential community and re-development happening all around us, Red Robin’s Burger Works is a great fit as lead tenant in our retail component, which we expect to become a hub of this emerging neighborhood.”
About Capstone Development Partners
Capstone Development Partners, LLC is a Birmingham, Alabama-based student-housing developer with over 20 years of experience and leadership in the student housing market niche, specializing in the development of on-campus and campus-edge student housing, mostly through Public Private Partnerships. For more information please contact Jeff Jones at (205) 949-5060. Visit http://www.capdevpartners.com.
About Cassidy Turley Colorado
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit http://www.cassidyturley.com for more information about Cassidy Turley.
About Red Robin‘s Burger Works
Red Robin Express LLC has leased a 2,274-square-foot-space at The Summit on College in Fort Collins, Colorado, with an expected opening in October of a Red Robin’s Burger Works® location. There currently are five existing Red Robin’s Burger Works locations, four of which are in Colorado. Joe Beck and Ed Beck with SRS Real Estate Partners represented the Tenant. Jim Palmer with Cassidy Turley Colorado represented the Landlord, The Summit on College.
In addition to the Red Robin’s Burger Works locations, which feature high-quality burgers in a quick-service format, there currently are more than 470 Red Robin® full-service casual dining restaurants in North America.
Nicole Ivanovich, Capstone Development Partners, LLC, http://www.capdevpartners.com, (205) 949-5052, [email protected]
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