Wednesday, Dec. 24, 2008 | 11:31 a.m.
The opening of the $850 million mixed-use development Tivoli Village at Queensridge, at Rampart Boulevard and Alta Drive, has been delayed until spring 2010.
The 29-acre project was slated to open in fall 2009, but in light of the economic downturn, a meeting with the project's leaseholders was held in mid-December and revealed a consensus that the opening should be pushed back.
"The majority of our tenants said spring 2010 would be more advantageous based on where they think the market will be at that time," said Patrick Done, executive vice president of Tivoli Village. "Retailers will always think in terms of the availability of capital and the ability to open and stay in business."
Approximately 40 tenants are committed to the project and five new lease agreements were executed in November, Done said. None of the leaseholders have backed out of the project thus far.
The developer of Tivoli Village, Executive Home Builders, also built the luxury condominium project One Queensridge Place across the street on the west side of Rampart Boulevard — two 18-story towers with 219 units priced from $1.8 million to $25 million each.
Construction activity will continue at Tivoli Village, Done said, albeit slower.
"A lot of retail stores and restaurants will analyze the holiday season when it's over and see how the market performed before they jump into new units," he said.
Jeff Pope can be reached at 990-2688 or [email protected].