Belmar

Belmar, found within the West Alameda Avenue Corridor Reinvestment Area, is the first project undertaken by the LRA. The reinvestment area was accepted in 1998 and expanded in 2000 to include the site of the old Villa Italia Shopping Center. Belmar was approved as a project in 2000. The 22-block site is Lakewood's new downtown. The first phase of Belmar redevelopment opened in May of 2004. At buildout, Belmar will include over 1 million square feet of retail development, 1300 residential units, and 700,000 square feet of office space as well as two parks, a plaza, and a full service hotel.

To date Belmar has built 700,000 square feet of retail space for tenants that include Whole Foods, Dick’s and many other national and local retailers. More than 200,000 square feet of office space has been built and is fully leased. Nearly 800 residential units have also been developed. About 40 percent are for-sale sale condominiums and the remaining 60 percent are rental properties. Residential sales and leasing at Belmar have exceeded expectations with sales moving faster and commanding higher prices than anticipated. Belmar’s residential sales average $250-$300 a square foot, achieving the highest per square foot prices in Jefferson County history.

Current activity at Belmar includes the construction of an ‘urban style’ Target, Nordstrom’s Rack, and Best Buy. These stores plan to open in summer 2011.