Littleton officials are continuing negotiations on a proposed development, First Street Farms, pitched as a long\u2011term community gathering place and restaurant.<\/p>\n
Developers said there is currently a $5.5 million funding gap and discussed potential partnerships with the city during an April 14 City Council study session.<\/p>\n
\u201cAt the end of the day, the impact that I think this is going to have can far extend the walls of First Street Farms and we would love to figure out a way to make it happen here,\u201d Peter Newlin, partner at Gastamo Group, said.<\/p>\n
The proposal would create a farm\u2011style destination along the South Platte River corridor, with preliminary concepts including a restaurant, event space, community park with a football field, and five acres of landscaped paths.<\/p>\n
The project is backed by the Gastamo Group, a restaurant and hospitality operator, and former Denver Broncos quarterback Peyton Manning who is an equity partner in the project. The project includes a storytelling component tied to Manning.<\/p>\n
\u201cThis is meant to be a community hub,\u201d Newlin said, describing plans for farmers markets, school performances, nonprofit events, youth sports activities and seasonal festivals.<\/p>\n
The long\u2011term vision, he added, is a privately owned but publicly accessible space designed to last 50 to 100 years. City staff said the level of public access exceeds what is typically offered, even in nonprofit\u2011led projects.<\/p>\n
To cover the funding gap, developers requested a partnership in which the city would provide a $4 million loan for improvements including trail connectivity and the turf field. In return, the city would receive an increased share of sales tax revenue and a community benefit agreement outlining public use of the site.<\/p>\n
Council members expressed broad enthusiasm for the project but raised concerns about upfront cash commitments, financial risk and precedent. Several questioned using funds that might otherwise be allocated to public infrastructure such as sidewalks and roads.<\/p>\n
Ultimately, the council directed staff to draft an agreement and continue negotiations with the developers, including a reduced loan amount of $2 million and an increased tax revenue share from the project. Staff said additional legal and financial analysis is needed before a revised agreement is brought back to council.<\/p>\n
Developers closed by thanking the council for its feedback and reiterating their commitment to making First Street Farms work in Littleton.<\/p>\n
\u201cWe believe the impact of this project goes far beyond the site itself,\u201d the developers said. \u201cWe\u2019re committed to finding a solution that works for the city.\u201d<\/p>\n
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