UW Trustees Reassign Lease for UW Plaza, Seek New Developer
A retail development on the east end of the University of Wyoming campus will soon receive a fresh start following recent action by the UW Board of Trustees.
The board approved assignment of the ground lease for the UW Plaza from Grand Avenue Land Partners LLC to the Bank of Colorado, as a result of Grand Avenue Land Partners’ unsuccessful Chapter 11 reorganization efforts.
That will allow UW to collaborate with the Bank of Colorado, the secured creditor for UW Plaza, in identifying a new developer to revitalize the nine-acre retail plaza development.
Current tenants include restaurants and retail businesses. There is potential for additional retail and restaurant development, as well as business and professional offices.
“We believe that the resolution of the previous developer’s financial problems provides an opportunity for renewed business and retail activity for the UW Plaza, and we are anxious to begin this process,” says Mark Collins, UW’s interim vice president for administrative operations.
The UW Plaza, development of which began in 2005, serves as a prominent entry to the UW campus. It’s intended to provide economic and aesthetic benefits, boost essential community services and enhance visitor and tourist experiences.