New Developer Assumes Lease for UW Plaza
A Casper-based development company has purchased a University of Wyoming ground lease and aims to revitalize a retail development on the east end of the UW campus, the UW Board of Trustees was told today (Friday).
Forward Development LLC, whose principal owner is Casper businessman Mick McMurry, purchased the lease for the UW Plaza from Beta Properties, the entity created by the Bank of Colorado to hold the lease when Grand Avenue Land Partners, the previous developer, defaulted on the lease.
“This is great for the community and great for UW,” says Vice President and General Counsel Rick Miller. “We now have a developer who will aggressively pursue improvements on the property’s vacant lots.”
UW is amending the ground lease as a condition of the purchase to make the arrangement more suitable for development, Miller says.
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.
The 9-acre development’s current tenants include restaurants and retail businesses. There is potential for additional retail and restaurant development, as well as business and professional offices.
The media contact for Forward Development LLC is Dick Bratton, (307) 234-0583, firstname.lastname@example.org.