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Osman Construction on both projects. a really good opportunity for us in this
SERVICESTAR’s first retail center with-
out an automotive center is the Eagle’s
Nest Village Center in Aurora, Colo. Sit-
uated on a 16-acre site, the project includes
33,000 square feet of unanchored retail
space and five out-lots which are sold,
ground-leased, or built-to-suit to national
banking, retail and restaurant outlets.
The $26 million development is expected
to be completed in November after eight
months of construction.
Poremba describes Eagle’s Nest as a
“perfect” setting for a neighborhood cen-
ter. “It has a lot of marketing features,” he
emphasizes. “It’s right across the street
from a marquee development and is
adjacent to E-470, and on a busy intersec-
tion with outstanding views of the Rocky
Mountains. Therefore, the inline building
is an ideal site for smaller tenants like
restaurants, fitness studios, nail salons,
and other uses that support the nearby
high-end, high-growth neighborhoods.
Only Positive Changes
Poremba says the market is moving to-
ward more lifestyle developments. “There’s
“I think we’re all trying to figure that out.
area,” he says. SERVICESTAR has plans
to develop 15 mixed-use projects within
the next three years, which includes three
developments in Colorado, totaling over
100 acres: Fort Carson (Colorado Springs),
Grand Gardens (Pueblo) and Reata Ridge
(Parker).
So far, the company has faced only good
changes since the transition, Poremba
notes. Because it is a turnkey developer,
SERVICESTAR employs people specializ-
ing in real estate, entitlement, architecture,
construction, leasing and brokerage serv-
ices. However, it is looking into expand-
ing its staff. “We’re most likely going to
bring in new key people in the near
future,” Poremba says. “In the develop-
ment industry, you always have to take
baby steps. Some of the timing has to do
with approvals, so we have to plan
around definitive points first in the
months ahead.”
Dynamic Industry
Poremba, who joined SERVICESTAR in
2001, says the retail industry continuous-
ly changes. “It’s pretty dynamic,” he notes.
More and more enclosed malls are being
torn down as opposed to being built.”
He adds that the company is focusing
on “pedestrian-oriented” developments.
“People want everything all in one place,
and a lot of them want community cen-
ters,” Poremba continues. “That’s the recipe
we’re trying to do – we’re trying to create
a sense of place that’s vibrant, conven-
ient, and a place where people want to be.”
The company recently hired an acqui-
sitions director to look for additional
development opportunities in Dallas,
Colorado, Chicago and Virginia. “We
already have a good track record there, so
we hope to create more successful devel-
opments [in these areas],” Poremba says.
He says he wants to see SERVICESTAR
continue its success in the retail develop-
ment industry. However, its short-term
goals include familiarizing itself with
military-base work because of the loca-
tion of some of its developments, as well
as becoming LEED certified. Poremba
adds that the company will strive to cre-
ate projects with good design and that
are economically feasible. ■
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