BROOMFIELD, Colo. — The long-awaited Broomfield Town Square has become a symbol of unfulfilled promises and community frustration, and now the city is considering paying $2 million in taxpayer money to part ways with its current developer.
▶️ Broomfield offers $2M buyout to cut ties with town square developer
Lois Vanderkoii and Neil Allaire have always dreamt of having a downtown Broomfield.
"We worked hard," Allaire said. "The city, community worked hard for years to come up with this."
But after years of delays, their faith has faded.
"If they start with a new developer, they'd have to go through the whole process again," Vanderkoii said.
Mayor Guyleen Castriotta says the city is now focused on whether the developer can deliver.
"This is about performance and whether or not this developer can deliver it," Castriotta said.
Castriotta says city council is ready to offer $2 million to cut ties with City Street Investors, with the money likely coming from the city's general fund.
"To us, it's buying our future," Castroitta said. "It's buying certainty for our community and regaining that control and being able to deliver the project that our community really wants."
The developer now faces a choice — accept the $2 million buyout or continue under the existing agreement.
"The ball's in their court," Castriotta said.
Read our previous coverage on Broomfield Town Square below:
- Broomfield's long-awaited Town Square still in limbo as developer faces deadline to secure permits
- Broomfield Town Square faces uncertain future as developer seeks 18-month extension
As the city waits for the developer's decision, Castriotta acknowledged the difficulty of rebuilding community trust after years of setbacks.
"It's going to be a challenge," she told Denver7. "It really is because we all put so much into this, and we have been supporters since the beginning."
For long-time residents, patience is wearing thin.
"I'm just afraid what it might end up as," Allaire said.
A spokesperson for City Street Investors said Thursday, "As we are in negotiations with the City, it would not be appropriate for us to comment at this time."
