City & County of Denver and Adams County Agree to Partner on Redevelopment of ASARCO Property

Joint project expected to provide hundreds of jobs upon completion

The City & County of Denver and Adams County today announced a joint agreement to redevelop the distressed ASARCO property at the northwest corner of East 51st Avenue and Washington Street. Officials from both jurisdictions and the Denver Urban Renewal Authority (DURA) signed a Memorandum of Understanding today, calling for the joint cooperation in facilitating the property remediation and redevelopment.

Brownfield Partners, a Denver-based Brownfield and urban infill developer, is managing the environmental remediation and site development through its subsidiary, Globeville I, LLC.

The 77-acre ASARCO property, once a major employer in the Globeville and surrounding neighborhoods, is now vacant. Of the 77 acres, roughly 80% is within Adams County and 20% is in the City and County of Denver.  After the environmentally contaminated site is cleaned up, a new “Globeville Commerce Center” will open with a potential 1.1 million square feet of commercial space.

“Through a regional approach, we are turning the hopes and aspirations for this challenged site into a clear vision for future development, providing neighborhood renewal and jobs for our greater metro community,” Mayor John Hickenlooper said. “This is a signature location that can help fulfill use requirements for each of the niche industrial markets that are currently underserved in the metro area.”

The property has been the subject of investigations and remedial actions for more than 20 years. The proposed Globeville campus is expected to provide a blend of product types to promote and encourage occupancy as industrial tenants across the metro area look to relocate or expand.

"We have been trying to clean up this site since 2004," said Adams County Board Chairman Alice J. Nichol. "This project has presented environmental and financial challenges, but thanks to the collaborative efforts of Adams County, Denver, DURA and Brownfield Partners, we have overcome these obstacles and will transform this blighted area into a hub of economic activity and vitality.”

The Globeville Commerce Center is estimated to provide hundreds of jobs to Denver and Adams County, ranging from forklift operators to inventory clerks and facilities managers in larger distribution facilities, to trade specialists employed in smaller owner/user facilities.

“Brownfield Partners is excited at the opportunity to clean up and revitalize such an important property,” said Douglas Elenowitz, a Principal at Brownfield Partners. “We look forward to working with Adams County and City of Denver leaders and the community to make this challenging project a success.”

"Brownfield sites are among the most challenging to redevelop, and we feel confident that our role in helping finance this complex project will result in a significant asset that will benefit both Adams and Denver County residents for generations to come,” said Tracy Huggins, executive director of the Denver Urban Renewal Authority.

Posted on Thursday, September 30, 2010 (Archive on Monday, January 01, 0001)
Posted by kpellegrin  Contributed by kpellegrin