Crossroads Commerce Park’s first phase will include three new industrial buildings
By Emilie Rusch
The Denver Post
POSTED: 07/28/2015 07:00:00 AM
The former Asarco smelter site in Globeville finally will turn the page on its toxic past Tuesday, when construction begins on the first of many new light-industrial buildings planned for the 77-acre site.
Trammell Crow Co. and Principal Real Estate Investors were expected to close Monday on the largest portion of the Asarco site, a 36-acre parcel at East 55th Avenue and Washington Street, Trammell Crow senior managing director Bill Mosher said. Construction on the first three buildings will begin Tuesday, with closing on a 4.4-acre parcel expected Wednesday, he said.
(The Denver Post)
“We’re anticipating that (tenants) will be regional and national companies who have been looking for a central location,” Mosher said. ” … To have the ability to build 1 million square feet right at the corner of I-25 and I-70 is like being at Main and Main.”
The first phase of the $85 million Crossroads Commerce Park will consist of three speculative buildings with a total of 640,000 square feet, on East 55th Avenue along the property’s northern edge. Construction of a fourth building, a 60,000-square-foot showroom/distribution facility for a client at East 55th and Lincoln Street, will commence soon after, Mosher said. The first buildings should open by the end of first quarter 2016.
At full build-out, Crossroads Commerce Park will house up to 10 distribution, warehouse and light-manufacturing facilities equaling up to 1 million square feet. Future phases will unfold on a built-to-suit basis for sale or lease.
Newmark Grubb Knight Frank, which brokered the land sale, will also handle the marketing of the park.
Trammell Crow announced its plans in October for the old Globe smelter site, which operated for 120 years, from 1886 to 2006.
Brownfields developer EnviroFinance Group began overseeing site remediation in 2011, years after regulators determined the plant had contributed to lead, arsenic, cadmium and zinc pollution in the surrounding area.
The site, which runs west of Washington Street between East 51st and 55th avenues, bridges Denver and Adams counties, with about 80 percent falling in unincorporated Adams County and 20 percent in Denver’s Globeville neighborhood.
“To be at this point where that property is getting ready to really revitalize that entire area, it is so exciting for us,” said Tricia Allen, senior vice president of Adams County Economic Development. “That development, for us, is the gateway to Adams County.”
Adams County officials have worked with their Denver counterparts for years to make sure the land did not become another old industrial site “where the company just paved over it and put a fence around it,” Allen said.
“Thanks to Trammell Crow and their vision, we’re going to have a Class A industrial development that’s going to bring a lot of jobs and capital investment to that community,” Allen said.
North Denver Cornerstone Collaborative executive director Kelly Leid said the reinvestment is important to Globeville and Denver as a whole.
“Globeville hasn’t seen any sizable public or private investment in approximately 30 years,” Leid said in a statement. “We are excited Trammell Crow has taken the lead on the Asarco site and look forward to the continued partnership.”