Frontier Renewal will finish environmental cleanup and prepare the site for development
The Gates site includes three land parcels:
Gates Rubber Company operated at the site from approximately 1937 through 1991. Cherokee purchased the site in 2001 and implemented a portion of the onsite demolition and environmental cleanup. Gates Corporation reacquired the property in 2009 and continued the remediation efforts including demolishing remaining onsite structures, cleaning up groundwater and installing groundwater remediation systems.
Frontier Renewal will utilize their expertise in environmental management and real estate repositioning to prepare the site for future development. They will maintain the existing ground water remediation system and will continue cleaning up the remaining contaminates. Frontier Renewal will also work with the city and county of Denver and take part in a community process to discuss the future of the site. Additionally, Frontier Renewal will implement their horizontal development model, including market analysis, infrastructure planning, creating land plans, and updating entitlements to maximize the property’s potential. Once this work is complete, individual land parcels will be sold for vertical development.
The property is a Transit-Oriented Development opportunity (TOD) featuring the I-25 & Broadway light rail station adjacent to the site. This station is the single busiest in the city’s 44-station light rail system with over 14,000 riders per month. The central location is at the intersection of three light rail lines, and seven minutes each to downtown, Denver Tech Center, and Littleton. Access to transit from the site allows for the creation of a neighborhood featuring work, live and play opportunities and access to the surrounding community.
“The transformative power of transit is undeniable,” Mayor Michael B. Hancock said. “This step toward development of the Gates site furthers the city’s Transit Oriented Denver strategy to deliver what neighborhoods need to thrive.”
“We are pleased to be selling this important property to a company with the skill and commitment to responsibly manage the environmental risks and ensure that the property is put to beneficial reuse in a manner that will make Gates, the City and other stakeholders proud,” said Tom Reeve, Executive Vice President and General Counsel, Gates Corporation.
“We are thrilled to be acquiring the former Gates site,” said Eric Williams, Chief Executive Officer, Frontier Renewal. “This project is a perfect fit for Frontier Renewal’s strengths: environmental clean up, real estate development and public-private partnerships. And as Denver natives, we know the importance of this site in Denver’s history. We are looking forward to working with the city and community to create a bright new future for the site.”
“The community around the Gates site worked long and hard to revision this property to become, once again, an important community asset,” said Councilman Chris Nevitt. “We’re all excited to roll up our sleeves again and work together to make those visions a reality.”
An aerial site plan of the parcels as well as photographs of the site are available here.
About Frontier Renewal:
About Frontier Renewal:
Frontier Renewal is a brownfield redevelopment company that acquires environmentally challenged real estate. We integrate a unique combination of real estate, environmental, and financial expertise and capabilities on all of our projects. We acquire and take title of environmentally challenged real estate, develop complex capital stacks, assume and extinguish environmental liabilities, and reposition properties for highest and best use. Visit www.FrontierRenewal.com.