The sites include a 40-acre parcel at Interstate 70 and 48th Avenue. Experts estimate it could be purchased for about $3 per sf, but it also needs extensive environmental cleanup and relocation of railroad tracks. Plus, a portion of it is wetlands.
Another site, the Colorado Inc. and Cold Storage facility at 1700 W. Colfax Ave., is estimated to cost about $6.5 million, or $30 per sf. A third site, which many experts say is the leading candidate, is 19.7 acres that Sears Roebuck & Co. owns at the intersection of Sixth and Eight avenues near Interstate 25. Sears operates a warehouse for an eight-state region at the site. Real estate brokers estimate its purchase price in the $21-million range.Another possibility is 36.5 acres at 1271 W. Bayaud Ave., where General Chemical Co. has a facility. And the fifth location is a 23.7-acre parcel at 5160 York St., the home of the city's auto pound.
Some city council members also asked to include Gates Rubber Co.'s property at Interstate 25 and Broadway. However, much of that land is under contract for a mixed-use development that could ultimately be worth $1 billion. It's unlikely residents and retailers would want to be next to a jail.
City officials will begin sending requests for proposals to all of the owners, who will have a month to respond. Several neighborhood meetings on the sites also are planned. A final decision is expected by late August.
Voters would need to approve a tax increase for the project. But Mayor Wellington Webb hasn't decided yet whether he wants it on the ballot this November. Webb says it's a priority because the current jail is overcrowded. However, he wants more details about the total cost, design and other factors before he decides whether it should go before constituents.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
