Etkin Johnson, one of the largest locally based commercial developers in the metro area, plans a one million-sf, mixed-use development on the land. The acreage is one of the largest remaining parcels available for development along the planned Northwest Parkway toll road, which will link the north suburbs to the Denver International Airport by 2003.
When completed, Etkin Johnson's Broomfield Business Center will have a value of at least $100 million, estimates Bruce Etkin, principal. He says the project could have a 10-story office building and just as easily include a 10-story, luxury condominium project. Other uses he envisions include a hotel and retail.
"What we bought will have 270-degree open space views," Etkin tells GlobeSt.com. In order to gain approval for Northwest Parkway to be built, they required that hundreds of acres be retained as open space, he says. "That's good for citizens because they get the open space and it's good for us, because it reduces competition," he says.
It hasn't been an easy deal to put together. "This deal took over two years to complete and was one of the most protracted transactions I have ever been involved with," says Dick Bourret, who handled the deal with fellow Grubb & Ellis brokers Murray Platt and Doug Viseur. "Zoning issues, entitlements and particularly the planned Northwest Parkway alignment all complicated the deal."
The Varra family had owned the land for more than 80 years. The property is 1.5 miles north of the Interlocken Business Park and the new FlatIron Crossing regional mall.The Etkin Johnson Group owns more than seven million sf of offices, retail, hotels and industrial properties. Other nearby projects include the $150-million Church Ranch Office Center at US 36 and Church Ranch Boulevard in Westminster and the 115-acre, 1.6 million-sf Lafayette Corporate Campus on Highway 287.
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