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DENVER-Kiewit Building Group, the giant general contractor best known for its $1.2-billion T-Rex project along Interstate 25, has landed the $126-million infrastructure improvements at the former Gates Co. development at Broadway and Interstate 25.
Ferd Belz, president of Cherokee Denver LLC, which is the owner of the 50-acre site and is cleaning up the polluted land, chose Kiewit over three other finalists. Kiewit is tied to the approval of $85 million in tax increment financing. The Denver City Council is scheduled to vote on the TIF plan next Monday. It's already cleared the first reading with one dissenting vote.
John Huggins, the city's economic development director, tells GlobEst.com that he thinks Kiewit is an excellent choice, considering its work on T-Rex, the light-rail addition and widening of Interstate 25. Kiewit's work on T-Rex will be completed in September, with an opening scheduled for November.
Belz describes the Gates redevelopment as "Old Urbanism" as opposed to "New Urbanism." He says it eventually will have 2,500 residential units, including a large affordable housing component, as much as four million sf of commercial space and buildings as tall as 14 stories. The development is expected to have a completed value of about $1 billion.
"This is the first true transit-oriented development" in the Denver area, Belz says. "We believe this is an excellent model for future TODs." He says Kiewit understands TODs as well as any group.
"The thing about Kiewit is they have such horsepower, that they can be doing multiple projects in the Denver area," Belz says.
Belz says other finalists were Merrick & Co., based in Aurora, CO, Tarco Inc., of Arvada, CO, and M.A. Mortenson based in Minneapolis. Mortenson's projects have included the J.W. Marriott hotel in Cherry Creek and the expansion of the Denver Art Museum and projects at Stapleton.
"Really, the numbers were interesting," Belz says. "In most ways, they were fairly close given the size of this development."
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