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UPDATE: Cherokee Selects Midwest Developer for $750M Gates Project

DENVER-Ending months of speculation and negotiations, Joseph Freed and Associates LLC will undertake a massive redevelopment of a portion of the former Gates Rubber plant. The project could have a completed value of $750 million.

By John Rebchook | Updated on March 15, 2006

DENVER-Standing in what is known as the “Furniture Row” warehouses of the former Gates Rubber plant site at Interstate 25 and Santa Fe Drive, city councilwoman Rosemary Rodriguez says it reminds her of when she was standing in a field almost a decade ago before Cleveland-based Forest City Enterprises was going to transform it into a mixed-use development. It was a little hard to believe, she notes, but now the results speak for themselves.

Now, it’s another Midwestern firm’s turn to undertake a giant Denver infill development. Late Tuesday afternoon, Ferdinand Belz, president of Cherokee Denver LLC, announced that Joseph Freed and Associates LLC of Palatine, IL, had been tapped to redevelop 24 acres on the west side of Gates. Cherokee is in charge of cleaning up the brownfield site and giving a clean site to Freed for the vertical development.

When completed, the development, in today’s dollars is expected to have a value of $500 million to $750 million. It could include 565,000 sf of retail, 1,500 high-density residential units, and 200,000 sf of office.

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