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DENVER-After acquiring a 40-acre parcel from Trammel Crow Co., IBC Holdings LLC has plans to begin development of the site by the end of the year. While the project's final plans remain flexible, the early blueprint calls for a three-phase, 500,000-sf industrial spec development.
IBC Holdings recently acquired the land from Trammel Crow for $3.9 million. The site resides in Southeast Denver at the junction of Peoria and Compark boulevards. IBC was familiar with the land, as the firm had completed a spec development across the street, according to IBC managing director Brian C. Mott.
"The nature of the project," Mott tells GlobeSt.com, "is still a little uncertain." The company intends to submit plans for review within eight to 10 weeks and "hopes to be in the ground before the first freeze hits in November-December."
The initial plan calls for six multi-tenant industrial buildings, developed in three phases and built on spec. The buildings would be marketed on a for-lease basis. IBC had success with its similar spec project across the street, which totaled nearly 100,000 sf and was completed in October.
As that project took shape, those plans changed as well. Mott says the initial idea was for four to six tenants in each building, with tenants taking 10,000 sf to 15,000 sf each. But Shane Co. wound up taking 90% of the space in both buildings. Mott says the new project will take a similar course, of multi-tenants, but will be open to large users moving in as well.
Another possibility is marketing the space to data center users and telecom organizations. According to Mott, the site is equipped with "redundant heavy power and multiple-feed fiber infrastructure," making it attractive for those tech-heavy users.
One other possibility that could take place is the idea of marketing the space on a for-sale basis. For-sale industrial units have been a hot commodity in Southern and Northern California, as well as Phoenix, but have not yet caught on in the Denver market. Mott adds that the area could be ripe for the product.
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