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DENVER—In October, Ballard Spahr advised the Gates Corp. on the sale of its historic 41-acre former Gates Rubber plant site near Interstate 25 and Broadway to Frontier Renewal. The transaction, which was highly complex due to environmental sensitivities, is the latest one the firm handled for this parcel for the Gates Corp. In an update to that story, GlobeSt.com chatted more with Ballard Spahr's Beverly J. Quail, partner; and Alicia B. Clark, counsel on the deal.
GlobeSt.com: Why is the sale of the Gates Rubber plant site significant?
The Ballard Spahr Real Estate Team:The sale to brownfield redeveloper Frontier Renewal means that plans for the site, which have been dormant since 1991 when the Gates Rubber plant closed after more than 50 years in operation, can finally get underway. Developing the property, which is one of Denver's few remaining infill parcels and is in a prime location near Interstate 25 and Broadway, will have a positive impact on the City and County of Denver.
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GlobeSt.com: What were some of the challenges of the sale?
The Ballard Spahr Real Estate Team:Years of manufacturing use left the site environmentally compromised, which limited the number of buyers willing to tackle the necessary environmental remediation.
GlobeSt.com: How was Ballard Spahr involved in the transaction?
The Ballard Spahr Real Estate Team:In addition to the recent deal, Ballard Spahr worked with the Gates Corp. on an earlier sale to Cherokee Denver in 2001. That also was complex because it involved multiple parties, tenants, governmental entities, and the decommissioning of the power plant providing electricity to the manufacturing facility and various tenants. When Cherokee Denver's redevelopment efforts did not go forward, Ballard Spahr handled the Gates Corp.'s reacquisition of the property in 2009. After regaining ownership, the company continued remediation efforts—including demolition of buildings, some of which dated back to 1918, and environmental remediation projects—while looking for another buyer.
Ballard Spahr has managed the sale of several other large parcels owned by the Gates Corporation on the east side of Broadway, including the site of their former headquarters to a Texas developer, and the leasing of Gates's new corporate headquarters in downtown Denver in 2002.
GlobeSt.com: What are future plans for the site?
The Ballard Spahr Real Estate Team:Frontier Renewal has announced plans to convert the area into a transit-oriented development that will feature a combination of residential and commercial uses, including retail space and offices. Because Cherokee Denver's redevelopment plans are outdated, new plans—which will incorporate input from nearby residents and business owners— will require City approval.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
