[CPEO-BIF] Gates Rubber setback, Denver, Colorado

[Lenny Siegel <lsiegel@cpeo.org>]

Money woes foil Gates factory real estate plans
The rubber firm takes land back as financing falters for developers.

By Margaret Jackson
The Denver Post (CO)
September 12, 2009

The much-touted redevelopment of the old Gates Rubber factory south of 
downtown has become the latest victim of the financial meltdown plaguing 
the real estate industry.

The project, which would have been Denver's largest redevelopment since 
Stapleton, was expected to cost $1 billion and take up to 15 years to 
complete. The city had pledged $85 million in public financing toward 
cleaning up the site and rebuilding it into a residential and retail hub 
designed around access to public transportation.

Developers originally projected the city would gain 2,500 housing units 
and 5,000 permanent jobs from the project, boosting city tax revenues.

But with developer Cherokee Denver unable to get financing to continue 
environmental remediation, Gates Corp. has taken a portion of the 
50-acre site back.

....

For the entire article, see
http://www.denverpost.com/news/ci_13320307?source=email

--


Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org




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