Duo of Development Partners Purchases Former Turkey Processing Plant in Colorado
- Jun 05, 2014
Longmont, Colo.—San Diego-based Pathfinder Partners LLC and development partner 150 Main LLC announced that they have closed on the $4.5 million acquisition of the former Butterball Turkey processing plant in Longmont, Colo.
The site is comprised of seven parcels spread over 27.5 acres and includes 326,000 square feet of existing building space, which includes the main plant, lab space, storage and parking. It is located at the intersection of First Avenue and Main Street in downtown Longmont.
The then ConAgra-owned facility closed in 2011 after the company opted to outsource its processing operations to China. The new owners plan to demolish the plant and redevelop the site in multiple phases with the intent of possibly including multifamily, commercial and retail components.
The first phase would include the demolition of the main three-story plant followed by the construction of a 250-unit modern apartment community. Development efforts are still in the works as Pathfinder Partners and its operating partners have been working with the city’s downtown redevelopment agency to finalize plans. Ground breaking is scheduled for late 2014.
“We believe the City of Longmont is well positioned for future growth and development due to its affordability, gentrification, improving economy, population growth and proximity to both the Boulder and Denver job markets,” says Lorne Polger, senior managing director of Pathfinder Partners. “There are a number of successful technology companies in Longmont—including Seagate Technology, Amgen and digital Globe—and nearby Boulder is home to a massive IBM Corporation facility and operations of Level 3 Communications, Oracle Corporation, Covidien and other prominent companies.”