Loveland Innovation Park Stumbles as Developer Exits Project
- Aug 25, 2011
The Loveland NASA project has hit yet another major hurdle with the announcement of developer United Properties bowing out of the “endeavor”. The Colorado Association for Manufacturing and Technology had chosen the company to be the redevelopment partner in June and had been undergoing negotiations with the city of Loveland to streamline the redevelopment process.
The Minneapolis-based company bowed out of the deal citing financial obstacles, The Denver Business Journal reports. The project was supposed to transform a total of 811,000 square feet from the former Hewlett-Packard and Agilent Inc. home into the Aerospace and Clean Energy Manufacturing and Innovation Park. In a statement made for DBJ, the president of United Properties, Frank Dutke mentioned that a project of this caliber requires two conditions, namely available credit tenancy and acceptable financing terms. He then stated that during the time the company conducted research on the project, the two seemed to be unachievable during a tight timeframe.
The plan is still on to create ACE and attempt at attracting as many small manufacturing companies as possible. Of course the companies will aim to produce revolutionary space tech as well as innovation in the realm of alternative energy development. The chase for a suitable developer for the space seems to be on again.
Denver’s largest real estate deal of the week was the one made for the Conifer Creek apartment complex. Grand Peak Properties, a Denver-based real estate investment firm bought the property from TGM Associates, a NY-based company. The REIT splashed out $38.15 million for the residential complex totaling 81-buildings with a combined total of 480 units. The property had the very attractive occupancy rate of 94.27 percent at the time of the sale.