Project
Former Building 667 Property
Location
Denver, CO
Project Description
RESIGHT acquired this approximately 8 acre property from the Lowry Redevelopment Authority. The property was zoned for commercial purposes and was adjacent to new home construction associated with redevelopment of the former Lowry Air Force Base. Environmental concerns included asbestos in soil contamination associated with previous uses of the property.
Project Background
This approximately eight acre parcel is located on the former Lowry Air Force Base. From the 1940s until the 1970s the site was located between a runway and taxiway on the Air Force Base. From the 1970’s until 1991 the 70,000 square foot Base Exchange (department and grocery store) was located on the site. The Base Exchange closed in 1991 with closure of the Air Force Base. The site is immediately adjacent to parcels that required remediation of asbestos in soil. The property was the last large single family residential parcel available in the desirable Northwest Neighborhood.
Business Plan
RESIGHT’s business plan was to reposition the site for single family residential use consistent with adjacent uses in the Northwest Neighborhood. To implement this plan, RESIGHT prepared and implemented a plan to address potential asbestos in soils issues at the site. RESIGHT demolished the Base Exchange and addressed asbestos and other environmental issues associated with the site. The site was closed consistent with the applicable regulatory programs. RESIGHT obtained necessary entitlements from governmental agencies including the Redevelopment Authority and the City and County of Denver. The clean entitled property was sold to a local residential builder at clean value.
The RESIGHT Solution
Where others saw an abandoned industrial building, RESIGHT saw the potential for a residential development consistent with adjacent uses. Integration of remediation and development with preparation for horizontal construction provided for value creation and reuse of the property for residential uses consistent with adjacent uses.
