City & County of Denver and Adams County Agree to Partner on Redevelopment of ASARCO Property

Joint project expected to provide hundreds of jobs upon completion. End Quote

(1888PressRelease) October 05, 2010 - DENVER, CO - The City & County of Denver and Adams County today announced a joint agreement to redevelop the distressed ASARCO property at the northwest corner of East 51st Avenue and Washington Street. Officials from both jurisdictions and the Denver Urban Renewal Authority (DURA) signed a Memorandum of Understanding today, calling for the joint cooperation in facilitating the property remediation and redevelopment.

Brownfield Partners, a Denver-based Brownfield and urban infill developer, is managing the environmental remediation and site development through its subsidiary, Globeville I, LLC.

The 77 acre ASARCO property, once a major employer in the Globeville and surrounding neighborhoods, is now vacant. Of the 77 acres, roughly 80% is within Adams County and 20% is in the City and County of Denver. After the environmentally contaminated site is cleaned up, a new "Globeville Commerce Center" will open with a potential 1.1 million square feet of commercial space.

"Through a regional approach, we are turning the hopes and aspirations for this challenged site into a clear vision for future development, providing neighborhood renewal and jobs for our greater metro community," Mayor John Hickenlooper said. "This is a signature location that can help fulfill use requirements for each of the niche industrial markets that are currently underserved in the metro area."

The property has been the subject of investigations and remedial actions for more than 20 years. The proposed Globeville campus is expected to provide a blend of product types to promote and encourage occupancy as industrial tenants across the metro area look to relocate or expand.

"We have been trying to clean up this site since 2004," said Adams County Board Chairman Alice J. Nichol. "This project has presented environmental and financial challenges, but thanks to the collaborative efforts of Adams County, Denver, DURA and Brownfield Partners, we have overcome these obstacles and will transform this blighted area into a hub of economic activity and vitality."

The Globeville Commerce Center is estimated to provide hundreds of jobs to Denver and Adams County, ranging from forklift operators to inventory clerks and facilities managers in larger distribution facilities, to trade specialists employed in smaller owner/user facilities.

"Brownfield Partners is excited at the opportunity to clean up and revitalize such an important property," said Douglas Elenowitz, a Principal at Brownfield Partners. "We look forward to working with Adams County and City of Denver leaders and the community to make this challenging project a success."

"Brownfield sites are among the most challenging to redevelop, and we feel confident that our role in helping finance this complex project will result in a significant asset that will benefit both Adams and Denver County residents for generations to come," said Tracy Huggins, executive director of the Denver Urban Renewal Authority.

About Adams County
Adams County covers 1,187 square miles on the northern tier of the six-county Denver metropolitan area. It surrounds the Denver International Airport on three sides. It ranks among the top five largest counties in the state, with a population of approximately 445,000 residents, and is projected to be the fastest growing county in the metro Denver area over the next two decades. Adams County is considered the most diverse in the metro area in terms of mixed-use characteristics, and offers one of the best transportation networks in the state. It is the home to the Fitzsimmons Colorado Bioscience Research Park, Front Range Airport and the Rocky Mountain Wildlife Refuge. Boasting diverse housing opportunities, a highly educated workforce, and close proximity to the region's major colleges, universities and research facilities, Adams County offers a strong pro-business climate and outstanding quality of life for employees and companies.

About City and County of Denver - Office of Economic Development
The Denver Office of Economic Development is dedicated to advancing economic prosperity for the City of Denver, its businesses, neighborhoods and residents. Working with a wide variety of community partners, OED operates to create a local environment that stimulates balanced growth through job creation, business assistance, housing options, neighborhood redevelopment and the development of a skilled workforce.

About Brownfield Partners
Brownfield Partners is a real estate development and management-consulting firm that specializes in the origination, structuring, and execution of Brownfield and urban infill redevelopment projects across the United States. Capitalizing on the unique vision of our Partners as national experts in Brownfield redevelopment, we work in collaboration with local, state, and Federal government, community groups, and private developers to align stakeholder interests to create positive changes to communities.

About the Denver Urban Renewal Authority
The Denver Urban Renewal Authority (DURA) was created by the City and County of Denver in 1958 to assist in the redevelopment of blighted property and help foster the sound growth and development of Denver. Working with residents, businesses, civic leaders, area developers and financing institutions, DURA provides financial assistance to support redevelopment activities throughout the city. These include single-family home rehabilitation, emergency home repair, historic preservation, Brownfield redevelopment, infill development and neighborhood revitalization, among others. For more information, visit www.renewdenver.org.

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