Nobel/Sysco, which has been in Denver for 60 years, ultimately plans to occupy 500,000 sf of office and distribution space on 50 acres north of Interstate 70 by the fourth quarter of 2004.

The move keeps 800 jobs in Denver with plans for 200 more, says Mayor Wellington Webb.

Nobel/Sysco had opportunities to move elsewhere, the mayor says. "This deal demonstrates Denver's long-term economicstrength," Webb says.

Chris DeWitt, president and CEO of Nobel/Sysco, says he's glad the company is staying in Denver. "We are very pleased we were able to find a suitable site with Forest City at Stapleton." says DeWitt. "The mayor's team has been instrumental in this effort and we look forward to working closely with the City during our move."

The move is expected to provide Denver $7.5 million in tax revenues over the next five years. The city is offering the company a $1 million incentive package over five years, which the City Council must approve.

"Stapleton's regional highway access, its close proximity to Downtown Denver and Denver International Airport and its wonderful mix of housing affordable to a range of incomes clearly were among the considerations that played a significant role in Nobel/Sysco's decision," says John Lehigh, COO for master developer Forest City Stapleton.

"This is a great opportunity to keep a Denver institution in this City while enhancing Stapleton redevelopment," says City Councilman Ed Thomas, who chairs the Special Projects Committee that oversees Stapleton redevelopment.

Adds Ron Bernstein, Director of the Mayor's office of Economic Development: "In a time where cities and states are in direct competition for relocating businesses, this retention effort shows Denver is a smart business decision."

The Mayor's Office of Economic Development and International Trade will continue working closely with Nobel/Sysco to assist them with their transition into a new facility and will also be focusing on theredevelopment of the current facility at Pecos and West 48th Ave.