Rather, it would prefer to own income-producing properties at this time, he says. "So we told them we would put this on the market and sees what happens," Smith says.
A total of 7.6 acres in four parcels is being listed by CB Richard Ellis broker Tim Swan, but Smith says he plans to take about an acre of it off the market. Swan is marketing the land with fellow CBRE broker Martin Roth.
The land, called Union Center, could house a maximum of 2,000 units if built out to its allowable zoning, although it's likely it will never be built out to the maximum amount, Swan says. One area, known as sub-area 3, allows two buildings of 250 feet tall. The entire parcel could be used for offices, residential, hotels, R&D, parking and storage.
Swans notes if the $4.7-billion FasTracks is approved by voters in November, Union Center will be at the epicenter for transportation oriented Denver. FasTracks will include an air train to run from Union Station to the Denver International Airport, so anyone taking the train to DIA would see the development at Union Center.
No price has been set for Union Center, but other land in the valley has sold from anywhere from $45 per sf to $150 per sf, Swan says.
Tom Lee, a broker with the Frederick Ross Co., isn't involved in the land sale, but says he applauds it. "This was going to be the last piece of land that East West was going to develop," Lee tells GlobeSt.com. But if East West sells it, the land will be developed much more quickly, he says.
Swan says they will consider offers for all of the land, as well as individual parcels.
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