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DENVER-The Lionstone Urban Investments One LP recently purchased the 30-acre site east of Broadway and south of Interstate 25, which includes the former Gates Rubber Co. headquarters. Gates moved its headquarters to the Central Platte Valley. Lionstone plans to redevelop the property, which late last year was rezoned for transit mixed-use, mixed-use residential and retail uses. The price paid for the property was not disclosed.

“Given the excellent location of the property at the confluence of several of Denver’s major transportation modes, the site offers a unique and exciting opportunity for a forward-thinking, mixed-use development,” says Tom Bacon, a principal of Lionstone. Bacon tells GlobeSt.com that it is too early to estimate the completed dollar value or the amount of sf on the site. However, the former Gates headquarters includes 300,000 sf in two buildings, which will be renovated.

Tom Reeve, president of Gates Development Corp., which sold the site, notes that Gates had a long tradition at the site. The company was founded almost a century ago in Denver. “We know Lionstone will do a wonderful job with the redevelopment site,” he says.

Mayor John Hickenlooper says he is pleased to see the development moving forward, “after the successful and collaborative effort between Gates and the City of Denver to rezone this important site.” Lionstone has assembled a local team to provide development expertise in creating and executing a General Development Plan for the site. Development partner Doug McKinnon of McKinnon & Associates LLC will lead the redevelopment effort.

McKinnon was most recently a senior executive in the Hines organization in Denver. The Frederick Ross Co., who represented Lionstone in its acquisition of the former Gates property, will be providing marketing and leasing support for the project.

In concert with the City of Denver Planning Department’s guidelines and existing zoning ordinances, the team will be gathering neighborhood input before finalizing the development plan. Lionstone will be selecting “best of” development partners to join in the creation of a very special development on this unique site.

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