Colorado Real Estate Journal - June 18, 2014
A transit-oriented mixed-use development will be built in place of Butterball’s former turkey processing operations in downtown Longmont. Pathfinder Partners and 150 Main LLC, whose managing p a r t n e r is Brian W. Bair, b o u g h t seven parcels of land totaling 27.5 acres at First Street and Main Avenue for $4.5 million. The first phase of development will include demolition of the main, 271,965-square-foot processing plant and construction of 250 luxury apartments. “We recognized it as a tremendous infill redevelopment opportunity,” said Lorne Polger, Pathfinder Partners senior managing director. Being in a redeveloping area that is literally at the corner of First and Main was “very attractive to us,” he said. “We believe the city of Longmont is well positioned for future growth and development due to its affordability, gentrification, improving economy, population growth and proximity to both the Boulder and Denver job markets,” said Polger, who noted the Longmont and Boulder areas are technology hubs, with companies including Seagate Technology, Amgen, IBM Corp. and others. Bair, a longtime DenverBoulder commercial real estate professional, was instrumental in putting together the deal and will head up development efforts. “It’s a unique opportunity to develop 27 acres right in the middle of town with access to transit,” he said. Longmont’s First & Main Station will provide bus transportation and ultimately commuter rail, and the city is planning a 70-acre park at the south edge of the property, as well as new bridges and other infrastructure. “It’s all within walking distance, and that’s what people want,” said Bair. “The Butterball campus is a significant piece of the redevelopment of that part of Longmont,” said Longmont City Manager Harold Dominguez. “We think it’s a great opportunity for the community. “With that redevelopment, with what we’re doing downtown and what we’re doing from an infrastructure standpoint, it’s really positive for our community, and these are things that really transform communities,” said Dominguez, who said as those projects begin to take shape, others will invest in the area. The city rezoned the former industrial area for mixed-use development after Butterball closed the plant. Butterball contends that prevented it from selling to an industrial user, which is the subject of an ongoing lawsuit. Bair said some of the smaller existing buildings, including a 12,000-sf cold-storage warehouse and 8,800-sf flex building are being marketed to food and beverage users, such as cheese makers, breweries, taprooms and wineries, which could produce and sell product on site. A 15,000- sf building is being considered for creative office space. The owners are targeting groundbreaking for the apartments late this year. “Longmont’s vacancy rate on the rental side is pretty much near zero, and we think folks are getting pushed out of the Boulder marketplace from an affordability standpoint,” said Polger. Future development could include a second phase of multifamily development, as well as mixed uses, said Bair. CBRE’s Tyler Carner and Erik Abrahamson, along with Jeff Counsell of CBRE’s Chicago office, represented the seller in the transaction.