United Properties drops out of ACE

DENVER — Loveland’s ACE park needs a new developer.

Minneapolis-based United Properties has elected to withdraw
from the redevelopment of the former Agilent campus for the Aerospace and Clean
Energy Manufacturing and Innovation Park, according to an announcement from the
city of Loveland.

United Properties was selected by the Colorado Association
for Manufacturing and Technology to act as the redevelopment partner for the
811,000-square-foot, four-building property. CAMT has indicated it will
continue with redevelopment of the park, which has significant tenant interest.

On June 21, CAMT and United Properties signed 60-day
exclusive right to negotiate agreement with the city of Loveland, which owns
the site.

“In our experience in commercial real estate development, a
project of this complexity requires significant resources, time and the
collaboration of many parties to bring the project to a successful completion,”
said Frank Dutke, president of United Properties, in a prepared statement.
“During our limited exploratory period, two components critical to us —
available credit tenancy and acceptable financing terms — do not appear to be
achievable within the required timeframe. Regrettably, we have decided not to pursue
this opportunity at this time.”

The city now has the option to work with a different
developer.

“We’ve always known there could be bumps in the road,” said
Loveland Mayor Cecil Gutierrez. “There are other interested parties prepared to
engage with the city and CAMT.”

CAMT will continue to lead the statewide ACE Regional
Innovation Cluster Initiative, and will work with Loveland and other partners
across the state to develop the ACE park, according to CEO Elaine Thorndike, in
the statement.