Developer drops out of ACE project

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 a 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 time frame. 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.

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