Commerce City’s Growth and Real Estate Opportunities February 2, 2018
Commerce City is redefining itself for the next generation, building on historic values of community, industry and family.
A Growing City
Commerce City at a Glance Square Miles 35 Population 53,364 Average Median Age 30.7 Average Wage $57,012 Households 15,508 Labor Force 27,771 Employment 29,633
Major Primary Employers United Parcel Service (UPS) 2,700 Shamrock Foods 860 FedEx Freight Inc. 630 FedEx Ground Package Systems 600 Suncor Energy USA 420 Douglass Colony Group 400 Old Dominion Freight Lines 370
Capital Improvements Ballot Issue 2K In 2013, voters approved a 1% sales tax increase to fund ongoing capital improvements, including Widening of Tower Road from E. 80 th to E. 104 th Avenues • A new recreation center at Second Creek • An outdoor leisure pool at Pioneer Park • Three neighborhood parks at Fronterra, Turnberry and • Villages at Buffalo Run East Additions to existing recreation center •
New Bison Ridge Recreation Center Location: E. 112 th Avenue and Potomac Street Size: 106,000 square feet • Indoor pool, gymnasium, weight/fitness area, dance/aerobic studio, gymnastics center, walking, jogging track • Completed: Spring 2018
Commerce City, Colorado Demographics 2015 2020 City Population 53,650 59,663 (11.21% growth) Residential Development – Northern Trade Area As of April 2015 Entitled Lots at Full Build-Out 35,063 Permitted Lots 11,008 Certificates of Occupancy 10,305 Active Housing Developments 20 Rocky Mountain Arsenal National Wildlife Refuge Retail Opportunities Residential Future Mixed Use Employment Average Daily Traffic Counts North Metro Corridor Commuter Rail Line East 72 nd Ave Commuter Rail Station Commercial Arterial Improvements SOURCE: The Retail Coach, Community Demographic Profile, April 2015
Increased Project Activity
Primary jobs bring new wealth to a community EMPLOYER (Primary Jobs) External Market Pay employee wages, suppliers and contractors Export Goods/Services retail residential goods homes Secondary Payment Jobs health care & professional services
Recent BREA Projects • Test track-E-470 land • 138 jobs • Average salaries >$100k • 76,000 SF facility • $4.4 million in CI • 25 jobs • 55 acres • $7.1 million in CI • 234,000 SF facility • 20.25 acres • 92 jobs • 216,000 SF facility • $14.5 million in CI • 255 jobs • $30 million in CI • 45,000 SF additions • 77 jobs-7 new 587 retained or new jobs to the city 571,000 SF new industrial construction $56 million in new capital investment
Irondale Project: • 55 acres • 234,000 SF facility • 92 jobs • $14.5 million in CI
McLane Foodservice: Nexus at DIA • 20.25 acres • 216,000 SF facility • 255 jobs • $30 million in CI 20.25 acres
Commerce City’s Existing Commercial Real Estate Product Mix Commercial Vacancy and Lease Rates by Property Type Total Existing SF Vacancy Rate Office 445,311 SF 16.4% Retail 1,470,328 SF 3.4% Flex 243,132 SF 4.7% Industrial- 7,378,785 SF 2.1% warehouse/distribution Industrial-all other 2,381,002 SF 1.1% SOURCE: 4Q 2017 CoStar Realty Information
Planned Office/Industrial Development 57,890 SF office building planned 203,700 SF industrial building planned 540,800 SF 676,200 SF industrial building industrial 19,500++ SF planned buildings planned speculative industrial building planned 171,500 SF 20,000 SF industrial retail/office buildings planned building planned 57,000 SF industrial buildings planned TOTALS: • 1.67 million SF industrial proposed • 77,890 SF office proposed *All projects are proposed and in various planning stages. Some projects may not move forward!
Mile High Greyhound Park 64 th Avenue Single Family Homes Technical Training Institution Townhomes Walk-up Residential Vasquez Blvd Hotel Walk-up Residential Mixed-use Commercial Commercial 62 nd Avenue
There are twelve square miles of available land in Commerce Buckley City that are adjacent to Denver International Airport (DIA). Crossing TR Ranch Reunion Reunion Reunion Center Third Creek Turnberry Fronterra Village Settlers Reunion Prairie Crossing Farm Buffalo Prime Sites Highland and Second Creek Farm Rocky Mountain Arsenal Nob NEXUS National Wildlife Refuge North Hill Allied Waste NEXUS at Land Fill DIA E-470/Aerotropolis Development Opportunities
Transit Oriented Development RTD’s FasTracks program includes a North Metro commuter rail line currently under construction. The 18.5 mile electric commuter rail line is scheduled for completion at the end of 2018, opening in 2019 Commerce City will have a station stop at E. 72 nd Avenue at Colorado Blvd. There is a Master Plan for the station area and there are several sites available for transit-oriented development.
Station Area Master Plan
Business Assistance/Incentive Tools City • Dedicated assistance throughout site selection, development and business opening • Reduced development costs • partial permit fee rebates • sales/use tax rebates for construction materials • Additional city sales/use tax rebates • Executive/employee relocation assistance if needed • Supply chain referral program • Workforce hiring and training assistance with partners • Site security referrals from city police department County • Personal Property Tax Rebates ( needs $/$ match from the city ) State • Enterprise Zone Program - state income tax credits • 3% new personal property investment • Employee hiring/training credits • R&D expenditure credits • No state sales/use tax for manufacturing equipment purchases (2.9% savings) • CO First/Existing Industry employee training grants • “Job Growth” incentive tax credits or Strategic Fund grants ( needs $/$ match from the local community )
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Thank you! www.RedefiningCommerce.com
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