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Thermo Development, Inc.
is the primary real estate affiliate of the Thermo Companies and was formed to
identify real estate opportunities in the western United States. In the mid
1990's, the company purchased two city blocks located in the lower downtown
area (LODO) of Denver, Colorado. LODO was experiencing a robust residential
building boom with many former warehouses being converted into residential
lofts. With the popularity of downtown living at an all-time high, retail and
office demand also increased substantially. One of the blocks acquired by
Thermo housed the Union Pacific Freighthouse and is located adjacent to
Denver's new Coors Field baseball park. It served as the regional headquarters
for Union Pacific Railroad until 1978 when it was abandoned. The building
deteriorated over the years until Thermo acquired it. The company refurbished
the Freight house to accommodate restaurant and retail uses and to become
Thermo's corporate headquarters. It currently houses one of Denver's most
popular restaurants, The Denver Chophouse & Brewery, a nightclub called
Sing Sing, and Fado Fado, an upscale Irish pub. The remaining vacant land
around this building was rezoned to allow for residential use and became the
site for the One Wynkoop Plaza loft project developed by Thermo. The project is
sold out.
The Ice House, formerly the Beatrice Cold Storage facility,
occupies Thermo's other downtown Denver block and is another example of an
historic property redeveloped by Thermo. In a joint venture with a local
developer, the company has converted the upper seven stories of the vacant
190,000 square foot building into residential loft units ranging in prices from
mid- $100,000's to over $500,000. The building is fully occupied.
The
first and lower levels of the Ice House comprise 40,000 square feet and have
been converted to retail and restaurant uses. Tenants include a Brazilian
Steakhouse, an Italian Trattoria, nightclub and a gourmet cooking
school.
Phase II of the Ice House redevelopment took place on the
adjoining 35,000 square foot parking lot. Construction of 180,000 square foot
office tower along with ground level retail and was completed and initially
occupied in May 2000. Today the property is 100% leased.
Until very
recently, the company also owned the block bounded by 7th, 8th, Grand and Olive
Streets in downtown Los Angeles, California. This land was acquired for
long-term future redevelopment when the market warranted. However, the
residential market in downtown Los Angeles suddenly blossomed and the three
vacant buildings on the 7th Street side of the block were sold as rental and
for sale residential lofts. The block benefited from being the only fully
assembled block in the central L.A. financial district and its close proximity
to the convention center and the new Staples center, home of the Los Angeles
Lakers basketball team and the Los Angeles Kings hockey team.
The
company also purchased a 1920's vintage office building known as the Roosevelt
Building in downtown Los Angeles. Plans called for another adaptive re-use
project for this 300,000 square foot architectural masterpiece. However, due to
the strength of the marketplace, the company decided to sell the property when
an unsolicited offer was received at double the acquisition price.
The
company also owns approximately 110 acres of prime development land in the
resort town of Breckenridge, Colorado. Special conservation easements have been
obtained which will limit the amount and nature of development allowing any
final plan to take full advantage of this picturesque site overlooking the ski
mountain.
In summer 1999 construction was completed on the $93,000,000
Colorado Oceans Journey Aquarium. Financing was made possible when Thermo
provided a $17,000,000 letter of credit facility to enable the sale of tax-free
bonds to a group of institutional investors. The 17-acre site is adjacent to
LODO and was considered by Thermo and others to be integral to the successful
redevelopment of the Central Platte Valley and LODO. Ocean Journey was a
non-profit corporation dedicated to educational and environmental
issues.
In the summer of 2005 Thermo acquired The Gallatin Preserve; a
1,632-acre parcel of land located in Big Sky, Montana and situated between the
restricted enclaves of the Big EZ Lodge, The Yellowstone Club and the new
Spanish Peaks Golf and Ski Resort. Approximately 40 minutes south of Bozeman,
Montana and only 15 miles from Yellowstone National Park, Big Sky is the
fastest growing winter and summer resort area in the Rocky Mountains.
Development plans are underway to uniquely capture and enhance recreational
opportunities on The Gallatin Preserve that will include a private equestrian
center, hiking, cross country skiing and snowshoeing trails, and exceptional
fly fishing on the South Fork of The Gallatin River all while enjoying
outstanding views of Montana's Spanish Peaks and Lone Mountain. Home to bald
eagles, grizzly and black bear, deer and elk, The Preserve is contiguous to the
1.8 million acre Gallatin National Forest and is situated well within the
Greater Yellowstone Ecosystem, the largest intact ecosystem in the continental
United States. |
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