Glendale Urban Renewal Offers to Acquire MAK Colorado Boulevard Property or Drop it from Development Plan
FOR IMMEDIATE RELEASE
July 21, 2015 – Glendale, CO – The highly anticipated Glendale 180 project reached another key juncture today with action by the Glendale Urban Renewal Authority to bring to a close discussions involving property at Colorado Boulevard and Virginia Avenue owned by MAK Investment, LLC. The Authority made an offer to acquire the property based on an appraisal of the fair market value; if the offer is not accepted, Glendale 180 will move forward based on plans that do not include the MAK parcel.
“For several years, the city has been at work meeting with property owners involving the Glendale 180 project,” said Linda Cassaday, Deputy City Manager. “Arriving at this juncture to either acquire this property or move forward without it keeps the Glendale 180 project on track in terms of timing and brings it that much closer to reality.”
To ensure fiscal integrity and protect the interests of Glendale citizens, the Authority engaged Chase & Company, a long-time Colorado firm, to conduct a comprehensive appraisal of the MAK property value. An offer was made based on that appraisal, and the owners have until July 28 to respond.
“Throughout the development of Glendale 180, we’ve had two driving priorities – to create a thriving hub based on Glendale’s legacy as an entertainment center, and to serve as good stewards of taxpayer dollars at every step in the process,” said Glendale Mayor Mike Dunafon. “Our offer for the MAK property accomplishes both.”
For a number of years, members of MAK have been intimately involved in the planning for the development of the Glendale 180 project, serving as members of the Creekfront Entertainment District Master Plan committee. In addition, they have been party to many conversations with the city regarding acquisition of their property. A public debate occurred in May of this year over the potential use of the condemnation process in order to acquire the MAK property. In fact, the Glendale Urban Renewal Authority has taken no action to condemn the property and has no intention to do so in conjunction with this project.
“We applaud the City’s actions to provide a fair and transparent process around the creation of Glendale 180,” said David Peterson, member of the Glendale Chamber of Commerce and coowner of the Bull & Bush Brewery. “Today, we are one step closer to Glendale becoming a world-class destination for the entire Denver region.”