PepsiCo has bought land close to Denver International Airport exactly where it ideas to make a new producing facility, which the firm suggests will be its most significant in the U.S.
The New York-based beverage huge mentioned Wednesday that it had acquired 152 acres in close proximity to the intersection of 72nd Avenue and Argonne Road, and expects to open up a 1.2 million-sq.-foot facility at the website in the summer months of 2023.
The company paid $49.2 million, according to community data. That operates out to about $323,500 an acre or $7.40 a sq. foot.
BusinessDen broke the information very last summer months that the obtain and new producing facility were prepared.
The plant will change just one that sits on about 30 acres at 3801 Brighton Blvd. in RiNo, an location that has been transitioning from industrial to office environment and residential around the earlier 10 years. Pepsi marketed its genuine estate there in June for $158 million to Stoltz Serious Estate Partners, a organization headquartered in the Philadelphia place that currently owns a variety of properties downtown and in Cherry Creek.
Pepsi ordered the land near DIA from Glendale-based Westside Investment Companions, which also owns the previous Loretto Heights University campus in southeast Denver and the former Park Hill Golf Club.
“Pepsi desired to stay in Denver. Being in the city of Denver was very important to them,” Westside founder Andy Klein mentioned, citing the company’s pre-current marriage with the city and water obtain.
The 152 acres are component of about 1,150 acres that Westside acquired in July 2017 for $25 million. Klein mentioned he commenced chatting to Pepsi about the offer about two yrs ago.
Pepsi reported in a news release it will retain the 250 workers that at this time get the job done in RiNo when it moves to the new facility, and that it also expects to include another 250 positions. The city of Denver permitted a $1 million incentive for the new plant previously this calendar year.
In addition to its namesake consume, Pepsi reported the new facility will generate a variety of the company’s other beverages, which include Gatorade, Rockstar, Propel and Muscle mass Milk.
The new facility isn’t the only alter that Pepsi has manufactured to its local actual estate in latest decades. In 2020, the firm leased 283,000 sq. ft in a new Adams County industrial park made by Denver-based mostly Westfield Co.