Broe development seeks to attract jobs

Windsor project features industrial, office, retail spaces

By John Rebchook, Rocky Mountain News

July 30, 2005 - The land, in the process of being annexed to Windsor, is either owned or being purchased by Great Western Development, a company owned by Denver- based Broe Cos.

Great Western is buying most of the land from Kodak Co. The development eventually is expected to create 2,000 jobs. When completed, the land would have as much as 8.2 million square feet of industrial space, 1.4 million square feet of retail and offices, and 2,000 housing units, according to the study by UNC economics professor Rhonda R. Corman. The report estimated the economic impact over the next decade to Weld County at $2.7 billion.

"It will be a very large impact," Corman said Wednesday. "It is a very large development."

And the 2,000 housing units, which would include single-family homes, apartments, townhomes and condominiums, would house an estimated 4,500 residents. That would increase Windsor's current population of 17,000 people by as much as 26.5 percent.

The Broe Cos. requested the analysis. The land also would include a substantial amount of open space.

Brian Vogt, economic development director for the state, said Northern Colorado may be "spared a lot of bad news" from recently announced layoffs at Kodak and Hewlett-Packard in part because the Broe property, along with a handful of other developments in the vicinity, can bring new companies to the area.

"I think a lot of the negative impacts have already been ameliorated, because we already have some really great growth opportunities," Vogt said. "We have a lot of prospects in the pipeline, ranging from agricultural to very, very high-tech prospects. Windsor is at the epicenter for a new boom area."

Alex Yeros of Great Western Development said the completed value of the real estate on the property in today's dollars would be more than $1 billion and possibly as much as $1.5 billion.

Yeros said Great Western Development, working with state and local economic development officials, already has brought $170 million in development to a portion of the land, thanks to the $120 million Owens-Illinois plant under construction and the $50 million Front Range Energy ethanol plant. Yeros said Owens-Illinois already has hired some people who had previously worked at the Kodak plant.

The development potential of the land will "revitalize some of the real estate and business activity, bringing more jobs than will be lost by Kodak, and Hewlett-Packard, Agilent and Celestica," Yeros said.

Rod Wensing, Windsor town manager, said, "It's certainly not going to replace all of those high-tech jobs, but it will perhaps lessen the impact of the losses. It's going to have a substantial impact."

"The Broe development presents an excellent opportunity for Windsor to create permanent, primary jobs in Windsor and Northern Colorado."

"I have not seen the study yet, but the numbers are very impressive, and I hope it comes to pass," said J.J. Johnston, president and chief executive officer of the Northern Colorado Economic Development Corp. "We need something positive to help offset the announcements by Celestica and others."

Toronto-based Celestica said earlier this year it will close its 800-employee plant in Fort Collins within a year. It's not known how many jobs could be cut locally by Kodak or Hewlett-Packard.

"Broe has demonstrated over and over again it can really utilize the rail infrastructure and the other transportation infrastructure, and form partnerships with local and state officials to develop an overall package to win a company like Owens-Illinois," Johnston said. "In my judgment, Broe played a very significant part (in the deal) that brought Owens-Illinois to the table."

Yeros said he is currently looking at four potential users for a portion of the land. One company, he said, would likely make a $20 million to $50 million investment. In addition, the Broe Cos. might use some of the land to build its own facilities in the energy business. The 33-year-old Broe Cos. is a privately held company that has more than $1 billion in assets in real estate, transportation, energy and strategic capital.

Yeros said that part of his goal is to bring new companies and industries to the area to help diversify the local economy, as well as help grow existing industries.