Pepsi pays $49M for land near DIA, says new plant will be its largest
A rendering of Pepsi’s prepared 1.2 million-square-foot manufacturing facility close to Denver Intercontinental Airport. (Image courtesy of PepsiCo)
PepsiCo has ordered land close to Denver Worldwide Airport where by it designs to make a new production facility, which the business claims will be its major in the U.S.
The New York-dependent beverage large said Wednesday that it experienced obtained 152 acres around the intersection of 72nd Avenue and Argonne Street, and expects to open a 1.2 million-square-foot facility at the internet site in the summer months of 2023.
The organization compensated $49.2 million, in accordance to community records. That will work out to about $323,500 an acre or $7.40 a sq. foot.
BusinessDen broke the information last summertime that the buy and new manufacturing facility had been prepared.
The plant will exchange one that sits on about 30 acres at 3801 Brighton Blvd. in RiNo, an spot that has been transitioning from industrial to place of work and residential more than the earlier decade. Pepsi marketed its serious estate there in June for $158 million to Stoltz Actual Estate Companions, a business headquartered in the Philadelphia spot that by now owns a amount of structures downtown and in Cherry Creek.
Pepsi purchased the land in close proximity to DIA from Glendale-based Westside Expense Partners, which also owns the former Loretto Heights College campus in southeast Denver and the previous Park Hill Golfing Club.
A Pepsi truck passes in front of the latest Pepsi bottling facility in RiNo. (BusinessDen file photograph)
“Pepsi preferred to stay in Denver. Currently being in the town of Denver was extremely essential to them,” Westside founder Andy Klein explained, citing the company’s pre-present romance with the city and water entry.
The 152 acres are element of about 1,150 acres that Westside purchased in July 2017 for $25 million. Klein stated he started talking to Pepsi about the offer about two a long time back.
Pepsi stated in a news release it will retain the 250 personnel that at present perform in RiNo when it moves to the new facility, and that it also expects to increase a different 250 positions. The metropolis of Denver permitted a $1 million incentive for the new plant before this calendar year.
In addition to its namesake drink, Pepsi stated the new facility will produce a number of the company’s other drinks, including Gatorade, Rockstar, Propel and Muscle Milk.
The new facility is not the only modify that Pepsi has created to its nearby actual estate in new a long time. In 2020, the corporation leased 283,000 sq. feet in a new Adams County industrial park created by Denver-based Westfield Co.
