LOS ANGELES--(BUSINESS WIRE)--Mass Equities, Inc. (MEQ), a private equity real estate investment firm based in Santa Monica, California, and AECOM Capital, the investment arm of AECOM (NYSE:ACM), announce a new partnership for the development of MEQ’s prominent 2017 property acquisition in Denver’s emerging River North (RiNo) Art District. The 7.8-acre site will be home to a Class A mixed-use development that reimagines an existing structure in combination with approximately 522,000 square feet of new construction that will both enhance and blend with the future growth of the neighborhood.
“We are pleased that AECOM Capital has joined us on this exciting project, demonstrating the significance of this development and the importance of RiNo in the overall Denver community,” said MEQ Founder Andrew (Drew) Sobel. “We look forward to a collaboration that will benefit from AECOM’s depth of knowledge, experience and global network of experts, to augment and inspire the outstanding MEQ team to accomplish a new kind of mixed-use development that will resonate in tune with RiNo’s dynamism,” he added.
“We are excited to bring a full suite of services to bear on this project, leveraging both AECOM’s established construction expertise and AECOM Capital’s design and development experience,” said Michael S. Burke, AECOM’s chairman and chief executive officer. “We are firm believers in Denver’s tremendous market potential given the city’s substantial and diverse growth in employment, and its booming millennial population. We look forward to partnering with MEQ to bring its incredible vision to life in RiNo.”
The dramatic transformation of this underutilized industrial property will be the largest to date in the rapidly evolving RiNo district submarket. The US$200+ million first phase of the project will include the repositioning of the existing 62,000-square-foot building located at 3060 Brighton Boulevard into a state-of-the-art creative office building, taking advantage of the soaring and dramatic ceiling heights and open space already existing in the building. In addition, and as part of the initial plan, MEQ and AECOM Capital expect to develop approximately 480 apartment units, approximately 64,000 square feet of new creative office space, and over 33,000 square feet of much-needed retail space in the otherwise retail-starved RiNo area along Brighton.
Led by Mr. Sobel and AECOM Capital Managing Director Ted Fentin, the RiNo development is the first joint MEQ and AECOM Capital project. AECOM will also serve as construction manager on the project through its AECOM Hunt business, in partnership with Denver-based Martines Palmeiro Construction (MPC). The value of the contract is expected to be included in AECOM’s backlog for its second quarter of fiscal year 2018.
With its artistic roots, and proximity to lower downtown and greater downtown Denver, RiNo is a truly unique neighborhood lending itself to MEQ’s vision of a carefully curated community filled with “passion, personalities and purpose.” The RiNo Art District started as a grassroots movement by local artists who wanted to connect the arts organizations in the area in a distinctive area of north Denver that includes four historical neighborhoods: Globeville, Elyria-Swansea, Five Points and Cole. The neighborhoods’ rapid growth has led to the creation of the Business Improvement District (BID) and General Improvement District (GID) to help local area merchants and residents.
“Across the country, neighborhoods that are undergoing gentrification have encountered various challenges. MEQ and AECOM have intelligently planned to address every aspect of the project and its interactions with the RiNo environment,” said Mr. Sobel. “We are confident that this exciting project will succeed on its own merits and will enhance the living fabric of this Art District,” he added.
About Mass Equities
Mass Equities (MEQ) is a fast-growing, private equity real estate investment firm that creates value across a broad spectrum of diverse real estate asset classes and markets in the Western U.S. MEQ’s projects include ground-up development, existing building repositions, and comprehensive operational and leasing. The MEQ philosophy, driven by true investment diversification, leverages multiple categories including mixed-use, creative office, retail, and multifamily. MEQ principals’ 100+ years of combined real estate investment experience in both private and public companies have led to success through many real estate cycles in key Western markets.
AECOM is built to deliver a better world. We design, build, finance and operate infrastructure assets for governments, businesses and organizations in more than 150 countries. As a fully integrated firm, we connect knowledge and experience across our global network of experts to help clients solve their most complex challenges. From high-performance buildings and infrastructure, to resilient communities and environments, to stable and secure nations, our work is transformative, differentiated and vital. A Fortune 500 firm, AECOM had revenue of approximately $18.2 billion during fiscal year 2017. See how we deliver what others can only imagine at aecom.com and @AECOM.
About AECOM Capital
AECOM Capital, a subsidiary of AECOM, is an investor and developer of real estate, infrastructure and public-private partnerships across North America and select international markets with a total development value of approximately $5 billion. Targeting high-quality, risk-adjusted investments, AECOM Capital leverages AECOM’s vast resources across all engineering, design and construction services for deal flow, due diligence, execution and project delivery. For more information, visit www.aecomcapital.com.
Forward-Looking Statements: All statements in this press release other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including statements relating to the future development of the River North Art District project, the future impact to AECOM’s backlog, as well as other future economic and industry conditions. Actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause actual results to differ materially from our forward-looking statements are set forth in our periodic report on Form 10-Q for the quarter ended Dec. 31, 2017, and our other reports filed with the U.S. Securities and Exchange Commission. AECOM does not intend, and undertakes no obligation, to update any forward-looking statements.