October 26th 2024.
The Denver International Airport has proposed a land exchange with a landfill operator north of Pena Boulevard. This exchange would not require any monetary transactions and is awaiting approval from the Denver City Council. The airport, which is owned by the city, is looking to give Allied Waste Services of Colorado, a subsidiary of Republic Services based in Phoenix, 25.3 acres of land between Himalaya Road and E-470. This parcel is located in Adams County and marks the border of Denver's city limits.
In return, Republic Services would give the airport 18 acres of land on the west side of Tower Road, south of the Canopy Airport Parking lot. The City Council was presented with a report from a third-party appraiser, who determined that the value of the two parcels is equal. Republic Services currently operates a landfill at Tower and 88th Avenue, and the land that the airport would be transferring is situated just to the east of it.
According to city documents, Republic Services expressed interest in vacating the existing right of way for a portion of Himalaya Road that leads to the airport's land. This sparked discussions that ultimately led to the proposed land exchange. The airport also mentioned that the land they would be receiving from Republic Services is undeveloped and is located next to DIA's "2nd Creek Campus District." This area has been identified as a potential spot for development by the airport.
It is worth noting that the Denver International Airport has approximately 34,000 acres of land, but only 18,000 of those acres are considered "core aviation land." This is where the current terminals, runways, and other facilities are located or are planned to be added in the future. The remaining land is categorized as "non-aviation" land and the airport has implemented a "rolling request for offers" to develop on this land. Earlier this year, the airport awarded brokerage contracts to three firms, after previously only having one with CBRE.
The airport believes that this land exchange presents a unique opportunity to acquire property in a rapidly developing area, which will ultimately generate revenue for DIA sooner than expected. The airport's presentation to the City Council stated, "The opportunity to exchange relatively remote property for another property on a rapidly developing corridor will create revenue for DEN sooner than otherwise expected." This proposal has the potential to benefit both parties involved and could potentially lead to future development opportunities for the airport. Stay updated on this and other business news by signing up for our Economy Now newsletter.
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