Silver Point Development Breaks Ground at Elevation25 in Mead
Silver Point Development has broken ground on Buildings 1 and 2 (94,076 SF and 109,676 SF respectively) of Phase I within Elevation25 industrial park located at Weld County Road 9-1/2 and Hwy 66 in Mead, Colo. With construction now underway, the two Class A buildings are anticipated to be completed late this year.
Avison Young Principal, Dawn McCombs and Senior Associate, Kevin Hann who are out of the firm’s Denver office are representing the ownership on the leasing of the project.
In October 2021, McCombs and Hann brokered the acquisition of 37 acres of land for Elevation25 on behalf of Silver Point Development. The project will include Phase I, a five-building speculative industrial warehouse project totaling 578,240 square feet. Silver Point is poised to acquire an adjacent 36-acre land parcel within the next three years for the development of Phase 2 of Elevation25. Phase 2 would include four buildings totaling approximately 422,000 square feet, bringing the entire project to one million square feet upon completion. The construction schedule for Phase 2 will be determined based on market demand.
“It was an exciting and long-awaited day last week as Silver Point Development and their general contractor, Alcorn Construction, broke ground on Buildings 1 and 2, its first of multiple industrial buildings within Elevation25 industrial park. These two buildings are slated to be completed in the fourth quarter of 2022 and will fill a void in the area,” said McCombs.
McCombs noted that the majority of the inquiries so far have been from users seeking between 30,000 to 100,000 square feet of space.
Elevation25 is the only high-bay warehouse speculative industrial development in the immediate area and is just two turns from I-25, heading northbound or southbound. It is strategically located equidistant to three of the region’s major markets – Denver, Boulder, and Loveland/Fort Collins, the Town of Mead has been growing in popularity, attracting major companies over recent months for distribution and logistics including Amazon, Home Depot, UPS, and FedEx. The Elevation25 project will seek to capitalize on the 30 percent population growth projection in this northern corridor submarket over the next five years.