REAL ESTATE
Real Estate
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Thermo Companies

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Union Pacific Freighthouse
Downtown Denver

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Union Pacific Freighthouse
Downtown Denver

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Icehouse Building
Downtown Denver

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Brockman Building
Downtown Denver

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Coulter Building
Downtown Los Angeles

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Roosevelt Building
Downtown Los Angeles

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The Gallatin Preserve
Big Sky, Montana
Thermo Development, Inc. is the primary real estate affiliate of the Thermo Companies and was formed to identify real estate opportunities in the western United States. In the mid 1990's, the company purchased two city blocks located in the lower downtown area (LODO) of Denver, Colorado. LODO was experiencing a robust residential building boom with many former warehouses being converted into residential lofts. With the popularity of downtown living at an all-time high, retail and office demand also increased substantially. One of the blocks acquired by Thermo housed the Union Pacific Freighthouse and is located adjacent to Denver's new Coors Field baseball park. It served as the regional headquarters for Union Pacific Railroad until 1978 when it was abandoned. The building deteriorated over the years until Thermo acquired it. The company refurbished the Freight house to accommodate restaurant and retail uses and to become Thermo's corporate headquarters. It currently houses one of Denver's most popular restaurants, The Denver Chophouse & Brewery, a nightclub called Sing Sing, and Fado, an upscale Irish pub. The remaining vacant land around this building was rezoned to allow for residential use and became the site for the One Wynkoop Plaza loft project developed by Thermo. The project is sold out.

The Ice House, formerly the Beatrice Cold Storage facility, occupies Thermo's other downtown Denver block and is another example of an historic property redeveloped by Thermo. In a joint venture with a local developer, the company has converted the upper seven stories of the vacant 190,000 square foot building into residential loft units ranging in prices from mid- $100,000's to over $500,000. The building is fully occupied.

The first and lower levels of the Ice House comprise 40,000 square feet and have been converted to retail and restaurant uses. Tenants include a Brazilian Steakhouse, a neighborhood tavern, a nightclub and a gourmet cooking school.

Phase II of the Ice House redevelopment took place on the adjoining 35,000 square foot parking lot. Construction of 180,000 square foot office tower along with ground level retail was completed and initially occupied in May 2000. Today the property is 100% leased.

Through 2004, the company also owned the block bounded by 7th, 8th, Grand and Olive Streets in downtown Los Angeles, California. This land was acquired for long-term future redevelopment when the market warranted. However, the residential market in downtown Los Angeles suddenly blossomed and the three vacant buildings on the 7th Street side of the block were sold as rental and for sale residential lofts. The block benefited from being the only fully assembled block in the central L.A. financial district and its close proximity to the convention center and the new Staples center, home of the Los Angeles Lakers basketball team and the Los Angeles Kings hockey team.

The company also purchased a 1920's vintage office building known as the Roosevelt Building in downtown Los Angeles. Plans called for another adaptive re-use project for this 300,000 square foot architectural masterpiece. However, due to the strength of the marketplace, the company decided to sell the property when an unsolicited offer was received at double the acquisition price.

The company also owns approximately 110 acres of prime development land in the resort town of Breckenridge, Colorado. Special conservation easements have been obtained which will limit the amount and nature of development allowing any final plan to take full advantage of this picturesque site overlooking the ski mountain.

In summer 1999 construction was completed on the $93,000,000 Colorado Oceans Journey Aquarium. Financing was made possible when Thermo provided a $17,000,000 letter of credit facility to enable the sale of tax-free bonds to a group of institutional investors. The 17-acre site is adjacent to LODO and was considered by Thermo and others to be integral to the successful redevelopment of the Central Platte Valley and LODO. Ocean Journey was a non-profit corporation dedicated to educational and environmental issues.

In summer 2005 Thermo acquired Gallatin Preserve, a 1,632-acre parcel of land located in Big Sky, Montana and situated between the restricted enclaves of the Big EZ, The Yellowstone Club and the Club at Spanish Peaks. Approximately 40 minutes south of Bozeman, Montana and only 15 miles from Yellowstone National Park, Big Sky is the fastest growing winter and summer resort area in the Rocky Mountains. Thermo repositioned the property which is now comprised of ten 160 acre private mountain ranch parcels each with a five acre building site. The private and gated Gallatin Preserve includes a unique equestrian and gathering center, hiking, cross country skiing and snowshoeing trails, and fly fishing on the South Fork of The Gallatin River for West Slope Cutthroat Trout all while enjoying outstanding views of Montana's Spanish Peaks and Lone Mountain. Through a unique agreement, a Yellowstone Club member's only road originates on Gallatin Preserve and continues into Yellowstone club making Gallatin Preserve parcels accessible and available to those members for future private enclave development. Home to bald eagles, grizzly and black bear, deer and elk, The Preserve is contiguous to the 1.8 million acre Gallatin National Forest and is situated well within the Greater Yellowstone Ecosystem, the largest intact ecosystem in the continental United States.


Copyright 2002-2004 Thermo Companies, Thermo Development, Inc.