Asarco LLC said Wednesday it is negotiating with an unidentified developer that would buy Asarco's Globeville metals plant and redevelop the north Denver site.

Tucson-based Asarco said last week it will close the plant that has a long history of emitting toxic wastes and polluting nearby neighborhoods.

The developer would complete the environmental cleanup of the 78-acre property and likely build a new industrial complex, said Tom Aldrich, Asarco's vice president of environmental affairs.

But because Asarco is in the midst of a bankruptcy reorganization, sale of the property would have to go through an auction, and another buyer potentially could make a higher bid than the prospective developer and derail the deal Asarco is negotiating.

Aldrich said the developer specializes in "brownfield" redevelopments - a process in which contaminated properties are cleaned and developed for nonpolluting uses.
