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October 11, 2006
PRESS RELEASE: Forest City Fitzsimons Signs Agreement to Develop 160-Acre Life Sciences Park Near Denver
BusinessWire
Forest City Enterprises, Inc. (NYSE:FCEA) (NYSE:FCEB) today announced that Forest City Fitzsimons, Inc. has signed an agreement with the Fitzsimons Redevelopment Authority (FRA) to develop a 160-acre life sciences office park near Denver.
The new park, to be built on the site of the former Fitzsimons Army Medical Center, will include offices and research and development facilities for the life sciences industry. Build-out will occur over the next 20 years or more, with the first buildings expected to be completed by the end of 2008. The Fitzsimons site is located next to the University of Colorado’s new Health Sciences Center campus and is adjacent to Forest City’s Stapleton mixed-used project.
Charles A. Ratner, Forest City president and chief executive officer, said, “Fitzsimons is our fifth science and technology development, building on our success at University Park at MIT near Boston, which has been followed by life sciences projects in Baltimore, Chicago and Philadelphia. Our experience with large mixed-use projects for the life sciences industry will enable us to develop a state-of-the-art office and research campus at Fitzsimons. This project will feature a critical mass of technology companies and is destined to become one of the premier life sciences communities in the nation.”
Forest City’s track record in developing real estate for the life sciences industry includes the award-winning University Park at MIT, which involved the transformation over two decades of a 27-acre industrial site into a mixed-used community with more than 2.3 million square feet of office and lab space – combined with residential, retail and hotel components.
NoLandGrab: When a blogger broke this news last week, we noted, "Forest City has become the premier developer of biotech parks. Too bad the company's progressive accomplishments are sullied by an old-fashioned land grab like Atlantic Yards."
Posted by lumi at October 11, 2006 7:50 AM