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September 9, 2008
Forest City in the News
Colorado Edition
BioRegion News, Developer Starts First Phase of 5M-Sq.-Ft., $100M Life-Sci Research Space Near Denver
Forest City Science + Technology Group broke ground last week on the nearly $100 million first phase of a project to build more than 5 million square feet of new life-science research space in a suburban city of Denver by 2033.
Project developers and Aurora, Colo., officials also hope it will help revitalize a key commercial section of the city that has struggled in the 13 years since the US Army began shutting down its Fitzsimons Army Medical Center.
The first phase of the new Colorado Science + Technology Park at Fitzsimons will include a $16 million, 65,000-square-foot life-sci building; a 163-room Hyatt Place limited-service hotel/conference center; and a 175,000-square-foot office building. The projects are expected to be completed by the fall of 2010, according to the developer.
Long-term, Forest City will build a 6 million square-foot mix of uses, “a majority” of which will be life sciences space, Jim Chrisman, a senior vice president with the developer, told BioRegion News last week.
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Forest City is pursuing three types of tenants: University startups that have outgrown their incubator space; expansion-minded regional bio businesses eager to locate across from the university; and international life-sci companies interested in a US presence“We’re working all three of those angles,” Chrisman said. “They could be anywhere, probably, from a couple of thousand square feet up to 100,000 square feet.”
How quickly the life-sci building fills will determine how soon Forest City breaks ground on additional research space, according to Chrisman. Buildings will be mostly four to five stories tall, compared with the taller buildings Forest City has developed in more urban markets like its flagship University Park at MIT in Cambridge, Mass.
Denver Post, Six students to benefit from sale of house
A home built on donated land with donated labor and materials will send six students through seven years of college preparatory school when it is sold at full market value. Challenge House, built by Forest City Stapleton and New Town Builders, will open tomorrow. The home at 8907 E. 35th Ave. in Stapleton is expected to sell for about $420,000, with proceeds going to the Challenge Foundation.
The Challenge Foundation will use the proceeds to put the students through school.
Posted by lumi at September 9, 2008 3:14 AM