Thursday, September 28, 2006

Fitzsimons & Forest City Make it Official!

Forest City Enterprises and the Fitzsimons Redevelopment Authority have signed an agreement for the development of a 3.5-million-sf bioscience park on 160 acres immediately adjacent to the University of Colorado’s new Health Sciences Center, which covers some 230 acres.

As per the agreement, Forest City will lease the ground from the FRA on a long-term basis (75 years) and will give the FRA a percentage of the property’s net cash flow. In addition, Forest City will make annual option payments in order to secure its exclusive right to develop the land.

Forest City has most recently completed award winning bioscience parks including:

University Park at MIT
Science + Technology Park at Johns Hopkins
Illinois Science + Technology Park
Translational Research Lab at University of Pennsylvania

The largest of these prior projects is 31 acres and pales in comparison to the size of the new 160 Colorado Bioscience Park Aurora at Fitzsimons to be built.

Hold on Colorado…it is about to get very interesting…

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