AURORA, Colo., Sept. 28 /PRNewswire/ -- The Fitzsimons Redevelopment Authority has approved a 30-year development agreement with Forest City Fitzsimons, Inc., a subsidiary of Forest City Enterprises, to develop the bioscience park adjacent to the University of Colorado Health Sciences Center campus at the former Fitzsimons Army Medical Center in Aurora. This 160-acre private-sector development project will take approximately 25 years, with the potential for attracting 10,000 high-paying jobs.
"This is a trifecta," said Aurora Mayor Ed Tauer, chairman of the Fitzsimons Redevelopment Authority board. "We're laying the foundation for new jobs that's good for the University, good for Aurora, and terrific for Colorado."
Under the agreement, Forest City will lease land on a phased basis from the Fitzsimons Redevelopment Authority (FRA) to develop life sciences-oriented facilities in the bioscience park, including major office and laboratory facilities for biotechnology companies and supporting services. In return, FRA will receive fixed annual payments as well as an equity share of net cash flow from the buildings to be constructed. The agreement also includes requirements and restrictions for how the facilities will be used, to ensure that the mutual goal of creating a critical mass of life-sciences companies in the bioscience park is achieved.
"This deal is a true partnership. Forest City brings specialized life sciences development experience, extensive contacts, and great financial strength to advance our mission for developing a world-class, state-of-the-art bioscience park," said Jill Farnham, Executive Director of the FRA.
In addition to the Fitzsimons project, Forest City is involved in the development of several other bioscience parks, including one at the Massachusetts Institute of Technology and one at the Johns Hopkins Medical Center. Forest City is also involved in the Stapleton redevelopment in Denver, a project considered to be one of the largest projects of its kind.
"Fitzsimons has tremendous potential to be the home of one of the world's premier bioscience facilities," said John Lehigh of Forest City Enterprises. "The partnership Forest City has established with the Fitzsimons Redevelopment Authority will turn that potential into reality."
About Fitzsimons Redevelopment Authority
The Fitzsimons Redevelopment Authority (FRA) is a partnership between the City of Aurora and the University of Colorado created to plan, manage, and oversee redevelopment at the former Fitzsimons Army Medical Center.
FRA's site partners -- University of Colorado at Denver and Health Sciences Center, University of Colorado Hospital, and The Children's Hospital -- manage the development of their locations at Fitzsimons and operate cooperatively with the FRA. The FRA manages the commercial development at Fitzsimons, including the Colorado Bioscience Park Aurora and the Fitzsimons Commons. For information about the FRA, call 720-859-4100 or visit the web site at www.colobio.com.
About Forest City Enterprises
Forest City Enterprises, Inc. is a $7.8 billion NYSE-listed national real estate company. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate throughout the United States.
Fitzsimons Redevelopment AuthorityCONTACT: Jill Farnham of Fitzsimons Redevelopment Authority,+1-720-859-4105, jfarnham@colobio.com; or Janet Braccio of Bella VoceCommunications, +1-303-447-7163, jbraccio@BellaVoceCommunications.com, forFitzsimons Redevelopment Authority; or Thomas J. Gleason of Forest CityEnterprises, +1-303-382-1800, or cell, +1-303-324-6393,TGleason@stapletondenver.com
Web site: http://www.colobio.com/
