Forest City Breaks Ground at Colorado Science + Technology Park at Fitzsimons
184-Acre Bioscience Park to Integrate Science, Business and Academic
Collaboration at the Former Fitzsimons Army Medical Center
AURORA, Colo., Sept. 3 /PRNewswire/ — Developer Forest City Science +
Technology Group broke ground today at a noon event at the Colorado Science
+ Technology Park at Fitzsimons, a 184-acre business park dedicated to life
science focused companies, by demolishing the old Fitzsimons smokestack to
make way for new, state-of-the-art scientific facilities. Plans call for
Forest City’s first life science building that will accommodate the growth
of the region’s existing life science industry as well as existing
incubator tenants on site. In addition, a Hyatt Place hotel and conference
facility and an approximately 175,000 square-foot office building for
University Physicians, Inc. will be developed. The Fitzsimons Federal
Credit Union will also break ground soon on a new facility.
In addition, Aurora Mayor Ed Tauer unveiled an updated economic study
predicting $3.5 billion in annual economic output in 2008 and up to $4.5
billion in annual economic impact by 2013 from the former Fitzsimons Army
Medical Center, which now includes the Park, the Anschutz Medical Campus,
The Children’s Hospital and Research Center, and the future Veterans
Affairs Hospital.
“The build-out of the Colorado Science + Technology Park at Fitzsimons
is an important part of a grand vision to bring science and business
together in one square mile that is fast becoming one of the most advanced
life science communities in the world,” said Tauer. “According to our
latest economic study, developments at Fitzsimons and the Anschutz Medical
Campus will yield 20,000 on-site jobs by 2013 and more than 43,000 on-site
jobs when fully developed.”
At full development, the 578-acre land parcel is projected to generate
statewide totals of $11.5 billion in economic production, $4.3 billion in
annual personal income, and nearly 100,000 jobs, according to the study
prepared for the Fitzsimons Redevelopment Authority by Sammons/Dutton LLC.
The statewide figures include multipliers that account for ancillary
commerce, employment and tourism that will be created throughout Colorado
as a result of work originating from this life science campus. The area is
expected to reach full development between 2033 and 2038.
“We’re inspired by the incredible concentration of brainpower and the
important partnerships that will be possible between academia and private
industry as companies locate to the Colorado Science + Technology Park at
Fitzsimons,” said University of Colorado President Bruce Benson, who also
spoke at the groundbreaking event.
“Forest City is proud to be part of a project that will so thoroughly
transform the community through jobs and the economic and quality-of-life
benefits that the park promises,” said Forest City’s Jim Chrisman.
About The Colorado Science + Technology Park at Fitzsimons
The Colorado Science + Technology Park at Fitzsimons
(http://www.fitzscience.com), located near I-225 and Colfax, is a 184-acre
medical and research park being developed by Forest City Science +
Technology Group (http://www.forestcityscience.net), a leading developer of
life science campuses across the country. Forest City’s goal is to give
Colorado’s bioscience enterprises the opportunity to build or lease
corporate and clinical space adjacent to the wealth of intellectual capital
and institutional knowledge already at the Anschutz Medical Campus. The
park already houses two incubator buildings totaling 80,000 square feet and
will reach approximately six million square feet at build out. Companies
that locate in the park will benefit from state-of-the-art buildings and
infrastructure, opportunities for growth and development, parks, town
center and related amenities, as well as close proximity to the talent and
core laboratory facilities of the University of Colorado Hospital,
University of Colorado Denver research and education facilities at the
Anschutz Medical Campus, The Children’s Hospital and future Veterans
Affairs Hospital.
About Forest City Science + Technology Group, a division of Forest City
Enterprises, Inc.
Forest City Science + Technology Group operates a portfolio of more
than 2 million square feet of life science/technology office space with
more than 8 million square feet in the planning or development stages. Its
properties are in major markets including Boston, Baltimore, Philadelphia,
Chicago and Aurora, Colo. http://www.forestcityscience.net.
Forest City Enterprises, Inc. is a $10.5 billion NYSE-listed national
real estate company, principally engaged in the ownership, development,
management and acquisition of commercial and residential real estate and
land throughout the United States.
About Fitzsimons Redevelopment Authority
The Fitzsimons Redevelopment Authority’s (FRA) priority is providing
for the needs of the life science industry. The FRA is a partnership of the
City of Aurora and the University of Colorado and is responsible for
overseeing the creation of the Fitzsimons Life Science District as a world
class environment for life science companies. The FRA directs the
commercial developments in the District, including the Colorado Science
+Technology Park at Fitzsimons.
Statements made in this news release that state Forest City Enterprises
Inc.’s or its management’s intentions, hopes, beliefs, expectations or
predictions of the future are forward-looking statements. Forest City’s
actual results could differ materially from those expressed or implied in
such forward-looking statements due to various risks, uncertainties and
other factors. Risks and factors that could cause actual results to differ
materially from those in the forward-looking statements include, but are
not limited to, general real estate development and investment risks
including lack of satisfactory financing, construction and lease-up delays
and cost overruns, dependence on rental income from real property, reliance
on major tenants, the effect of economic and market conditions on a
nationwide basis as well as in its primary markets, vacancies in its
properties, downturns in the housing market, competition, illiquidity of
real estate investments, bankruptcy or defaults of tenants, department
store consolidations, international activities, the impact of terrorist
acts, risks associated with an investment in and operation of a
professional sports team, conflicts of interests, Forest City’s substantial
debt leverage and the ability to obtain and service debt, the impact of
restrictions imposed by its credit facility, the level and volatility of
interest rates, the continued availability of tax-exempt government
financing, effects of uninsured or underinsured losses, environmental
liabilities, risks associated with developing and managing properties in
partnership with others, the ability to maintain effective internal
controls, compliance with governmental regulations, changes in market
conditions, litigation risks, and other risk factors as disclosed from time
to time in Forest City’s SEC filings, including but not limited to, Forest
City’s annual and quarterly reports.
CONTACT:
Claire Fisher, Forest City
303-382-1800
or
Jill Farnham, Fitzsimons Redevelopment Authority
720-859-4105
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[Via Real Estate Newswire]