It's about 75% the size of Manhattan. As part of the first phase, Forest City closed on 272 acres, the first purchase by the wholly-owned subsidiary of Cleveland-based Forest City Enterprises Inc.
''Stapleton is one of the most complex urban infill development projects in the country today and will involve three of our strategic business units: land, residential and commercial,'' says Ronald A. Ratner, executive vice president of Forest City Enterprises. ''For Forest City, it is the ultimate integrated development project, capitalizing on our experience and expertise to develop large, mixed-use projects.''
As the master developer of Stapleton, Forest City will purchase all 2,935 acres of developable land at the former airport over the next 15 years. When completed during the next 20 years, Stapleton will include 3 million sf of retail, 10 million sf of offices and 12,000 homes and apartments. Stapleton is about a 10-minute drive from Denver's Central Business District and about 20 minutes from Denver International Airport.
The first 272 acres will include 75 acres for the 740,000-sf Quebec Square regional retail center. A Wal-Mart, Sam's Club and Home Depot will anchor it. It will be a short walk from the Stapleton Town Center. A 60,000-sf grocery store and an office building will anchor the 150,00-sf town center.
Another 172 acres in the first phase is earmarked for 1,100 homes and apartments.
Forest City purchased $145 million in bonds from the Park Creek Metropolitan District to underwrite the initial infrastructure. Lehman Brothers financed that transaction. National City Bank provided a $25 million loan to Forest City for the land purchase. The seller was the non-profit Stapleton Development Corp., which the city of Denver created to oversee the sale of the former airport property.
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