The current plan estimates that the development would take 15 to 20 years at a cost of nearly $2 billion. The plan also estimates it would have about 3.5 million sf at build out and employ 6,000 people. "Fitzsimons was created to bring private business together with the University," says Aurora Mayor Ed Tauer. "Today, we start to build that private sector piece."
Under the 30-year agreement, Forest City would lease land from FRA to develop life sciences-oriented facilities in the bioscience park. In return, FRA would receive fixed annual payments as well as an equity share of net cash flow from the buildings to be constructed. The agreement will include 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 represents a true partnership," says Jill Farnham, acting executive director of the FRA. "It keeps our goals aligned with the overall mission for developing a world-class state-of-the-art bioscience park."
Fitzsimons is "poised to maximize its potential as one of the most exciting life sciences communities in the nation," adds John Lehigh of Forest City Enterprises. "Forest City looks forward to working with the FRA to develop a bioscience park that becomes one of the crown jewels of that community."
Separately, Forest City plans to develop its own bioscience park at the adjoining Stapleton. That development, still in embryonic stages, is called Stapleton Business Center South. Tom Gleason, spokesman for Forest City Enterprises, tells GlobeSt.com that the idea behind that park is to provide facilities that would be needed as a spin off from research at Fitzsimons.
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