17-acre retail development

He says the goal is with this type of development is to increase non-airline revenues. "Every dollar we earn from concessions and other sources reduces the cost to our airlines and their passengers," he says. Koniz said DIA's concessions program has been extremely successful, totaling more than $1 billion in gross sales since the airport opened in 1995. He said the Peña Project "will allow us to boost that figure even higher."

DIA's steadily decreasing airline fees were a major factor in attracting Southwest Airlines, he says. Non-airline revenues allowed DIA officials to lower the fees charged to airlines and helped bring Southwest to Denver.

"Denver International Airport is a trendsetter in this type of commercial land development program," says Susan Stanton, vice president of the DIA Partnership, a regional economic development organization comprised of public, private and community leaders. "Our research has shown that airports throughout the country are looking at their land as an asset and a way to provide more services to their customers, which in turn would reduce costs to the airlines that serve them."

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.