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UPDATE: CMCB Lands Phase One of 500-Acre Retail Development

DENVER-Locally based CMCB Development Co. wins the bid for the first 17 acres in the 500-acre Peña Project. Located along Peña Boulevard, the development will serve those traveling along the major highway to and from the Denver International Airport.

By John Rebchook | Updated on April 07, 2006

DENVER-Locally based CMCB Development Co., headed by Carl Chang, brother of former tennis great Michael Chang, is the successful bidder for the 17-acre retail development on the Denver International Airport property along Peña Boulevard. The development–called the Peña Project–is the first phase in what could be a 500-acre retail development along the major highway in and out of DIA.”We were pleased with all the companies that submitted proposals, but CMCB’s was very strong and shared our overall goals for the Peña Project,” says Stan Koniz, DIA chief financial officer. He says the project, which will incorporate the airport’s 45-minute waiting area, will “deliver a quality retail village that will serve the 30,000 workers at DIA, as well as provide attractive retail outlets for people to wait for arriving passengers.”

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.

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