(To read more on the multifamily market, click here.)
AURORA, CO-Lend Lease Corp., a Sydney-based international developer, has been selected by the Colorado State Land Board to develop 4,000 acres at the former Lowry Bombing Range. Located 25 miles east of Denver in Arapahoe County, the site is expected to hold 13,000 housing units and related commercial and retail space. The estimated 30-year development is expected to commence in 2010.
"We have been researching the US market for some time, looking at regions with strong long-term fundamentals," says Ross Taylor, CEO of Lend Lease Retail & Communities, which has been looking to grow its residential development business in the US. "Denver has an excellent long-term growth outlook and Lowry Range is a promising opportunity in a very attractive growth corridor."
Lowry Range is the second project for Lend Lease in the Denver area. In June 2006, it acquired the Horizon City development site, which has planning approval for approximately 3,000 dwellings and 4.1 million sf of mixed-use space.
Lend Lease also bid on the development of an adjacent 16,000-acre conservation site but did not win. Another 4,500-acre adjacent site that is slated to be a reservoir will be awarded within six months.
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