AURORA, CO-Newmark Grubb Knight Frank has completed a 55-acre land sale in Aurora, located directly south of the Jackson Gap and Pena Boulevard Interchange at Denver International Airport (DIA). The sale officially kicks off the development of Porteos, a 1,287-acre mixed use development opportunity located on the closest privately-held land to the main terminal and cargo facilities at DIA.
The 55-acre land parcel was sold by ACP DIA 1287 Investors LLC, the legal entity that owns and will develop Porteos. The seller purchased the land in 2006 with the goal of positioning the property for development. Work to date includes annexing the land into the City of Aurora, securing zoning and other entitlements, and working to acquire access to DIA. At full build out, Porteos will include hotel, restaurant, retail, industrial, office, entertainment and other airport-specific commercial uses.
Off-airport parking operator/developer, ParkDIA, LLC purchased the parcel for $9.6 million. Plans call for a 7,500 stall operation with covered, uncovered and valet parking. The buyer is a subsidiary of Forum Real Estate Group, a local mixed-use/residential developer. Forum Real Estate Group has additional mixed-use projects underway in Denver and Boulder, including Kent Place at Hampden Avenue and University Boulevard.
“Relying on our experience in providing exceptional customer service to the clients we develop new projects for, we're looking forward to delivering that same level of commitment to the people who will park at our new parking lot near DIA,” said Kevin Foltz of Forum Real Estate Group. “Our parking lot, ParkDIA, will be the closest off-airport lot to the terminal, just 2.5 miles away and a quick five minute shuttle ride. We will provide options that include valet and covered parking, all at a very competitive price. We are excited to be able to provide much needed parking to everyone who travels to and from DIA.”
Key to the development will be the extension of Jackson Gap Road to 56th Avenue. The additional means of access that will be provided by this roadway dovetails perfectly with the region's vision of developing an Aerotropolis centered on DIA comparable to those that have already been developed or are being built around the world, including Dallas/Fort Worth, Amsterdam, Munich, Dubai, South Korea, and China.
Simultaneous construction of both the parking structure and Jackson Gap Road will commence in the first quarter of 2014, with an anticipated opening in the fourth quarter.
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