Developer moving ahead with $80M office complex, hotel near Anschutz campus
March 30, 2010
A Kentucky-based developer is moving ahead with plans for an $80 million office building and hotel for a site on East Colfax Avenue near the Anschutz Medical Campus in Aurora, according to the company.
Corporex Cos. Inc. of Covington, Ky., has announced it plans to break ground soon on a 153-room Springhill Suites by Marriott hotel and a 170,000-square-foot, six-story office building with parking structure. A second office building is planned for a neighboring parcel of land.
“This is probably the largest private development that’s going to get done this year in Denver, and maybe the largest in Colorado,” said Tom Banta, president of Corporex Realty & Investment LLC.
The new buildings will be the first phase of the proposed 32-acre Fitzsimons Village commercial development across Colfax from the burgeoning medical complex, on the site of the old Fitzsimons Army Medical Center. The 570-acre, former army hospital property is being redeveloped as the Anschutz campus and the Fitzsimons Life Science District.
The developer said it also has purchased more sites at the Fitzsimons Village property for future development, which could include a conference center and another hotel.
Fitzsimons Village is being developed by BWAB-Fitzsimons LLC, a partnership between Westside Investment Partners Inc. of Greenwood Village and Denver-based BWAB Inc. Privately held BWAB has interests in the energy, real estate and recreation industries, and developed downtown Denver’s 202-room Ritz-Carlton hotel with local hotelier Charlie Biederman.
Corporex is contributing roughly $20 million in equity to the two Fitzsimons buildings it’s developing, and a $17 million tax-increment financing bond will be issued to pay for infrastructure. Several lenders, including Vectra Bank Colorado and Citywide Banks, are providing other financing.
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