Corporex Gets Financing for First Phase of Fitzsimons Project In Aurora
April 19, 2010
Covington, KY-based Corporex is moving forward on the first phase of Fitzsimons Village, a 32-acre mixed-use development across from the Anschutz Medical Campus in Aurora, CO, east of Denver, after securing $80 million in financing.
The financing transactions will enable construction of a 153-room hotel and a six-story, 170,000-square-foot office building, with The Children's Hospital Association and administrative and staff offices for Children's Hospital serving as anchor. Denver-based Vectra Bank Colorado, a wholly owned subsidiary of Zions Bancorporation, and TCF Bank’s Denver office provided financing for the Fitzsimons Life Sciences Campus.
The office project includes ground floor retail spaces and a freestanding parking structure. A second office building is planned for an adjacent parcel.
Construction will begin immediately on the new 153-room Springhill Suites By Marriott Hotel. Three Denver banks, including Citywide as the lead bank and Community Banks as a participant, provided financing for the hotel.
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In addition, a tax-increment financing bond totaling more than $17 million will be issued to pay for business park infrastructure and a pedestrian bridge spanning Colfax Avenue, which connects the development to the Anschutz Medical Campus at Fitzsimons and hospitals that have been built on the north side of Colfax.
Land for the Fitzsimons Village development was assembled and entitled by BWAB Fitzsimons, LLC; a partnership between Westside Investment Partners and BWAB. Corporex also acquired an option on five future development sites within the complex.
Corporex is focusing on master development of the site and will begin efforts in cooperation with the Fitzsimons Redevelopment Authority to develop a conference center and full-service hotel, as well as a banking and retail center to support the University of Colorado's Anschutz Medical Campus, Children’s Hospital, and the Veteran’s Administration, which is now breaking ground on a new 800-bed facility on the campus.
At full build out, the Fitzsimons medical complex project will exceed $5 billion in investment and employ more than 35,000 people, Corporex said.
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