New development to bring amenities to Anschutz Medical Campus
Business leaders say the project, called Fitzsimons Village, is a positive sign that financing is returning to commercial development following the recession.
Kentucky-based Corporex, the developer, brought $20 million to the table to finance the project but also used public funding, including bonds, for Fitzsimons Village.
Officials say the bonds were used for road, sewer and other infrastructure construction - the first time a bond project has been secured since the national bond market collapsed in August of 2008.
The project's financing also used loans from five Colorado banks.
Corporex President and C.O.O. Thomas Banta says the public-private partnership is a huge success.
"It is very unusual times in the economy and it's very difficult to get financing for private projects like this," he said.
In its first phase, Fitzsimons Village will have a 160,000 square-foot office facility that includes 16,000 square-feet of retail space; a 153-room SpringHill Suite by Marriott; and a regional banking branch.
In the second phase, a seven-story, 208,000 square-foot office building and a full service hotel and conference center will be built.
The development will be located across Colfax from the Anschutz Medical Campus, directly across from the entrance of The Children's Hospital. It will be connected with an elevated pedestrian walkway.
Fitzsimons Village's entire park is 32-acres and could develop over eight to 10 years, but officials with the development say it is already receiving a lot of interest and growth and believes full development could happen sooner.
Officials with the project say it will bring much needed amenities and support businesses to the growing medical campus area.
"The Anschutz Medical Campus will ultimately employ 45,000 people out there and there aren't very many support services - retail, off-campus, even residential - and this development is right at the front door and will supply those support facilities for the overall development," Banta said. "It will allow the Fitzsimons overall development to keep growing so it's going to have a huge dollar impact on Aurora as a whole."
The Children's Hospital will be the first tenant and will use 120,000 of the 160,000 square-foot office facility in phase one for back office administration including human resources and accounting.
Phase one is set to open in the first quarter of 2011.
"We're very excited," Banta said.
For more information on the project and available space and contract, log onto the Corporex website or call 303-339-9818.