$110 million of growth near DIA
A development district is set for an estimated $110 million in spending just west of Denver International Airport, laying the groundwork for a hightech commercial district around an ALine rail stop.
The newly approved plan would pay for roads, sewers, parks and more in the Denver International Business Center, an area that eventually could stretch for more than a mile along Tower Road south of Peña Boulevard.
“This is a part of Denver that is continuing to grow. This is one of the few parts of Denver where there’s existing, open land,” said Rick Wells, senior vice president for developer L.C. Fulenwider.
The center already includes six hotels, along with office buildings and restaurants. A legal change approved unanimously by the Denver City Council on Monday night opens the door for much more.
The new spending will be financed by a “metropolitan district” — an organization that collects extra property taxes from the 84acre area in order to pay off debt and fund operations for infrastructure.
The district hopes to pay for public art, signage, shuttle services, street lights, public WiFi and “smart” infrastructure. Fulenwider owns much of the land and is a primary driver of growth in the area.
Future development could include more hotels, restaurants, office buildings, retail and industrial development, eventually attracting an estimated 10,000 people per day. There are no plans for housing on the site.
Among the first infrastructure projects will be an extension of 64th Avenue and construction of a new northsouth road, clearing the way for new hotels and retail, according to Wells.
Nearby landowners eventually could add their parcels and grow the district to nearly 500 acres, according to Paula Williams, an attorney working with the district. The maximum extra tax rate on the district land will be 60 mills, but the district has no immediate plans for an increase, according to Wells.
Construction of the full area could take 20 to 30 years, Wells said.
Denver International Airport also has grand visions for development. Darryl Jones, its new chief real estate officer, previously said he hopes to attract private developers to build some 20 million square feet of buildings on airport land, from hotels and retail to research and development. The airport is seeking proposals for three development districts.
Meanwhile, Panasonic has laid early groundwork for its “smart city” at the 61st and Peña rail station. Fulenwider also is associated with that project, Williams said.