Forest City Enterprises Shelling Out $123.5 Mil for Stapleton Development Rights

DENVER-Forest City Enterprises will pay $123.4 million, including fees, for 15 years for the right to develop the former Stapleton International Airport, GlobeSt.com has learned in a review of the Cleveland-based REIT’s SEC filing.

The executed agreement with the non-profit Stapleton Development Corp. gives Forest City the right to purchase 3,000 developable acres at Stapleton. The company calls it an “ambitious development plan.” That may be an understatement, as company officials and others call it the largest urban infill development ongoing in the country.

The redevelopment will include 12,000 homes, 10 million sf of office and research and development space, and three million sf of retail space. The first phase consists of 800 homes and 350 apartments. There also will be a 200,000-sf retail town center, 750,000-sf regional retail complex and 100,000-sf office building in the first phase. The first homes, town center, regional retail center and office building are projected to open in 2002.