The Fitzsimons Redevelopment Authority has approved a 30-year development agreement with Forest City Fitzsimons, Inc., a subsidiary of Forest City Enterprises, to develop the bioscience park adjacent to the University of Colorado Health Sciences Center campus at the former Fitzsimons Army Medical Center in Aurora. This 160-acre private-sector development project will take approximately 25 years, with the potential for attracting 10,000 high-paying jobs.

“This is a trifecta,” said Aurora Mayor Ed Tauer, chairman of the Fitzsimons Redevelopment Authority board. “We’re laying the foundation for new jobs that’s good for the University, good for Aurora, and terrific for Colorado.”

Under the agreement, Forest City will lease land on a phased basis from the Fitzsimons Redevelopment Authority (FRA) to develop life sciences-oriented facilities in the bioscience park, including major office and laboratory facilities for biotechnology companies and supporting services. In return, FRA will receive fixed annual payments as well as an equity share of net cash flow from the buildings to be constructed. The agreement also includes requirements and restrictions for how the facilities will be used, to ensure that the mutual goal of creating a critical mass of life-sciences companies in the bioscience park is achieved.

“This deal is a true partnership. Forest City brings specialized life sciences development experience, extensive contacts, and great financial strength to advance our mission for developing a world-class, state-of-the-art bioscience park,” said Jill Farnham, Executive Director of the FRA.

In addition to the Fitzsimons project, Forest City is involved in the development of several other bioscience parks, including one at the Massachusetts Institute of Technology and one at the Johns Hopkins Medical Center. Forest City is also involved in the Stapleton redevelopment in Denver, a project considered to be one of the largest projects of its kind.

“Fitzsimons has tremendous potential to be the home of one of the world’s premier bioscience facilities,” said John Lehigh of Forest City Enterprises. “The partnership Forest City has established with the Fitzsimons Redevelopment Authority will turn that potential into reality.”