September 3, 2008
Forest City Breaks Ground at Colorado Science + Technology Park at Fitzsimons
AURORA, Colo., Sept. 3 /PRNewswire/ -- Developer Forest City Science + Technology Group broke ground today at a noon event at the Colorado Science + Technology Park at Fitzsimons, a 184-acre business park dedicated to life science focused companies, by demolishing the old Fitzsimons smokestack to make way for new, state-of-the-art scientific facilities. Plans call for Forest City's first life science building that will accommodate the growth of the region's existing life science industry as well as existing incubator tenants on site. In addition, a Hyatt Place hotel and conference facility and an approximately 175,000 square-foot office building for University Physicians, Inc. will be developed. The Fitzsimons Federal Credit Union will also break ground soon on a new facility.
In addition, Aurora Mayor Ed Tauer unveiled an updated economic study predicting $3.5 billion in annual economic output in 2008 and up to $4.5 billion in annual economic impact by 2013 from the former Fitzsimons Army Medical Center, which now includes the Park, the Anschutz Medical Campus, The Children's Hospital and Research Center, and the future Veterans Affairs Hospital.
"The build-out of the Colorado Science + Technology Park at Fitzsimons is an important part of a grand vision to bring science and business together in one square mile that is fast becoming one of the most advanced life science communities in the world," said Tauer. "According to our latest economic study, developments at Fitzsimons and the Anschutz Medical Campus will yield 20,000 on-site jobs by 2013 and more than 43,000 on-site jobs when fully developed."
At full development, the 578-acre land parcel is projected to generate statewide totals of $11.5 billion in economic production, $4.3 billion in annual personal income, and nearly 100,000 jobs, according to the study prepared for the Fitzsimons Redevelopment Authority by Sammons/Dutton LLC. The statewide figures include multipliers that account for ancillary commerce, employment and tourism that will be created throughout Colorado as a result of work originating from this life science campus. The area is expected to reach full development between 2033 and 2038.
"We're inspired by the incredible concentration of brainpower and the important partnerships that will be possible between academia and private industry as companies locate to the Colorado Science + Technology Park at Fitzsimons," said University of Colorado President Bruce Benson, who also spoke at the groundbreaking event.
"Forest City is proud to be part of a project that will so thoroughly transform the community through jobs and the economic and quality-of-life benefits that the park promises," said Forest City's Jim Chrisman.
About The Colorado Science + Technology Park at Fitzsimons
The Colorado Science + Technology Park at Fitzsimons (http://www.fitzscience.com/), located near I-225 and Colfax, is a 184-acre medical and research park being developed by Forest City Science + Technology Group (http://www.forestcityscience.net/), a leading developer of life science campuses across the country. Forest City's goal is to give Colorado's bioscience enterprises the opportunity to build or lease corporate and clinical space adjacent to the wealth of intellectual capital and institutional knowledge already at the Anschutz Medical Campus. The park already houses two incubator buildings totaling 80,000 square feet and will reach approximately six million square feet at build out. Companies that locate in the park will benefit from state-of-the-art buildings and infrastructure, opportunities for growth and development, parks, town center and related amenities, as well as close proximity to the talent and core laboratory facilities of the University of Colorado Hospital, University of Colorado Denver research and education facilities at the Anschutz Medical Campus, The Children's Hospital and future Veterans Affairs Hospital.
About Forest City Science + Technology Group, a division of Forest City Enterprises, Inc.
Forest City Science + Technology Group operates a portfolio of more than 2 million square feet of life science/technology office space with more than 8 million square feet in the planning or development stages. Its properties are in major markets including Boston, Baltimore, Philadelphia, Chicago and Aurora, Colo. http://www.forestcityscience.net/.
Forest City Enterprises, Inc. is a $10.5 billion NYSE-listed national real estate company, principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States.
About Fitzsimons Redevelopment Authority
The Fitzsimons Redevelopment Authority's (FRA) priority is providing for the needs of the life science industry. The FRA is a partnership of the City of Aurora and the University of Colorado and is responsible for overseeing the creation of the Fitzsimons Life Science District as a world class environment for life science companies. The FRA directs the commercial developments in the District, including the Colorado Science +Technology Park at Fitzsimons.
Statements made in this news release that state Forest City Enterprises Inc.'s or its management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. Forest City's actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, general real estate development and investment risks including lack of satisfactory financing, construction and lease-up delays and cost overruns, dependence on rental income from real property, reliance on major tenants, the effect of economic and market conditions on a nationwide basis as well as in its primary markets, vacancies in its properties, downturns in the housing market, competition, illiquidity of real estate investments, bankruptcy or defaults of tenants, department store consolidations, international activities, the impact of terrorist acts, risks associated with an investment in and operation of a professional sports team, conflicts of interests, Forest City's substantial debt leverage and the ability to obtain and service debt, the impact of restrictions imposed by its credit facility, the level and volatility of interest rates, the continued availability of tax-exempt government financing, effects of uninsured or underinsured losses, environmental liabilities, risks associated with developing and managing properties in partnership with others, the ability to maintain effective internal controls, compliance with governmental regulations, changes in market conditions, litigation risks, and other risk factors as disclosed from time to time in Forest City's SEC filings, including but not limited to, Forest City's annual and quarterly reports.
CONTACT: Claire Fisher, Forest City 303-382-1800 or Jill Farnham, Fitzsimons Redevelopment Authority 720-859-4105
Forest City Enterprises, Inc.
CONTACT: Claire Fisher of Forest City, +1-303-382-1800; or Jill Farnhamof Fitzsimons Redevelopment Authority, +1-720-859-4105
Web site: http://www.forestcityscience.net/http://www.fitzscience.com/