Noted in the Denver Post this past July 26, 2010, an article was published by Margaret Jackson which I'm sure many of us, including myself, will find very interesting!
Shea Properties is renegotiating its contract with the University of Colorado for its former hospital campus along Colorado Blvd. The new contract is expected to give Shea more flexibility to purchase pieces of the property as it lines up tenants. Under the original contract, Shea was scheduled to purchase property for the first phase of its development by the end of this month. But, the economic downturn has prevented the company from securing the retail tenants it needs to start the project, which includes up to 1,200 residential units, 150,000 sqft of retail space and approx. 500,000 sqft of office space.
Instead, Shea and the University are working on a contract that would allow the development company to buy smaller parcels as it locates uses for the project. Shea must commit to buying a certain amount of property 1-2 years.
The new contract is expected to be finalized by the end of the year, at which time Shea will take over maintenance of the building exteriors.
In 2004, Shea beat three other developers vying for the right to redevelop the hospital campus. The opportunity to redevelop the site is a result of the Health Sciences Center's relocation to the Anschutz Medical Campus in Aurora.
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