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Prime land near Fitzsimons in play

Highlights:

  • Prime property near Fitzsimons in play.
  • Land is at the west entrance.
  • Could be retail or healthcare use.

Two Denver companies have formed a 50-50 joint venture to acquire and develop a key property adjacent to the Fitzsimons development in Aurora, officials announced today.

BMC Investments and Kentro Group plan to develop the four-acre site at 12100 E. Colfax Ave., at the southeast corner of Colfa and Peoria.

Dozens of companies have tried to purchase the property, which is at the west entrance of the Fitzsimons campus, home to the Anschutz Medical Campus and the Fitzsions Life Science District.

” This property has incredible potential,” said Matthew Joblon, CEO of BMC Investments.

“The location is ideal — it is in the heart of a rapidly developing area with billions being invested at Fitzsimons campus directly across the street from our site,” he said.

BMC has never done a deal with Kentro before.

“This is our first joint venture with Kentro Group, and we are looking at other future opportunities together,” Joblon said

“I see this deal as the beginning of a long-term, fruitful relationship.”

Kentro won contract to buy the property, following years of negotiations.

“This site serves as the gateway to the Fitzsimons Campus, which has become an exceptional, world class health center in Aurora, Colorado,” said George Balafas, co-founder and partner of Kentro Group.

“We have been working closely with and will continue to work with the city of Aurora to create an appropriate and beneficial project that adds value to the Fitzsimons area and is something the community can appreciate for many years to come.”

The initial plans for the site called for a 40,000 square foot retail development, of which BMC and Kentro are in discussions with multiple tenants looking to move into the Fitzsimons area. However, the partnership has received interest from a large office/healthcare user that needs to be in close proximity to nearby hospitals.

Although the property is currently zoned for the contemplated retail use, the city has indicated it will work with the partnership from a zoning standpoint if there is an opportunity to do a larger vertical project that supports the continued evolution of the Fitzsimons area.

“BMC Investments and Kentro Group will bring this property to its full potential, and we look forward to working with them on the transformation,” said Aurora Mayor Steve Hogan. “We’re very pleased they recognized the economic vitality and opportunity in our great city.”

Interested in buying a home in Aurora? Please visit COhomefinder.com.

Have a story idea or real estate tip? Contact John Rebchook at  JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by Universal Lending, Land Title Guarantee and 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.