Colorado Real Estate Journal - June 1, 2016
Adams County is projected to be one of the fastest-growing counties in Colorado, with its current population of 469,000 expected to increase by 50 percent in the next 30 years. Rapid residential, commercial, industrial development and redevelopment is transforming the landscape of the county. Contributing to this transformation is The Aerotropolis – land in and around Denver International Airport – which will add significantly to Adams County’s prosperity. In June 2015, Adams County and Denver reached a historic agreement that would amend the 1988 Intergovernmental Agreement to guide commercial development at Denver International Airport. In part, the agreement includes: • Denver and Adams County will create a 1,500-acre pilot program on DIA where a wider spectrum of commercial uses will be allowed than are currently permitted under the 1988 IGA. • Adams County and Denver will evenly split tax revenues generated from new commercial uses on these 1,500 acres at DIA. • Land restrictions will be eliminated on 1,130 acres of commercially developable land in Adams County near DIA. Adams County will receive all lease and tax revenue from this land. In November 2015, voters from Adams and Denver counties overwhelmingly voted to approve the agreement following the successful Yes on 1A for DIA campaign. The Aerotropolis Touted by Time Magazine as “one of the ten ideas that will change the world” the “Aerotropolis” is a urban form placing airports in the center with developments growing around them, connecting workers, suppliers, executives, and goods to the global marketplace. The Aerotropolis, which includes Denver International Airport (DEN), Adams County and the cities of Aurora, Brighton, Commerce City, and Denver, is poised to be one of the most impactful development corridors in Colorado. Significant opportunities and developments are in the works, including: • Porteosis a 1,200-acre development located at the northeast corner of Jackson Gap Street and 64th Avenue in Aurora. The site: ° allows for a variety of uses including: Aviation, Industrial, Retail, Hotel, Office and Flex space; ° is located 2 miles from the DIA main terminal and the new Westin Hotel; and ° benefits from two existing interchanges at E-470/56th and 64th and one at Peña Boulevard (Jackson Gap Street). • DIA Tech Center 200-acre master-planned business park located at 81st and Tower Road in Commerce City. The site: ° accommodates a wide variety of uses including industrial, retail, office and flex; ° has great access to Denver International Airport; ° offers non-developer controlled industrial land opportunity; and ° is the future hotel and restaurant amenities within the project. • Peña Station is a 400-acre transit-oriented development located in Denver. The site: ° is home to Panasonic Enterprise Systems new headquarters; ° is located on the airport rail line that connects Downtown Denver via Union Station to the airport; and ° has an emphasis on sustainable development of hotels, retail, multifamily, entertainment, health care and office. • Front Range Airport (FTG) and Spaceport Colorado. With almost 4,000 acres of land, Front Range Airport is one of the largest general-aviation airports in the United States. The airport is six miles from Denver International Airport. Proximity to a highly skilled aerospace workforce, research universities, major aerospace and defense companies combine to make FTG an ideal location for a commercial spaceport. • Tower Road will be widened from 80th Avenue to Peña Blvd and include a westbound on ramp at the interchange of Tower Road and Peña Boulevard. The project will begin in spring 2016. • Jackson Gap Street provides new south entrance to DIA from 56th Avenue. The developer of Porteos invested $13 million to complete Jackson Gap Street and related infrastructure, all without public financing. The future By 2040 we could see: • 74,000 new jobs (18,000 on airport and 55,000 surrounding the airport) in The Aerotropolis • 210,000 people living in and near The Aerotropolis • 75,000 new housing units • $600 million to $800 million in new revenue • 18 million to 32 million square feet of new commercial development Source: Colorado Aerotropolis Visioning Study, CDOT and HDR, 2016 The development of an aerotropolis can take decades and requires long range regional planning and marketing. Adams County and its regional partners are committed to making The Aerotropolis a reality. For more information, contact Tricia Allen at TAllen@ AdamsCountyED.com or visit our website at www.AdamsCountyED.com.