Development on the Buckley Annex at the former Lowry Air Force Base in Denver is slated to begin this fall with demolition work.
The reuse plan for the 70-acre site, closed following BRAC 2005, calls for 800 residences, up to 200,000 square feet of commercial office and retail space, and a 4.5-acre community park. “This will be an exciting new neighborhood for Lowry and Denver,” Monty Force, incoming executive director of the Lowry Redevelopment Authority, told the Denver Business Journal.
The Buckley Annex is the last remaining parcel to be transferred to the redevelopment authority. The Air Force is expected to convey the property to the authority shortly via an economic development conveyance (EDC). Under the EDC agreement, the authority will share net profits with the Air Force after its development costs and financing are covered, reported the journal.
The authority plans to finance $45 million in development costs through land sales, bank loans, tax increment financing and federal grants. The next step for the authority will be to complete the entitlements, including a general development plan and zoning.