The State Land Board has approved a development agreement for the former Lowry bombing range.
The agreement paves the way for Lend Lease Communities LLC to start working on the project, which will include 13,000 residential units on a fraction of the 26,000-acre property. The $1.5 billion project also will include 260 acres of commercial development and 705 acres of open space and trails.
In the coming months, Lend Lease will work out a concept plan for the 3,800 acres it will develop and aim to get all the approvals in place. It will break ground on the project in 2009.
“We’re very happy with the process and looking forward to working with the State Land Board,” said Simon Walker, executive project director for Lend Lease.
The project is expected to generate $328 million in revenue over 20 years, nearly $80 million more than the projected $248.5 million impact the development and the resulting population increase will have on the school system.
The land, east of E-470 and south of East Quincy Avenue, is owned by the state. The State Land Board acts as the trustee, and revenue generated from the property supports Colorado public schools.
The State Land Board is still working out a deal with the Arapahoe Grasslands Conservancy, which will preserve the remaining land for recreation, education and restoration purposes. The land board reserved 5,579 acres for eventual use as water storage facilities.
Staff writer Margaret Jackson can be reached at 303-954-1473 or mjackson@denverpost.com.
