September 17, 2007—The city of Colorado Springs has selected Corporate Office Properties Trust to be the master developer for the 272-acre Colorado Springs Airport Mixed-Use Business Park in Colorado Springs, Colorado, the company has announced.
This is the first public/private partnership to develop office space in Colorado Springs. COPT’s previous public/private experience will enhance this collaborative effort with the City. COPT’s development plan is to create a business park and regional gateway that provides a dynamic mix of office space, industrial/flex space, retail and hospitality services. The business park will total approximately 3.5 million square feet with an estimated $800 million total investment. This will be a multi-year phased development plan with the first phase expected to begin next year.
COPT will lease the land on a long-term basis as each parcel commences development, will oversee the development, construction, leasing and management of the business park and will have a leasehold interest in the buildings.
The development plan provides business and recreational opportunities while emphasizing the natural beauty and views of this prominent business park located at the foot of Pikes Peak. The first phase includes, 270,000 square feet of Class A office space, 17,000 square feet of retail space and 244,000 square feet of industrial/flex space.
The business park is strategically located at the entrance of the Colorado Springs Airport and adjacent to the Peterson Air Force Base.
COPT is a fully integrated, self-managed real estate investment trust (REIT) that focuses on the ownership, management, leasing, acquisition and development of suburban office properties located primarily in submarkets within the Greater Washington, DC region. For more information, see the Web site.
