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DENVER-The redevelopment of the former Lowry Air Force base has created a $4-billion impact from 1994 to 2003, according to a report by locally based Development Research Partners, a real estate analysis and economic development research company. About $2.3 billion directly benefited the city and county of Denver, including $39 million in taxes and fees.

The remaining $1.7 billion benefited the City of Aurora, the entire state and other states. The research was commissioned by the Lowry Redevelopment Authority as part of Lowry’s 10th anniversary as a redevelopment.

“Lowry is a shining example of cooperation between Denver and Aurora, as well as the involvement of thousands of citizens over the past 10 years,” says Denver Mayor John Hickenlooper. “A national model for urban infill development, Lowry has become a thriving community that is helping revitalize adjacent areas and provide diverse public amenities to the entire region.”

Lowry Air Force Base closed in 1994. The redevelopment into a residential, commercial, retail and entertainment center is now 70% complete, making it one of the fastest redevelopments of a military base in the country. The total market value for residential and non-residential construction in Lowry is $1.1 billion. About 89% of Lowry is in Denver and 11% in Aurora. Very little of the development has occurred on the Aurora portion of Lowry.

In total, the Lowry Redevelopment Authority will spend about $555 million to prepare the infrastructure for sale to commercial and residential developers. About 70% of the funding comes from private sources and 30% from public sources. All borrowed funds are being repaid through land sales. Most property taxes are being diverted to retire bonds used for demolition, parks and public schools, but some taxes are set aside for municipal services.

“One thing we’ve always been proud of is that Lowry pays its own way,” Tom Markham, executive director of the LRA, tells GlobeSt.com. “It has always been a goal for Lowry to pay its own way. We’re especially proud that we’ve accomplished important public goals such as affordable housing, in a financial viable way.”

Homes in Lowry range from mid-$100,000 to more than $1 million. There are 89 employers at Lowry that occupy 3.8 million sf of space and employ 5,947.

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