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DENVER-Approximately 100 developers, contractors, consultants attended a half-day seminar on development opportunities around the historic Denver Union Station. The station will be the hub and focal point of the $4.7 billion FasTracks plan approved by voters last November.

FasTracks has budgeted $200 million in infrastructure around Union Station, and has another $360 million in infrastructure improvements that it would like to see, but aren’t critical for FasTracks to move forward. In addition, almost 20 acres of land around Union Station that is owned by the Regional Transportation District is zoned for 1.9 million sf of new development, although it’s expected that there will be a demand for 1.4 million sf throughout the next 20 years.

The development potential now envisioned includes 400,000 to 500,000 sf of class A office space; 200,000 to 250,000 sf of class B office space; 100,000 sf of retail; 200,000 to 250,000 sf of hotel space; and 200 to 400 residential units. The completed value of the development, in today’s dollars, is estimated at $500 million or more, bringing the public-private development project to more than $1 billion in total.

The RTD and its partners–the City of Denver, Colorado Department of Transportation, and the Denver Regional Council of Governments–plan to pick a master developer to oversee the massive project. A governance entity would be created in late 2005 to early 2006, with the agreement between the governance entity and the master developer signed in early 2006.

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