Denver---The first five years of the multi-year redevelopment of the former Stapleton International Airport has generated $5.7 billion in economic and fiscal impact for the Metro Denver region, according to a study released today by the non profit Stapleton Development Corporation (SDC).

The study conducted by Development Research Partners (DRP)also projects the redevelopment of the 4,700 acre property will generate a total of $36.3 billion for the Metro Denver region upon completion of the project.  Forest City Stapleton, Inc., the master developer for the former airport property, anticipates full build out of the mixed use community will occur by 2020 when an estimated 12,000 homes and apartments, 13 million square feet of commercial uses and more than 1,100 acres of new parks and open space will be completed in a community of 30,000 residents supporting 35,000 jobs.

“This study provides the first detailed analysis of the economic impact of the redevelopment of Stapleton, “said Dick Anderson, president and CEO of the Stapleton Development Corporation that oversees the management of the former airport property until it is sold to Forest City.  “Since redevelopment began in May 2001, Stapleton has received national and international acclaim as one of the most desirable and successful new urban communities in the nation.  Now, for the first time, we have an idea of how much the development of Stapleton will contribute to the economic strength of our region.”

“This impact study validates the original purpose and intent of the City’s strategic investment in

Stapleton,” said Tracy Huggins, Executive Director of the Denver Urban Renewal Authority. “Without this public/private partnership, this blighted former airport property would not be yielding the dividends we see today – or the promise we will see tomorrow.”

The report studied  “the Stapleton Redevelopment Area”  which covers all of the former airport property, including the Stapleton Business Center and the immediate areas to the north that were developed by entities other than Forest City after the airport’s closure in 1995 but prior to Forest City’s selection as the master developer in 1998. Impacts analyzed include construction activity, the spending patterns of the businesses located at Stapleton and the workers they employ, and Stapleton residents and visitors. As of the year-end of 2005, the Stapleton redevelopment area was home to an estimated 6,100 residents living in 2,300 homes, and 13,300 employees in 6.4 million square feet of “non-residential space” -- a stage of the redevelopment the study described as one-fifth complete in the residential development and one-third complete in the non residential development.

“If we can look to one element that started the resurgence of the City of Denver, it would have to be Stapleton,” said Tom Clark, Executive Vice President of the Metro Denver Economic Development Corporation.  “Stapleton opened new avenues for young families to live and work in Denver and became an international symbol of urban in-fill, mixed use development on a massive scale.”

Among the other highlights of the study:

Construction Activity

• More than $185.5 million has been spent on site preparation at the Stapleton Redevelopment Area through 2005, including environmental remediation, demolition and disposal fees. Environmental remediation work was 92% complete and demolition was 99% complete as of year-end 2005.
• About $330.0 million in infrastructure improvements have been added to the 4,700-acre site through 2005. Infrastructure work was approximately 40% complete by year-end 2005.
• The total construction investment for the 4,700-acre redevelopment site through 2005 is estimated at $1.5 billion, of which approximately $1.1 billion was spent in Metro Denver and $467.8 million was spent in the City and County of Denver.
• Construction activity at the Stapleton Redevelopment Area employed 10,287 full-time equivalent (FTE) construction workers from 1996 to 2005, all of which were Metro Denver residents. Total construction-worker payroll exceeded $455.1 million through 2005. About 3,292 construction workers were residents of Denver.

Business Operations Impacts

• At build out, the Stapleton Redevelopment Area will employ an estimated 39,770 workers at an average annual wage of $49,894. Since 1996, Stapleton Redevelopment Area businesses will have paid more than $15.0 billion in employee wages of which an estimated $13.6 billion will be paid to workers that live in Metro Denver and $9.3 billion will be paid to residents of Denver.

Employee Spending Impacts

• Stapleton Redevelopment Area employees spent approximately $695.0 million on taxable retail expenditures in Metro Denver from 1996 through 2005 of which $413.9 million were made in Denver. From 1996 through build out, employees will spend $3.4 billion on taxable retail expenditures in Metro Denver including $2.0 billion spent specifically in Denver.

Resident Spending Impacts

• Resident spending through build out at the Stapleton Redevelopment Area will result in a total economic and fiscal impact of $5.5 billion impact to the Metro Denver region. Of the $5.5 billion impact, an estimated $4.8 billion will be realized in the City and County of Denver.

Visitor Spending Analysis

• From 1996 through build out, visitors will have spent an estimated $1.4 million in taxable purchases, of which 100% will be spent in the City and County of Denver. These purchases will generate approximately $37,000 in sales tax revenue for the City and County of Denver.

The Executive Summary of the Economic & Fiscal Impacts of the Stapleton Redevelopment Area study is available on the Forest City Stapleton, Inc. website (2MB PDF).