New $165 Million Residential Development Announced at Buckley Annex
- Apr 04, 2012
The Department of Defense will transfer the last remaining parcel of land from the site of the former Lowry Air Force Base to the Lowry Redevelopment Authority. Construction work on a $165 million residential development at the Buckley Annex is expected to start this fall, The Denver Post reports.
The 70-acre site is located between Monaco Parkway, East First Avenue, Quebec Street and East Bayaud Avenue. The Lowry Redevelopment Authority has up to now overseen the redevelopment of the rest of the Lowry Air Force Base, and the Lowry community now has around 4,500 homes and apartments, over 140 employers and 800 acres of open space.
Monty Force, executive director of the LRA, said the demolition activities and the designing phase for the neighborhood will start this fall. The development will feature around 800 residences, including townhomes, condominiums, apartments and single-family homes. The project also envisions a 4.5-acre community park and up to 200,000 square feet of retail and office space.
Upon completion, the development is expected to generate around $1 million annually in new property taxes and close to $500,000 a year in new sales taxes. An estimated 400 full-time retail and office jobs are expected to be created, as well as 350 temporary construction jobs.
The Buckley Annex Community Advisory Committee has adapted the original LRA development plan for the site in order to conform more to the Lowry’s design guidelines. The project will have a maximum height of 65 feet, meaning the development could have a four-to five-story building.
Photo Courtesy of: www.lowry.org