Fitzsimons Redevelopment Authority Announces Second Phase of Strategic Refocus With $8 Million Expansion to Bioscience Park Center with 37,000-Square-Foot Accelerator Facility

AURORA, Colo., Dec. 12, 2011 /PRNewswire/ -- In furtherance of its renewed commitment to support the growth of early-stage Colorado bioscience companies, especially those developing technologies from Colorado's research institutions, Fitzsimons Redevelopment Authority (FRA) is expanding its Bioscience Park Center building (BPC) with an $8 million, 37,000-square-foot accelerator facility, increasing the BPC in excess of 50 percent.  The announcement is made by Denise Brown, FRA Interim Executive Director, who says, "The new accelerator space will be leased to companies in the modest growth stage. We have a number of companies in the BPC incubator ready to make this advancement in addition to interest from other companies, both in-state and out-of-state, as well."

The FRA Board of Directors has been working with FRA staff, FRA's real estate development partner Forest City Science + Technology Group, consultants and lenders for the past several months to finalize this expansion.  Based on the team's recommendation, the three-story accelerator will be built to the west of the current building with a new parking lot located to the north of BPC. Ground broke in October and construction has been progressing since, with completion expected by June.

According to Brown, expansion of the BPC structure has these advantages:

• FRA's BPC site is adjacent to the University research facilities.
• Tenants will have easy access to the amenities already in place at BCP, thereby eliminating the need to replicate conference rooms and other amenities in the expansion.
• The expansion is capable of housing highly technical life science research and development activities
• The expansion connecting to an existing building creates cost savings for tenants as compared to stand-alone new construction
• Further, as Brown said in Denver Business Journal news coverage last month, the expansion "should handle the expected 10 to 12 CU spinoffs coming out of the university each year."

About Fitzsimons Redevelopment Authority
The FRA directs the commercial developments in the Fitzsimons Life Science District, along with its partner, Forest City Science + Technology Group. Visit: http://www.fitzscience.com.

SOURCE Fitzsimons Redevelopment Authority