[CPEO-IRF] Lowry Air Force Base redevelopment

[Lenny Siegel <lsiegel@cpeo.org>]

Redevelopment yields big returns
Study says economic impact since 1994 totals $5.7 billion

By John Rebchook
Rocky Mountain News (CO)
March 30, 2006

The Lowry redevelopment has been a $5.7 billion economic engine since 
the former Air Force base closed in 1994, according to a study released 
Wednesday.

Lowry has been transformed into a community with a mix of housing, 
offices, retail, schools and entertainment over the past decade-plus. 
Denver invested $1.37 million to kick off the development and has 
received a $3.3 billion benefit from 1994 to 2005, according to the 
study by Development Research Partners, headed by economist Patty 
Silverstein. The other $2.4 billion benefited Aurora, the entire state 
and surrounding states, the report said.

Overall, that equates to a 240,776 percent return to Denver on its 
initial investment.

The study is an update of one released in 2004. That report by 
Development Research said the impact through 2003 was $3.9 billion, 
meaning there has been an additional impact of $1.8 billion the past two 
years, or an average of $900 million each year.

...

For the entire article, see
http://www.rockymountainnews.com/drmn/real_estate/article/0,1299,DRMN_414_4581347,00.html

--
Lenny Siegel
Director, Center for Public Environmental Oversight
c/o PSC, 278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
http://www.cpeo.org


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