Forest City Stapleton Realtor Development Panel Discussion

In late September, Forest City hosted a Realtor Development Panel Discussion at the Discovery Center in Stapleton.  The room was filled with real estate professionals noshing on croissants and coffee, and chatting about the ever-changing landscape of Stapleton.  Several speakers took to the panel and the discussion was underway.  Forest City started the discussion with an update on the current and future development, which is on display at the Discovery Center.  Below is a summary from the Forest City notes from the discussion about current and future development projects in Stapleton.

Central Park West

Central Park West

The new neighborhood west of Central Park is bustling with activity as new homes spring up amongst the construction trucks and heavy machinery.  There are two new builders in the neighborhood: David Weekley Homes and Standard Pacific.  According to Forest City, over 115 homes have sold in the Central Park neighborhoods since April.  Forest City predicts the remaining lots in Central Park West will be sold by the spring of 2012.  

Martin Luther King Boulevard/South Side of Central Park
There have been no definitive plans carved out as of yet, but the plan is to be finalized by first quarter of next year.  Forest City mentioned that this area will be high-end multi-family homes similar to the Brownstones currently along MLK.

I-70 Central Park Boulevard Interchange

The six-lane interchange will include a bridge over Interstate 70, and is tentatively scheduled to open November 1^st.  The road extension will connect Stapleton’s residential area south of I-70 to the Shops at Northfield Stapleton.

FasTracks

South Stapleton
The east side of Stapleton is one of the largest undeveloped neighborhoods south of interstate 70.  According to Forest City’s plans, there will be about 120 homes built in the next year, and another 200 homes in the second phase.  Construction is underway on two new apartment projects: Novella and Eastbridge Apartments.  According to Forest City, Novella Apartments will open next year with 85 units in the first phase, a couple of blocks north of the East 29th Avenue Town Center.  The carpenters are out assembling Eastbridge Apartments, which will be at East 29th Avenue and Geneva Court with 118 units.  The delivery date is set for summer of 2012.

In 2016, the tracks will be laid for FasTracks light rail stop in Stapleton, Central Park Station will be near the Quebec Square Shopping Center.  Surrounding Central Park Station will be mixed-use real estate offering passengers the opportunity to pick up a coffee and the newspaper before heading to work on the train.  This new trend in urban development called transit-oriented development (TOD) or transit-oriented community (TOC) is designed to offer residential and commercial (office and retail) space while maximizing public transportation.  Residents can take advantage of working, shopping, and living in an area that is convenient and walkable.  

Rendering of new Stapleton Library

Stapleton Library

The steel beams are being laid for the foundation of the future Stapleton Library.  The library is set to open in mid-2012, according to Forest City.  The project is set to be LEED Silver with environmentally friendly and energy efficient building systems. 

Eastbridge Town Center
As previously mentioned, Eastbridge Apartments are currently under construction.  The existing car wash is the future site of the Eastbridge Town Center.  Forest City is still courting grocers to anchor the new retail center.  At the time of the meeting in late September, Forest City did not have any grocery stores lined up, but did mention that they are in talks with several grocers.

Eastbridge & 26^th Avenue
The 25-acre park slated for East 26^th Avenue still has no grand opening date set.  Forest City is still in talks to give the park back to Aurora after the park is developed.  According to Forest City, “Dayton, Fulton, Iola and Kingston streets will connect Stapleton to Aurora.”

MLK to Peoria Extension

The MLK to Peoria extension will connect Iola to Fitzsimons Parkway.  The city of Denver is petitioning the federal government for $10M in funding for the project.  The city of Denver expects to hear back from the federal government in January of 2012.

North Development

Stapleton will continue to expand with new development north of I-70.  Homebuilders will showcase their new models in early spring of 2013.  Recently, Denver Public Schools (DPS) acquired a 20-acre parcel on the southeast corridor of 56^th Avenue and Northfield Boulevard.  DPS plans to build a high school that could open in 2014 or 2015, which depends on the growth of Stapleton and the city budget.

2011 Sales Data from Forest City

• Under Contract:
• Jan. 1 – Sept. 30, 2011 – 285 new home sales
• Jan. 1 – Sept. 30, 2010 – 204 new home sales
• New Home Closings
• Jan. 1 – Sept. 30, 2011 – 179 new home closings totaling $73,128,691
• Jan. 1 – Sept. 30, 2010 – 210 new home closings totaling $78,405,736
• Resale Home Closings
• Jan. 1 – Sept. 30, 2011 – 161 resale closings totaling - $66,053,207 
• Jan. 1 – Sept. 30, 2010 – 139 resale closings totaling $49,077.610
• New Home Sales Average
• 2011-- $422,407*
• 2010-- $410,268*
• *Based on market rate homes sold Jan 1. – Sept. 30

Click here to see the notes from the meeting.