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FOREST CITY SHEDS, BUT HOLDS STAPLETON

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FOREST CITY SHEDS, BUT HOLDS STAPLETON
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In a recent SEC filing, Forest City Enterprises announced it's selling a majority of its land holdings across the country in an effort to focus on its core business (building massive mixed-use projects). But the company was quick to point out it will keep a couple ongoing land development projects, including Stapleton. We spoke with Forest City’s Tom Gleason (above, perched precariously on a steel beam of a high-rise, it appears) about Stapleton: “It encompasses a lot of our values,” he says, including a walkable urban setting. So far, the former Denver International Airport site has some 5,000 homes developed from various home builders (Forest City sold the lots) and will have 8,000 once build-out is complete.
forest city stapleton aster apartments multifamily phase I
Forest City is active on the multifamily front there as well; it's actively leasing the 118-unit Botanica Eastbridge and just delivered the first 85-unit phase of Aster Town Center (above) at 95% occupancy, according to SEC filings. Another reason Stapleton is a compelling hold: The recent interchange opening at I-70 and Central Park Blvd, which gives commuters better access to the development. “The potential out at Stapleton… has really yet to be fully realized,” he says.