The Denver City Council approved a 40-year lease Monday that allows up to two midsize hotels to be built near Denver International Airport.
The estimated $50 million project, dubbed The Landings at DIA, also includes 60,000 square feet of retail space and up to eight pads for stand-alone businesses.
At build-out, the 17-acre development off Pena Boulevard at Gun Club Road is expected to generate about $2 million in annual sales tax revenue for the city.
Council approval is required because the development is on airport land owned by the city.
Marcus Phillips, acquisition officer at Redwood Real Estate Partners, the lead developer, said it's still being decided whether to build one or two hotels on the site. The agreement allows one hotel with 200 rooms or two hotels with 250 rooms combined, he said.
"We have several hotel developer operators at the table, and we're currently evaluating which group to choose to go forward," Phillips said.
Council President Michael Hancock, whose district includes the airport, said the development shows that "DIA is growing up."
"We've focused so much on the inside of the airport, but if you look at today's 21st century airports, there is tremendous development around them as far as their exterior land," he said. "This is critically important to the continued maturation of DIA."
Hancock said the project, which would allow such retail uses as a drug store and salon, will offer convenience to travelers and people parked near the airport's 45-minute waiting area.
"It also becomes convenient for people who are outward bound," he said.
News stories provided by third parties are not edited by "Site Publication" staff. For suggestions and comments, please click the Contact link at the bottom of this page.
Redwood Real Estate Partners LLC he expects to sign a lease with the city for the land by early March.
DIA is the largest airport in the country as measured by land area, and development on airport grounds is expanding.
Denver International Airport intends to issue as much as $325 million in bonds to fund various improvement projects, including parking lot upgrades and the addition of moving walkways on Concourse...
DIA set to boost pay Top boss' salary is much higher at other major U.S. airports HIRING NEW CHIEF Denver's mayor says he's ready to pay what it takes to lure a top-caliber leader rich in skills and v
Mayor John Hickenlooper is prepared to boost the salary of Denver International Airport's chief by 60 percent - or even more - to get a visionary leader for the nation's fifth-largest airport...