New Plans To Redevelop Old Site Of University Hospital
DENVER (CBS4) - New plans are in the works to redevelop the old site of the University of Colorado Health Sciences Center. After an earlier deal fell through, CU has approved the sale of the 9th Avenue campus to the Sembler Company of Atlanta.
It was a medical campus for about 85 years before CU packed up and moved to Aurora in 2008. Now neighbors look forward to retail and residential space and revitalization.
Fine restaurants, upscale shopping, and creative living in a pedestrian friendly environment -- those were the plans for the 35 acres at 9th and Colorado once the University of Colorado Health Sciences Center moved out. Shea Properties had a contract to buy the site, invested millions in rezoning and master planning, hoping to make it Denver's next great neighborhood.
"Unfortunately, by the time the university vacated this property, Shea was running head on into the worst real estate economy that we've ever seen," said Tim Romani, CU Real Estate Advisor.
So Shea withdrew from the project and the empty property went back on the market. On Monday the university Board of Regents announced it has approved an offer from the Sembler Company.
"Sembler wants to get going quickly on this development," Romani said.
Romani says Sembler will do design work this year, break ground in 2012 and hopefully complete a mixed use project by 2014.
Mary Nell Wolff is chairwoman of a volunteer community board that has guided the development for years.
"As a community our greatest fear was having this property sit for a long time, so the prospect of having a developer in this economic environment that can come in and redevelop is very exciting," Wolff said.
The board will now work with Sembler on its vision, hoping to turn empty into exceptional.
Officials from Sembler flew in from Atlanta to meet with the community board Monday afternoon. All are excited to see the transformation of the site.
Denver has another vacant hospital campus. That's The Children's Hospital at 18th and Downing. And soon St. Anthony's Central will move from its current location on Colfax to Lakewood.
