DENVER - Nearly eight years after the University of Colorado moved its health sciences center from Denver to Aurora, it has finally reached a deal to sell its old property.
Thursday, the University of Colorado Board of Regents approved a plan to sell the property at Ninth Avenue and Colorado Boulevard to Continuum Partners, a Denver-based developer, for $30 million.
Continuum is doing the redevelopment of Union Station and turned Villa Italia Mall in Lakewood into Belmar.
CU officials said Continuum’s plans to create a 25.918-acre development with residential, office and retail spaces.
"Continuum’s plans envision a vibrant, walkable mixed-use neighborhood that creates a memorable place, including a true “town center” with amenities including parks, plazas, and underground parking," the University of Colorado said.
"Previous plans on this site have been really driven by the retail component and our plan is really much more focused on the residential," said Frank Cannon, Continuum's development director.
Renderings provided by Continuum show about a dozen sections for planned residential, including 700 apartment units, senior housing, affordable housing, condominiums and townhomes.
"In total, about 1200 new units will be constructed on the site," said Cannon.
The plan is to keep the nurses dorm and the bridge over Ninth Avenue, which would be converted into a hotel.
Ash and Albion Streets would cut through the development, providing new north-south access.
The current parking structure near 11th Avenue and Colorado will reopen with 1,200 spaces and there will be 750 parking spaces underground.
"We have parking below grade, new parks and open space and new plazas that really create a strong sense of place and a place for gathering," said Cannon.
The previous developer backed out after getting resistance from residents and the Denver City Council after a plan revolving around a new Walmart
"At this point we do not have a grocery component in here," said Cannon. "We're anxious to hear what the community has to say about this and what else they'd like us to consider on the site."
The final sale is contingent upon city approval of tax-increment financing.
Continuum's plans are expected to take five years to complete.
CU moved its health sciences education programs to the former Fitzsimons Army Medical Center in Aurora in 2006.
7NEWS found out that CU has been paid $1.5 million in the failed deals, but has spent more than $6 million to maintain the property since the move.
CU sold 6.74 acres of the old campus to Lionstone Group in June 2013. The buildings on that lot are being demolished to make way for residential development.