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Stapleton was a sweetheart deal back when it was an old airport waiting to be turned into a housing development a decade ago: A federal audit released Thursday chides the Federal Aviation Administration for passing up $71 million in revenue by allowing Denver to sell the land for about half price (Denver Business Journal).
In 2001, Denver’s Forest City Stapleton Inc. agreed to pay $79.4 million over 15 years for 2,900 acres that today support 12,000 people as well as various restaurants, retail spaces, and parks. The FAA failed to provide proper oversight, including the sale of a parcel for about $386,000 that was worth about $3 million at the time. Allen Kenitzer, an FAA spokesman, compares the report to a “seller of a house asking the buyer of the house for money” years after the price has increased. Tom Gleason, vice president of Forest City Stapleton, points to the benefits of the development for the city (Associated Press).
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