| The transaction structured by Keenan
Development was so successful that
the revenue bond sale enjoyed more
purchaser interest than the amount
of bonds required to be sold and
available, leading to a lower interest
rate in the transaction and reducing
the lease rate paid by the
government. The rental rate savings
paid for sustainable design features
throughout the campus. |
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Through a unique partnering arrangement
among Keenan Development, Colorado State
University (CSU), the state of Colorado and the
city of Fort Collins, a new 30-acre research
campus designed to facilitate cooperative
research and research administration among
multiple state and federal agencies now exists
for the benefit of the Department of Natural
Resources, CSU and other research stakeholders.
Keenan Development led the design/build/finance
project from the point of site acquisition
to facility completion and commissioning.
Keenan Development acquired the site through
a public/private partnership with CSU and
arranged a ground lease on which to develop
the research facilities. Keenan Development�s
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unique transaction structure allowed a not-forprofit
entity to fund the development of the
$60 million, 440,000-square-foot, multi-building
research center. The center includes teaching
space, research laboratories, Class A office
space and computer facilities. CSU was a thirdparty
beneficiary to the transaction, retaining
title to the facilities and enjoying the benefit of
more research space for its campus.
Keenan Development served as at-risk developer
for a guaranteed day certain, dollar certain
delivery and non-owning managing member of
the not-for-profit corporation. As is the case
with all Keenan Development projects, the
Natural Resources Research Center and Campus
were completed on time and within budget.
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