DENVER - The abandoned University of Colorado medical center at Ninth Avenue and Colorado Boulevard will be sold to developers in a $30-million deal approved by the CU board of regents Thursday.

The university system says the nearly 26-acre property that used to be its health sciences center is to be purchased by a local developer called Continuum Partners.

Continuum plans to develop the site into a mix of residential, retail, and office space, according to a press release from CU.

The group anticipates finishing its project will take about five years and will include underground parking in a "walkable mixed-use neighborhood."

The sale may not be completed until December 2014.

CU first moved health programs to the site in 1924 and abandoned it in 2006 when it moved to the Anschutz medical campus in Aurora.

The university system previously sold nearly seven acres of the property, which is being developed into housing by a company called the Lionstone Group.

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