Aurora, Colo. - (November 15, 2022)
Transit-adjacent rental project will help transform Aurora and serve future growth
A joint venture of Draper and Kramer, Incorporated, Koelbel and Company, Mile High Development and Urban Roots Development, Inc., announced today the groundbreaking of Tempo Nine Mile, a new multifamily project at the northeast corner of Parker Road and Peoria Street in Aurora, Colo. The project, which is part of the 22-acre The Point at Nine Mile master plan development, was made possible through a further partnership with the city of Aurora and the Aurora Urban Renewal Authority.
“As we continue to expand our firm’s national footprint, we are focused on opportunities presented by dynamic metro areas like Denver that demonstrate robust growth metrics and high demand for quality rental options,” said Todd Bancroft, president and CEO of Chicago-based Draper and Kramer. “We are thrilled to be entering the Denver market with Tempo Nine Mile, which benefits from years of excellent planning and execution by the city of Aurora, Koelbel and Mile High for The Point at Nine Mile master plan. We’re proud to be part of such a strong project team and contributing our own expertise from our decades-long track record delivering successful multifamily communities in a variety of markets and locations.”
Tempo Nine Mile is a 255-unit market rate rental project located adjacent to the future pedestrian bridge that will connect The Point at Nine Mile to the Regional Transportation District (RTD)’s Nine Mile Station and the Cherry Creek Reservoir. The new five-story building will include a mix of one- to three-bedroom units, ranging in size from 542 to 1,321 square feet, and 3,000 square feet of ground floor retail. The property is highly amenitized, featuring a large outdoor pool, community room, state-of-the-art fitness center, bike room and rooftop party deck.
With its transit-adjacent location, Tempo Nine Mile will cater to individuals and families working at Fitzsimons, Denver Technological Center, Cherry Creek and downtown Denver. The property’s easy access to Cherry Creek State Park will appeal to future residents seeking an active lifestyle.
KTGY Architects is the project architect, and Brinkmann Constructors is the general contractor. The project is being financed by a HUD 221 d4 insured loan originated by PGIM Real Estate.
Tempo Nine Mile also represents the continuation of a long-time partnership between Koelbel and Company and Mile High Development. “Seven years ago George Thorn and I embarked on a journey with Aurora to redevelop the dilapidated shopping center at Parker and Peoria,” said Carl Koelbel, Chief Operating Officer of Koelbel and Company. “After years of planning and infrastructure work we are excited to finally begin construction on a substantial market-rate community that will signal its transition into a true transit-oriented development.”
The Point at Nine Mile Station is a master plan at the former site of Regatta Plaza, a 22-acre parcel in its second phase. To date, the project has seen the opening of a new King Soopers store and gas pad, associated retail including tenants such as Key Bank, Pacific Dental, and a soon to open IHOP. Later this year Mile High Development will open The Point Crossing, a 63-unit income restricted workforce housing project adjacent to Tempo Nine Mile. Additionally, the city of Aurora will soon begin construction on a pedestrian bridge across Parker Road connecting The Point to Nine Mile Station; the bridge is slated to open in 2024.
“This project marks the next phase of urban redevelopment and placemaking at this key Aurora gateway,” said Andrea Amonick, manager of the Aurora Urban Renewal Authority. “Upon its completion, The Point at Nine Mile Station will be another example of transit-oriented development that provides our community with a walkable location to live, work and play. Combined with on-site retail, market-rate and affordable housing in progress, and a pedestrian bridge coming soon, the city is delighted to support the continued redevelopment of the former Regatta Plaza shopping center into an exciting mixed-use destination.”
About Draper and Kramer, Incorporated
Founded in 1893, Draper and Kramer, Incorporated is a trusted financial and property services provider with a deep commitment to people, excellence, service and integrity spanning more than 125 years. Family-owned and one of the leading privately held real estate services firms in the U.S., Draper and Kramer is headquartered in Chicago with a national reach and broad offering of services. The company’s decades-long heritage has evolved over the years and today spans expertise in residential and commercial development, acquisition, property management and leasing; debt and equity financing for commercial properties; and residential mortgage services through affiliate Draper and Kramer Mortgage Corp. Draper and Kramer provides a single source of real estate-related counsel to a diverse group of real estate investors across the U.S., including corporations; private and institutional owners and users of real estate; government agencies; and foundations. For more information, visit www.draperandkramer.com.
About Aurora Urban Renewal Authority
The Aurora Urban Renewal Authority (AURA) is a non-taxing governmental entity established by the city of Aurora to provide the means to redevelop blighted properties in established urban renewal areas. The AURA is directed by a Board of Commissioners composed of members of the Aurora City Council, with representatives of the Counties, the Public Schools and Special Districts. The AURA may stimulate and support redevelopment of blighted property by providing financial assistance to prospective developers utilizing tax increment financing (TIF).
About Koelbel and Company
Founded as a residential brokerage company in 1952 and now a full-service real estate company with developed properties spanning from Vail and Winter Park to Louisville and Denver, Koelbel and Company has helped change the face of the Centennial State. Now in its third generation, the family owned Koelbel and Company continues to place its indelible mark on the Colorado landscape with developments that blend ageless values with pacesetting design. For more information visit www.koelbelco.com.
About Mile High Development
Mile High Development is a veteran of large scale mixed use projects including Colorado Center, a $100 million mixed use project at I-25/Colorado Blvd. in central Denver which launched its first phase in 1986 and completed the second and third of the ultimate six phases in 1999. Mile High Development was also the Developer of the Wellington E. Webb Municipal Office Building in downtown Denver, a $200 million, 700,000 square foot Class AA office building developed for the City and County of Denver in 2001. Mile High Development was the Co-Developer of the $100 million Co-Development Project in concert with the Denver Art Museum expansion project, which included the 980 space Cultural Center Garage; the 55-unit Museum Residences condominium/mixed use project that was completed in 2007, and the 165 room ART Hotel which opened in July 2015. For more information visit www.MileHighDevelopment.com or www.FB.com/MileHighDevelopment
About Urban Roots Development
Urban Roots Development, Inc., was founded as a flexible and innovative platform for crafting urban, mixed-use, sustainable, outside-the-box development projects. The company was built on a commitment to delivering projects that demonstrate enduring value, environmental stewardship, compelling investment returns and a high-quality of life for residents and occupants. For more information, please visit www.urbanrootsdevelopment.com.
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For more information, contact Jeremy Barewin, [email protected], (312) 267-4533.