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AURORA, COLO. — Waveland Ventures LLC, through a partnership with Jackson Street Holdings LLC and Arrival Partners LLC, will begin construction late this year on Block 21, a mixed-use urban development in Aurora, a Denver suburb. The $160 million project will be located adjacent to Aurora’s Fitzsimons complex of medical-related facilities.
Block 21 will include a four-star hotel and conference center, with the hotel brand to be announced in late April. The six-story property will include 200 rooms and 30,000 square feet of meeting space, as well as a pool and fitness center.
The four-story apartment complex at Block 21 will feature 100 units, a clubhouse and swimming pool. The building will offer 10,000 square feet of ground-level retail space.
Block 21 will also contain 8,000 square feet for a destination restaurant and “the Quadrangle,” a heavily landscaped urban park.
“We believe that Aurora, and specifically the Fitzsimons neighborhood, deserve the experiences provided by Block 21’s hotel, conference center, restaurants, residential, and retail offerings,” says Rick Hayes, CEO of Waveland Ventures. “This development will provide the area’s only full-service hotel located directly on Colfax Avenue, opposite the Fitzsimons complex of medical-related facilities.” Hayes expects the project to be a catalyst for future development on Colfax Avenue.
The name of the Block 21 is a tribute to “Army Hospital 21”, the name of the WWI hospital that once stood at the location of the Fitzsimons medical complex.
The partnership has secured new market tax credits and a commitment for senior debt via the Federal EB5 Program to finance Block 21.
Formed in 2002, Denver-based Waveland Ventures manages more than $800 million of assets. The company’s wholly owned subsidiary, Waveland Community Development, has received $312 million in tax credits since 2007.
Jackson Street Holdings, based in Milwaukee, is a hotel development, renovation and management company. The firm has worked on more than $600 million in acquisitions and development across the country in the past six years.
Milwaukee-based Arrival Partners provides development, planning and advisory services for mixed-use developments.
— Brittany Biddy