Waveland JV Plans $160M M-U for Suburban Denver
- Mar 29, 2013
Waveland Ventures L.L.C., along with partners Jackson Street Holdings L.L.C. and Arrival Partners L.L.C., has a mixed-use plan in the works for the active Fitzsimons neighborhood in Aurora, Colo. The team will develop Block 21, a $160 million project that will deliver apartments, retail offerings and a hotel and conference center to the area, just 10 miles outside of Denver.
Block 21, which takes its name from the World War I-era Army Hospital 21 that once occupied the site, will sit in the bustling enclave that is home to the Fitzsimons complex of medical-related facilities, which encompasses Children’s Hospital Colorado, the Anschutz Medical Campus, the Fitzsimons Life Science District and the Veterans Affairs Medical Center. A vast well of demand will be practically right outside the project’s doors.
“The Primary driver for our development is the business traveler that is currently spending time at the medical complex during the day but staying in Denver or Cherry Creek at night,” Rick Hayes, CEO of Waveland, told Commercial Property Executive. “The secondary driver is the employee base at the campus.”
The six-story hotel at Block 21 will feature 200 guestrooms, as well as 30,000 square feet of meeting and exhibition space. “[There is a] huge demand source with no competing product and improving demographics,” Hayes said. A 500-space parking facility will be connected to the hotel.
The development will also cater to those who are interested in making a home in the area. A four-story building will house 100 apartments and adjoin a 300-space parking structure. “[There are] growing, young professionals that want or need to be close to where they work, close to a major highway system with efficient airport access,” he added. The property also sits adjacent to a planned light rail station.
Block 21 will also offer 10,000 square feet of retail space to be located on the first floor of the residential structure, in addition to 8,000 square feet designated for a destination restaurant. And the Quadrangle, a landscaped urban park, will round out the complex.
Waveland and partners expect to kick off construction of Block 21 in late 2013.