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COLORADO REAL ESTATE JOURNAL
— January 6-January 19, 2016
Economic Development News
The Arvada Economic Devel-
opment Association introduced
its 2016 board officers: Dave
Doherty with Piper Electric,
president; Paul Heller with
Sopheon Corp., past president;
Jodi Thomas with FirstBank,
vice president; and Alicia Sval-
di with Faustson Tool, treasurer.
AEDA also added three new
board members: Scott Marcum
with Marcum Commercial
Advisors, City Council member
John Marriott and Ron Slinger
with Red Rocks Community
College.
Additionally, AEDA also
appointed two new retention
committee members: Andrew
Heesaker with Arvada Rent-
Alls and Cynda Trudell with
Breadwinners.
“We are all expecting 2016 to
be another big year for Arvada.
I look forward to working with
the AEDA board and reten-
tion committee on a variety
of vibrant projects that will
take the community to new
heights,” said Ryan Stachelski,
AEDA director.
The departing board mem-
bers are Fred Baker, Bob Dyer
and Janet Steinkamp as well as
outgoing retention committee
member Luke Heesaker.
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Denver Mayor Michael B.
Hancock, City Council Mem-
bers Albus Brooks and Robin
Kniech, and other city officials
participated in a groundbreak-
ing event celebrating the con-
struction of Ashley Union Sta-
tion, a mixed-income rental
development located at 18th
Street and Chestnut Place. The
project, representing one of the
last opportunities to secure
affordability at the key tran-
sit-oriented development area,
will feature 107 apartments,
including 75 units for low- and
moderate-income households.
The $30 million project is
being developed by The Inte-
gral Group, with financing
from several public and private
sources, including the Denver
Office of Economic Develop-
ment. The Denver Housing
Authority is a general partner.
“It’s critically important that
residents of all income levels
benefit from the new housing
that is quickly sprouting in the
Denver Union Station area,”
Hancock said. “A new com-
munity is literally rising in the
Central Platte Valley, and we’re
proud to say that hard-work-
ing families can access urban
living within steps of our major
transit hub, benefitting from
connections to the entire metro
area.”
The four-story building will
include one- and two-bedroom
units, as well as partially cov-
ered parking and a ground-
level retail space. Ashley
Union Station will incorporate
significant energy-efficiency
measures, complying with the
Enterprise Green Communities
Standards.
“Our partners in this under-
taking have been outstand-
ing. We simply could not have
done it without the dedica-
tion and commitment of all
parties involved,” said Egbert
Perry, chairman/CEO of The
Integral Group LLC. “We are
here because of the leadership
of Mayor Hancock, the City
Council, the Denver Housing
Authority, the Colorado Hous-
ing and Finance Authority and
the Colorado Department of
Local Affairs Division of Hous-
ing.”
A total of 34 units will be
available to households earn-
ing 60 percent or less of the
area median income (up to
$43,200 for a family of three).
Another 34 units will be offered
to households earning 50 per-
cent or less of the area median
income, and seven units will
be for households at up to 30
percent of the area median
income.
“The best neighborhoods
in Denver have a diversity
of housing options,” stated
Ismael Guerrero, DHA’s execu-
tive director. “We're excited to
be creating affordable housing
options in the Union Station
neighborhood with our part-
ners at Integral and OED.”
The city and county of Den-
ver provided $2.3 million in
financing from the general
fund, as well as a $950,000
loan from the city’s Inclusion-
ary Housing Ordinance special
revenue fund, to support the
development. DHA provided
$2.75 million to support land
acquisition and also is pro-
viding a 70-year ground lease
to The Integral Group. Other
financing partners include the
Colorado Housing and Finance
Authority, the Colorado Divi-
sion of Housing and Enterprise
Community Partners.
The development is antici-
pated to be complete in early
2017.
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TheColoradoEconomicDevel-
opment Commission recently
voted to approve the National
Western Center for $121.5 mil-
lion in funding through the
Regional TourismAct. The fund-
ing will spur implementation of
the National Western Center
master plan adopted in March.
“We are thankful to the Colo-
rado Office of Economic Devel-
opment and International Trade
for their careful consideration
and excited to have the state as a
partner of the National Western
Center,” said Mayor Michael B.
Hancock. “This is a tremendous
win for the Denver metro region
and a proud milestone as we
deliver this exciting new cam-
pus. We look forward to work-
ing together to create a unique
tourist destination that will
draw over 1 million new visitors
each year. The state’s investment
in the National Western Center
will have significant economic
returns for Colorado.”
The funds will be used to con-
struct elements of the National
Western Center that will drive
tourists to the future campus.
Buildings such as the new Live-
stock Center, Stockyards/Events
Pavilion and Equestrian Center
will create new tourist opportu-
nities that will bring an estimat-
ed $6.7 billion in net new visitor
spending over 30 years of sta-
bilized operations. In addition,
RTA funding also will support
the revitalization of the river-
front and new infrastructure that
will help connect the surround-
ing neighborhoods.
“The RTAfunding allows us to
take the next step toward imple-
menting the bold vision we have
created for the National Western
Centerwithour keypartners and
surrounding neighborhoods,”
said North Denver Cornerstone
Collaborative Executive Director
Kelly Leid. “As we build this
project over the next decade, we
are excited to continue engag-
ing the community to create a
one-of-kind campus that will be
enjoyed by future generations.”
Land acquisition, rail consoli-
dation and site remediation are
three initial critical first steps the
project team will focus on in the
coming year and beyond. These
three elements will determine
the future pace of implementa-
tion, which is anticipated to take
10 years or more to construct.
The city recently began land
acquisition efforts.
The RTA funding will account
for 14 percent of the total finance
plan totaling $856.4 million. The
rest of the finance plan includes
contributions from the Western
Stock ShowAssociation, Colora-
do State University and the city
and county of Denver. Mayor
Hancock has appointed the Den-
ver Urban Renewal Authority
as the financing entity that will
handle the RTA funds for the
project.
An initiative of the mayor,
the North Denver Cornerstone
Collaborative is a coordinated
effort between six redevelop-
ment projects in a community
that includes Globeville, Elyria
and Swansea.
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‘The RTA funding
allows us to take
the next step toward
implementing the bold
vision we have created
for the National
Western Center with
our key partners
and surrounding
neighborhoods.’
– Kelly Leid, North Denver
Cornerstone Collaborative
Adams County Economic Development
Arvada Economic Development Association
Aurora Economic Development Council
Town of Berthoud
Boulder Economic Council
Brighton Economic Development Corporation
City and County of Broomfield
Castle Rock Economic Development Council
City of Centennial
Colorado Springs Regional Business Alliance
City of Commerce City
Denver Office of Economic Development
Denver South Economic Development Partnership
Downtown Denver Partnership Inc.
City of Englewood Community Development Dept.
Town of Erie
Federal Heights Redevelopment Agency
Grand Junction Economic Partnership
City of Greenwood Village
Jefferson County Economic Development Corp.
City of Lafayette
Lakewood Economic Development
City of Lone Tree
Longmont Area Economic Council
City of Louisville
Metro Denver Economic Development Corporation
Northern Colorado Economic Development Corp.
City of Northglenn
Northwest Douglas County EDC
Town of Parker
Pueblo Urban Renewal Authority
City of Thornton Office of Economic Development
Town of Superior
Westminster Economic Development
City of Wheat Ridge
Wheat Ridge 2020
Town of Windsor
