Colorado Real Estate Journal - September 16, 2015
This is a scenario that Jason Smith envisions could be common when the $80 million-plus Solana Olde Town Station apartment community, which recently broke ground next to the future Gold Line commuter-rail station in Arvada, opens in two years. “A guy catches a beer with his buddies after work in downtown, hops on the light rail, in 17 minutes he is home. He puts his skis in his car and in minutes is on I-70, heading to the mountains, while his buddies are still dealing with downtown traffic.” Smith is a partner with Southern California-based Reylenn Properties LLC, which recently acquired a 15.3-acre site at 6855 W. 56th Ave. in Olde Towne Arvada, where the 352-unit Solana Olde Town Station is under construction. “To me, this site is the batter box for mountain recreation, while at the same time being close to downtown,” Smith said. Only two other apartment communities in Arvada are larger than Solana Olde Town Station, scheduled to open in 2017. The parcel it purchased is by far the largest infill property in Olde Town, Arvada’s booming historical district, said Chris Cowan of ARA Newmark. Cowan and business partner Steve O’Dell represented RayLenn in the land purchase. “This wasn’t an obvious site, but the best sites often aren’t,” Smith said. It involved assembling and combining six different parcels, he said. His persistence in pursuing the deal will pay off, he believes. When it opens, the Gold Line will have been open for more than a year. “For the first time, you will not only be able to get to downtown and the suburbs on light rail, but you will be able to go straight to DIA,” Smith said. “That’s going to be a game changer,” he predicted. “I think that is going to have an exponential impact.” The location will increasingly be attractive to millennials, who want a convenient, amenity-rich and more affordable alternative to downtown Denver and Denver neighborhoods such as LoHi, he said. “Not only are they close to downtown and closer to the mountains than if they were renting in downtown, but Olde Town Arvada is great,” Smith said. “Olde Town is like you plopped Larimer Square down in Arvada and you have a very walkable historic district out your front door,” Smith said. “You get a really authentic experience in Olde Town Arvada,” he said. “When you are walking down Grandview Avenue, you are really experiencing Americana.” The rents are expected to run $1.75 per square foot at Solana Olde Town Station, far less than the rents the new breed of downtown Denver buildings command. Units will range in size from 650 sf to 1,345 sf, with the average-sized unit at 953 sf. Amenities at Solana Olde Town Station will include a half-sized basketball court, a golf simulator, yoga and spin studio, a fitness center and resort-style pool and spa. “The other great thing about this location is that if you have a couple and one works downtown and the other works at Interlocken or even Boulder, this is kind of a good midway point,” Smith said. ReyLenn’s financial partner on Solana Olde Town is an AIG fund, he said. Solana Olde Town is being designed by KTGY Architects and is expected to easily qualify for a Silver LEED certification, according to Smith. Mark Deven, city manager of Arvada, said Solana Olde Town Station will fill a crucial need for Arvada. “It takes what basically had been an under-used property and brings much needed density to Olde Town,” Deven said. “Architecturally, it is going to have good pedestrian access and the developer has agreed to landscaping to buffer it from nearby residential neighborhoods,” he said. Indeed, ReyLenn will be building a one-acre neighborhood park as part of the community, Smith said. Deven can’t say enough good things about Smith’s approach to dealing with the city and neighbors. “He really made an effort as far as outreach to neighbors and really listened to them,” Deven said. “His plans were very well received by the city and the neighbors,” he added. “It was probably one of the best development experiences this city has ever had,” Deven said. “Jason is a master at community outreach,” Cowan said. “It is one of his strengths,” he added. Smith, for his part, said the credit goes to the city and neighbors. “The neighbors were very kind to me,” Smith said, noting that has not been the case when infill developments are increasingly being attacked by nearby residents. “We are really excited about this and it has been a really fun project,” Smith said. “Not all developments are fun. But the city was great, the neighbors were great.”