DENVER, Colorado, March 5, 2020 – The VareCo recently acquired a 32,050 square foot extended stay motel in Aurora, Colorado through syndication. The property consists of 35 micro-studios and 60 1 bed/1 bath units currently operated as the “Summit View Inn.” Not only is the property located blocks from Fitzsimons Medical Campus, Children’s Hospital of Colorado, and the Colorado University Hospital, the property also sets in an Opportunity Zone (O-Zone) census tract.
The Summit View Inn – Denver, Colorado
The VareCo plans to convert the property to Multi-family in 2021 delivering renovated units to the supply of available housing options for employees of the medical campus. Being an O-Zone project, the business plan includes a ten year hold period capturing the many tax benefits of the Opportunity Zone. The VareCo carefully selected the property to help satisfy the area’s growing demand for housing centered around the Fitzsimons Medical campus as well as the Stanley Marketplace with the recognition of the value add that is possible to both investors as well as the Aurora community with Opportunity Zone investments.
Working with the city of Aurora, The VareCo will conduct a full cosmetic remodel from Q4 2020 to Q4 2021, upgrading the aesthetic to provide desirable housing priced around median income at the Fitzsimons Campus. The addition of an ESFR sprinkler system, a new parking lot, plumbing 25 bathrooms, and a new boiler are just a few of the planned improvements. The VareCo will serve as the developer.
Summit View Inn is located in the Colfax Avenue area of Denver which has shown steady growth over the past few years. It’s in close proximity to the Stanley Marketplace, a community of over 50 independently owned local businesses located in a 140,000 SF market hall and outdoor event venue. The project opened in December 2016 and has provided approximately 500 new jobs to Northwest Aurora. Built in 1954, the Stanley Aviation building that manufactured airplane ejector seats has been transformed into a marketplace that features a restaurant, beer garden, a variety of dining, shopping and recreational options. The $30 million redevelopment rolled out only locally, independently owned businesses that are not found anywhere else in Aurora. The Stanley Marketplace has already encouraged additional development in the immediate area. Notable development projects include a $9 million renovation of Westerly Creek, 322 single family homes, and a 200-unit apartment building breaking ground in 2019. The future is bright for Stapleton Flats. As one of the only existing apartment communities adjacent to the Stanley Marketplace and the imminent surrounding redevelopment, future tenant and investor demand for these assets will remain strong.
Located in northwest Aurora on what was the former Fitzsimons Army Medical Center, The Fitzsimons Medical Campus is a one square mile area that has been rapidly developing as a preeminent medical education, hospital and research center. The army base was decommissioned in 1999, and since that time the Fitzsimons area has become one of the largest medically-related redevelopment projects in the United States. This area is quickly transforming into a vibrant urban district with a distinct research and educational character, unique in the region. In 2008, the redeveloped Fitzsimons campus created 16,000 jobs and generated roughly $3.5 billion for the state’s economy. Aurora has designated the land around Fitzsimons as an urban renewal area targeted for mixed-use commercial, retail, and residential developments in order to support the medical campus. Once the Fitzsimons Innovation Campus and the University of Colorado Anschutz Medical Campus are completely built, the area is projected to have 46,000 employees.
For more information about The VareCo and this project, contact Benjamin Davis at Ben@thevareco.com