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Affordable Housing Project Breaks Ground

Affordable Housing Project Breaks Ground
Posted on 09/24/2021

A much-anticipated affordable housing project is coming to Aurora, and officials celebrated with a groundbreaking Sept. 27.

The Point Crossing—a 63-unit project—will be built on the 22-acre The Point at Nine Mile Station, a mixed-use, transit-oriented development located at Parker Road and Interstate 225. The project will kick off the latest phase of redevelopment of the former Regatta Plaza shopping center.

Aurora’s elected officials, city staff and the Aurora Urban Renewal Authority joined Mile High Development for the groundbreaking event at 3170 S. Parker Road.

"It's been great to watch The Point at Nine Mile Station evolve into a development that showcases the best of Aurora," Aurora Mayor Mike Coffman said. "The arrival of affordable housing will fulfill the original vision for this site to give residents easy access to the metro area and put them within reach of good paying jobs. We are excited to celebrate the start of this project."

The Point Crossing will feature one-, two- and three-bedroom rental units exclusively for the 30% to 80% Area Median Income range. Slated for completion in October 2022, the four-story project will include amenities like a fitness center, community room and outside patio with western views on the fourth floor.

"Now more than ever, we need housing in Aurora to meet the needs of people who are struggling to find a home in these challenging times," said Aurora Ward IV Council Member Juan Marcano. "This project exemplifies the concerted effort that we must take to ensure all Aurorans have access to safe, affordable and dignified housing."

Construction on The Point at Nine Mile Station started in 2016 with demolition of the old shopping center, and construction of a new King Soopers and new KeyBank and additional retail spaces, including 9 Mile Pho, Pacific Dental and Nine Mile Liquor. The Point Crossing affordable housing project groundbreaking kicks off the start of this development’s first residential component. Market-rate rental units will follow, along with more retail, dining, Class A office space and a public plaza. In addition, construction will begin in summer or fall 2022 on a pedestrian bridge over Parker Road to connect the Nine Mile Station with the development.

“The Point Crossing brings together all the great site amenities we are looking for in affordable housing projects—a mixed-use, transit-oriented environment where tenants can walk to shopping and jobs, including a new King Soopers just steps away, and the new bike/pedestrian bridge connection across Parker Road to Nine Mile Station and the Cherry Creek State Park,” said the developer, George Thorn, president of Mile High Development. “This is Mile High Development’s eighth affordable housing project developed in the metro Denver area in the past 10 years.”

The redevelopment of the old Regatta Plaza site was accomplished after years of planning, visioning and negotiations with multiple property owners, with the Aurora Urban Renewal Authority successfully consolidating the land and hiring a master developer to redevelop the site—a designated urban renewal area.

The Point Crossing affordable housing project was made possible through a redevelopment agreement between the Aurora Urban Renewal Authority and the development team of Mile High Development and Koelbel and Company. As part of the agreement, the Aurora Urban Renewal Authority sold the land parcel to Point Crossing, LLC to build The Point Crossing and 100% of incremental property tax (TIF) revenues and construction use taxes will be rebated back to the developer for eligible costs including site work, a parking structure and enhanced architectural elements.

The Colorado Division of Housing is serving as a gap lender on the $19.5 million affordable housing project. KeyBank, Key Community Development Corporation, Rocky Mountain CRC, KTGY, Brinkmann Constructors and Shears Adkins Rockmore also are involved in the project.

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