BMC Investments (BMC), a Denver-based, fully-integrated real estate investment company, in partnership with Mile High Development, announced today that they have officially broken ground on Fitzsimons Gateway, a 210-unit affordable housing project designed for families and individuals who make between 30% and 70% of the area’s median income at the southeast corner of Colfax Avenue and Peoria Street in Aurora. A groundbreaking event occurred on the site on September 17, and construction has commenced. As BMC’s first low-income housing tax credit project, Fitzsimons Gateway will serve to launch the company’s new affordable housing platform which they anticipate will deliver more than 500 units of affordable housing for the Denver metro area over the next five years. To help launch the first LIHTC project in their new affordable housing platform, BMC partnered with Mile High Development, a prolific developer in the affordable housing space.
“As a real estate company who has been developing projects across Denver for more than a decade, we have seen firsthand the impact that a lack of affordable housing is having on our community,” said Matt Joblon, founder and CEO of BMC Investments. “By partnering with groups with deep expertise in the field, such as George Thorn and Mile High Development, we can leverage our extensive development experience and launch an affordable housing platform. We are eager to contribute our talents and do our part to positively impact one of the most vexing challenges facing not only Denver but countless cities across the country.”
“We are thrilled to celebrate the groundbreaking of Fitzsimons Gateway,” said George Thorn, president and founder of Mile High Development. “This is an enormously complex project involving the coordination of over a dozen financing partners anddelivering over 200 units in a single building — much larger than a typical, tax credit affordable housing project. To be finally breaking ground is a testament to the dedication, tenacity and persistence of the entire project team.”
“The Anschutz Medical Campus and Fitzsimons Innovation Community make up one of the fastest growing hospital, bioscience and research campuses in the country, and their impressive medical ecosystem has created an engine for job creation. That also means there is a real need for quality, affordable housing in this community,” said City of Aurora Mayor Mike Coffman. “We are thrilled to work with BMC Investments and Mile High Development to bring much-needed affordable housing options to this area of Aurora.”
BMC and Mile High Development worked with several partners to finance the project, including Greenline Ventures, ZOMA Capital, U.S. Bancorp Impact Finance, KeyBank Real Estate Capital, KeyBanc Capital Markets, Colorado Housing Finance Authority (CHFA), Mercy Community Capital, Impact Development Fund, Colorado Division of Housing, City of Aurora, Aurora Urban Renewal Authority, and the Aurora Housing Authority. Notably, Fitzsimons Gateway will be the first project to break ground having utilized the new Proposition 123 concessionary debt program, managed by the Colorado Office of Economic Development and International Trade (OEDIT) and administered by CHFA.
“We know that access to affordable housing close to job centers is a win-win for Colorado. It enhances quality of life and contributes to our thriving economy. Voter-approved Proposition 123 offers a much-needed funding source to make projects like the Fitzsimons Gateway a reality. We are thrilled to celebrate this groundbreaking and the quick deployment of these funds, which will change people’s lives for the better,” said Eve Lieberman, executive director of OEDIT.
“CHFA was proud to support Fitzsimons Gateway with an award of Housing Tax Credits and Private Activity Bonds,” said Cris White, executive director and CEO of CHFA. “We believe that everyone in Colorado should have the opportunity for housing stability and economic prosperity, and the affordable housing this development will provide will support a stronger community and a stronger Colorado.”
Located on a 1.7-acre site adjacent to the Hyatt House Fitzsimons – a BMC hotel – Fitzsimons Gateway will be a six-story, 178,000 square foot building offering 171 one-bedroom and 39 two-bedroom units. The building will also offer three private, centralized courtyards, a double level of garage parking and an exterior façade mix of masonry and stucco. The community’s location across from the Anschutz Medical Campus and Fitzsimons Innovation Community in Aurora offers excellent proximity to jobs and transit.
The Denver-based nonprofit Urban Land Conservancy (ULC) owns the land and holds it in ULC’s community land trust, ensuring at least 99 years of affordability for future Fitzsimons Gateway Apartments residents.
“As the cost of real estate rises, Urban Land Conservancy aims to keep longtime residents rooted in their communities through affordable housing,” said Aaron Miripol, president and CEO of Urban Land Conservancy. “The Fitzsimons Gateway development was an opportunity for ULC to secure land for long-term community benefit and help deliver much-needed housing to combat displacement in Aurora.
The architect for Fitzsimons Gateway is KTGY and Alliance Construction Solutions will serve as the general contractor. The property will be managed by ComCap Management. Construction on the project has commenced and completion is anticipated for Q3 2026.
