Koelbel and Company Announce Groundbreaking of New Multifamily Project in Aurora
Tempo Nine Mile, a new 255-unit market-rate multifamily project — part of the 22-acre The Point at Nine Mile master plan — has broken ground at the northeast corner of Parker Road and Peoria Street in Aurora. The project is a joint venture between Draper and Kramer, Koelbel and Company, Mile High Development, and Urban Roots Development, Inc., and was made possible through a further partnership with the City of Aurora and the Aurora Urban Renewal Authority.
“As we continue to expand our firm’s national footprint, we are focused on opportunities presented by dynamic metro areas like Denver that demonstrate robust growth metrics and high demand for quality rental options,” said Todd Bancroft, president and CEO of Chicago-based Draper and Kramer. “We are thrilled to be entering the Denver market with Tempo Nine Mile, which benefits from years of excellent planning and execution by the city of Aurora, Koelbel and Mile High for The Point at Nine Mile master plan. We’re proud to be part of such a strong project team and contributing our own expertise from our decades-long track record delivering successful multifamily communities in a variety of markets and locations.”
The new 5-story building will include a mix of one- to three-bedroom units, ranging in size from 542 to 1,321 square feet, and 3,000 square feet of ground floor retail. The property is highly amenitized, featuring a large outdoor pool, community room, state-of-the-art fitness center, bike room and rooftop party deck.
Tempo Nine Mile is located adjacent to the future pedestrian bridge that will connect The Point at Nine Mile to the Regional Transportation District (RTD)’s Nine Mile Station and the Cherry Creek Reservoir. With its transit-adjacent location, Tempo Nine Mile will cater to individuals and families working at Fitzsimons, Denver Technological Center, Cherry Creek and downtown Denver. The property’s easy access to Cherry Creek State Park will appeal to future residents seeking an active lifestyle.
Tempo Nine Mile also represents the continuation of a long-time partnership between Koelbel and Company and Mile High Development. “Seven years ago George Thorn and I embarked on a journey with Aurora to redevelop the dilapidated shopping center at Parker and Peoria,” said Carl Koelbel, chief operating officer of Koelbel and Company. “After years of planning and infrastructure work we are excited to finally begin construction on a substantial market-rate community that will signal its transition into a true transit-oriented development.”
The Point at Nine Mile Station is a master plan at the former site of Regatta Plaza, a 22-acre parcel in its second phase. To date, the project has seen the opening of a new King Soopers store and gas pad, associated retail including tenants such as Key Bank, Pacific Dental, and a soon-to-open IHOP. Later this year Mile High Development will open The Point Crossing, a 63-unit income-restricted workforce housing project adjacent to Tempo Nine Mile. Additionally, the City of Aurora will soon begin construction on a pedestrian bridge across Parker Road connecting The Point to Nine Mile Station; the bridge is slated to open in 2024.
“This project marks the next phase of urban redevelopment and placemaking at this key Aurora gateway,” said Andrea Amonick, manager of the Aurora Urban Renewal Authority. “Upon its completion, The Point at Nine Mile Station will be another example of transit-oriented development that provides our community with a walkable location to live, work and play. Combined with on-site retail, market-rate and affordable housing in progress, and a pedestrian bridge coming soon, the city is delighted to support the continued redevelopment of the former Regatta Plaza shopping center into an exciting mixed-use destination.”