The plan's adoption is expected to facilitate the area's redevelopment by giving the city a set of tools to encourage economic revitalization. Most importantly, urban renewal enables assembly of property for redevelopment through the use of eminent domain - that is, condemning property when necessary. That can aid developers who want to redevelop or construct new properties along East Colfax Avenue. The city considers this the most important tool for redeveloping the area, something the city has tried to do since the 1970s.
Next month, the city will begin building a new $10.3 million, 30,000-sf MLK Library/Municipal Services in the corridor. Voters approved a bond issue for the project in November 2000. The project marks the first new, city-driven development in the area in more than two decades and includes the extension and enhancement of Fletcher Plaza, and the addition of an annex to the Aurora Fox Arts Center.
The council also has established a $400,000 Arts District Loan Fund to attract artists and spur arts-related investments in the city's historic downtown corridor. The fund will provide long-term financing to artists, art-related businesses and investors wanting to develop or redevelop properties solely for art-related use. The city also makes a variety of financing options available to north Aurora business and property owners who want to make improvements to their properties.
Also, the city has entered into exclusive negotiations with Denver-based Black Creek Communities for the development of a $32.9 million project located on a four and one-half acre site stretching from East Colfax to 16th avenues, and from Emporia to Elmira streets. The development will include 200 residential units and add an estimated 15,000 sf of new retail space along the corridor.
'Original' Aurora is strategically centered among three of Colorado's largest redevelopment projects: Fitzsimons, Stapleton and Lowry. Collectively, these efforts will generate thousands of new jobs and sources of tax revenue for surrounding areas.
More than 291,000 people live in Aurora, Colorado's third largest city and the 62nd largest in the U.S. It is home to 10,000 businesses.
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