Hilco Real Estate Announces The Sale Of Last Large Remaining Development Tract Within High Growth Area Along East 64th Avenue In Northeast Aurora, Colorado
Hilco Real Estate, LLC announces November 17, 2021 as the bid deadline for the sale of 134± acres of prime development land located near E-470 in northeast Aurora, Colorado.
Ideally located at the premier corner of East 64th Avenue and Picadilly Road, this sizable site offers unrivalled connectivity throughout the Aurora/Denver metopolitan area, sitting less than one mile west of E-470 and minutes from the Denver International Airport and the Regional Transportation District's (RTD) commuter light rail station at 61st Avenue and Peña Boulevard. This dynamic location stands at the edge of the Rocky Mountain's Front Range, offering spectacular natural panoramas of Pikes Peak, Mount Evans, downtown Denver and Longs Peak, while also providing near-immediate access to world-class shopping, dinining, entertainment and transportation options – the perfect blend of majestic mountain living with chic, urban underpinnings. The site's Mixed-Use Airport zoning (MU-A), together with the Airport Influence Overlay (AIO), permits a wide range of dense commercial, office, hotel/hospitality, multifamily and retail uses, making it highly desirable for a variety of developers. The current owner has completed many of the property entitlements for a mixed-use commercial and residential development, which could save the new owner significant time and money if they choose to develop the property in a similar fashion. The property also has all the necessary utilities available to the site.
The area immediately surrounding the property, a so-called aerotropolis or a mini-city developed around a major airport, has seen stratospheric growth over the last few years. This growth is anchored by the new Gaylord Rockies Resort & Convention Center, a 1.9-million-square-foot building set on 85 acres that opened at the end of 2018 and boasts over 1,500 modern guest rooms, 500,000 square feet of flexible meeting space and the Arapahoe Springs Water Park. According to 5280, Denver's Mile High Magazine, it is estimated that the complex could add " $273 million annually to the local economy."
The site will be sold as part of a bankruptcy sale with a deadline for bids of November 17, 2021. On June 23, 2021, the ownership entity, Hilltop at DIA, LLC, filed for bankruptcy protection due to COVID-related delays caused by the pandemic in finalizing entitlements. The development of this property, like many throughout the country, was forced to pause. This unfortunate delay resulted in ownership seeking the protection of the bankruptcy court to allow them more time to sell the property. The bankruptcy sales process represents the most efficient means for a new buyer to obtain clean title to the property and start development as quickly as possible.
Located approximately 10 miles east of downtown Denver, Aurora has become one of the nation's top 10 fastest-growing cities. Since the last census, Aurora, Colorado has seen an unprecented population surge totaling 19.58% with the city's population now reaching 388,723 as of 2021. Now the third largest city in the state, Aurora has expanded from its humble roots in agriculture and farming into a diverse economy that spans across healthcare, bioscience, renewable energy, aerospace, defense, education and more. From historic Colfax Avenue, which runs through downtown Aurora, to the future of interstellar travel at the Colorado Air and Space Port, the city embraces the future while respecting its past. Major area employers include Buckley Space Force Base (12,100 employees), Anschutz Medical Campus (6,360 employees), University of Colorado Hospital (4,050 employees), Raytheon (2,430 employees), Kaiser Permanente (1,940 employees), Amazon (1,500 employees), Tyco (850 employees), Northrop Grumman (750 employees), ADT Inc. (700 employees), Lockheed Martin, Staples and others. Through a combination of affordable housing, low cost of living, proximity to major employers and multi-modal transportation options, Aurora provides a sustainable environment for its new and current residents, as well as a fertile environment for businesses to thrive.
Steve Madura, senior vice president at Hilco Real Estate, stated, "This development parcel is located within one of the hottest markets in the nation and provides one of the most compelling opportunities in the country for a variety of sophisticated developers to get in on the action." He continued, "This site represent one of the last remaining large mixed-use development parcels anywhere in Northeast Aurora. Combine that with the fact that the site is within a Qualified Opportunity Zone and may be eligible for bond and TIF financing,the bankruptcy sale represents a once-in-a lifetime opportunity."
Jeff Azuse, senior vice president at Hilco Real Estate added, "Due to the extreme volatility of the stock market in recent months and potential governmental changes to the tax code, investors are seeking alternative opportunities that provide a safe haven from the current global uncertainty…and real estate, especially land located in the path of development, has historically provided the long-term stability and diversification investors seek. As such, we expect an overwhelming response to this offering."
The bid deadline is scheduled for Wednesday, November 17, 2021. Bids must be delivered to the offices of Hilco Real Estate on or before 5:00 p.m. (CT) on the day of the deadline to be considered. Interested buyers should review the detailed bid procedures for requirements in order to participate in the bankruptcy sale process, which are available on Hilco Real Estate's website. For further information, please contact Steve Madura at (847) 504-2478 or email@example.com. Bids may be submitted via mail to the following address: Hilco Real Estate, 5 Revere Drive, Suite 410, Northbrook, IL 60062, or via email to firstname.lastname@example.org.
For further information on the property, an explanation of the sale process, bidding procedures or to obtain access to property due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300.
About Hilco Real Estate
Hilco Real Estate ("HRE"), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.