Much has been said about the sale of a parcel known as the 9-acre site, or the “$30 land deal,” saying the terms of the agreement are unfair to Arvada. Several requirements placed on development by the City, Arvada Urban Renewal Authority and RTD, as well as challenges of the site, require an investment by the City through AURA to ensure infrastructure and other needs are met for proper development. For more information click here for PDF: Olde Town Residences Explained
• Deteriorating surface parking lot.
• Unmanaged trees and vegetation filled with trash and debris.
• Underutilized land at a prime location within the core of the city – Wadsworth Bypass, Olde Town, and the train station.
• RTD, City of Arvada, and AURA have a joint vision of a high quality, mixed-use property.
• Best practices for land within a half mile of transit include higher density of use to reduce traffic, encourage use of mass transit and reduce sprawl through urban infill.
High Street Residential has proposed a six-story (4 floors above a 2-story parking garage), 252-unit multi-family building in phase one of the project. A future phase will include 40,000 square feet of retail south of 56th Avenue.
The long term benefit this project brings to the taxing entities far exceeds the one-time receipt if the property sold at its appraised value. The following represents the estimated financial impact from this development through the end of the 2034*:
Since the approval of the Gold Line, Transit-Oriented Development (TOD) was envisioned to accompany the Gold Line Station. This became a reality in 2011 when RTD announced that the Olde Town Station would become one of their pilot TOD projects. With this, the TOD site became available after the Arvada City Council committed to fund and construct a parking garage. 400 RTD spaces would be located to the new parking structure freeing up precious space within the Arvada Town Center and Olde Town Residence TOD Site.
The TOD 8.25 acre site consists of three parcels. The site is a collective effort on many levels to achieve a significantly higher and better use as a mixed-use development that will include restaurants, shops, and small commercial users. It will also include housing allowing future residents access to the Arvada Town Center, Olde Town Residences, Transit Hub and other conveniences within walking distance.
In addition to a lengthy list of site and infrastructure improvements, a new streetscape featuring wide sidewalks with trees, flower pots, benches, and distinct signage will link a pedestrian walkway between the development and Olde Town.