The groundbreaking ceremony for The Russell located at 56th Avenue and Vance Street, just west of Wadsworth By-pass was held on October 20, 2021. The Arvada Urban Renewal Authority, High Street Residential, Trammel Crow Company, PCL Construction, City Council, City officials and staff attended this exciting event.
The project is significant to the City of Arvada and surrounding region. This project marks the culmination of a successful urban renewal effort that began more than eight years ago.
Additionally, The Russell is a market-rate 252 unit multi-family project within walking distance to Historic Olde Town Arvada and other surrounding shops, as well as the Olde Town Arvada Commuter station. When completed in 2023, this 3.94 acre multi-family project will be complimented by the forthcoming retail, restaurants and hotel planned to the south of site.
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: Residences at Olde Town Station Explained
Today:
• 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.
Vision:
• 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 a higher density of use to reduce traffic, encourage the use of transit and reduce sprawl through urban infill.
Proposed Development:
Northside of 56th Avenue: 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.
Southside of 56th Avenue: 128-room, 4-store hotel and approximately 15,000 square feet of retail.
Community Benefit:
The long-term benefits this project brings to the taxing entities far exceed the one-time receipt if the property sold at its appraised value. Additionally, 38 percent of the project is open space including a park, plaza, streetscape, trees, shrubs, flower pots, and lighting to enhance the pedestrian experience.
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 in the new parking structure freeing up precious space within the 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 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.
