Congratulations to the Solana Olde Town Station team & ReyLenn Properties for being recognized by Multi-Family Executive! They received the highest honor in the garden-style category. Check out our video highlighting the project’s unique features and location:
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Download File: http://aura7308.wpengine.com/wp-content/uploads/2016/05/AURA-Solana-Project-Cut-5-1.mp4?_=1Multi-Family Executive Press Release
Vision:
The blighted property consisted of vacant parcels, low-density industrial, and abandoned housing structures. For many years the land sat underutilized in the core of the City.
Development:
The developer assembled six parcels of land to create the development site. The site posed many challenges including environmental contamination stemming from prior industrial uses and a 30-foot drop in elevation from the north side of the property to the south requiring significant retaining walls.
Click here to view flyover of entire project: Solana Olde Town Station
Today:
The City of Arvada, Arvada Urban Renewal Authority and ReyLenn Properties, LLC are excited to announce the completion of a newly designed state-of-the-art housing development offering high-end amenities to its residents. An added bonus for the Solana Olde Town Station community is the future Gold Line transit station.
Click here to view the Grand Opening celebration: Solana Olde Town Station
Community Benefit:
The Solana Olde Town Station community is comprised of 15 acres south of 56th Avenue and east of Wadsworth Boulevard. It offers 352 market-rate, garden-style apartments, 621 parking spaces (252 tuck under garages and 369 surface spaces), and a mix of 1, 2, and 3 bedroom units ranging in size from 660 to 1,345 square feet with ten floor plans.
In addition, the developer incorporated a 1.4 acre public park at the north end of the site as well as landscaping 56th Avenue to allow for a more pedestrian friendly corridor between the adjacent neighborhood, the transit station, and Olde Town.
Click here to view interview: Blighted area now restored.
Olde Town
Multi-Family Residential
2017
Complete
ReyLenn Properties, LLC
$83,000,000
$7,200,000 Incremental property tax rebate
$500,000 - Property Tax $362,000 per year in Sales Tax from resident spending $720,000 - One-time Use Tax $4,500,000 Sales Revenue to businesses in vicinity
$7.2 million in pledged property tax.