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TO: Mayor Richard C. Irvin
FROM: David Dibo, Executive Director, Mayor's Office of Economic Development
Alex Minnella, Senior Planner, Mayor's Office of Economic Development
Martin Lyons, Economic Development Consultant, Mayor's Office of Economic
Development
DATE: January 27, 2025
SUBJECT:
A Resolution authorizing a Redevelopment Agreement (RDA) between the City of Aurora and JH Real Estate Partners, LLC (JH) for the redevelopment of the property located at 62 S Broadway, commonly known as the Franz building, and the vacant lot located at 66 S Broadway.
PURPOSE:
The RDA will facilitate JH plans to redevelop the formerly known Frantz building at 62 S Broadway into a mixed-use building composed of ten brand-new market rate apartments, and a brand-new restaurant on the ground floor of the building, with an outdoor patio on the vacant lot.
The RDA codifies the commitments from JH that trigger City incentives that will be repaid to the City as described below
.
BACKGROUND:
The City, with the intent of divesting vacant surplus properties, on March 31, 2024 published a Request for Qualifications (RFQ) attached herein. The RFQ sought experienced residential and commercial developers willing to enter into a public-private partnership to repurpose a defined real estate asset for retail, restaurants, apartments and other uses that could complement and capitalize on their location in the heart of downtown Aurora.
The RFQ process required substantial work to qualify for participation including the submission of plans, costs, and projections. While a number of verbal inquiries were received, no other applicant was willing to invest the resources that JH Real Estate Partners, LLC (JH) did to present the vision for Frantz that was supported by extensive due diligence. As a result, JH, whose managing members are Jay Punukollu and Harish Ananthapadmanabhan was the compelling choice. JH is a known experienced developer which has successfully taken on the long ...
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