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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 The Barrera Organization LLC for the redevelopment of the property located at 251 S River Street, commonly known as the Company 251 building into a 48-unit apartment complex.
PURPOSE:
The RDA will facilitate the developer's plans to redevelop the formerly known Company 251 building at 251 S River Street into brand-new 48 market rate apartments.
The RDA codifies the commitments from the developer that trigger City incentives that will be repaid to the City as described below.
BACKGROUND:
The City of Aurora has seen substantial development and redevelopment in all corners of the city. This includes the downtown and its various submarkets that encompasses plans now underway for a reimagination /redesign of Broadway, the theater/Stolp District dotted with new restaurants and entertainment, River Street with its historic residential renovations including the Esser Lofts and the Hobbs apartments and restaurants, the land on the west side of the river north of New York being master planned as the Riverfront North neighborhood, the transit-oriented development surrounding the Aurora Transportation Center anchored by the DAC apartments, etc.
This RDA relates to a key property within the burgeoning Warehouse District defined as the area south of Benton to North Avenue. The seeds of the redevelopment of this stretch are visible in the Society 57 coffeehouse/gathering destination, the revitalization of the commercial spaces and coveted waterfront residential units at River Street Plaza, the almost completed apartments at 110 Cross and the Foreign Exchange Brewery.
The Developer, ...
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