Denver-based Flightline Ventures, the developer of Stanley Marketplace near Stapleton in Aurora, has entered into a joint venture with Denver-based Westfield Company Inc. to create Stanley JV.
With the marketplace as its primary amenity, Westfield will develop three acres of land into residential housing.
“We’re extremely excited to partner with Westfield Co. Inc. on this venture,” said Mark Shaker, Flightline Ventures partner.
“Not only does Westfield bring 30 years of development expertise to Stanley Marketplace, but with the addition of an onsite residential component, Westfield ensures that Stanley Marketplace will be an even more prominent destination for locals and visitors alike.”
The Stanley Marketplace is slated for completion in late summer within the former Stanley Aviation headquarters at 2501 Dallas St., a few feet from the southern border of Stapleton.
The Stanley Marketplace will include more than 100,000 square feet of space on 22 acres.
It will include a community park, an indoor/outdoor event venue, office space and a wide array of dining, shopping and recreational options from more than 50 tenants, including Rosenberg’s Bagels, Comida, Denver Biscuit Co., Logan House Coffee Co., Mondo Market, Endorphin, Kindness Yoga,Tootsies the Nail Shoppe and Kismet.Additional tenants will be announced.
The approximately $30 million Stanley Marketplace is being constructed by White Construction Group
In Denver’s urban core, Westfield has been involved in a number of urban developments, including 17 acres on Brighton Boulevard in RiNo, and two city blocks located in the Curtis Park neighborhood.
“Stanley Marketplace perfectly complements Westfield’s new focus on dynamic urban redevelopment,” said Richard Wham, Westfield partner.
“The residential component only adds to the complexity and attractiveness of the investment. Additionally, along with Flightline Ventures, the city of Aurora has proven to be a welcome and resourceful partner.”
FirstBank, Colorado’s largest locally-owned bank. provided a $15 million loan as part of the joint venture between Flightline Ventures and Westfield.
“We are proud to work with such visionary partners, and play a role in the expansion of Stanley Marketplace and the ongoing transformation of the Stapleton area,” said Adam Sands, FirstBank senior vice president for the Denver market. “Our investment in this project reflects FirstBank’s mission to help grow and improve the communities we serve.”
“This is a unique project and required a forward-thinking lender like FirstBank to see the opportunity,” said Kevin McClintock, a Westfield partner.