AURORA — Construction on a new, full service Hyatt Hotel and conference center in the Fitzsimons Village across from the Anschutz Medical Campus in Aurora began Wednesday after a groundbreaking on site.
The City of Aurora partnered with Kentucky-based commercial developer Corporex Colorado on the $90 million project nearly three years ago, shortly after Corporex opened a 153-room Springhill Suites Hotel by Marriott at 13400 E. Colfax Ave.
The new Hyatt Hotel and city-owned conference centerwill go up directly south of the Springhill Suites, on about three acres of land. The Fitzsimons Village project is about 20 developable acres of mixed use and retail space on the south side of Colfax Avenue, between Peoria to Potomac streets. Corporex is the developer for the Fitzsimons Village project.
"This is something the Corporex has always envisioned since we started working out here," said Mark Witkiewicz, chief operating officer of Corporex. "It's something that that Aurora has always wanted, too. The city is truly our partner in this project."
Aurora issued just under $28 million in bonds to help pay for the development. All of the money will be paid back to the city through property and sales taxes on the 249-room Hyatt Hotel.
The city will own and operate its first business-centric conference center, which tops off around 30,000 square feet, as well as an adjacent, 500-space parking garage.
"This hotel and conference center will only add to the betterment of the neighborhood, the campus and the city,"Aurora Mayor Steve Hogan said. "I think when we look back on it, this is what we'll say really marked a change in what's happened in this part of Aurora."
In February, the Aurora Urban Renewal Authority was authorized to slice the Fitzsimons Village project out of the original, more than 500 acre Fitzsimons Health Science District urban renewal plan and create a new urban renewal plan for what it now calls Fitzsimons Boundary Area II.
A new, 25-year tax increment financing option was then set in motion to help fund all Fitzsimons Boundary Area II projects, which will eventually include 490 apartments and a seven-story, 208,000 square foot office building by Corporex.
John Harney, president of the University of Colorado Hospital, said the hotel will help to fill a dire need for temporary patient and family accommodations around the medical campus, as well as keeping teaching seminars and business conferences on site, instead of in Denver.
The Hyatt Hotel and conference center is slated to open February 2016. More than 600 construction jobs and 200 permanent jobs are expected to be created through the project.
Megan Mitchell: 303-954-2650, email@example.com or twitter.com/MMitchelldp