AURORA | The plot of land at the northeast corner of East Iliff Avenue and Parker Road has more than enough of those three things real estate agents long for — location, location, location.
Smack on the border between Aurora and Denver, it’s close enough to the center’s of both cities, and a quick cruise south on Parker to the interstate.
Plus, it’s among the heavier trafficked intersections on the western edge of Aurora.
Still, even with thousands of cars passing by each day — and even after the shopping center across Iliff to the south saw significant additions in recent years — the northeast corner of that busy intersection has largely been ignored.
Even before longtime Aurora watering hole Caledonia’s closed up shop, there wasn’t much on this choice chunk of land aside from a bank.
But by this time next year, the thousands of motorists cruising by will have ample dining and gas options at that once fallow corner.
One of the property’s owners, Bill Asbury, of Kittredge Properties, Inc. and PAR Equities IV, Inc., said work is underway on a $16-million redevelopment at that corner that will turn the almost 7-acre plot into a hub of shopping and dining.
And, Asbury said, the project is a much needed one.
“It was getting pretty rundown,” Asbury said of the chunk of land. “But that’s one of the highest traffic corners in the Denver metro area.”
According to Sullivan Hayes, the brokerage handling the leasing at the property, several businesses have already signed on, including an Arby’s restaurant and Einstein’s bagels, and there are several other sites still available. One of those is a 6,000 square feet space, according to the brokerage.
Asbury said construction at the site is well underway already and the infrastructure, such as utilities, streets and light poles, should be complete around September.
After that, Murphy Oil will begin work on their convenience store, which, according to plans, will be accessible from both Parker and Iliff.
The next business to begin work will be a Bubba’s 33 restaurant, Asbury said. That chain, which is owned by Texas Roadhouse, does not yet have a metro Denver location, Asbury said, but has seen success in Colorado Springs.
While the gas station, Bubba’s and Arby’s will be free standing buildings, Asbury said there is a 10,000 square foot building that will house the Einstein’s and other yet-to-be determined businesses.
In all the project will cost about $16 million, Asbury said.
The project is dubbed “Aurora Crossing” and Asbury said the location — right on the edge of both Denver and Aurora — makes it a sort of “gateway” to each city.
That particular corner has seen a slow pace of development in recent years and Asbury said neighbors have been clamoring for something to happen. Across Parker a vacant gas station has sat empty for years and Asbury said he is hopeful the project means additional new construction in the area.
“It was so in need of renewal that people were positive about seeing something new there, and it may spur further development,” he said.
New developments have already reshaped the shopping across Iliff to the south and more work is planned there in the future.
According to city documents, developers with Kimco Realty are planning to redevelop the east side of the 13-acre project, which is largely vacant today.
It isn’t clear from city documents when the building could be razed but in the meantime, the developer in the past year added multiple new business to the west side, including a sandwich shop and a bank.
Asbury said he also hopes the “Aurora Crossing” project could spur development at the shopping center immediately to the east of “Aurora Crossing.”