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    Development Deal Inked for Westminster Station

    12/15/2016

    Public-private partnership to deliver new market-rate housing options in TOD area at Westminster Station

     
    The City of Westminster, Colorado and REgeneration Development have just executed a Letter of Intent (LOI) to partner on the development of the first market-rate, transit-oriented, mixed-used project at Westminster Station located on the Regional Transit District’s recently opened B-line providing 11-minute train ride to downtown Denver’s Union Station.  
     
    The project is currently proposed as two buildings to be built in phases, with ground-floor commercial space and up to five stories of residential rental units above.   
     
    In addition, the development team is proposing to incorporate a dynamic public art component into the project that will provide real-time visual alerts so residents, employees, and visitors can know that a train will soon be arriving or departing without the need to check a transit schedule.
     
    The development will wrap the south and west sides of the new 600-space Westminster Station parking garage at the intersection of Irving Street and Westminster Station Drive.  The development team will craft a parking management plan to make the most efficient use of the existing parking in the garage and take advantage of the B-line rail transit service and connecting RTD buses.
     
    The City and RTD have invested $76 million in infrastructure improvements, including the new rail and bus service, the parking garage, an amphitheater for outdoor performances, and a 37-acre park with trail connections.
     
    REgeneration Development has been working closely with the City of Westminster over the past year to create plans that are in alignment with the city’s vision for the area as articulated in the soon-to-be-adopted Westminster Station Area Plan with new development regulations that promote mixed-uses, increased density, good urban design, and walkable streets.  

    “REgeneration has demonstrated a strong spirit of partnership and a commitment to the broader goals of supporting transit-oriented development and community investment,” said Jenni Grafton, Economic Development Coordinator for Westminster. “With the LOI now in place, the goal is to move toward a Purchase and Sale Agreement (PSA) in late May of 2017.”
     
     Jeremy Nelson of REgeneration Development noted that “the collaboration with the City staff has been exceptional at every step.  Our entire team is excited for the opportunity to work on a catalytic redevelopment project in this diverse and revitalizing neighborhood.  We think our proposed mix of one-bedroom and two-bedroom flats and flexible live-work units will provide new residential choices in this area and contribute to the ongoing emergence of a true “transit first” neighborhood.  We’re not surprised to see other developers and landowners also responding to the City’s forward-thinking planning and infrastructure investments in Westminster Station.”
     
    REgeneration Development Strategies is based in Colorado and California. The lead team members working on the project includes Nelson and Robert Traw, both from REgeneration Development and Dean Dalvit of EVstudio, a full-service architecture and engineering firm with offices in Colorado and Texas.
     
     
Westminster Colorado Economic Development Office 4800 West 92nd Avenue Westminster, CO 80031