SCOOP: Stanley's next act could reshape Aurora
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Aurora's Stanley Marketplace will soon have a new owner. Photo: Robert Sanchez/Axios
Denver-based Magnetic Capital is expected to pay roughly $41 million for Aurora's Stanley Marketplace, according to a financing memorandum obtained by Axios outlining a sweeping redevelopment vision.
Why it matters: The 60-page memo sketches out a splashier second chapter for the Stanley, with ambitions of a broader mixed-use district centered on housing, hospitality and entertainment.
According to the memo — prepared by JLL and sent to potential lenders — Magnetic's "future development opportunities" include:
- Replacing the Stanley's south parking lot with roughly 300 apartment units across two buildings, and 10,000 square feet of ground-floor retail.
- Building a nearby 150-room hotel.
- Adding a new entrance bar.
- Expanding outdoor programming tied to the Westerly Creek restoration.
- Exploring licensing opportunities to bring Stanley vendors to Denver International Airport.
An overlay map in the memo also suggests Gotham Greens' site north of the marketplace's building could be used for parking and "more density."
The intrigue: The memo also contemplates doubling the Stanley's existing 1% customer fee.
Between the lines: Magnetic also wants "an established hospitality operator" for the site.
The big picture: Since opening in 2016 inside a former aviation factory, the Stanley has grown into one of metro Denver's defining mixed-use success stories and a regional draw built around local restaurants, independent shops and community gathering spaces.
- The memo highlights the Stanley's "meticulously curated lifestyle ecosystem" and its "[n]ationally renowned" reputation to potential lenders.
By the numbers: Magnetic is under contract to purchase the property for about $36.7 million — plus roughly $4.4 million tied to future tax increment financing revenue — according to the memo.
- The seller is Westfield Company — a real estate and development firm — which owns the Stanley in partnership with Flightline Ventures.
Magnetic sought nearly $27 million from lenders, the memo says.
- Stanley tenants were notified of the pending sale May 19.
Context: Magnetic Capital describes itself as a real estate investment and development firm focused on overlooked or undervalued assets.
Its portfolio includes several mixed-use and entertainment projects in Denver, including the 2nd & Adams development in Cherry Creek North.
- Magnetic also partnered on a redevelopment tied to RiNo's F1 Arcade.
- Magnetic's managing partner Daniel Huml did not return Axios' phone call seeking comment today.
What's next: The sale has not yet closed, a Stanley representative previously told Axios.
- The memo references an "outside" closing date of July 22.
What we're watching: The memo signals the Stanley's next phase could bring significantly more density, tourism and commercial activity to northwest Aurora while raising questions about whether the project can maintain the local identity that made it a hit.