Aurora neighborhood awaits Stanley's future
Add Axios as your preferred source to
see more of our stories on Google.
The Stanley Marketplace has famously created a unique vibe. Photo: Robert Sanchez/Axios
The Stanley Marketplace sale could reshape one of Aurora's beloved community hubs.
Why it matters: That has lots of neighbors and business owners wondering — and worrying — what comes next.
The big picture: Magnetic Capital has agreed to pay $41 million for the property, according to a financing memo Axios obtained exclusively. The 60-page document suggests the firm is eyeing a much bigger footprint than today's marketplace.
Threat level: Some nearby business owners worry that new ownership could change the community focus.
- "There's a little bit of mourning over losing what we've had," says MacKenzie Hardt, who owns Hardt Family Cyclery, seven blocks from the Stanley.
- The original owners are "part of the community ... and I think we're all hoping we don't lose that vibe."
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 and 10,000 square feet of ground-floor retail, plus a nearby 150-room hotel and expanded outdoor programming.
What they're saying: Neither Magnetic managing partner Daniel Huml nor Leon McBroom, JLL's senior managing director, returned Axios' messages seeking comment Friday.
The intrigue: At-large Aurora Council Member Alli Jackson says she's hopeful Magnetic will work with the Stanley's neighbors as redevelopment plans take shape.
- "We have to share this space, whether they like it or not, because neighbors are neighbors."
- Magnetic is "eventually going to come to the city when they are ready to develop," Jackson says. "I hope it makes sense for this community."
Neighbors generally support the Stanley's success but worry this next stage will come with trade-offs.
- That means questions about parking, large outdoor events and whether Magnetic will preserve the market's famously cohesive character.
They also worry that more development could accelerate displacement.
- "A lot of people will be pushed out of this neighborhood because of this," says Barbara Huddleston, 64, whose family owns two plumbing businesses two blocks from the Stanley. "I understand change, but you also have to think about the people this impacts."
Caveat: Most neighbors Axios talked to agreed the Stanley has been a positive force in northwest Aurora.
- "It's been a pretty good neighbor, and I hope that continues," says Michael Le, whose family owns a property nearby. "No one's spending $40 million and not having a real plan behind it."
Flashback: Since opening in 2016, the Stanley has become one of metro Denver's defining mixed-use success stories.
- The seller, Westfield Company, is a real estate and development firm that owns the Stanley in partnership with Flightline Ventures.
What's next: The memo references an "outside" July 22 closing date.
What we're watching: Hardt says he and other business owners plan to reach out to Magnetic.
- "I want them to make a commitment" to the neighborhood, Hardt says. "I want someone to look me in the eye and shake my hand ... and I want them to be held to the fire."