Stanley's new owner promises continuity
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Aurora's Stanley Marketplace has a new owner. Photo: Robert Sanchez/Axios
Stanley Marketplace's new owner doesn't want its $40.9 million takeover to be noticeable.
Why it matters: Stanley has become one of metro Denver's defining mixed-use success stories, drawing 1.3 million visits annually to a former aviation factory now packed with local businesses.
- But Denver-based Magnetic Capital's promise to preserve Stanley's character will soon be tested: About 40% of Stanley's tenants have leases expiring by the end of 2027.
What they're saying: "Continuity for us is a big kind of north star," managing partner Chris Carroll tells Axios. "We want people to feel like they felt before we owned this."
Catch up quick: Magnetic Capital bought Stanley from longtime owners Westfield Co. and Flightline Ventures last month.
What we're watching: Twenty-one Stanley businesses have leases set to expire between this November and the end of 2027 — including Maria Empanada and Denver Biscuit Co. — a JLL financing memo Axios obtained in May revealed.
In the room: Carroll says tenants have shown strong interest in staying and many want to grow.
- "It's a game of Tetris," he says about businesses potentially moving within Stanley.
Caveat: He didn't rule out rent increases and says Magnetic would approach each tenant individually.
Between the lines: Maria Empanada wants to stay, operations director J. Allen Adams tells Axios, though a deal will hinge on lease terms.
- "It's far too early to judge what changes [or] impacts the new ownership" will have, Adams says. "They need to … not just hear — but listen — to the current stakeholders."
The intrigue: The same JLL financing memo told prospective lenders that Magnetic had "actionable plans" for roughly 300 apartments and a 150-room hotel around Stanley.
- Carroll calls those "broker words" and says Magnetic has "no plans today to develop anything."
- He didn't offer details when asked about future development at the 19.5-acre site.
The big picture: Magnetic wants more events at its newly renovated Westerly Creek park, including concerts and festivals.
- And Carroll says a smaller Stanley concept featuring food, drinks and shopping is expected at Denver International Airport in 2027.
- The financing memo envisioned both.
What's next: Stanley's most immediate changes could include paint, lighting and bathroom upgrades, Carroll says.