During the past four months, DURA has been in exclusive negotiations with Alliance for the company to purchase and develop the site. The company's planned development will include a mix of market rate for-sale housing, affordable income and senior rental apartments, a child care center and Denver Health's Park Hill neighborhood clinic.
"The board was very impressed with the financial resources, design and enthusiasm presented by Alliance" says Don Elliman, chairman of the DURA Board. "They will use the next eight to 10 months to finalize their planning and potentially begin development once the site is clean."
"Given our history with the site, we are extremely pleased to be chosen to redevelop Dahlia Square," Webb says. "When the cleanup is complete later this year, we will begin work to transform Dahlia Square into a revitalized community asset."
Now owned by Parkhill Community Inc., a nonprofit affiliate of Denver-based Brownfield Partners LLC, the Dahlia Square property is currently being demolished, remediated and cleared. The cleanup is expected to be finished by late 2006, after which time development activity may commence.
Denver Health's Park Hill Family Practice Center, which has already relocated to temporary facilities at East 38th Avenue and Grape Street, will return to the site as a part of the redevelopment. "After many, many years of planning, Dahlia Square takes another big step towards its new life," says Elbra Wedgeworth, Denver's city council representative for District 8. "Alliance's commitment and vision will make a significant contribution to the city, the neighborhood and residents."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
