Urban Renewal through a Public-Private Partnership
Wheat Ridge, Colorado
The City of Wheat Ridge had a vision for a vibrant, mixed-use site on a 9-acre property owned by its redevelopment authority, Renewal Wheat Ridge. In its blighted condition, the property was not drawing interest from developers. WESTON worked with the city and Renewal Wheat Ridge to form a realistic assessment of the site's attributes and market conditions.
WESTON invested significant time up-front with the property stakeholders to develop a plan for a mixed-use site that would bring much-needed redevelopment to the area. Key to the success of the project is the breadth of our in-house capabilities—experts in real estate, construction and estimation, construction implementation, and project management. We augmented our team with an external broker team to determine the highest yielding and best use for the site.
Phase I – Residential Development
Wazee Partners is now constructing a four-story apartment complex, which will spark future development. Wazee Partners is financing the project through the Colorado Housing and Finance Authority, secured due to WESTON's expertise in brownfields.
A Public-Private Partnership Creates Shared Value
WESTON is serving as the Master Developer and we are among the parties looking forward to the site's full development. When the site is fully developed into a commercially viable space, both Renewal Wheat Ridge and WESTON will see a return on their investment.
Equally important, the city will have the thriving redevelopment it envisioned, with the potential to spur additional redevelopment.