Clarion Partners acquired 12 acres of land in Aurora, Colorado to construct a five-building, mid-rise multifamily community totaling 419 residential units located within a Qualified Opportunity Zone (QOZ). The Opportunity Zone program is a community development program established by the U.S. Congress in the Tax Cuts and Jobs Act of 2017 that provides investors potential tax benefits to encourage long-term private sector investments in low-income urban and rural communities.
Aurora is a suburban community in the Denver MSA that offers relative affordability and has an outsized exposure to health care, which is forecast to be one of the metro's stronger segments for employment growth. Additionally, Aurora is home to a wide range of government, military, and private sector employers, including aerospace, broadcast and telecommunications, and information. Denver's economic and demographic tailwinds remain meaningfully stronger than the nation with a renter age population that is forecast to exceed the national average.
The Gild is expected to take approximately 33 months to complete and will contribute significantly to the local economy by creating long-term employment opportunities and generating substantial tax revenue for the community. At completion, the project will deliver 419 new modern residences to a community with diverse transportation options which provide access to the major employment opportunities in Denver, including the nearby Anschutz Medical Campus.
The Gild will be part of a larger mixed-use, transit-oriented development called Metro Center. Once complete, the Aurora Metro Center will contain three multifamily projects, 134 townhome units, a senior living community, a performing arts center, and a grocery-anchored neighborhood shopping center.