ARVADA, CO

As part of a sale transaction, Vittone in his role of Co-Managing Principal of Starboard Realty Partners (“Starboard”) and the Morgan Group cooperatively applied to entitle a mixed-use development on an 8.75-acre piece of land that was once the location of a vacant Kmart retail store. The Morgan Group closed escrow upon unappealable entitlement approval and is developing the project that is set to provide 328 apartments and over 10,000 square feet of commercial space. Five percent of the apartments, approximately 16 units, reserved for those making 80% of the Area Median Income (AMI). The Caroline will be a five-story building with 110 surface spaces, 420 in a two-story structuredLand Entitlement Case Studies parking area, and 30 tuck-under garages. The development will also feature a 1.1-acre public urban park and green space, making it an excellent location for outdoor activities.

The Project was developed in partnership with Arvada Urban Renewal Authority (“AURA”) and, pursuant to agreements with both AURA and the city of Arvada (that Starboard helped secure), the Project will provide a 0.5 acre publicly accessible and privately owned park, exterior art through a local muralist and sculptor, and 5% of the units restricted to 80% AMI. Also pursuant to a development agreement our partnership secured the development benefits from a property tax rebate through tax increment financing.

City Council approval was secured in June of 2021. The Morgan Group completed construction in 2024. Starboard acquired the property as a long-term, single-tenant net leased property in 2015 for $4 million and sold the entitled property for $13 million six years later.