AURORA | A hotel and conference center near the University of Colorado Anschutz Medical campus may receive up to $25 million in tax breaks over 25 years Aurora City Council members voted unanimously Monday night.
The project, which will be developed by Corporex Colorado, costs about $90 million, and will include a Hyatt hotel with 245 rooms, 30,000 square feet of conference center space and a parking garage with 500 spaces.
The public financing package is in the form of incremental tax rebates generated by the hotel and will be about $25 million over 25 years. The tax revenues rebated to the developer will be used for the construction of the conference center and parking garage, which the city will own.
The project will generate $25 million in economic impact in the city and create 290 jobs, according to city documents.
Councilwoman Renie Peterson said the project will be an asset to the city.
“I feel this is going to bring a lot of medical conferences here and spark growth in the economy,” she said.
Councilwoman Molly Markert agreed.
“This is what’s going to tip us into being a real city,” she said.
The Corporex project will be built along East Colfax Avenue across from the Anschutz Medical Campus and right next another planned hotel and conference center project.
Waveland Ventures announced in late March plans to build a six-story hotel and conference center as part of a $160 million mixed-use urban development project called Block 21. The six-story hotel will include 200 guest rooms and suites, a restaurant and bar, swimming pool, fitness center and 30,000 square-feet of meeting and exhibition space. Officials from the Aurora Economic Development Council said the city has not negotiated tax incentives for that project.