Council approves Barrera Organization redevelopment at 251 South River with friendly amendment

The Aurora City Council on Feb. 11 approved a redevelopment agreement to enable redevelopment of 251 South River, a project described in the agenda as Lofts on River. Councilors adopted a friendly amendment to correct the contracting party to Barrera Organization LLC; the resolution passed 9 yes, 2 no.

Alderman Smith proposed and Alderman Seville seconded a friendly amendment to match the redevelopment agreement’s counterparty name in the cover resolution; council approved the amendment before proceeding to the full vote. City staff, including Marty Lyons of the mayor’s Office of Economic Development, said the project will put a previously active wedding‑venue property back into residential use and that the current owner had invested more than $3 million in prior improvements; the developer said the seller’s asking price reflected that investment.

Fernando Borreira, a developer with the Barrera Organization, told the council that the seller had invested roughly $3,000,000 in the property and that the proposed redevelopment would require private equity and incentives to be financially feasible. Councilors discussed project economics, previous investments by the owner and the structure of incentives. Some aldermen raised procedural questions and sought additional information on sale price, developer investment and the RFQ process used to solicit proposals.

After discussion, the council voted to approve the redevelopment agreement with the corrected counterparty name. City staff will finalize the agreement, and the developer will proceed to permitting and construction pursuant to the approved terms.